Section 198 Companies Act 1985

We were informed on 23 December 2003 that, following purchases of our
stock through the retail savings and investment plans provided by our
subsidiary, Alliance Trust Savings Limited, the interest of Alliance
Trust Savings Limited is now in 4,807,526 units of our ordinary 25p
stock, being 25.04% of that class.

Alliance Trust Savings Limited's interests are non-discretionary and non-
material in respect of 4,365,160 ordinary stock units (22.74%) (stock
beneficially owned by investors in the Alliance PEP, Investment Plan and
ISA).

Alliance Trust Savings Limited also holds 442,366 ordinary stock units
(2.30%) as Trustee of the Alliance Pension Plan, a self invested
personal pension (SIPP) provided and administered by Alliance Trust
Savings Limited. This holding is aggregated with the non-material
holding for disclosure purposes in terms of Section 199(2)(b) Companies
Act 1985.

All stock referred to is registered in the name of Alliance Trust
Savings Nominees Limited.