Director/PDMR Shareholding

Senior Management Equity Incentive plan (the Plan)

The Alliance Trust PLC operates a long term incentive plan linked to the
performance of the Company over a period of three years. The Plan provides for
the award of shares in the Company to directors and senior managers which can
be in the form of options or restricted awards. Such awards would only vest
subject to the performance of the Company over the three year period and other
conditions.

On 21 April 2006 nil price options over The Alliance Trust PLC 25p ordinary
shares (Shares) were granted to the undernoted directors under the Rules of the
Plan as follows:

Director                      Interest      Number of Shares
                                                            
David A. Deards                 Option                  1196
                                                            
Alan J. Harden                  Option                  2674
                                                            
Sheila M. Ruckley               Option                  1230

The options are exercisable only after the third anniversary of their grant and
are subject to performance conditions, which determine the proportion (which
can vary between 0% and 100%) which will eventually vest.

Following these transactions, Mr. Deards has an interest in 24,320 shares and
options over 2090 shares; Mr. Harden has an interest in 23,824 shares and
options over 4,368 shares; Mrs. Ruckley has an interest in 25,158 shares and
options over 2026 shares; together representing 0.16% of the issued share
capital of the Company.