Distribution of Investments

THE ALLIANCE TRUST PLC



Distribution of investments as at 31 July 2005

Geographical Distribution


UK                                                                                 54%
Europe                                                                             11%
North America                                                                      19%
Japan                                                                               5%
Asia Pacific                                                                       11%
Rest of the World                                                                   0%

Net Assets                                                                        100%



Industry Distribution


Resources and Basic Industries                                                  25%
Capital Goods                                                                   11%
Consumer Goods and Products                                                     14%
Services                                                                        19%
Financials                                                                      23%
Investment Companies                                                             3%
Fixed Income                                                                     2%
Other Net Assets                                                                 3%
Net Assets                                                                     100%





20 Largest Holdings at 31 July 2005                                            Value £m

BP                                                                             £67.8m
Royal Dutch Shell                                                              £57.7m
GlaxoSmithKline                                                                £55.2m
Vodafone                                                                       £36.2m
HBOS                                                                           £33.2m
Royal Bank of Scotland                                                         £28.6m
Rio Tinto                                                                      £25.7m
HSBC                                                                           £24.8m
Barclays                                                                       £24.5m
BHP Billiton                                                                   £20.8m
Aviva                                                                          £20.2m
Alliance Trust (Finance)                                                       £18.6m
Tesco                                                                          £17.8m
Prudential                                                                     £17.0m
Persimmon                                                                      £16.9m
Exxon Mobil                                                                    £16.8m
Lloyds TSB                                                                     £16.7m
Abbott Laboratories                                                            £16.6m
IFTSE 100                                                                      £15.9m
National Grid Transco                                                          £13.9m


The table shows the top twenty listed equity holdings ranked by the market value
of the investment as at the date shown.



For further information, please contact:-

Ian Goddard
The Alliance Trust PLC
Tel. [phone]