Distribution of Investments as at 31 January 2004

THE ALLIANCE TRUST PLC

Distribution of investments as at 31 January 2004

Geographical Distribution

UK                                        52%
USA                                       21%
Europe                                    10%
Japan                                      4%
Rest of World                             11%
Fixed Income and Net current Assets        2%

Total                                    100%


Industry Distribution

Resources and Basic Industries            20%
Capital Goods                              8%
Consumer Goods                            17%
Technology                                 5%
Services                                  22%
Financials                                28%

Total                                    100%


20 Largest Holdings
                               Value £m

Shell Transport & Trading      £44.6m
Royal Bank of Scotland         £43.2m
BP                             £42.8m
GlaxoSmithKline                £42.6m
Vodafone                       £34.1m
HBOS                           £26.2m
Barclays                       £19.9m
Diageo                         £17.5m
Aviva                          £15.8m
Rio Tinto                      £15.1m
Abbott Laboratories            £14.8m
Lloyds TSB                     £14.3m
Persimmon                      £14.3m
Wal-Mart Stores                £13.0m
EMAP                           £12.8m
Standad Chartered              £12.6m
Unilever                       £12.5m
Microsoft                      £11.6m
Tesco                          £11.3m
Exxon Mobil                    £11.2m

For further information, please contact:-

Ian Goddard
The Alliance Trust PLC
Tel. [phone]