Investments in Investment Companies

The Alliance Trust PLC
Investments in Investment Companies


As  required  by rule 21.20(l)(i) of the Listing Rules, The Alliance  Trust  PLC
discloses that, as at 31 March 2005, it held an investment valued at £263,952.00
in the 4.5% Cumulative Preference Stock of The Second Alliance Trust PLC.

For further information contact Ian Goddard, Company Secretary on 01382 201700.