Welcome to the fourth issue of Investor. This special issue marks the 120th anniversary of the incorporation of Alliance Trust PLC on April 20th. We have taken this opportunity to look back over our history and some of the key milestones in our development including the latest one, which was joining the FTSE-100 index in February.

There are clear threads running through our history that demonstrate over and again our company’s entrepreneurial spirit, adaptability, durability and its ability to take advantage of opportunities. In this issue, an overview of our history takes a look at the company’s development and picks out some of the fascinating incidents along the way.

We also update you with the latest company news and particularly with results for our last financial year when we faced the challenges of both the credit crunch and extremely volatile equity markets. In our Investor Q&A feature, we include answers to some of the most frequently asked questions we have received from you, our investors, over the year.

Global equity market turbulence is continuing and we still have no clear visibility of when the credit crisis and associated problems in the US economy will be resolved. Investors remain wary and certainly there is a need to be selective and avoid being distracted by short-term market noise.

In the market commentary feature, our Head of Northern American Equities Matthew Strachan gives his view on the US market following a recent visit to the United States. Alliance Trust has a long association with the United States, having started its business life lending mortgages there, so it is fitting to include this update on our continuing involvement in that region today.

Pensions are much in the news and there have been many changes to them recently, both legislative and from pension providers. We asked Head of Pensions Iain Horn to explain how pensions fit within our Group and how we plan to make the most of opportunities opening up in that market following pensions simplification in 2006.

This magazine is for you as a shareholder and we hope you enjoy reading it. As always, we welcome your feedback and suggestions for future articles.

Kelly O’Donnell
Head of Investor Relations

Download Alliance Trust Investor Magazine, Spring 2008

PDF format, 4.1MB, 12Pages.

In This Issue
Page 3 Company News
Annual Results
Page 4 Anniversary Feature
A Brief History
Page 8 Manager’s View
Letter from America
Page 10 Interview
Head of Pensions Iain Horn
Page 11 Feature
Investor Q&As
Page 12 Group News

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About Alliance Trust:

Alliance Trust is an international investment and financial services group, specialising in fund management, pensions and investment services. Alliance Trust PLC is currently the UK’s largest generalist investment trust company investing on a global basis across all major markets and sectors. We manage over £2.8 billion of assets (as at 31/01/07). Established in 1888, our historic headquarters is in Dundee with other offices in Edinburgh, London and Hong Kong.

Our objective at Alliance Trust PLC is to be a core investment for investors seeking a long term store of increasing value. We allocate our capital across a broad range of asset classes to enhance and preserve total returns and to provide shareholders with real growth over the medium to long term. We can use investment techniques such as gearing and hedging to enhance returns and reduce risks within our portfolio. We do not benchmark against any equity index as we retain the freedom to move not only between equity markets as opportunities arise but also to invest in other asset classes.

In 2006, we launched a new Asia-Pacific Asset Management subsidiary in Hong Kong. This offers investors the potential for participation in the exciting growth prospects of the Asia-Pacific region. Our experience and knowledge of the region developed within Alliance Trust PLC is enhanced by our local presence there.

Our other financial services subsidiary company, Alliance Trust Savings Limited, offers a range of competitive investment dealing products including share dealing Investment Plans, ISAs and SIPPs. Our customers can choose from over 3000 UK securities and our Full SIPP allows any investment permitted by the regulations including commercial property and unquoted equities. We have recently enhanced our service with the launch of an Online Dealing Service which provides flexibility, freedom and more choice for our customers.

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