Dividend Declaration

ACM European Enhanced Inc.Fund PLC
09 January 2004


ACM EUROPEAN ENHANCED INCOME FUND PLC


Announcement of Dividend


9 January 2004



The Board of ACM European Enhanced Income Fund Plc (the 'Fund') announces that
the interim dividend for the three months to 31 December 2003 will be 1.30p per
share, to be paid on 30 January 2004 to shareholders on the register on 23
January 2004. Ex dividend dealings are expected to commence on 21 January 2004.


The fourth interim dividend of 1.30p per share represents an increase of 0.05p
per share compared to the previous quarter and is consistent with the current
estimate of the Fund's underlying earnings. The Board has decided that it is
appropriate to transfer to the Fund's revenue reserves the amount which
represents the excess earnings in the year to 31 December 2003 over the current
underlying earnings. These excess earnings, £292,302 in aggregate (equivalent to
approximately 0.5p per share), were primarily the result of the appreciation of
the euro, the currency in which the Fund's income is received, against sterling,
the Fund's accounting currency.



Enquiries:


Alliance Capital

Geoffrey Hyde

Tel. [phone]


Close Brothers Securities

David Benda / Nathan Brown

Tel. [phone] / 5572







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