Top 10 Holdings as at 30 January 2004

The Alliance Trust PLC

Top 10 Holdings as at 30 January 2004

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

Royal Bank of               43,215         8,183        51,398      3.49
Scotland
Shell                       44,626             0        44,626      3.03
BP                          42,771             0        42,771      2.90
Glaxo SmithKline            42,622             0        42,622      2.89
HBOS                        26,153        10,435        36,588      2.48
Vodafone                    34,121             0        34,121      2.32
Aviva                       15,799         7,888        23,687      1.61
Barclays                    19,949             0        19,949      1.35
Alliance Trust              18,028             0        17,542      1.19
(Finance) Ltd. *
Diageo                      17,542             0        17,542      1.19

Total gross assets £1,473,008,000

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