Interim Management Statement

INTERIM MANAGEMENT STATEMENT

For Quarter Ending 30 April 2007

MATERIAL DEVELOPMENTS

  * The rise in NAV over the quarter reflects good performance from global
    equities, particularly in Europe and Asia. At present, the equity portfolio
    comprises about 84% of the company's assets.
   
  * Market weakness in late February and early March was used to invest cash,
    to the equivalent of 2% of net assets, into the UK, Europe and North
    America. In particular, we made meaningful additions in Europe by adding to
    the holdings in insurance company Allianz and food retailer Colruyt and
    initiating a new holding in Syngenta. This agricultural chemicals company
    should benefit from ongoing demand for improvements in crop yields.
   
  * As markets rallied, we reduced our asset allocation position in Japan by
    some 2% because of our concerns over the durability of the economic
    recovery. We will look to redeploy these monies into Asia Pacific ex Japan
    on any market setback.
   
  * Elsewhere, we increased both our property portfolio, with the acquisition
    of a London West End office/retail block, and our private equity exposure,
    with new holdings in RIT Capital and Promethean India.
   
  * Major features over Q1 included a large amount of merger and acquisition
    activity, which was particularly evident in Western markets. Corporate
    earnings were generally encouraging in Q1, with US results coming in much
    higher than expected. To some extent, this was because the market had
    underestimated the benefits of the weaker $ for US exporters and overseas
    earners.
   
KEY FACTS

Total Assets:            £2,962.0m                              
                                                                
Total Return from 31/01/                                        
07                                                              
                                                                
to 30/04/07:             +2.53%                                 
                                                                
NAV*:                    436.6p                                 
                                                                
The NAV is published daily on our website                       
www.alliancetrust.co.uk                                         
                                                                
Share price*:            372.7p                                 
                                                                
Discount*:               14.6%                                  
                                                                
Total Expense Ratio                                             
                                                                
(year to 31/01/07):      0.35%                                  
                                                                
Year End:                31 January 2008                        
                                                                
Date of Incorporation:   21 April 1888                          
                                                                
Dividend paid:           Quarterly on or around the last day of 
                         Jan, April, July and October. The total
Capital:                 dividend payable for the year to 31    
                         January 2007 was 7.575p.               
ISIN:                                                           
                         671,909,760 shares of 2.5p             
                                                                
                         GB00B11V7W98                           
                                                                
* Source: Datastream                                            

ASSET ALLOCATION

Equities            84.1
                        
Private Equity       3.2
                        
Fixed Income         0.9
                        
Subsidiaries         1.7
                        
Real Estate          3.2
                        
Cash                 6.3
                        
Other Net            0.5
Assets                  
                        
Gross Assets      100.00

EQUITY PORTFOLIO DISTRIBUTION

GEOGRAPHIC                          INDUSTRY                   
                                                               
                           %                                  %
                                                               
UK Large Cap            42.1        Financials             29.6
                                                               
Europe ex UK Large      17.0        Industrials            13.0
                                                               
N America Large Cap     13.9        Oil & Gas              11.2
                                                               
UK Small Cap            11.0        Consumer Goods         10.5
                                                               
Asia Pacific ex         10.1        Consumer Services       9.2
Japan                                                          
                                                               
Japan                    5.5        Health Care             8.1
                                                               
                                    Basic Materials         6.6
                                                               
                                    Technology              5.2
                                                               
                                    Utilities               3.9
                                                               
                                    Telecommunications      2.7

TOP 20 INVESTMENTS+

         Move-    Rank                                                       Value
                                                                                  
Rank     ment     last qtr Name                                                 £m
                                                                                  
------   -------  -------  ---------------------------------------------- --------
                                                                                  
1        â–²        (3)      Alliance Trust Real Estate Partnership             84.9
                                                                                  
2        -                 BP                                                 73.7
                                                                                  
3        â–¼        (1)      GlaxoSmithKline                                    62.9
                                                                                  
4        -                 Royal Dutch Shell                                  59.2
                                                                                  
5        â–²        (7)      HSBC                                               54.1
                                                                                  
6        â–¼        (5)      Royal Bank of Scotland                             53.6
                                                                                  
7        â–²        (13)     Vodafone                                           45.0
                                                                                  
8        -                 Lloyds TSB                                         43.1
                                                                                  
9        â–²        (10)     Premier Alliance Trust (Asia Pacific)              39.0
                                                                                  
10       â–²        (11)     Premier Alliance Trust (Japan)                     34.0
                                                                                  
11       â–²        (12)     Barclays                                           33.8
                                                                                  
12       â–¼        (6)      HBOS                                               32.6
                                                                                  
13       *(new)            BHP Billiton                                       32.1
                                                                                  
14       â–²        (17)     Tesco                                              30.3
                                                                                  
15       â–²        (19)     Reckitt Benckiser                                  30.0
                                                                                  
16       -                 Anglo American                                     29.2
                                                                                  
17       â–¼        (15)     Alliance Trust Savings                             28.2
                                                                                  
18       -                 Exxon Mobil                                        26.6
                                                                                  
19       â–¼        (14)     Rio Tinto                                          26.4
                                                                                  
20       -                 Prudential                                         26.3

Persimmon has dropped out of the top 20

+includes preference holdings

Total Investments (ex       â–² (4.8%)  
Cash):                                
                            â–¼ (0.8%)  
Top 10 as % of Total: 20.0%           
                                      
Top 20 as % of Total: 30.7% â–¼ (1.0%)  

SECTOR WEIGHTINGS

Top 5 overweight/underweight sector holdings**

                                Overweight/(underweight)
                                                       %
                                                        
Nonequity Investment                               3.30%
Instruments                                             
                                                        
Support Services                                   2.55%
                                                        
Household Goods                                    2.36%
                                                        
Oil & Gas Producers                                2.33%
                                                        
Banks                                              2.19%
                                                        
General Financial                                (2.89)%
                                                        
Fixed Line Telecommunications                    (2.08)%
                                                        
Technology Hardware & Equipment                  (1.72)%
                                                        
Industrial Metals                                (1.52)%
                                                        
Electricity                                      (1.47)%

Top 5 active overweight/underweight holdings**

                                 Difference %
                                             
BP                                      2.20%
                                             
Royal Dutch Shell B                     1.94%
                                             
GlaxoSmithKline                         1.93%
                                             
Royal Bank of Scotland                  1.68%
                                             
HSBC                                    1.50%
                                             
Toyota                                (0.30)%
                                             
Petrochina                            (0.28)%
                                             
Microsoft                             (0.27)%
                                             
JP Morgan Chase                       (0.24)%
                                             
Bank of America                       (0.15)%

**FTSE Global Equity Index Series All Cap used

OBJECTIVE

Alliance Trust is a self-managed investment company with investment trust
status. Alliance Trust has the objective of being a core investment for
investors seeking a long term store of increasing value.
We allocate our capital across a broad range of asset classes to enhance and
preserve total returns and to provide shareholders with real growth over the
medium to long term.

INVESTMENT POLICY

We use investment techniques such as gearing and hedging to enhance returns and
reduce risks within its portfolio. We do not benchmark against any equity index
as we retain the freedom to move not only between equity markets as
opportunities arise but also to invest in other asset classes.

We pursue our objective by:

  * investing in quoted and unquoted equities across the globe in different
    sectors and industries;
   
  * investing internationally in preference shares and in debt securities
    including government and corporate bonds;
   
  * investing in other assets, including property, cash and other financial
    instruments and investment vehicles;
   
  * retaining the ability to borrow, from time to time, and thereby to gear our
    portfolio; and
   
  * investing in subsidiary and associated businesses which allows us to expand
    into other related activities with the objective of enhancing shareholder
    value.
   
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.

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