Distribution of Investments

THE ALLIANCE TRUST PLC

Distribution of investments as at 31 December 2005

Geographical Distribution

UK                                   54%         
                                                 
Europe                               11%         
                                                 
North America                        15%         
                                                 
Japan                                11%         
                                                 
Asia Pacific                         9%          
                                                 
Rest of the World                    0%          
                                                 
Net Assets                           100%        

Industry Distribution

Resources                               17%                     
                                                                
Utilities                               4%                      
                                                                
Basic Industries                        6%                      
                                                                
Capital Goods                           7%                      
                                                                
Consumer Goods and Products             14%                     
                                                                
Services                                19%                     
                                                                
Financials                              29%                     
                                                                
Information technology                  4%                      
                                                                
Fixed Income                            1%                      
                                                                
Other Net Assets                        -1%                     
                                                                
Net Assets                              100%                    

20 Largest Holdings at 31 December   Value £m       
2005                                                
                                                    
BP                                   £69.3m         
                                                    
Royal Dutch Shell                    £59.4m         
                                                    
GlaxoSmithKline                      £58.2m         
                                                    
Rio Tinto                            £39.3m         
                                                    
HBOS                                 £38.1m         
                                                    
Vodafone                             £34.2m         
                                                    
Persimmon                            £28.7m         
                                                    
The Royal Bank of Scotland           £28.3m         
                                                    
HSBC                                 £27.7m         
                                                    
Alliance Trust Savings               £25.7m         
                                                    
Barclays                             £24.5m         
                                                    
BHP Billiton                         £21.0m         
                                                    
Lloyds TSB                           £20.3m         
                                                    
Alliance Trust (Finance)             £18.9m         
                                                    
Tesco                                £18.1m         
                                                    
Mitsubishi UFJ Financial             £17.7m         
                                                    
Prudential                           £17.4m         
                                                    
Aviva                                £17.2m         
                                                    
Exxon Mobil                          £16.4m         
                                                    
Diageo                               £16.2m         

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]