Interim Management Statement

Alliance Trust PLC

INTERIM MANAGEMENT STATEMENT

For Quarter Ending 30 April 2008

MATERIAL DEVELOPMENTS

  * Over the first quarter, NAV excluding income rose 4.4%, which reflected a
    strong rally in equity markets from their March lows.
   
  * The financial effects of the US sub-prime crisis peaked in March with the
    near collapse of Bear Stearns. Its subsequent rescue and massive financial
    support for the market by the Fed calmed fears of systemic collapse and
    created the platform for a strong recovery in equities.
   
  * For regional portfolios, North America and the UK benefited from good stock
    selection and outperformed the relevant market indices. Asia Pacific ex
    Japan underperformed over the period.
   
  * With the strength of the Euro starting to cause real pain in some of the
    Eurozone's economies, we reduced our European equity exposure from 15.7% of
    net assets to 11.1% by the end of the quarter.
   
  * Following concerns over weak economic growth and rising inflation we made
    equity sales in other regions, leaving equities representing 85.9% of net
    assets compared with 93.5% at the start of the quarter. In addition, we
    moved from a position of £130m net borrowings to £43m net cash.
   
  * Private equity investment was increased, taking its weighting to 6.1% of
    net assets from 5.4% previously. There was no trading activity in property.
   
KEY FACTS

Total Net Assets:        £2,817.2m                              
                                                                
Total Return from 31/01/                                        
08                                                              
                                                                
to 30/04/08:             +2.54%                                 
                                                                
NAV:                     416.60p                                
                                                                
The NAV is published daily on our website                       
www.alliancetrust.co.uk                                         
                                                                
Share price*:            344.25p                                
                                                                
Discount:                17.4%                                  
                                                                
Total Expense Ratio                                             
                                                                
(year to 31/01/08):      0.56%                                  
                                                                
Year End:                31 January 2008                        
                                                                
Date of Incorporation:   21 April 1888                          
                                                                
Dividend:                Dividends are paid quarterly on or     
                         around the last day of January, April, 
                         July and October. The total dividend   
                         payable for the year to 31 January 2008
                         was 7.9p                               
                                                                
Capital:                 671,909,760 shares of 2.5p             
                                                                
ISIN:                    GB00B11V7W98                           
                                                                
* Source: Factset                                               

ASSET ALLOCATION %

Equities            85.9
                        
Private Equity       6.1
                        
Preference           0.8
Shares                  
                        
Subsidiaries         1.6
                        
Property             3.3
                        
Cash                 4.3
                        
Other Net            0.8
Assets                  
                        
Gross Assets       102.8
                        
Gearing            (2.8)
                        
Net Assets         100.0

EQUITY PORTFOLIO DISTRIBUTION

GEOGRAPHIC EQUITY ONLY                  INDUSTRY EQUITY ONLY       
                                                                   
                               %                                  %
                                                                   
UK (Large & Mid)            43.0        Financials             26.0
                                                                   
Europe (Large & Mid)        13.4        Oil & Gas              16.3
                                                                   
N America (Large & Mid)     19.3        Basic Materials        12.3
                                                                   
Asia Pacific Ex Japan       13.7        Consumer Goods         10.0
                                                                   
UK (Small)                   8.0        Industrials             8.7
                                                                   
Japan                        1.4        Consumer Services       6.7
                                                                   
Rest of the World            1.2        Telecommunications      5.9
                                                                   
                                        Health Care             5.1
                                                                   
                                        Utilities               4.8
                                                                   
                                        Technology              4.2

5 YEAR PERFORMANCE OVERVIEW

                              YTD     1 YEAR*    3 YEARS*   5 YEARS* 
                                                                     
Alliance Trust Total Return   2.5%     -5.6%      32.5%      81.4%   
                                                                     
RPI +3%                       2.7%      7.1%      20.3%      33.5%   
                                                                     
FTSE All Share Total Return   4.9%     -3.6%      35.3%      105.3%  
                                                                     
* to year end 31 January                                             
2008                                                                 

TOP 20 INVESTMENT (includes preference holdings)

        Move-    Rank                                                       Value
Rank    ment     last qtr Name                                                 £m
                                                                                 
------  -------  -------  ---------------------------------------------- --------
                                                                                 
1       -        (1)      Royal Dutch Shell `B'                              94.1
                                                                                 
2       -        (2)      Alliance Trust Real Estate Partnership             80.1
                                                                                 
3       UP       (6)      HSBC                                               79.5
                                                                                 
4       -        (4)      BP                                                 77.7
                                                                                 
5       DOWN     (3)      Vodafone                                           69.3
                                                                                 
6       UP       (9)      Xstrata                                            42.5
                                                                                 
7       UP       (10)     Premier Alliance Trust Asia Pacific Fund           41.5
                                                                                 
8       DOWN     (14)     Anglo American                                     39.4
                                                                                 
9       (new)             Barclays                                           38.5
                                                                                 
10      UP       (13)     BG                                                 38.2
                                                                                 
11      DOWN     (7)      Rio Tinto                                          36.4
                                                                                 
12      UP       (15)     Premier Alliance Trust Japan Fund                  33.4
                                                                                 
13      DOWN     (11)     Tesco                                              33.0
                                                                                 
14      UP       (18)     Exxon Mobil                                        31.7
                                                                                 
15      DOWN     (8)      Lloyds TSB                                         29.8                                                                                
16      UP       (17)     Ashmore Global Opportunities                       29.5
                                                                                 
17      UP       (20)     Prudential                                         29.1
                                                                                 
18      DOWN     (16)     British American Tobacco                           28.7
                                                                                 
19      (new)             Aviva                                              27.8
                                                                                 
20      DOWN     (12)     GlaxoSmithKline                                    27.7

Royal Bank of Scotland and National Grid Transco have dropped out of the top 20

Total Investments (ex       £2774.10m 
Cash):                                
                            21.7%     
Top 10 as % of Total:                 
                                      
Top 20 as % of Total:       32.7%     

SECTOR WEIGHTINGS

Top 5 overweight/underweight sector holdings**

                                Overweight/(underweight)
                                                       %
                                                        
Mining                                              5.73
                                                        
Oil & Gas Producers                                 3.92
                                                        
Nonequity Investment                                3.36
instruments                                             
                                                        
Tobacco                                             2.29
                                                        
Equity Investment instruments                       1.71
                                                        
Software & Computer Services                      (2.31)
                                                        
Technology Hardware & Equipment                   (2.26)
                                                        
General Financial                                 (2.21)
                                                        
Pharm & Bio                                       (1.89)
                                                        
Auto & Parts                                      (1.81)

Top 5 active overweight/underweight holdings**

                                Overweight/(underweight)
                                                       %
                                                        
Royal Dutch Shell                                   2.72
                                                        
HSBC                                                2.32
                                                        
BP                                                   2.2
                                                        
Vodaphone                                           2.06
                                                        
Xstrata                                             1.39
                                                        
Bank of America                                   (0.44)
                                                        
JP Morgan Chase                                   (0.41)
                                                        
Apple Inc                                         (0.39)
                                                        
ConocoPhillips                                    (0.36)
                                                        
Siemens AG                                        (0.28)

Portfolio weight is calculated as a % of Net Asset Value less Cash and Other
Net Assets

**FTSE Global Equity Index Series All Cap used

Investment policy

We have no fixed asset allocation benchmark and we invest in a wide range of
asset classes throughout the world to achieve our objective. Our focus is to
generate a real return for shareholders over the medium to long term by a
combination of capital growth and a rising dividend.

We pursue our objective by:

  * Investing in both quoted and unquoted equities across the globe in
    different sectors and industries;
   
  * Investing internationally in fixed income securities;
   
  * Investing in other asset classes and financial instruments, either directly
    or through investment vehicles; and
   
  * Investing in subsidiaries and associated businesses which allow us to
    expand into other related activities.
   
We are prepared to invest any proportion of the total corporate capital in any
of the above asset classes, subject only to the restrictions imposed on us by
the regulatory or fiscal regime within which we operate. However, we would
expect equities to comprise at least 50% of our portfolio. Changes to the asset
allocation will be dependent upon attractive investment opportunities being
available.

Where market conditions permit, we will use gearing of not more than 30% of our
net assets at any given time.

We can use derivative instruments to hedge, enhance and protect positions,
including currency exposures.

Important information

Alliance Trust PLC is a self-managed investment trust company, operating from
Meadow House in Dundee.

The views, information and data in this publication should not be deemed as a
financial promotion or recommendation. Alliance Trust PLC is not authorised to
give financial advice. For security and compliance monitoring purposes
telephone calls may be recorded.

Please remember past performance is not a guide to future performance. You may
not get back the amount you invest. The value of your investment and any income
from it may fall as well as rise.

Exchange rate changes may cause the value of overseas investments to go down as
well as up.

Investment trusts may borrow to finance further investment (gearing).The use of
gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning
that a relatively small movement, down or up, in the value of a trust's assets
will result in a magnified movement, in the same direction, of that NAV. This
may mean that you could get back nothing at all.

CONTACT

Kelly O'Donnell                     
                                    
Head of Investor Relations          
                                    
Alliance Trust PLC, Meadow House,   
                                    
64 Reform Street, Dundee DD1 1TJ    
                                    
Tel     [phone]          
                                    
Fax     [phone]          
                                    
Email   [e-mail]
                                    
Web     www.alliancetrust.co.uk