Distribution of Investments

THE ALLIANCE TRUST PLC

Distribution of investments as at 31 October 2005

Geographical Distribution

UK                                   54%         
                                                 
Europe                               12%         
                                                 
North America                        17%         
                                                 
Japan                                9%          
                                                 
Asia Pacific                         8%          
                                                 
Rest of the World                    0%          
                                                 
Net Assets                           100%        

Industry Distribution

Resources and Basic Industries          26%                     
                                                                
Capital Goods                           11%                     
                                                                
Consumer Goods and Products             13%                     
                                                                
Services                                20%                     
                                                                
Financials                              24%                     
                                                                
Investment Companies                    3%                      
                                                                
Fixed Income                            1%                      
                                                                
Other Net Assets                        2%                      
                                                                
Net Assets                              100%                    

20 Largest Holdings at 31 October    Value £m       
2005                                                
                                                    
BP                                   £69.4m         
                                                    
Royal Dutch Shell                    £58.9m         
                                                    
GlaxoSmithKline                      £58.2m         
                                                    
Vodafone                             £40.3m         
                                                    
HBOS                                 £32.1m         
                                                    
Rio Tinto                            £31.9m         
                                                    
Alliance Trust Savings               £25.7m         
                                                    
Royal Bank of Scotland               £25.2m         
                                                    
Barclays                             £24.6m         
                                                    
HSBC                                 £23.8m         
                                                    
BHP Billiton                         £22.3m         
                                                    
Persimmon                            £19.6m         
                                                    
Alliance Trust (Finance)             £18.9m         
                                                    
Tesco                                £16.5m         
                                                    
Aviva                                £16.2m         
                                                    
Diageo                               £16.1m         
                                                    
Lloyds TSB                           £16.0m         
                                                    
Exxon Mobil                          £16.0m         
                                                    
Abbott Laboratories                  £15.2m         
                                                    
Prudential                           £15.0m         

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]