Final Results

Alliance Trust PLC
19 March 2001



THE ALLIANCE TRUST PLC

FINAL RESULTS FOR THE YEAR TO 31 JANUARY 2001

FINANCIAL HIGHLIGHTS

Performance

                   Stock Unit Data                      Year to      Year to

                                                       31 January   31 January
                                                          2001         2000
Dividends      interim paid October 2000                     26.0p        24.0p
               final proposed May 2001                       40.5p        40.5p
               total                                         66.5p        64.5p
Net asset value (NAV) per ordinary stock unit (at 31        £39.12       £37.39
January)
Price per stock unit (at 31 January)                       £33.575      £30.525
Discount (at 31 January)                                     14.2%        18.4%
Company total expense ratio (expenses / closing NAV)         0.14%        0.13%


                       Returns                          One Year    Ten Years

Dividends - compound rate of income growth pa                 3.1%         5.2%
NAV - compound rate of capital growth pa                      4.6%        12.2%
Total return on Company's assets - pa (NAV) note 1            6.4%        14.2%
Total return on stockholder's investment (stock              12.2%        16.2%
price) - pa note 1
Total return on FTSE Actuaries All-Share Index - pa           4.1%        14.8%
(net) note 2
Average annual rate of inflation (RPI)                        2.7%         2.8%

Note    1 These returns include income and capital gains and are approximately
          equal to the annual compound growth in net assets/stock price added
          to the net yield on the portfolio/stock

        2 The return on the FTSE Actuaries All-Share Index is computed on the
          same basis including net income appropriate to the yield on the
          index.

DIVIDEND

The Board is proposing a final net dividend of 40.5p per ordinary stock unit
payable on 1 May which, taken together with the increased interim dividend
paid in October 2000, makes a total of 66.5p for the year, an increase of
3.1%.

Subject to approval by the stockholders the final dividend on the Company's
ordinary stock is payable on Tuesday, 1 May 2001 to stockholders registered on
17 April 2001. The dividends on the Company's preference stocks are also
payable on 1 May 2001 to stockholders registered on 17 April 2001 and the
ex-dividend date for all stocks is 11 April 2001.

Chairman's Statement

'This has been another record year for us and one in which our fundamental
approach to investment has again delivered value. We avoided the full impact
of the precipitous falls in the technology, media and telecommunication
sectors and our stocks outperformed in nearly all the markets in which we are
invested. Our net asset value increased by 4.6% compared with 1.8% for the
FTSE Actuaries All-Share Index and we have increased the dividend by 3.1% to
give a total return of 6.4%. This return does not match the absolute increases
achieved in some earlier years but in a time of continuing subdued inflation
lower monetary returns have to be expected.

With the slow down in the world economy, this is a difficult time for long
term investment and, as equity investors, we cannot escape the roller-coaster
of markets. However, with no gearing, an expense ratio of 0.14% and a yield of
over 2% we are confident that we are in a good position to secure the long
term real returns which we continue to believe are offered by equities.

Good investment performance is an essential prerequisite in creating long term
demand for our stock but the ongoing balance between supply and demand also
needs careful monitoring. One route is to try to regulate this balance by
introducing a policy of share buy-backs but such a policy can raise questions
of fairness among shareholders and risks diluting the historic strength of the
closed end aspect of trusts in depressed markets. We prefer to continue
creating a sustainable long term demand for stock through Alliance Trust
Savings (ATS). This business provides stockholders with a savings as well as
an investment service and this year passed the £1bn mark of investors' funds.
The total amount invested in investment trusts is £600m, made up of £280m in
the Alliance Trusts and a total of £320m in other investment trusts. Currently
just over 11% of the Alliance Trust is held in ATS plans.

We see great scope for the continued expansion of this business: changes to
PEPs and pensions in April 2001 will assist this process and, longer term, our
in-house expertise, technology and low cost base give us a considerable
competitive advantage. The success story of ATS is not widely known as growth
in customer numbers has been achieved largely through word of mouth
recommendation. This method of distribution should continue, but we have
decided that ATS has now reached a size where it is appropriate from a
business and corporate viewpoint to raise the profile.

We welcome to the Board Sheila Ruckley, who was Company Secretary for 11 years
and who has also played a significant role in the development of our savings
products business. She has particular responsibility for investor relations,
including raising the awareness of the Alliance Trust and of ATS and its
products. New initiatives are already in hand and the next year promises to be
an exciting one.

We also welcome Bill Jack, who has joined the Board as a non-executive
director. He retired recently as managing director of CGU Life, a very
successful savings and investment business, and his knowledge and experience
have already been of considerable value to us.

Andrew Thomson is retiring at the AGM having served on the board for 12 years.
His deep understanding of the culture and qualities which make the Alliance
Trust the highly respected company it is, have been of great help to us all in
driving, and adapting to, the wide range of changes we have seen in recent
years and I am particularly grateful for his contribution.'

RESULTS

                                                 Per Ordinary Stock Unit
                                                 Group            Company
                                               2001     2000     2001     2000

Total earnings                               67.69p   68.87p   67.26p   68.86p
Dividend                                     66.50p   64.50p   66.50p   64.50p
Net asset value                              £39.12   £37.39   £39.12   £37.39

Revenue Return                                 £000     £000     £000     £000

Investment income                            43,180   43,250   40,320   40,994
Other income                                  2,574    2,484        -        -
Revenue before taxation                      38,924   39,596   37,388   38,412
Taxation                                    (4,216)  (4,365)  (3,393)  (3,611)
Revenue after taxation                       34,708   35,231   33,995   34,801
Minority interest - equity                    (497)    (426)        -        -
Preference dividend payable                    (97)     (97)     (97)     (97)
Revenue attributable to ordinary             34,114   34,708   33,898   34,704
stockholders
Amount absorbed by ordinary dividend       (33,516) (32,508) (33,516) (32,508)

Balance Sheet                                  £000     £000     £000     £000

Investments at valuation                 1,949,982 1,864,182 1,958,608 1,872,641
Net current assets                          35,338    33,747    16,966    15,712
Total assets less current liabilities    1,985,320 1,897,929 1,975,574 1,888,353
Long term liabilities                       11,394    11,224     1,648     1,648
Ordinary stockholders' funds             1,971,726 1,884,505 1,971,726 1,884,505
Net asset value per ordinary stock unit     £39.12    £37.39    £39.12    £37.39

Cash Flow Statement

Net cash inflow from operating activities    45,676   46,684   37,455   39,106
Servicing of finance                        (1,932)  (1,686)    (173)    (177)
Taxation paid                               (3,742)  (2,929)  (3,179)  (2,105)
Investment purchases settled             (309,710) (278,607) (307,430) (277,704)
Investment sales settled                    319,105  211,133  317,305  202,907
Equity dividends paid                      (33,516) (32,508) (33,516) (32,508)
Management of liquid resources             (24,278)   64,037 (10,594)   67,614
Capital subscribed by minority shareholder        -    2,500        -        -
Loan from Alliance Trust (Finance) Limited        -        -        -    3,000
                                            _______  _______  _______  _______
(Decrease)Increase in Cash                  (8,397)    8,624    (132)      133
                                            _______  _______  _______  _______

The revenue return statement is the profit and loss account of the Company.

The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 January 2001 or 2000 but is derived
from those accounts.

Statutory accounts for 2000 have been delivered to the Registrar of Companies
and those of 2001 will be delivered following the Company's Annual General
Meeting. The auditor has reported on those accounts. Its reports were
unqualified and did not contain statements under Section 237 (2) or (3) of the
Companies Act 1985.

The Report and Accounts will be posted to stockholders on Tuesday, 27 March
2001 and will also be made available to the public at the Company's registered
office, Meadow House, 64 Reform Street, Dundee DD1 1TJ and at the offices of
the Company's registrar, Computershare Services PLC, Owen House, 8 Bankhead
Crossway North, Edinburgh EH11 4BR on and after that date.

The full annual report, up to date performance data, details of new
initiatives and other information about the Company can be found on our
website - www.alliancetrusts.com.

The press release summarising these results follows and questions should be
addressed to Gavin Suggett or Alan Young or Sheila Ruckley (telephone 01382
201700).

PRESS RELEASE

  * Assets and dividend at record high levels
  * Net asset value increased 4.6% compared with 1.8% for the FTSE Actuaries
    All-Share Index
  * Stock performance was positive in all regions
  * Dividend up 3.1% to give total return of 6.4%
  * Alliance Trust Savings investors' funds grew 19% to over £1bn
  * Total expense ratio of 0.14% of net assets

The Alliance Trust PLC today (Monday) announced its annual results for the
year to 31 January 2001 which shows record net assets of £1,972m. This
increase of 4.6% is ahead of the FTSE Actuaries All-Share Index for the same
period by 2.8%. Asset allocation contributed 1.1% and good stock selection
1.7% to this performance.

The final dividend is maintained at 40.5p per stock unit, making 66.5p for the
year, an increase of 3.1% on 2000. The total return on the Company's assets
was £2.40 per stock unit, an increase of 6.4% on the previous year.

The funds held for investors by Alliance Trust Savings, in the Alliance ISA,
PEP, Investment and Pension Plans, reached over £1bn, an increase of 19% in
the year.

Commenting on the results, Gavin Suggett, Chief Executive of the Alliance

Trust, said:

'The last year has been an extraordinary one and one in which we believe the

Alliance showed its true strengths as a core investment. Wide diversification, 
long term investment horizon and a strong income objective were not fashionable 

at the beginning of the year but now that the TMTbubble has burst, the solid 
value in the portfolio has shone through and the performance is being

delivered.


'Our savings operation, Alliance Trust Savings, is very important to us. It

provides the means by which many of our stockholders can hold their investments 
tax and cost efficiently. It is the source of a growing demand for stock in the 
Alliance Trust and looking ahead we have identified many opportunities arising £

through the changes to PEPs and Pensions taking place in April.


'Our new investor relations team, headed up by newly appointed board director

Sheila Ruckley, will play a crucial role in raising the profile of the 

organisation for the benefit of all stockholders. What we offer is unique in the


investment trust industry and we feel well placed to compete in these 

challenging times.'


Alan Young, Investment Director, commenting on the investment outlook, said:

'We expect further falls in interest rates globally and this could stimulate

equity markets. However, in the near term, progress is unlikely to be smooth and


we feel comfortable with no gearing and a flow of income which should support a 

growing dividend. We aim to hold a diversified 'all weather' portfolio 

consisting of a range of equities which will, we believe, cope with the variety 
of economic conditions which are likely to lie ahead.'



ENDS

For further information please contact:

Jackie McColl at Citigate SMARTS on 0141 400 9721/ 07968 483649

Gavin Suggett, Chief Executive or Alan Young, Investment Director or Sheila

Ruckley, Investor Relations Director of The Alliance Trust on 01382 201700.

Or visit the website on: www.alliancetrusts.com


Notes to Editors

1. Attached is the full year results. Photographs of the directors of the
Alliance Trust will be ISDN to your picture desk. Please contact Jackie McColl
if you have any queries on 0141 400 9721.

2. The Alliance Trust and the Second Alliance Trust (the Trusts), formed in
1888 and 1883 respectively, are both long established investment trust
companies with total assets of £2.8bn, invested on a global basis. They are
managed from Dundee and, unlike most investment trusts, they employ their own
staff who concentrate solely on managing the companies and their investments.
The shares are listed on the London Stock Exchange and together they have over
70,000 stockholders, who either hold their shares directly or through the
products provided by Alliance Trust Savings or through other nominees.

    3. The Trusts aim to provide the core investment for investors who wish to
    build up a long term store of increasing value and are known for their
    consistent performance over the long term.

4. Alliance Trust Savings has a range of savings and investment products, all
developed and administered in house, comprising Investment Plans, ISAs, PEPs
and Pension Plans. It has grown from virtually nothing to over £1bn of
investors' assets over the last 10 years.