Statement re Debenture Stock Redemption

9 November 2004


The Alliance Trust PLC

The  Company  announces that it is today giving notice to  the  holders  of  its
£1,648,600  4½ per cent debenture stock due 1956 or after that it is  exercising
its right to repay the stock at par upon six months' notice. The debenture stock
will be redeemed in full at par on 15 May 2005.

The regular interest payments due on 11 November and 15 May 2005 will be paid as
normal;  the  second  of  these will be made separately from  the  repayment  of
principal.

The register of debenture stockholders will be closed on 9 May 2005. It will not
be re-opened and no transfers of debenture stock will be registered thereafter.

Contact:

The Alliance Trust PLC
   Ian Goddard, Company Secretary, 01382 201700
Cazenove
   Christopher Smith/Francis Burkitt, 020 7588 2828