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Alliance Trust PLC Energy strategy

Alliance Trust PLC Energy strategy. James Twyman Global Energy Specialist 1 May 2014. Agenda. Oil price and UK production outlook Investment themes Shale gas Subsea oil Chinese gas Conclusion. Stable oil price outlook.

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Alliance Trust PLC Energy strategy

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  1. Alliance Trust PLCEnergy strategy James TwymanGlobal Energy Specialist 1 May 2014

  2. Agenda • Oil price and UK production outlook • Investment themes • Shale gas • Subsea oil • Chinese gas • Conclusion

  3. Stable oil price outlook Oil price since 2007 – very stable in recent years & above expectations Source: Datastream

  4. …but returns falling Integrated returns (2007-17E) Integrated capex (2007-17E) Source: UBS Source: UBS

  5. Topical point – UK oil production Source: Energy Matters euanmearns.com BP data

  6. New energy forms – Theme 1 – shale oil and gas New energy forms growing rapidly Source: BP “Energy otlook 2035”

  7. Noble Energy – best shale producer Shale growth in Niobrara basin Shale growth in Marcellus basin Source: Noble Energy Source: Noble Energy

  8. Enterprise Products – linking shales to market

  9. Where we have focused #2 – Subsea services Global new discoveries 2007 – 2012 (reserves) Source: FMC Technologies Source: IHS

  10. Where we have focused #2 – Subsea services Subsea Robot operated vehicles High value added drilling services The latest offshore drilling rigs Global leader in Seafloor equipment

  11. Where we have focused #3 – Chinese gas China gas demand is growing fast – sustainability Source: Macquarie estimates

  12. Where we have focused #3 – Chinese gas Anton Oilfield Services China Gas

  13. Conclusion • Trust’s investment focus has changed • Seeking greater performance • Energy portfolio still required to deliver income • Focus on three niche areas • Shale gas • Oil services • Chinese gas demand

  14. Important information • The value of investments and the income from them may go down as well as up and are not guaranteed. The original amount invested may not be returned. • Past performance is not a guide to future performance. Future returns are not guaranteed. • Examples of stocks are provided for general information only to demonstrate our investment philosophy. It is not a recommendation to buy or sell and the view of the investment manager may have changed. • Further information is available on our website www.alliancetrust.co.uk • All figures and graphs are sourced at Alliance Trust PLC unless otherwise stated. • Whilst considerable care has been taken in compiling the content of this presentation, no representation or warranty, expressed or implied, is made by Alliance Trust PLC as to its accuracy or completeness. • This presentation has been approved as a financial promotion by Alliance Trust Investments Limited for the purpose of Section 21 of the Financial Services and Markets Act 2000. Alliance Trust Investments Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC330862, registered office, 8 West Marketgait, Dundee DD1 1QN; is authorised and regulated by the Financial Conduct Authority, firm reference number 479764. Alliance Trust Investments gives no financial or investment advice.

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