THE SECOND ALLIANCE TRUST PLC

The Board of The Second Alliance Trust PLC announces that Alan J. Harden
will succeed Gavin Suggett as Chief Executive.

The press release in relation to the appointment follows:

           New Chief Executive at the Alliance Trusts
         Alan Harden named as Gavin Suggett's successor
                                    
The  global  growth investment trust companies, the Alliance and  Second
Alliance  Trusts,  announced today that Alan Harden,  formerly  Managing
Director  and  head of Asia Pacific region, Citigroup Asset  Management,
and  a  member  of  its global executive committee, will  succeed  Gavin
Suggett as Chief Executive of the Alliance Trusts on his retirement.

Alan  Harden, with Citigroup since the beginning of 2000, was  based  in
Japan,  and  expanded  the retail and high net  worth  asset  management
businesses  in the Asia Pacific region by over 50%. Before that  he  was
with  Standard  Chartered Bank in Singapore, where, as  Global  Head  of
Investment   Services,  he  led  the  wealth  management  strategy   and
implemented,  in Asia, an innovative third party distribution  strategy.
This led to Standard Chartered becoming the largest fund distributor  in
Asia.  He had joined Standard Chartered in 1990 from HSBC where  he  was
Senior Investment Manager, resident in Hong Kong and, before that,  Head
of Asset Management, resident in Dubai.

Commenting on the appointment, Gavin Suggett said:
"I am delighted to be handing over the reins to Alan. Our business needs
to  be led by an individual with an international outlook, an ability to
think and act strategically and the skills necessary to manage a complex
organisation  in  today's fast moving environment. Alan's  track  record
gives  me  confidence that the Alliance Trusts remain in safe hands  and
that  we will continue to expand in a controlled and focused manner.  We
are fortunate to have secured his services."

Bruce Johnston, Chairman, added
"We  are  confident that Alan will build upon the successes achieved  by
Gavin  Suggett in his 30 year career at the Alliance Trusts, and welcome
him  wholeheartedly  to  a job which focuses on the  essentials  of  our
objectives  at  the  Alliance  Trusts - consistency  in  our  investment
performance,  innovation in our retail offering and, above all,  working
single mindedly for our own stockholders."

Alan Harden commented:
"The  international outlook, strength, integrity and performance  record
of the Alliance Trusts are well recognised. It's a great opportunity for
me  and I'm looking forward to it immensely. What has been achieved both
in  long term performance and in the retail business shows that, at  the
Alliance Trusts, we are well placed to become the leader in our market."

Notes to editors:

(1)   The Alliance Trust PLC and The Second Alliance Trust PLC are  long
      established  global growth investment trusts with net  assets  of  
      �1.39 billion and �469 million respectively. They were both formed
      in the 1880s and continue to be self-managed, operating from Dundee.
      They  have a very high proportion of retail investors, holding  stock
      through stockbrokers, charities and trusts as well as in the products
      provided by Alliance Trust Savings.

(2)   Alliance Trust Savings, which is authorised and regulated by the
      Financial Services Authority, is owned by the Alliance Trust and
      Second Alliance Trust. It is a bank which provides the low cost, 
      Select range of PEPs, ISAs, Investment Plans and Pensions. Formed in
      1986 Alliance Trust Savings now has over 36,000 customers and 
      administers over �1.1 billion of customer assets. Over 16% of the
      stock of the Alliance Trust and 24% of that of the Second Alliance
      Trust is now held through these products, which also allow self-select
      investment in other UK securities as well as in a selection of bond
      funds.

(3)   Alan Harden is 45. He has dual UK/USA nationality and is  married
      with one child. He is a notable public speaker in the field of
      investment, demographics and pensions, to which areas he brings his
      international perspective and experience. He enjoys skiing, triathlon
      and other endurance sports and is a keen golfer.

(4)   Alan Harden will join the organization as Chief Executive designate
      on 3 November 2003, taking over as Chief Executive on 1 January 2004.
      Gavin Suggett will remain with the organisation in a consultative
      capacity until May 2004, when he will retire on his 60th birthday.

(5)   Alan Harden's appointment as Chief Executive will fall to be
      approved by the stockholders of each Trust at the AGMs in 2004.

(6)   Colour photographs of Alan Harden are available from Citigate
      Smarts on the number below.

(7)  Figures above are as at 30 September 2003

For further information:

The Alliance Trusts
Bruce Johnston            Tel: +44 (0) 1382 201700
Gavin Suggett             Tel: +44 (0) 1382 201700
Alan Harden               Tel: +44 (0) 207 352 9597
Website                   www.alliancetrusts.com

Citigate Smarts
Flora Martin              Tel: +44 (0) 141 222 2040
Rachel Collins            Tel: +44 (0) 141 222 2040

END

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