Interim Management Statement

INTERIM MANAGEMENT STATEMENT
For Quarter Ending 30 April 2010


Material developments

  * The  NAV Total Return was up 11.4%, while the FTSE All World Index up 13.1%
    and  the FTSE All-Share  Index up 8.8%. Although  yields on Government bonds
    have remained steady, corporate bonds have experienced yield tightening. The
    US dollar has staged a small recovery, while both Sterling and the Euro have
    come under pressure. Commodities have rallied strongly, with oil and gold up
    18% and 9% respectively.


  * Core  equity exposure represents  94.9% of Net Assets  and net borrowings of
    4.7%. Sector  exposures remain largely unchanged. We continue to be cautious
    of Consumer sectors and will remain underweight in these areas, as we are in
    Financials,   Telecommunications   and  Utilities.  Our  largest  overweight
    positions  are in Basic Materials, Industrials, Oil & Gas and Technology, as
    they will benefit most from a pick-up in economic activity. We also maintain
    our preference for investing in companies with exposure to Asian growth.


  * Financial  instability across Europe has increased, although the rescue plan
    for  Greece has temporarily  calmed markets. In  the UK, the  emergence of a
    coalition  government  may  postpone  the  implementation of any significant
    policy  measures; however a period of  fiscal austerity is certain. Although
    the  economic  backdrop  is  improving,  the  sustainability  of  the global
    recovery and the level of fiscal tightening required to reduce the burden of
    debt to a manageable level remains a cause for concern. We continue to focus
    on companies with strong balance sheets, experienced management and credible
    growth  plans over  the medium  term. In  developed markets,  the "lower for
    longer"  regime  from  Central  Banks  will  persist  in  the short term and
    equities  and other risk assets will attract greater inflows and potentially
    add further to market gains.


  * In  March 2010, Alliance  Trust bought  back 6m shares  (0.9%) at  a cost of
    £19.7m.  The shares  were bought  at a  1% discount to the prevailing price,
    increasing  the NAV per  share by 0.8%. This  was an investment decision and
    does not presage the introduction of a discount control mechanism.


  * The  dividend for the year  was 8.15p per share, an  increase of 1.9% on the
    basic  dividend in 2009. The  fourth interim dividend  was paid on 1st April
    2010 and we expect the dividend for the coming year to be at least 8.25p.


KEY FACTS

 Total Net Assets: £2,767.1m
---------------------------------------------
 NAV Total Return from 31/01/10
 to 30/04/10: 11.7%*
---------------------------------------------
 Total Expense Ratio
 (year to 31/01/10): 0.69%
---------------------------------------------
 Year End: 31 January 2011
---------------------------------------------
 Date of Incorporation: 21 April 1888
---------------------------------------------
 Dividend: Dividends are paid quarterly
 on or around the last day of January,
 April, July and October. The total
 dividend payable for the year to 31
 January 2010 was 8.15p
---------------------------------------------
 Capital: 667,059,760 shares of 2.5p
---------------------------------------------
 ISIN: GB00B11V7W98
---------------------------------------------

 * Source: Fundamental Data

  The NAV is published daily on our website
 www.alliancetrust.co.uk



ASSET ALLOCATION %
 Equities             94.9

 Private Equity        3.3

 Preference Shares     1.7

 Subsidiaries          0.7

 Property              1.8

 Other investments     1.8

 Cash                  1.8

 Other Net Assets      0.5

 Gross Assets        106.5

 Gearing             (6.5)

 Net Assets          100.0



EQUITY PORTFOLIO DISTRIBUTION

 GEOGRAPHIC (EQUITY ONLY)        INDUSTRY (EQUITY ONLY)

                         %                               %

 Emerging Markets      0.8       Utilities             1.1

 Europe               13.9       Telecommunications    2.5

 Pan Asia             23.0       Consumer Services     6.9

 North America        28.9       Health Care           7.3

 United Kingdom       33.4       Basic Materials       8.4

                                 Technology           11.3

                                 Consumer Goods       10.5

                                 Oil and Gas          13.3

                                 Industrials          18.2

                                 Financials           20.5


Trust Performance (%)

                                       1 Year 2 Years 3 Years 5 Years 10 Years

Price                                    17.5   (1.3)   (8.9)    28.7     11.1

Total Return                             20.9     4.5   (1.4)    45.4     42.6

NAV Total Return                         32.9     4.6     1.9    46.8     32.4



FTSE All-World Index (£)-Price*          32.5     4.6     4.1    43.4 (12.8) 

FTSE All-World Index (£)-Total Return*   35.9    10.7    12.8    62.3   22.2 


 10 year returns are based on the performance of the FTSE World Index (£)
* Alliance Trust does not have a fixed benchmark
Source: FactSet/Fundamental data

Top 20 investments

 Rank   Movement   Rank last qtr   Name                         Value £m

 1      â–²          (2)             BP                           66.9

 2      â–¼          (1)             HSBC                         64.2

 3       -         (3)             Royal Dutch Shell            54.9

 4       -         (4)             Rio Tinto                    47.5

 5      â–²          (13)            GlaxoSmithKline              47.0

 6      â–²          (7)             InterOil                     46.9

 7      â–¼          (5)             BHP Billiton                 44.1

 8      â–²          (9)             New York Community Bancorp   40.0

 9      â–²          (12)            Philip Morris                36.6

 10     â–²          (11)            Vodafone                     34.7

 11     â–¼          (6)             British American Tobacco     34.1

 12     (new)                      Canadian Pacific Railway     32.6

 13     â–²          (18)            Tesco                        32.5

 14     â–²          (17)            Republic Services            32.0

 15     â–¼          (8)             Prudential                   32.0

 16     â–¼          (14)            Diageo                       30.9

 17     â–²          (20)            Amdocs                       30.1

 18     (new)                      CNOOC                        29.4

 19     (new)                      Cisco Systems                29.2

 20     (new)                      Toyota                       28.8


Scottish & Southern, Suncor, Diamond Offshore and Reckitt Benckiser have dropped
out of the Top 20.

Total Equity Investments: £2,628.9m
Top 10 as % of Net Assets: 18.4% Top 20 as % of Net Assets: 30.2%

SECTOR WEIGHTINGS

Top 5 overweight/underweight sector holdings*

                                   Overweight/(underweight)%

 Mining                                                 2.94

 Support Services                                       2.88

 Technology Hardware & Equipment                        2.33

 Industrial Engineering                                 1.97

 Oil and Gas                                            1.88

 Telecommunications                                   (1.45)

 Gas, Water & Multiutilities                          (1.55)

 Food Producers                                       (1.62)

 Industrial Metals                                    (1.95)

 Financial Services                                   (2.47)


Top 5 active overweight/underweight holdings*

                              Overweight/(underweight)%

 BP                                                1.93

 InterOil                                          1.79

 HSBC                                              1.78

 BHP Billiton                                      1.77

 New York Community Bancorp                        1.50

 Proctor & Gamble                                (0.68)

 General Electric                                (0.75)

 Apple                                           (0.87)

 Microsoft                                       (0.99)

 Exxon Mobil                                     (1.19)


Portfolio weight is calculated as a % of equity only.

*FTSE All-World Index used

 Weightings are calculated on a look-through basis whereby holdings in the
Trust are combined with those of Alliance Trust Asset Management's funds to
calculate total exposure.

For further information, please contact:

Evan Bruce-Gardyne
Head of Investor Relations
Alliance Trust PLC
8 West Marketgait
Dundee
DD1 1QN

Tel: [phone]
Email: [e-mail]



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