Investments in Investment Companies

The Alliance Trust PLC
Investments in Investment Companies


As required by rule 21.20(l)(i) of the Listing Rules, The Alliance Trust PLC discloses that, as at 29 May 2004, it held
an investment valued at £289,924.88 in the 4.5% Cumulative Preference Stock of The Second Alliance Trust PLC.

For further information contact Ian Goddard, Company Secretary on 01382 201700.