Net Asset Value(s)

ALLIANCE TRUST PLC

At the close of business on Friday, 21 November 2008, the unaudited net asset
value per ordinary share of 2.5p, valued on a bid price basis:

1) excluding income after tax, interest and management expenses arising, of 6p
per ordinary share is 294.3p and

2) including income after tax, interest and management expenses arising is
300.1p

.

For further information, please contact:-

Donald McPherson              
                              
Alliance Trust PLC            
                              
Tel. [phone]