Top 10 Holdings as at 30 April 2005

The Alliance Trust PLC

In accordance with paragraph 20.21(l)(ii) of the Listing Rules, the Alliance Trust
PLC declares that its ten largest investments, including all holdings with a
value greater than 5% of its gross assets, as at 30 April 2005 were:

Company                       Equity      Fixed     Total     % of
                             Holding     Income  Holdings    Gross
                             s £000s   Holdings     £000s   Assets
                                          £000s
BP PLC                        56,216          -    56,216     3.53
SHELL TRANS PLC ORD 25P       52,244          -    52,244     3.28
GLAXOSMITHKLINE PLC           52,151          -    52,151     3.28
ROYAL BANK OF SCOTLAND        35,200      6,525    41,725     2.62
HBOS PLC                      23,039     11,423    34,462     2.16
VODAFONE GROUP PLC            33,811          -    33,811     2.12
BARCLAYS PLD ORD 25p          23,582          -    23,582     1.48
HSBC HOLDINGS PLC ORD $0.50   22,426          -    22,426     1.41
RIO TINTO PLC ORD 10P         20,691          -    20,691     1.30
ALLIANCE TRUST (FINANCE)*     18,605          -    18,605     1.17

Total Gross Assets £1,592,141.402

*Alliance Trust (Finance) Ltd is a wholly owned subsidiary of the Trusts and is
owned 75% by the Alliance Trust and 25% by the Second Alliance Trust.

Name of contact             Mr Ian Goddard

Telephone Number            01382 201700

Date of notification        3 May 2005