Final Results - Year Ended 31 January 2000

Alliance Trust PLC
13 March 2000


RESULTS FOR THE YEAR TO 31 JANUARY 2000
---------------------------------------

HIGHLIGHTS
----------

   ORDINARY STOCK UNIT DATA
   ------------------------
                                          YEAR TO        YEAR TO
                                          31 JAN 2000    31 JAN 1999
                                          -----------    ------------

   DIVIDENDS   INTERIM PAID
               OCTOBER 1999                   24.0P          22.0P

               SECOND INTERIM PAID
               APRIL 1999                      N/A           16.0P

               FINAL PROPOSED
               MAY 2000                       40.5P          24.5P
                                          ---------      ---------
                                              64.5P          62.5P
                                          ---------      ---------

   NET ASSET VALUE PER ORDINARY
   STOCK UNIT                                £37.39         £34.25

   PRICE PER STOCK UNIT                     £30.525         £29.36

   DISCOUNT                                   18.4%          14.3%

   COMPANY TOTAL EXPENSE RATIO
   (EXPENSES DIVIDED BY CLOSING NAV)          0.13%          0.13%


   RETURNS
   -------
                                             ONE YEAR       TEN YEARS
                                             --------       ---------

   DIVIDEND - COMPOUND RATE OF
   GROWTH PA                                   3.2%           6.3%

   NET ASSET VALUE - COMPOUND RATE
   OF GROWTH PA                                9.2%          10.6%

   
   RETURN ON COMPANY'S ASSETS -
   PA (NAV)   (1)                             11.1%          13.0%
  
   RETURN ON STOCKHOLDER'S                 
   INVESTMENT (STOCK PRICE) - PA   (1)         6.2%          13.1%


   RETURN ON FTSE ACTUARIES ALL-SHARE
   INDEX - PA (NET)   (2)                     12.8%          12.9%

   AVERAGE ANNUAL RATE OF INFLATION
   (RPI)                                       2.0%           3.4%


   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
--------

AS INDICATED IN AUGUST 1999, THE BOARD IS PROPOSING A FINAL DIVIDEND
OF 40.5P PER ORDINARY STOCK UNIT PAYABLE ON 2 MAY WHICH, TAKEN
TOGETHER WITH THE INCREASED INTERIM DIVIDEND PAID IN OCTOBER 1999,
MAKES A TOTAL OF 64.5P FOR THE YEAR, AN INCREASE OF 3.2%.

RESULTS
-------

COMBINING INCOME AND CAPITAL GROWTH THE TOTAL RETURN ON ASSETS AFTER
TAX AND EXPENSES WAS 11.1% FOR THE YEAR AND 13.0% PA COMPOUND OVER 10
YEARS.  ALTHOUGH OUR LONG TERM PERFORMANCE IS IN LINE WITH THE FTSE
ACTUARIES ALL-SHARE INDEX, THIS YEAR'S RESULTS ARE RATHER
DISAPPOINTING.  HOWEVER, TO SOME EXTENT THEY REFLECT SHORT TERM
MARKET FACTORS.

A BACKGROUND OF EXPANSION THROUGHOUT THE GLOBAL ECONOMY, A FLOOD OF
EXTRA MONEY AND MAJOR STRUCTURAL CHANGES HAVE FAVOURED THE EXTREME
ENDS OF THE INVESTMENT SPECTRUM THIS YEAR AND HAVE RESULTED IN
RELATIVELY DULL PERFORMANCE IN THE MIDDLE GROUND.  IN THIS SITUATION,
HAVING STARTED THE YEAR WITH 5% CASH, NO GEARING, A SMALL EXPOSURE TO
JAPAN AND A PORTFOLIO DRIVEN BY CONSIDERATIONS OF LONG TERM VALUE AND
RISK CONTAINMENT, OUR PERFORMANCE RELATIVE TO MORE AGGRESSIVE FUNDS
HAS SUFFERED.

PORTFOLIO
---------

A REPUTATION FOR SOLID AND DEPENDABLE PERFORMANCE IS A HARD ONE TO
LIVE UP TO IN THESE MARKETS AND THERE IS A STRONG TEMPTATION TO
FOLLOW THE CROWD BY TAKING RISKS IN A NARROW RANGE OF STOCKS OR AT
LEAST TO GO FOR 'MARKET WEIGHTINGS'.

FACED WITH THIS SITUATION WE HAVE TAKEN A GLOBAL VIEW, INVESTING IN
THOSE COMPANIES ABLE TO BENEFIT FROM THE NEW ORDER: INFRASTRUCTURE
BUILDERS, COMPANIES WHERE CORPORATE REORGANISATION CAN REAP
EFFICIENCY BENEFITS AND BUSINESSES WHICH ARE ABLE TO EXPLOIT THE NEW
TECHNOLOGIES WITHOUT SUFFERING FROM THE NEGATIVE SIDE OF E-COMMERCE -
LOW BARRIERS TO ENTRY AND UNCONSTRAINED PRICE COMPETITION.  THIS CAN
BE ACHIEVED WITHOUT PAYING WHAT WE BELIEVE TO BE UNWARRANTED PRICES
AND WE ARE CONFIDENT THAT THIS APPROACH WILL CONTINUE TO GIVE GOOD
LONG TERM, IF NOT SPECTACULAR SHORT TERM, RETURNS.

STOCK PRICE
-----------

WE DO NOT USUALLY COMMENT ON THE PRICE OF OUR STOCK, ACCEPTING THAT
IT IS DETERMINED BY THE INTERACTION BETWEEN BUYERS AND SELLERS. 
HOWEVER THERE HAS BEEN MUCH DISCUSSION OF INVESTMENT TRUST DISCOUNTS
IN THE PRESS AND 'NO COMMENT' WOULD SEEM INAPPROPRIATE AT PRESENT. 
NOTED BELOW IS A SUMMARY OF OUR VIEWS ON THREE OF THE CURRENT ISSUES.

BUY BACKS
---------

AS A TRULY INDEPENDENT INVESTMENT TRUST WE OFFER A UNIQUELY ADAPTABLE
INVESTMENT VEHICLE WHICH OPERATES EXCLUSIVELY FOR ITS STOCKHOLDERS. 
THE ORGANISATION WORKS BECAUSE WE ARE LARGE ENOUGH TO HAVE ACCESS TO
THE PEOPLE AND INFORMATION NECESSARY TO MANAGE THE BUSINESS PROPERLY.
THIS HAS BEEN ACHIEVED THROUGH ORGANIC GROWTH AND TO REDUCE THE
CAPITAL COULD THREATEN THE EFFECTIVENESS OF THE BUSINESS OVER THE
LONGER TERM.  WE ARE NOT YET CONVINCED THAT THE SUPPOSED BENEFITS OF
BUY BACKS WARRANT THIS RISK.

MARKETING
---------

WE HAVE NOT CONTRIBUTED TO THE AITC GENERIC MARKETING CAMPAIGN, BOTH
BECAUSE IT DOES NOT FIT IN WITH OUR OWN APPROACH TO MARKET
PENETRATION AND BECAUSE, IN THE BOARD'S VIEW, THE UNCERTAIN RETURNS
FROM THE CAMPAIGN DO NOT JUSTIFY THE REQUIRED FINANCIAL CONTRIBUTION
FROM US, WHICH WOULD ALMOST DOUBLE OUR, ADMITTEDLY LOW, EXPENSE
RATIO.  WE PREFER TO CONCENTRATE OUR EFFORTS ON DELIVERING VALUE
THROUGH THE PRODUCTS PROVIDED BY ALLIANCE TRUST SAVINGS, OUR
SUBSIDIARY, WHICH HAS HAD ANOTHER SUCCESSFUL YEAR OF STRONG GROWTH.

SUPPLY AND DEMAND
-----------------

WITH OVER 50,000 STOCKHOLDERS, A WELL DIVERSIFIED SHARE REGISTER AND
FREQUENT CONTACTS WITH INVESTORS, WE HAVE NO DOUBT THAT THERE IS A
VERY REAL DEMAND FOR THE CORE INVESTMENT WHICH THE ALLIANCE TRUST
PROVIDES. THE PRICE OF OUR STOCK IS DETERMINED BY SHORT TERM FACTORS
AND, AS THERE IS A MODEST TURNOVER OF STOCK, THESE FACTORS CAN LEAD
TO PRICE VOLATILITY.  THIS CAN BE UNNERVING FOR SOME BUT FOR THE MANY
THOUSANDS BUYING ON A REGULAR BASIS IT MAY, INDEED, BE OF BENEFIT.

WE MAINTAIN THIS STANCE TO PRESERVE EQUITY BETWEEN ALL OUR
STOCKHOLDERS.  BY CONCENTRATING ON GETTING THE BEST VALUE FOR THE
COMPANY AS A WHOLE, WE BELIEVE ALL BENEFIT IN THE LONG TERM.


RESULTS
-------

                                 PER ORDINARY STOCK UNIT
                                 -----------------------

                       GROUP                   COMPANY
                       -----                   -------

                    2000        1999         2000        1999
                    ----        ----         ----        ----

TOTAL EARNINGS     68.87P      66.42P       68.86P      65.95P

DIVIDEND           64.50P      62.50P       64.50P      62.50P

NET ASSET
VALUE              £37.39      £34.25       £37.39      £34.25


                    £000        £000         £000        £000
                    ----        ----         ----        ----

TOTAL ASSETS
LESS CURRENT
LIABILITIES        1,897,929   1,737,218    1,888,353   1,729,885

TOTAL INCOME          46,051      44,859       41,311      40,124

REVENUE BEFORE
TAXATION              39,913      39,385       38,729      37,771

TAXATION              (4,682)     (5,322)      (3,928)     (4,446)

REVENUE AFTER
TAXATION              35,231      34,063       34,801      33,325

MINORITY INTEREST -
EQUITY                  (426)       (503)        -           -

REVENUE ATTRIBUTABLE
TO ORDINARY
STOCKHOLDERS          34,708      33,477       34,704      33,242

AMOUNT ABSORBED
BY DIVIDEND          (32,508)    (31,500)     (32,508)    (31,500)


THE FINANCIAL INFORMATION SET OUT ABOVE DOES NOT CONSTITUTE THE
COMPANY'S STATUTORY ACCOUNTS FOR THE YEARS ENDED 31 JANUARY 2000 OR
1999 BUT IS DERIVED FROM THOSE ACCOUNTS.

STATUTORY ACCOUNTS FOR 1999 HAVE BEEN DELIVERED TO THE REGISTRAR OF
COMPANIES AND THOSE FOR 2000 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, 21
MARCH 2000 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 COMPUTERSHARE SERVICES PLC, OWEN HOUSE,
8 BANKHEAD CROSSWAY NORTH, EDINBURGH EH11 4BR ON AND AFTER THAT DATE.

SUBJECT TO APPROVAL BY THE STOCKHOLDERS THE FINAL DIVIDEND ON THE
COMPANY'S ORDINARY STOCK IS PAYABLE ON TUESDAY, 2 MAY 2000 TO THE
STOCKHOLDERS REGISTERED ON 7 APRIL 2000.  THE DIVIDENDS ON THE
COMPANY'S PREFERENCE STOCKS ARE ALSO PAYABLE ON 2 MAY 2000 TO
STOCKHOLDERS REGISTERED ON 7 APRIL 2000 AND THE EX-DIVIDEND DATE FOR
BOTH STOCKS IS 3 APRIL 2000.

THE PRESS RELEASE SUMMARISING THESE RESULTS FOLLOWS AND QUESTIONS
SHOULD BE ADDRESSED TO MR. GAVIN SUGGETT OR MR. ALAN YOUNG (TEL.
01382 201700)


RESULTS FOR THE YEAR TO 31 JANUARY 2000

     TOTAL DIVIDEND UP 3.2% TO 64.5P PER ORDINARY STOCK UNIT
     NET ASSET VALUE UP 9.2% TO £37.39 PER ORDINARY STOCK UNIT

     NET ASSETS £1.9 BN

          GEOGRAPHICAL SPREAD                        %
          -------------------

          UK                                         50.2
          USA                                        22.4
          EUROPE                                     15.1
          JAPAN                                       7.4
          REST OF WORLD                               4.0
          CASH                                        0.9
                                                     -----
                                                    100.0
                                                     -----

          INDUSTRY SPREAD                           %
          ---------------

          RESOURCES AND BASIC INDUSTRIES             12.1
          GENERAL INDUSTRIALS AND TECHNOLOGY         17.0
          CONSUMER GOODS                             15.2
          SERVICES                                   36.1
          FINANCIALS                                 18.7
          CASH                                        0.9
                                                     -----
                                                    100.0
                                                     -----

TOP 20 STOCKS
-------------                                        VALUE £M

          BRITISH TELECOM                            63.4
          SHELL TRANSPORT AND TRADING                52.1
          BP AMOCO                                   49.8
          MANNESMANN                                 38.2
          EMAP                                       37.6
          VODAFONE AIRTOUCH                         36.9
          ELECTROCOMPONENTS                          32.8
          WAL-MART                                   31.2
          GLAXO WELLCOME                             29.9
          GENERAL ELECTRIC                           28.6
          SMITHKLINE BEECHAM                         26.8
          JOHNSON AND JOHNSON                        26.5
          NATIONAL WESTMINSTER                       21.6
          HAYS                                       21.2
          CABLE AND WIRELESS                         21.2
          BRISTOL-MYERS SQUIBB                       20.7
          HOME DEPOT                                 20.1
          MARCONI                                    19.8
          ASTRAZENECA                                19.5
          BANK OF SCOTLAND                           19.1

SAVINGS DEMAND +
-------------

     CASH AND INVESTMENT INFLOW (NET)       £113M        +29%

     INVESTOR NUMBERS                       29,071       +13%

     INVESTORS' ASSETS                      £916M        +19%


     +  (ISAS, PEPS, INVESTMENT AND PENSION PLANS HELD THROUGH
         ALLIANCE TRUST SAVINGS LIMITED)