New Chief Executive

THE ALLIANCE TRUST PLC The Board of The Alliance Trust PLC announces that Alan J. Harden will succeed Gavin Suggett as Chief Executive. The press release in relation to the appointment follows: New Chief Executive at the Alliance Trusts Alan Harden named as Gavin Suggett's successor The global growth investment trust companies, the Alliance and Second Alliance Trusts, announced today that Alan Harden, formerly Managing Director and head of Asia Pacific region, Citigroup Asset Management, and a member of its global executive committee, will succeed Gavin Suggett as Chief Executive of the Alliance Trusts on his retirement. Alan Harden, with Citigroup since the beginning of 2000, was based in Japan, and expanded the retail and high net worth asset management businesses in the Asia Pacific region by over 50%. Before that he was with Standard Chartered Bank in Singapore, where, as Global Head of Investment Services, he led the wealth management strategy and implemented, in Asia, an innovative third party distribution strategy. This led to Standard Chartered becoming the largest fund distributor in Asia. He had joined Standard Chartered in 1990 from HSBC where he was Senior Investment Manager, resident in Hong Kong and, before that, Head of Asset Management, resident in Dubai. Commenting on the appointment, Gavin Suggett said: "I am delighted to be handing over the reins to Alan. Our business needs to be led by an individual with an international outlook, an ability to think and act strategically and the skills necessary to manage a complex organisation in today's fast moving environment. Alan's track record gives me confidence that the Alliance Trusts remain in safe hands and that we will continue to expand in a controlled and focused manner. We are fortunate to have secured his services." Bruce Johnston, Chairman, added "We are confident that Alan will build upon the successes achieved by Gavin Suggett in his 30 year career at the Alliance Trusts, and welcome him wholeheartedly to a job which focuses on the essentials of our objectives at the Alliance Trusts - consistency in our investment performance, innovation in our retail offering and, above all, working single mindedly for our own stockholders." Alan Harden commented: "The international outlook, strength, integrity and performance record of the Alliance Trusts are well recognised. It's a great opportunity for me and I'm looking forward to it immensely. What has been achieved both in long term performance and in the retail business shows that, at the Alliance Trusts, we are well placed to become the leader in our market." Notes to editors: (1) The Alliance Trust PLC and The Second Alliance Trust PLC are long established global growth investment trusts with net assets of £1.39 billion and £469 million respectively. They were both formed in the 1880s and continue to be self-managed, operating from Dundee. They have a very high proportion of retail investors, holding stock through stockbrokers, charities and trusts as well as in the products provided by Alliance Trust Savings. (2) Alliance Trust Savings, which is authorised and regulated by the Financial Services Authority, is owned by the Alliance Trust and Second Alliance Trust. It is a bank which provides the low cost, Select range of PEPs, ISAs, Investment Plans and Pensions. Formed in 1986 Alliance Trust Savings now has over 36,000 customers and administers over £1.1 billion of customer assets. Over 16% of the stock of the Alliance Trust and 24% of that of the Second Alliance Trust is now held through these products, which also allow self-select investment in other UK securities as well as in a selection of bond funds. (3) Alan Harden is 45. He has dual UK/USA nationality and is married with one child. He is a notable public speaker in the field of investment, demographics and pensions, to which areas he brings his international perspective and experience. He enjoys skiing, triathlon and other endurance sports and is a keen golfer. (4) Alan Harden will join the organization as Chief Executive designate on 3 November 2003, taking over as Chief Executive on 1 January 2004. Gavin Suggett will remain with the organisation in a consultative capacity until May 2004, when he will retire on his 60th birthday. (5) Alan Harden's appointment as Chief Executive will fall to be approved by the stockholders of each Trust at the AGMs in 2004. (6) Colour photographs of Alan Harden are available from Citigate Smarts on the number below. (7) Figures above are as at 30 September 2003 For further information: The Alliance Trusts Bruce Johnston Tel: +44 (0) 1382 201700 Gavin Suggett Tel: +44 (0) 1382 201700 Alan Harden Tel: +44 (0) 207 352 9597 Website www.alliancetrusts.com Citigate Smarts Flora Martin Tel: +44 (0) 141 222 2040 Rachel Collins Tel: +44 (0) 141 222 2040 END ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net
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