Senior Management Equity Incentive Plan

Senior Management Equity Incentive Plan (the "Plan")

The Alliance Trust PLC announces the following:

The Alliance Trust PLC operates a long term incentive plan linked to the
performance of the Company over a period of three years.  The Plan provides for
the award of shares in the Company to directors and senior managers which can be
in the form of options or restricted awards.  Such awards would only vest
subject to the performance of the Company over the three year period and other
conditions.

On 9 June 2005, the Company was informed that on 9 June 2005 the Remuneration
Committee granted nil price options over The Alliance Trust PLC 25p ordinary
shares ("Shares") to the undernoted directors under the Rules of the Plan as
follows:

Director                                Interest           Number of Shares

David A. Deards                         Option                      894
Alan J. Harden                          Option                    1,694
Sheila M. Ruckley                       Option                      796
Alan M. W. Young                        Option                    1,016

The options are exercisable only after the third anniversary of their grant and
are subject to performance conditions, which determine the proportion (which can
vary between 0% and 100%) which will eventually vest.

Following these transactions, Mr. Deards has an interest in 8,977 shares, Mr.
Harden has an interest in 8,364 shares, Mrs. Ruckley has an interest in 9,791
shares and Mr. Young has an interest in 10,609 shares, together representing
less than 0.1% of the issued share capital of the Company.

Name of contact                               Mr. Ian Anderson

Telephone Number                              01382 201700

Date of notification                          15 July 2005