Top 10 Holdings as at 31 July 2004

The Alliance Trust PLC

Top 10 Holdings as at 31 July 2004

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

BP                    51,160           -      51,160     3.46
Royal Bank of         41,587       7,908      49,495     3.35
Scotland
Shell                 44,371           -      44,371     3.00
Glaxo SmithKline      40,310           -      40,310     2.73
HBOS                  25,074      10,062      35,136     2.38
Vodafone              29,654           -      29,654     2.01
Aviva                 17,140       7,757      24,897     1.68
Barclays              18,690           -      18,690     1.26
Alliance Trust        18,176           -      18,176     1.23
(Finance) Ltd*
Standard              12,954       2,503      15,457     1.05
Chartered PLC

Total gross assets £1,477,765,477

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