THE ALLIANCE TRUST PLC

NET ASSET VALUE

At the close of business on Thursday 9th October 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2879p.

Income after tax, interest and management expenses arising, but which is
not included in the net asset value per stock unit above, was 26p per
stock unit.


Distribution of investments as at [date]

Geographical Distribution


UK 52%
USA 22%
Europe 10%
Japan 5%
Rest of World 9%
Fixed Income 2%
Net Current Assets %

Total 100%



Industry Distribution


Resources and Basic Industries 21%
Capital Goods 8%
Consumer Goods 17%
Technology ...