Final Results

THE ALLIANCE TRUST PLC

FINAL RESULTS FOR THE YEAR TO 31 JANUARY 2004



FINANCIAL SUMMARY (Company)

                          31 January         31 January
                                2004               2003
                           Pence per          Pence per
                      ordinary stock     ordinary stock
One Year Analysis               unit               unit             Change

Dividend for the                70.5               69.5               1.4%
year
Net asset value               2921.5             2385.0              22.5%
Stock Price †                 2605.0             2127.5              22.4%

Return                          75.4               71.6
Earnings
                               531.5             (930.8)
Capital
                        ------------        ------------
                               606.9             (859.2)
Total
                        ------------        ------------

                     31 January 2004     31 January 2003

Discount §                     10.8%               10.8%

Total expense                  0.29%               0.31% ▫
ratio ‡

One and Ten Year              1 year          10 years           10 years
Analysis                    absolute          absolute           compound

Returns
Stock price total              26.6%              70.9%              5.5%
return †*

Growth
Earnings                        5.3%              59.5%              4.8%
Dividend                        1.4%              50.0%              4.1%
Net asset value                22.5%              37.0%              3.2%


†  Source:  Thomson Financial Datastream.

§  Discount at which the stock price stands relative to the net assets of the Company.

‡  Expenses  year end net asset value

▫  The total expense ratio last year before the additional pension contribution was 0.28%.

*  The total return on the stock price shows the theoretical growth in value over one and
   ten years, assuming that gross dividends are fully reinvested, and ignoring re-investment charges.

DIVIDEND

In the interim announcement in August 2003, we referred to the fact that we had
been gradually reducing the disparity between the interim and final dividends
and had decided to take this a step further by raising the interim dividend to a
level closer to 50% of the anticipated recommended final dividend.  Accordingly,
an interim dividend of 35 pence per ordinary stock unit was paid in October
2003.  The directors are now recommending payment of a final dividend of 35.5
pence per ordinary stock unit.  If approved by the stockholders at the Annual
General Meeting, this will make a total dividend for the year to 31 January 2004
of 70.5 pence, an increase of 1 pence on the previous period.  We anticipate
being able to maintain a cautiously progressive dividend policy funded from
recurring income, rather than special receipts.

Subject to approval by the stockholders the final dividend on the Company's
ordinary stock is payable on Monday, 10 May 2004 to stockholders registered on
16 April 2004.  The dividends on the Company's preference stocks are also
payable on 10 May 2004 to stockholders registered on 16 April 2004 and the ex-dividend
date for all stocks is 14 April 2004.


CHAIRMAN'S STATEMENT

For the first time in three years, I am able to report a year end increase in
net assets, together with earnings at a record level of 75.4 pence per ordinary
stock unit. We are recommending a final dividend of 35.5 pence, making a total
dividend for the year of 70.5 pence, an increase of 1 pence over that paid last
year and marking 37 years of consecutive increases. Although we have seen the
recovery of equities over the year, after the tribulations of a three year bear
market, complacency must be avoided and focus maintained on our long term
objective.

We have moved through a year of sharp contrast. In the first half, when
confidence regarding the economy remained low, further concerns over terrorism
and the prospect of war in Iraq raised risk aversion to such a level that there
were doubts in some quarters over the validity of equities as an asset class. In
the second half of our year, the conclusion of the Iraq war and the emergence of
encouraging economic news removed much of the uncertainty, investor confidence
increased and equities came back into favour, supported by the wide
implementation of monetary and fiscal measures across the world.

As fears of deflation gave way to progressively stronger evidence of economic
recovery, the best stock performance for much of the year generally came from
the stocks of companies which had been most threatened by the long downturn.
Latterly however, the merits of companies with sound finances and sustainable
prospects were returning to investors' favour, at the expense of companies more
compromised in financial and operating terms. During the year under review, we
moved towards full investment of all our cash balances, maintaining our focus on
quality. It is encouraging that companies have come to recognise more widely
that the ability and willingness to pay a growing dividend is an important
component of return to stockholders. Acceptance of this fundamental tenet is
particularly evident in the US, where increases have improved from a low base,
but also nearer home where the risk of companies cutting dividends appears to
have declined.

The global economic recovery has been led by the US. This has already had a
positive impact on many other regions of the world through increased export
activity. In the US itself, the pick up in economic activity has boosted profits
and raised business confidence sufficiently to produce an increase in investment
spending. There are also some encouraging signs of potential employment growth
which, along with the return of pricing power, will be a critical factor in
determining the sustainability of this recovery.

In Asia, particularly China, increased export activity and infrastructure
investment has already boosted employment and income levels. All this has helped
to stimulate consumer spending in this region. There are fewer signs of
improvement in domestic activity in Europe and Japan. Any further weakening of
the US Dollar, and appreciation of both the Euro and Yen, could hit export
sectors in these regions. This would increase the pressure on policy makers to
adopt more stimulative measures and thereby maintain the momentum of the global
economy through the rest of this year and into 2005.

We remain convinced that managing our own affairs helps us to add value. The
executive directors and staff, including the investment managers, are employees
and our retail operation, Alliance Trust Savings ("ATS") is conducted in house
by its own staff. The chain of command is short, sharp and effective.

The quality of customer service through ATS has been recognised this year in
reader-nominated awards from Investors Chronicle and What Investment; and from
the Guardian/Money Observer, in whose Consumer Finance awards we scored best
overall on all criteria of friendliness, quality, flexibility, competitiveness,
efficiency and performance in the category of stocks and shares ISA/investment
provider. ATS's own research shows that the majority of new customers take out a
savings plan with ATS after personal recommendation from a relative or friend.

For ATS, the year was also one of contrast. There was pessimism in the first six
months, when activity was subdued, but this was replaced by cautious optimism as
investors began to look forward to recovery in the markets and once again
evidenced increased confidence through their contributions to savings plans. Net
inflows recovered strongly in the second half, with the value of customer assets
invested through the ATS plans finishing at £1,193m, an all time high. Nearly
17% of the Company's ordinary stock is now held through savings plans provided
through ATS.

The challenge we face in the retail market is to sustain and grow what has been
achieved in ATS. This has to be achieved in the face of increased competition,
consolidation in the market, and the costs of responding to legislative and
regulatory change stemming from Brussels as well as Westminster.

It is imperative that, as a society, we save. The shock waves being sent through
the financial services industry in the UK, particularly in the insurance
industry, affect us all. The transparency of the type of plans provided by ATS
should be a model for the simplification of pensions and it is with some
disappointment that, at the time of reporting, no final decisions have been made
by the Government on the detail of what is proposed, save that the principle of
a lifetime cap on pension saving, which we regard as iniquitous, appears
to be set in stone. This continued uncertainty and dogmatism benefits no one in
the industry, least of all the UK consumer, who is faced with ever increasing
demands on income and no clear blueprint for how savings should be made, nor the
UK employer who is now faced with the moral hazard of the proposed Pension
Protection Fund.

The investment trust, despite the harm done to the name by the split capital
scandal, should still be a preferred option for saving. The industry is small
compared to that of insurance and unit trusts and continuing to position the
Group correctly to sustain value for stockholders will require careful
attention.

In this process it is vitally important, for the long term benefit of our
stockholders, that we are able to attract and retain high quality staff. During
2003, we continued to strengthen capabilities in the key areas of investment and
retail savings. Investment in training and competence is essential. Since staff
retention levels are high, your Company reaps the benefits of these costs, not
other organisations. We introduced the Chartered Financial Analyst programme for
our investment analysts in 2001 and have consistently achieved a pass rate well
in excess of the worldwide average. The ATS staff produce excellent results in
the Securities Institute examinations.  I should like to thank all staff for
their efforts and for their continuing commitment to serving stockholders.

It is against this background, and the challenges posed by this environment,
that I introduce Alan Harden to you as our new Chief Executive, following Gavin
Suggett's retirement after more than 30 years service with the Company. Gavin
was the architect of ATS and made an outstanding contribution to the continuing
progress and development of the Group. We wish him a long and happy retirement.

Alan has a huge amount of international experience, both in investment
management and retail savings businesses and the board wholeheartedly recommends
approval of his appointment as a director to the stockholders at the Annual
General Meeting in April 2004. At the same meeting, I shall be retiring after
nearly 13 years on the board. I have served for 8 years as Chairman and am proud
to have been associated with the Alliance Trust. My sadness at departing is
tempered by the fact that Lesley Knox is succeeding me as Chairman and by the
knowledge that your Company is in good hands.


RESULTS

                                      Group                     Company
                                 2004         2003         2004          2003
Total earnings per             75.68p       70.82p       75.40p        71.63p
ordinary stock unit
Dividend                        70.5p        69.5p        70.5p         69.5p
Net asset value               2921.5p      2385.0p      2921.5p       2385.0p

Revenue Return                   £000         £000         £000          £000

Investment income              45,164       41,098       44,885        41,360
Other income                    5,886        7,228        1,257         2,255
                          -----------  -----------  -----------     ---------
                               51,050       48,326       46,142        43,615
                          -----------  -----------  -----------     ---------
Return before taxation         42,601       40,184       41,765        39,805
Taxation                      (4,103)      (4,104)      (3,669)       (3,607)
                          -----------  -----------  -----------     ---------
Return after taxation          38,498       36,080       38,096        36,198
Minority interest -             (260)        (289)            -             -
equity
                          -----------  -----------  -----------     ---------
                               38,238       35,791       38,096        36,198
Dividends on preference          (97)         (97)         (97)          (97)
stock - non-equity
                          -----------  -----------  -----------     ---------
Return attributable to         38,141       35,694       37,999        36,101
equity stockholders
                          -----------  -----------  -----------     ---------
Amount absorbed by           (35,532)     (35,028)     (35,532)      (35,028)
ordinary dividend

Balance Sheet                    £000         £000         £000          £000

Investments at valuation    1,466,843    1,156,062    1,476,118     1,162,939
Net current assets             18,976       59,421          153        42,970
                          -----------  -----------  -----------     ---------
Total assets less           1,485,819    1,215,483    1,476,271     1,205,909
current liabilities

Long term liabilities          11,196       11,222        1,648         1,648

Equity stockholders'        1,472,423    1,202,061    1,472,423     1,202,061
funds

Net asset value per            £29.21       £23.85       £29.21        £23.85
ordinary stock unit


Cash Flow Statement              £000         £000         £000          £000

Net cash inflow from           53,769       51,577       41,890        38,888
operating activities
Dividends from                      -            -          638         1,275
subsidiary company
Servicing of finance           (1,462)      (1,642)        (173)         (181)
Taxation paid                  (3,827)      (4,312)      (3,492)       (3,700)
Investment purchases         (178,067)    (163,274)    (173,515)     (149,670)
settled
Investment sales settled      127,957      151,034      121,806       140,034
Equity dividends paid         (38,052)     (35,028)     (38,052)      (35,028)
Management of liquid           38,120          845       50,855         6,491
resources
                          -----------  -----------  -----------      ---------
(Decrease)in cash              (1,562)       (800)         (43)        (1,891)
                          -----------  -----------  -----------      ---------

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 2004 or 2003 but is derived
from those accounts.


Number of Issued Stock Units

Ordinary Stock Units of 25P                      50,400,000
4.25% Cumulative Preference Stock                   700,000
4% Cumulative Preference Stock                      650,000
5% Cumulative Preference Stock                      750,000
4% 'A' Cumulative Preference Stock                  100,000


Statutory accounts for 2003 have been delivered to the Registrar of Companies
and those for 2004 will be delivered following the Company's Annual General
Meeting.  The auditor has reported on those accounts.  The report was
unqualified and did not contain statements under Section 237 (2) or (3) of the
Companies Act 1985.

The Report and Accounts will be available on the Company's website
www.alliancetrusts.com on 23 March 2004 and will be posted to stockholders on
Tuesday, 30 March 2004.  It 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 Registrar, Computershare Investor Services PLC,
Lochside House, 7 Lochside Avenue, Edinburgh Park, Edinburgh EH12 9DJ on and
after that date.

The Company's Annual General Meeting will be held on Friday, 30 April 2004 at
11.30 a.m. at the Invercarse Hotel, Perth Road, Dundee.

In addition to 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.

The press release summarising these results follows and questions should be
addressed to Alan Harden or Alan Young (telephone [phone]).


PRESS RELEASE
Issued Tuesday, 23 March 2004


PRESS RELEASE

THE ALLIANCE TRUST PLC FINAL RESULTS
FOR THE YEAR TO 31 JANUARY 2004

● Final dividend 35.5p
● Total dividend for the year increased to 70.5p
● Year end net assets of £1.5 billion
● Continued growth of Alliance Trust Savings

With these results The Alliance Trust PLC, continues to deliver consistent long term performance as a core investment
vehicle.

Commenting on the results Alan Harden, Chief Executive, said:

Over the year in review the equity markets have recovered from the three year bear market.  This recovery, coupled with
a growing recognition among companies of the value that stockholders place on their ability to pay dividends, has
boosted earnings to a record level.  We have therefore continued with our progressive dividend policy and increased the
total dividend for the year to 70.5p, marking a record 37 years of consecutive increases.

Despite extremely difficult conditions in the savings and investment markets in the first half of the year, Alliance
Trust Savings generated strong net inflows, with the value of customer assets invested via ATS products finishing at
£1.2 billion, an all-time high.

Alan Young, Investment Director, added:

The past year was an encouraging one for equities and, despite initial volatility, our net assets increased in value by
22.5%, the first increase in 3 years.  The economic recovery continues to develop and, most positively, to broaden out
across the world, even to the extent of an improving outlook in Japan.

Equity markets were dominated for much of the year by those companies which had suffered most in the earlier downturn
but they have by now probably priced in most of the initial economic recovery.  We are now fully invested in equities
and continue to focus on companies which we expect to be capable of providing growing returns on a more sustainable
basis and through a variety of economic circumstances.

The announcement to the Stock Exchange, containing the full results, is available on  www.alliancetrusts.com.


Ends    23 March 2004

Issued by Citigate SMARTS on behalf of The Alliance Trust PLC.  For further information or photography please contact:

Karen Morrison at Citigate SMARTS on 0141 229 7634 / 07816 848105
Rachel Collins at Citigate SMARTS on 0141 229 7635 / 07970 213956
Alan Harden, Chief Executive on 01382 201700
Alan Young, Investment Director on 01382 201700
or visit the website: www.alliancetrusts.com

Notes to Editors

1.      The Alliance Trust was incorporated in 1888 and still operates from Dundee.  It employs
        approximately 135 staff.  Its stock is listed on the London Stock Exchange and it has
        a very high portion of private investors including 28,000 investors holding nearly 17% of
        the Company's ordinary stock through PEPs,ISAs, Investment Plans and Self-Invested
        Personal Pensions provided by Alliance Trust Savings Limited.

2.      Alliance Trust Savings Ltd, the banking and financial subsidiary, which provides these
        products, is authorised and regulated by the FSA.  It has over £1.1bn of client assets.


ENDS