Final Results

Alliance Trust PLC
18 March 2002

THE ALLIANCE TRUST PLC

FINAL RESULTS FOR THE YEAR TO 31 JANUARY 2002

FINANCIAL HIGHLIGHTS

Performance - years to 31 January

                                                                            year to     year to      1 year     10 year
                                                                           31/01/02    31/01/01
income
dividends                 interim paid 12 October 2001                        28.0p        26.0p
                          final proposed 30 April 2002                        40.5p        40.5p
                          total                                               68.5p        66.5p

compound rate of income growth - p.a.                                                                  3.0%        4.8%
average annual rate of inflation (RPI)                                                                 1.3%        2.5%

net asset value (NAV)
NAV per ordinary stock unit (at 31 January)                                   33.14        39.12
NAV - compound rate of capital growth - p.a.                                                         -15.3%        8.0%

total return on assets - p.a. (NAV) (1)                                                              -13.5%       10.6%
total return on FTSE Actuaries All-Share Index - p.a. (2)                                            -15.5%       10.9%

total expense ratio (company expenses / closing NAV)                          0.19%        0.14%

equity returns
price per ordinary stock unit (at 31 January)                                £29.24    £33.571/2
discount (at 31 January)                                                      11.6%        14.2%

total return on stockholder's investment (stock price) - p.a. (1)                                    -10.9%       10.9%
total return on FTSE Actuaries All-Share Index - p.a. (2)                                            -15.5%       10.9%

Note                  1 These returns include income and capital gains, 
                        with the income being the net yield on the
                        portfolio/stock.

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

DIVIDEND

As indicated at the half way stage, we are recommending a final dividend of
40.5p per ordinary stock unit payable on 30th April 2002. This results in a 3%
increase on last year's total dividend and again shows growth ahead of
inflation, which at the end of the year reached 1.3%

Although these numbers are small compared with those which many have come to
expect over the last decade when inflation has been higher, they are
nevertheless important. Dividend growth is a critical component of long term
investment returns and, although we have seen capital values fall over the last
year, our experience has been that there is still growth being generated from
our portfolio. Together with the healthy state of our reserves, this gives us
confidence that a progressive dividend policy can be maintained without changing
our conservative accounting practices or reducing the quality of our portfolio.

Subject to approval by the stockholders the final dividend on the Company's
ordinary stock is payable on Tuesday, 30 April 2002 to stockholders registered
on 12 April 2002. The dividends on the Company's preference stocks are also
payable on 30 April 2002 to stockholders registered on 12 April 2002 and the
ex-dividend date for all stocks is 10 April 2002.

Chairman's Statement

'Last year, for the first time since the 1970s, the major world economies faced
the prospect of a synchronised recession. The corporate sector was plagued by
the excesses of acquisition and technology driven expansion, over-borrowing and
doubtful accounting practices, and stock markets were depressed by crystallising
risks and falling returns.

Against this background a reduced valuation was predictable, but the Alliance
achieved one that fell less than that of most of its competitors with a
portfolio of stocks which outperformed their markets, an increased total
dividend and a stronger market for the Company's stock. We have been cautious
over the last few years and, by maintaining a traditional approach to
investment, we have avoided the worst. Our portfolio is widely diversified and
we pick companies which are willing and able to pay dividends, avoiding those we
don't understand. We adopt conservative accounting policies, we watch costs and
we have not added to risk by borrowing money. These policies have once again
proved sound.

Now that markets have fallen and companies are finding it hard to earn profits,
the conventional wisdom of the superiority of equity investment is being
questioned. This questioning will continue while the excesses of the last few
years are purged, and there will be opportunities in the near future to pick up
attractive investments at lower prices. However, we continue to believe that,
for the genuinely long term investor, equities are likely to prove rewarding,
provided risks are diversified.

During the year we continued to invest in our infrastructure and have been
pleased with the results even at this early stage. Our investment team is
robust. Alliance Trust Savings (ATS) continues to expand, despite weak market
conditions, and we have been particularly pleased with the rapid take up of the
Alliance Select Pension. This speaks well for future demand for the service we
offer stockholders - a core investment, which is well managed and supported by
an efficient delivery system.

This service is unique in this industry and is built on the key advantages of a
self-managed investment trust which is both large enough to benefit from
economies of scale and has been able to develop its own savings products and the
resources necessary to serve its stockholders direct. The long established
practice of the Alliance Trust employing its own staff means that many of the
decisions which the Board takes are akin to those of a commercial company and
require senior executive involvement. We prefer these executives to take
responsibility as directors and, with a view to continued expansion and an
orderly succession, we are proposing to increase the maximum number of directors
from eight to nine. This will allow up to four executive directors whilst
maintaining the required majority of independent non-executives on the Board.

In view of current debates elsewhere, I should like to record my appreciation of
the work of my non-executive colleagues who are most diligent and conscientious,
both in applying their considerable combined knowledge and experience in helping
to determine the future strategy and development of the Company and in carrying
out their corporate governance responsibilities. They are a key component in our
success. This year we were joined by Lesley Knox but we shall lose Nelson
Robertson who retires by rotation and, at 68, is not seeking re-election. We are
very grateful for the benefit of his wide experience in the financial services
industry and for his sound guidance over the last 6 years.'

RESULTS

                                                                      Per Ordinary Stock Unit
                                                                   Group                              Company
                                                           2002              2001              2002              2001

Total earnings                                           74.36p            67.69p            74.80p            67.26p
Dividend                                                  68.5p             66.5p             68.5p             66.5p
Net asset value                                          £33.14            £39.12            £33.14            £39.12

Revenue Return                                             £000              £000              £000              £000

Investment income                                        47,820            43,180            44,951            40,320
Other income                                              2,097             2,574                 -                 -
Revenue before taxation                                  42,347            38,924            41,678            37,388
Taxation                                                (4,419)           (4,216)           (3,882)           (3,393)
Revenue after taxation                                   37,928            34,708            37,796            33,995
Minority interest - equity                                (352)             (497)                 -                 -
Preference dividend payable                                (97)              (97)              (97)              (97)
Revenue attributable to ordinary stockholders            37,479            34,114            37,699            33,898
Amount absorbed by ordinary dividend                   (34,524)          (33,516)          (34,524)          (33,516)

Balance Sheet                                              £000              £000              £000              £000

Investments at valuation                              1,614,994         1,949,982         1,624,384         1,958,608
Net current assets                                       68,642            35,338            49,583            16,966
Total assets less current liabilities                 1,683,636         1,985,320         1,673,967         1,975,574
Long term liabilities                                    11,317            11,394             1,648             1,648
Ordinary stockholders' funds                          1,670,119         1,971,726         1,670,119         1,971,726
Net asset value per ordinary stock unit                  £33.14            £39.12            £33.14            £39.12

Cash Flow Statement

Net cash inflow from operating activities                54,045            45,676            41,970            37,455
Servicing of finance                                    (1,950)           (1,932)             (212)             (173)
Taxation paid                                           (3,665)           (3,742)           (2,865)           (3,179)
Investment purchases settled                          (177,324)         (309,710)         (171,028)         (307,430)
Investment sales settled                                213,549           319,105           206,697           317,305
Equity dividends paid                                  (34,524)          (33,516)          (34,524)          (33,516)
Management of liquid resources                         (47,543)          (24,278)          (38,983)          (10,594)
                                                        _______           _______           _______           _______
Increase(Decrease) in Cash                                2,588           (8,397)             1,055             (132)
                                                        _______           _______           _______           _______

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 2002 or 2001 but is derived
from those accounts.

Statutory accounts for 2001 have been delivered to the Registrar of Companies
and those of 2002 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, 26 March 2002
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 Investor Services PLC, Owen House, 8 Bankhead
Crossway North, Edinburgh EH11 4BR on and after that date.

The Company's annual general meeting will be held on Friday, 26 April 2002 at
11.30 a.m. at Discovery Point, Dundee.

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, Alan Young or Sheila Ruckley (telephone 01382
201700).

PRESS RELEASE

The Alliance Trust PLC

Final Results for the Year Ended 31 January 2002

The Alliance Trust PLC today (Monday, 18 March 2002) announced its annual
results for the year to 31 January 2002 which shows net assets of £1,670m.

Commenting on the results, Gavin Suggett, Chief Executive of the Alliance Trust,
said:

'Last year was a difficult one for companies and capital markets and it is no
surprise that our assets fell in value. As stockholders would expect in this
climate the strengths of the Alliance Trust show through.

  •            With no gearing and a cautious approach, we have out-performed 
               most of our competitors.


  •            With a widely diversified portfolio and a stock picking 
               philosophy we have avoided the worst and
               outperformed markets by 3%.


  •            Our belief in the importance of income has delivered 
               increased earnings, a 3% increase in the dividend
               and a gross yield of 2.6% on our stock.


  •            And finally, even in a depressed personal savings market, 
               Alliance Trust Savings has continued to grow
               and attract new business. In particular the Alliance 
               Select Pension, the SIPP, has doubled its investors
               again and has attracted record new levels of investment.'

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

'The outlook has begun to improve, not only for most countries' economies but
perhaps also ultimately for profits, which is crucial.

We have begun to adopt a somewhat less cautious stance, allocating a portion of
our net cash holding to companies which will particularly benefit from a better
economic background but where it is not all in the price.

It is too early, however, to bank on the path ahead being as simple or as
straight as markets are prone to imply, and we remain wary about the valuations
attaching to many companies.

Stock selection will continue to be the major focus, which suits our style, and
companies which are soundly financed and have good cash flow are particularly
important for us.

Greater status should be accorded to those companies capable of making regular,
sustainable and growing distributions as wider awareness develops of the
important part which dividends play in stockholders' returns over the long
term.'




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