Ten Largest Investments

The Alliance Trust PLC

In accordance with paragraph 20.21(l)(ii) of the Listing Rules, The Alliance
Trust PLC declares that its ten largest investments, including all holdings with a
value greater than 5% of its gross assets, as at 31 January 2005 were:

Company                   Equity      Fixed      Total         % of
                          Holdings    Income     Holdings      Gross
                                      Holdings                 Assets
                          £000s       £000s      £000s

ROYAL BANK OF SCOTLAND    43,542        8,928     52,470          3.23

BP PLC                    52,234                  52,234          3.22

SHELL TRANS PLC ORD 25P   51,576                  51,576          3.18

GLAXOSMITHKLINE PLC       43,709                  43,709          2.69

HBOS PLC                  26,770       11,610     38,379          2.36

VODAFONE GROUP PLC        33,997                  33,997          2.09

AVIVA PLC                 19,576        9,051     28,627          1.76

BARCLAYS PLC ORD 25P      25,558                  25,558          1.57

HSBC HOLDINGS PLC ORD
$0.50                     22,987                  22,987          1.42

RIO TINTO PLC ORD 10P     21,594                  21,594          1.33



Name of contact             Mr Ian Goddard

Telephone Number            01382 201700

Date of notification        2 February 2005