Dividend Declaration

ACM European Enhanced Inc.Fund PLC
09 January 2003


ACM EUROPEAN ENHANCED INCOME FUND PLC
Announcement of dividend
9 January 2003


The Board of ACM European Enhanced Income Fund Plc (the 'Fund') announces that
the interim dividend for the three months to 31 December 2002 will be 0.96p per
share, to be paid on 28 January 2003 to shareholders on the register on 17
January 2003.  Ex dividend dealings are expected to commence on 15 January 2003.

The dividend of 0.96p per share represents a reduction of 0.09p per share
compared to the previous quarter and results from reductions in income following
the increased portfolio allocation to higher grade securities and costs arising
specifically in the final quarter. The dividend represents all of the net income
available for distribution in the period. The Board intends that the Fund will
continue to distribute to shareholders substantially all of the Fund's net
income.

As announced on 11 October 2002, the Board has adopted a defensive positioning
of the portfolio to protect the Fund against heightened risk.  As at the end of
December 2002, the Fund's assets were allocated as to 45% in high yield bonds,
38.5% in investment grade debt and 14.7% in government bonds with the balance in
cash.  During the quarter the Fund's net asset value increased by 6.25 per cent.


Enquiries:

Geoffrey Hyde
Alliance Capital Limited
Tel. [phone]


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