16 January 2009

ALLIANCE TRUST APPOINTS JAPAN FUND MANAGER

Alliance Trust PLC, a FTSE 100 company and one of the UK’s largest investment trusts, has appointed Jonathan Bolton as its Head of Japanese Equities. Jonathan, who will join the company on January 26, is an experienced investment manager who has spent over 23 years investing in Asia and speaks fluent Japanese.

Prior to joining Alliance Trust, Jonathan worked for three years with TT International Asia as a Partner managing the Japanese parts of EAFE portfolios. From 2001 to 2004, he worked in San Francisco as a Director of International Equities with Dresdner RCM, a subsidiary of Allianz, where he managed its Pan-Asian investments in the EAFE portfolios and the specialist $250m RCM Global Smallcap Mutual Fund.

Jonathan was previously at Schroder Investment Management for 14 years, working both in London and Tokyo, and held a number of fund management roles, prior to being promoted in 2000 to be a Director of the group’s Japanese registered company.

Alliance Trust Chief Executive Katherine Garrett-Cox said, “We are delighted to have been able to recruit a successful investment manager with such extensive knowledge of Japan. Jonathan’s appointment will give us greater insight into the region and enrich our analysis of all those international companies exposed to Asia.”

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For more information please contact:

James Leviton and Conor McClafferty

Finsbury Group

020 7251 3801

Jane Holligan

Media Relations, Alliance Trust

01382 306 064

Mobile 0779 3296813

Notes to editors

1. A FTSE 100 investment trust company, Alliance Trust PLC was founded in 1888 and has grown to become the UK’s largest generalist investment trust. As at 31 December 2008, the Trust managed assets of more than £2.2bn. Of the quoted equities portfolio, about 2% was invested in Japan.