Director/PDMR Shareholding

Alliance Trust PLC (the "Company")

The Alliance Trust PLC Senior Management Equity Incentive Plan ("AT SMEIP") -
adjustment of awards

The AT SMEIP is a long-term share incentive arrangement linked to the
performance of the Company over three year periods. Under this Plan, executive
directors and senior managers have been granted awards in the form of nil cost
options over the Company's ordinary shares ("AT Shares"). Ordinarily, such
awards vest on the third anniversary of the date on which they were granted but
only to the extent that certain conditions have been met, including specified
performance criteria which are measured over a period of three consecutive
financial years.

Following the merger of the Company and The Second Alliance Trust PLC ("2AT")
(the "Merger"), the number of AT Shares subject to all outstanding awards
granted under the AT SMEIP has been adjusted to reflect the 10:1 split of the
Company's share capital that became effective on 21 June 2006. In terms of this
adjustment, which was made on 23 June 2006, the number of AT Shares over which
each such award subsists has been multiplied by 10.

The Second Alliance Trust PLC Senior Management Equity Incentive Plan ("2AT
SMEIP") - grant of replacement awards

Prior to the Merger becoming effective, each of the Company's executive
directors participated in, and was granted awards under, the 2AT SMEIP. This
arrangement was structured, in all material respects, in the same way as the AT
SMEIP except that it related to ordinary shares in 2AT.

With effect from the effective date of the Merger (21 June 2006), the Company's
executive directors (along with all other participants) surrendered their
outstanding awards under the 2AT SMEIP (the "Original Awards") in consideration
for the grant of equivalent rights over AT Shares (the "Replacement Awards").
These Replacement Awards were granted on 23 June 2006 as detailed in the table
below.

  

Director               Form of award      No. of AT Shares  
                                          subject to award  
                                                            
David A. Deards       Nil-cost option          5,483        
                                                            
Alan J. Harden        Nil-cost option          10,398       
                                                            
Sheila M. Ruckley     Nil-cost option          4,827        
                                                            
Alan Young            Nil-cost option          6,786        

  

Each of the above Replacement Awards is subject to the same terms and
conditions that applied to the corresponding Original Award and will generally
vest on 6 October 2008 (being the third anniversary of the date of grant of the
Original Awards) but only to the extent that performance criteria and other
conditions are satisfied over a three year period.

Total number of AT Shares subject to awards

Following the above adjustments and grants, the total number of AT Shares over
which each of the Company's executive directors currently holds outstanding
awards is as detailed in the table below.

Director                Form of award       No. of AT Shares  
                                             subject to all   
                                           outstanding awards 
                                                              
David A. Deards        Nil-cost options          26,383       
                                                              
Alan J. Harden         Nil-cost options          54,078       
                                                              
Sheila M. Ruckley      Nil-cost options          25,087       
                                                              
Alan Young             Nil-cost options          16,946       

The above notifications are intended to satisfy the Company's obligations under
Disclosure Rule 3.1.4R and relate to transactions notified in accordance with
both Disclosure Rule 3.1.4R(1)(a) and Disclosure Rule 3.1.4R(1)(b) (being
disclosure made in accordance with section 324 (as extended by section 328) of
the Companies Act 1985).

 

Name of contact                         Mr. Ian Anderson                       
                                                                               
Telephone Number                        01382 201700                           
                                                                               
Date of notification                    23 June 2006