Notification of Investment Company holdings

The Alliance Trust PLC
Notification of Investment Company holdings

The Company is required by the FSA under the Listing Rules to publish
within two business days of the end of each calendar month a list of all
investments in other listed investment companies as at the last business
day of that month, which themselves do not have stated investment
policies to invest no more than 15% of their gross assets in other
listed investment companies. Additionally at the end of each quarter the
Company is required to disclose a list of all investments with a value
greater than 5% of the Company's gross assets and at least the 10
largest investments.

On 28th November 2003 the Company's gross assets amounted to
£1,447,808,000.

The Company's portfolio includes a number of UK and overseas investment
company securities totalling 2.58% of the gross assets. Included in this
portfolio is an investment, valued at £282,430, in the 4.5% Cumulative
Preference Stock of The Second Alliance Trust PLC. This investment,
which amounts to 0.02% of gross assets, is required to be disclosed each
month as The Second Alliance Trust does not have a policy to restrict
its investment in other investment companies.

Details of the Company's largest 10 investments are given on the
Company's web site (www.alliancetrusts.com) each month and will be
formally announced within two business days of the end of January,
April, July and October each year.

For further information contact Ian Goddard, Company Secretary.
Tel [phone]