Dividend Declaration

DIVIDEND DECLARATION

Alliance Trust announces the declaration of a fourth interim dividend of 2.0p
payable on 30 April 2009 to shareholders on the register on 3 April 2009,
bringing the total dividend for the year to 8.0p. This is the 42nd consecutive
year that the company will pay a progressive dividend.

Alliance Trust currently intends to declare a special dividend of no less than
0.4p for the year to 31 January 2009, payable on or around 31 July 2009. The
special dividend is due to the unusually high income Alliance Trust received
during that year and to meet the requirement as an Investment Trust to
distribute a significant proportion of each year's income.