Investments in Investment Companies

The Alliance Trust PLC
Investments in Investment Companies

As required by rule 21.20(l)(i) of the Listing Rules, The Alliance Trust
PLC discloses that, as at 31 December 2003, it held an investment valued
at  £283,414  in  the  4.5% Cumulative Preference Stock  of  The  Second
Alliance Trust PLC.

For further information contact Ian Goddard, Company Secretary on 01382
201700.