Miscellaneous Top 10 Holdings as at 30 April 2004

The Alliance Trust PLC

Top 10 Holdings as at 30 April 2004

Company               Equity       Other       Total     % of
                    Holdings    Holdings     Holding    Gross
                        £000        £000        £000   Assets

Royal Bank of         45,162       7,959      53,121     3.52
Scotland
BP                    48,688           0      48,688     3.23
Shell                 47,954           0      47,954     3.18
Glaxo SmithKline      42,152           0      42,152     2.80
HBOS                  26,279      10,472      36,751     2.44
Vodafone              33,997           0      33,997     2.26
Aviva                 16,986       7,827      24,813     1.65
Barclays              20,493           0      20,493     1.36
Diageo                18,432           0      18,432     1.22
Alliance Trust        18,133           0      18,133     1.20
(Finance) Ltd. *

Total gross assets £1,507,280,000

*  Alliance Trust (Finance) Limited is a subsidiary owned 75% by The Alliance
Trust PLC and 25% by The Second Alliance Trust PLC