Directorate change

The Alliance Trust PLC announces that Mr. Bruce W. M. Johnston, Chairman
of  the  Board  of  Directors, has informed the Board that  he  will  be
retiring from the Board at the conclusion of the Annual General  Meeting
on Friday, 30 April 2004. Mr. Johnston will be 65 in February.

The  Board  announces  that  Mrs. Lesley M. S.  Knox  will  succeed  Mr.
Johnston  as Chairman of the Board of Directors of the Company  on  that
date.

A press release relating to this announcement follows:

NEW CHAIRMAN FOR THE ALLIANCE TRUSTS

The Alliance Trust and Second Alliance Trust, the Dundee based global
growth investment trust companies with combined assets of £2.0 billion,
today announced that Lesley Knox will become Chairman when Bruce
Johnston, who currently holds these offices, retires on 30 April 2004
having reached the age of 65.

Lesley Knox, who initially qualified as a lawyer, has had a long career
in the financial services industry in corporate finance and global fund
management.  She spent most of her career at Kleinwort Benson Limited
where she was a director in Corporate Advisory and then became Head of
Institutional Asset Management and finally a Group Director.

She grew up in Edinburgh and over the last 15 years has maintained her
connection with Scotland by serving as Governor of the British Linen
Bank and as a non-executive director of The Bank of Scotland and
Scottish Provident.  She has also served on the boards of a number of
listed commercial and industrial companies.

Bruce Johnston has been Chairman since April 1996. A chartered
accountant, he was previously a partner in the firm of Arthur Young (now
Ernst & Young), before pursuing a successful career in the commercial
sector, becoming Executive Chairman of  City Centre Restaurants plc.
Commenting on Mrs Knox's appointment, he said:

"I am delighted that the Boards have nominated Lesley to succeed me.
She is very well qualified to be Chairman of the Alliance Trusts, with a
huge amount of listed companies', investment and financial services
experience.  Since she joined the boards in 2001, I have been able to
see at first hand how focused she is on  the interests of the
stockholders, and with the necessary objectivity which is so essential
to the non-executive role".

The Chief Executive, Alan Harden added:

" The Chairmanship of our self-managed investment trusts is a crucial
role, not only in the running of the boards, but also in the
relationship with the executive.  I'm very pleased at the prospect of
Lesley heading the boards and continuing to do what Bruce has done so
well. We operate ine challenging times. Strong non-executive directors
together  with an independently minded Chairman are  testament to the
commitment we have to deliver long term value to our stockholders"

Lesley Knox added:

"It is a privilege to be invited to be Chairman of these two long
established and successful companies.  They are single mindedly
committed to the interests of stockholders, predominantly private
individuals, for whom they will continue to be run as long-term
investment vehicles."


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 £1.5
billion and £500 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, charities and trusts as
stockholders and through 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 £1.2
billion of customer assets. Over 16% of the stock of the Alliance Trust
and 25% 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. Mrs Knox, who is also a
director of Alliance Trust Savings, will also take over from Bruce
Johnston as Chairman of this company.

3    The Chairmanship is a non-executive role.  The Trusts have a
majority of non-executives on their boards.

4    Bruce Johnston, who will be 65 in February, will Chair the 116th
AGM of the Alliance Trust at Discovery Point, Dundee on 30 April 2004 at
11.30 am. He will retire at the end of the meeting.

5    Lesley Knox is 50. She is currently a non-executive director of the
listed companies, MFI Furniture Group plc, Hays Group and HMV Group. She
is married with one daughter and enjoys contemporary art and fly
fishing.

6    Colour photographs of Lesley Knox are available from Citigate
Smarts on the number below.


6    Figures above are as at 31st December 2003.


For further information:
The Alliance Trusts
Bruce Johnston  Tel: [phone]
Alan Harden     Tel: [phone]
Lesley Knox     Tel: [phone]
Website         www.alliancetrusts.com

Citigate Smarts
Karen Morrison   Tel: [phone]
Rachel Collins   Tel: [phone]
Flora Martin     Tel: [phone]