Interim Management Statement

Alliance Trust PLC

31 May 2011

                               ALLIANCE TRUST PLC

       Interim Management Statement for the three months to 30 April 2011

Objective

Alliance Trust is a self-managed investment company with investment trust
status. Our objective is to be a core investment for investors seeking
increasing value over the long term. We have no fixed asset allocation benchmark
and we invest in a wide range of asset classes throughout the world to achieve
our objective.

Our focus is to generate a real return for shareholders over the medium to long
term by a combination of capital growth and a rising dividend.

Financial Highlights        for the 3 months to 30 April 2011

                              30 April 2011   % Change   Total Return (%)

 Share Price                     450.6p         4.8            5.4

 NAV per share (inc income)      381.5p         2.6            2.9

 Discount (inc income)            15.3%



Key Information
 Total Assets:       £3,289.7m       EPIC Code:                        ATST

 Net Assets:         £2,946.3m       Year End:                  31 December

 Total Borrowings:     £343.4m       Date of Incorporation:   21 April 1888

 Net gearing:            10.1%       Issued Share Capital:      655,634,760


 Total Expenses Ratio (year to 31 January 2011):    0.63%

 Dividend of 2.141p Paid:   June, September, December, March



Review of the three months to 30 April 2011

During the three months to 30 April 2011, the total shareholder return was 5.4%
and the NAV total return (with debt at fair value and inclusive of income) was
2.9%. The difference is accounted for by the narrowing of the discount (with
debt at fair value and inclusive of accrued income) which has closed from 17.1%
at the year end to 15.3% at the end of April.

In the first quarter of the year, Alliance Trust bought back and cancelled 5.4m
shares at a cost of £19.4m. The number of shares in issue therefore reduced to
655,634,760 at the end of April, giving the Company a market capitalisation of
£2,501.2m. At the Annual General Meeting on 20 May, the Board outlined its
policy on share buybacks stating that while it believes that investment
performance is the key driver of the discount over the longer term it is also
committed to the ongoing flexible use of share buybacks. The step-change in the
Company's active use of buybacks in recent months will continue, taking into
account the Company's discount relative to the peer group. This change has been
demonstrated by the increase in the Trust's buyback activity - as at 25 May
2011, a further 12.7m shares have been bought back for an additional £48.3m,
leaving a total of 642,902,760 shares in issue, giving Alliance Trust a market
cap of £2,423.7m. In total, 2.7% of the shares have been bought back since the
beginning of the financial year.

Alliance Trust also announced, at the AGM, that Lesley Knox will step down as
Chairman by the time of the 2012 AGM, after 10 years on the Board. The search
for a replacement is already underway.

The year end of the Trust will be moved to December from January, and the next
period end will be for the 11 months to 31 December 2011. The year end is being
changed in order to aid comparability with other Trusts.

Dividend payment dates are being brought forward in line with the change of year
end.  The Company has declared a first interim dividend of 2.141p per share,
payable on 30 June 2011.  In the absence of any unforeseen developments the
Company expects to pay further interim payments of 2.141p at the end of
September and December and a fourth interim payment of at least 2.141p at the
end of March 2012, making a total for the 11 months to 31 December 2011 of at
least 8.56p, an increase of 2% on last year.

Cumulative performance (%)
+-------------+--------+--------+-------+-------+-------+-------+
|             |   3    |   6    |   1   |   3   |   5   |  10   |
|             |        |        |       |       |       |       |
|             | Months | Months | Year  | Years | Years | Years |
+-------------+--------+--------+-------+-------+-------+-------+
| Share Price |   4.8% |   9.5% | 12.3% | 10.8% |  1.3% | 15.3% |
+-------------+--------+--------+-------+-------+-------+-------+
| NAV*        |   2.6% |   5.9% |  7.4% |  8.0% |  8.2% | 20.6% |
+-------------+--------+--------+-------+-------+-------+-------+
*NAV is calculated with debt at fair value and including accrued income, for all
periods except the 10 year NAV return, which is done on an ex-income basis

Source FactSet & Fundamental Data

Asset Allocation (%)
+--------------------------+-----------+-----------+
|                          | 30-Apr-11 | 31-Jan-11 |
+--------------------------+-----------+-----------+
| Equities                 |      97.5 |      98.6 |
+--------------------------+-----------+-----------+
| Fixed Income             |       5.0 |       4.9 |
+--------------------------+-----------+-----------+
| Private Equity           |       4.3 |       4.3 |
+--------------------------+-----------+-----------+
| Operating Subsidiaries   |       0.8 |       0.6 |
+--------------------------+-----------+-----------+
| Property                 |       1.5 |       1.5 |
+--------------------------+-----------+-----------+
| Cash                     |       1.6 |       0.3 |
+--------------------------+-----------+-----------+
| Other Assets             |       1.0 |       1.0 |
+--------------------------+-----------+-----------+
| Gross Assets             |     111.7 |     111.2 |
+--------------------------+-----------+-----------+
| Gearing                  |    (11.7) |    (11.2) |
+--------------------------+-----------+-----------+
| Net Assets (incl income) |     100.0 |     100.0 |
+--------------------------+-----------+-----------+
Source: Alliance Trust

Equity portfolio geographic breakdown (%)
+------------------+-----------+-----------+
|                  | 30-Apr-11 | 31-Jan-11 |
+------------------+-----------+-----------+
| United Kingdom   |      32.8 |      33.0 |
+------------------+-----------+-----------+
| North America    |      27.5 |      25.4 |
+------------------+-----------+-----------+
| Asia Pacific     |      21.4 |      24.4 |
+------------------+-----------+-----------+
| Europe Ex UK     |      15.5 |      14.2 |
+------------------+-----------+-----------+
| Emerging Markets |       2.8 |       3.0 |
+------------------+-----------+-----------+
Source: Alliance Trust

We continue to change the emphasis within the Asian region by reducing our
exposure to Japan and emerging countries in favour of other developed Asian
markets. We maintain our exposure to the UK, US and Europe.

Equity portfolio sector allocation (%)
+--------------------+-----------+-----------+
|                    | 30-Apr-11 | 31-Jan-11 |
+--------------------+-----------+-----------+
| Financials         |      19.2 |      18.5 |
+--------------------+-----------+-----------+
| Industrials        |      18.2 |      17.6 |
+--------------------+-----------+-----------+
| Oil & Gas          |      13.9 |      13.9 |
+--------------------+-----------+-----------+
| Consumer Goods     |      11.5 |      12.3 |
+--------------------+-----------+-----------+
| Basic Materials    |      10.0 |       9.3 |
+--------------------+-----------+-----------+
| Technology         |       9.4 |      10.1 |
+--------------------+-----------+-----------+
| Health Care        |       8.1 |       7.8 |
+--------------------+-----------+-----------+
| Consumer Services  |       5.7 |       6.7 |
+--------------------+-----------+-----------+
| Telecommunications |       2.1 |       2.1 |
+--------------------+-----------+-----------+
| Utilities          |       1.9 |       1.7 |
+--------------------+-----------+-----------+
Source: Alliance Trust

The largest sector exposures remain in Financials, Industrials and Oil & Gas and
although we have reduced some of the cyclical exposures we maintain a bias to
higher growth markets and stocks which should perform throughout the economic
cycle

Equity portfolio top 20 holdings
+------+---------+------+--------------------------+---------------------+
|Jan-11|Direction|Apr-11|Holding                   |% of Equity portfolio|
+------+---------+------+--------------------------+---------------------+
|   (1)|    -    |1     |Royal Dutch Shell         |                  2.4|
+------+---------+------+--------------------------+---------------------+
|   (2)|    -    |2     |BHP Billiton              |                  2.3|
+------+---------+------+--------------------------+---------------------+
|   (3)|    -    |3     |HSBC Holdings             |                  2.3|
+------+---------+------+--------------------------+---------------------+
|   (5)|   Up    |4     |Rio Tinto                 |                  2.2|
+------+---------+------+--------------------------+---------------------+
|   (4)|  Down   |5     |BP                        |                  2.0|
+------+---------+------+--------------------------+---------------------+
|   (6)|    -    |6     |GlaxoSmithKline           |                  1.7|
+------+---------+------+--------------------------+---------------------+
|   (8)|   Up    |7     |Philip Morris             |                  1.5|
+------+---------+------+--------------------------+---------------------+
|  (13)|   Up    |8     |Prudential                |                  1.3|
+------+---------+------+--------------------------+---------------------+
|  (10)|   Up    |9     |British American Tobacco  |                  1.2|
+------+---------+------+--------------------------+---------------------+
|   (7)|  Down   |10    |New York Community Bancorp|                  1.1|
+------+---------+------+--------------------------+---------------------+
|   (-)|   New   |11    |Pearson                   |                  1.1|
+------+---------+------+--------------------------+---------------------+
|   (9)|  Down   |12    |InterOil                  |                  1.0|
+------+---------+------+--------------------------+---------------------+
|  (15)|   Up    |13    |AstraZeneca               |                  1.0|
+------+---------+------+--------------------------+---------------------+
|  (14)|    -    |14    |Canadian Pacific Railway  |                  1.0|
+------+---------+------+--------------------------+---------------------+
|  (18)|   Up    |15    |Unilever                  |                  1.0|
+------+---------+------+--------------------------+---------------------+
|   (-)|   New   |16    |National Grid             |                  1.0|
+------+---------+------+--------------------------+---------------------+
|   (-)|   New   |17    |Polycom                   |                  1.0|
+------+---------+------+--------------------------+---------------------+
|   (-)|   New   |18    |Carillion                 |                  0.9|
+------+---------+------+--------------------------+---------------------+
|  (19)|    -    |19    |Vodafone Group            |                  0.9|
+------+---------+------+--------------------------+---------------------+
|  (12)|  Down   |20    |CNOOC                     |                  0.9|
+------+---------+------+--------------------------+---------------------+
Source: Alliance Trust

For Further Information, please contact:
Evan Bruce-Gardyne
Head of Investor Relations,
Alliance Trust PLC
Tel: [phone]
Email:[e-mail]
Web:www.alliancetrust.co.uk
James Leviton / Conor McClafferty
 Finsbury Group
 Tel: [phone]
 Email:[e-mail]
  Web: www.finsbury.com







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Source: Alliance Trust PLC via Thomson Reuters ONE

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