Notice of AGM

THE ALLIANCE TRUST PLC

Further to the announcement on 22 March 2005 of the Company's intention to publish
proposals  to  update its constitution and capital structure, the Board  of  The
Alliance  Trust PLC announces that a circular to stockholders (the "Document"),
convening the Annual General Meeting of the Company for 10.30 a.m. on Friday, 29
April 2005 and containing, among other matters, details of resolutions to:

·   alter  the  Company's Memorandum of Association and adopt new Articles  of
    Association;

·   convert ordinary stock in the capital of the Company into ordinary shares;

·   cancel and repay, at par, all of the preference stocks (of all classes) for
    the time being in issue in the capital of the Company; and

·   approve  the establishment of a Senior Management Incentive  Plan  and  an
    Employee Benefit Trust

is  being  posted today to ordinary stockholders and, for information  only,  to
preference  stockholders. The proposal to cancel and repay all of the preference
stocks is also subject to confirmation by the Court of Session in Edinburgh.

Subject to the cancellation and repayment of the preference stocks being approved
by  ordinary stockholders and confirmed by the Court of Session, it is  expected
that  the cancellation and repayment will become effective on or around  9  June
2005.  Accordingly,  it  is  expected that the  listings  of  those  classes  of
preference  stock  which  are listed on the Official  List  of  the  UK  Listing
Authority will be cancelled with effect from 8:00 a.m. on or around 9 June  2005
and  the  right  of the same classes of preference stocks to be  traded  on  the
London Stock Exchange will be cancelled with effect from the same time.

The Document will be available to the public for inspection during normal business
hours on any weekday (Saturdays, Sundays and public holidays excepted) at the UK
Listing  Authority's  Document  Viewing  Facility  which  is  situated  at:  The
Financial  Services Authority, 25 The North Colonnade, Canary Wharf, London  E14
5HS.


Questions on this announcement should be addressed to Alan Harden, Chief Executive
or Sheila Ruckley, Corporate Development Director on 01382 201700