Distribution of Investments

THE ALLIANCE TRUST PLC

Distribution of investments as at 30 November 2005

Geographical Distribution

UK                                   54%         
                                                 
Europe                               12%         
                                                 
North America                        16%         
                                                 
Japan                                10%         
                                                 
Asia Pacific                         8%          
                                                 
Rest of the World                    0%          
                                                 
Net Assets                           100%        

Industry Distribution

Resources and Basic Industries          27%                     
                                                                
Capital Goods                           12%                     
                                                                
Consumer Goods and Products             13%                     
                                                                
Services                                19%                     
                                                                
Financials                              25%                     
                                                                
Investment Companies                    3%                      
                                                                
Fixed Income                            1%                      
                                                                
Other Net Assets                        0%                      
                                                                
Net Assets                              100%                    

20 Largest Holdings at 30 November   Value £m       
2005                                                
                                                    
BP                                   £70.5m         
                                                    
Royal Dutch Shell                    £59.6m         
                                                    
GlaxoSmithKline                      £56.6m         
                                                    
Rio Tinto                            £34.7m         
                                                    
Vodafone                             £34.0m         
                                                    
HBOS                                 £33.5m         
                                                    
Royal Bank of Scotland               £26.6m         
                                                    
Alliance Trust Savings               £25.7m         
                                                    
Persimmon                            £25.2m         
                                                    
HSBC                                 £24.9m         
                                                    
Barclays                             £23.7m         
                                                    
Lloyds TSB                           £19.6m         
                                                    
BHP Billiton                         £19.5m         
                                                    
Alliance Trust (Finance)             £18.9m         
                                                    
Exxon Mobil                          £16.9m         
                                                    
Aviva                                £16.7m         
                                                    
Prudential                           £16.7m         
                                                    
Tesco                                £16.6m         
                                                    
Diageo                               £16.1m         
                                                    
Mitsubishi Tokyo Financial           £15.3m         

The table shows the top twenty listed equity holdings ranked by the market
value of the investment as at the date shown.

For further information, please contact:-

Ian Goddard

The Alliance Trust PLC

Tel. [phone]