Net Asset Value(s)

ALLIANCE TRUST PLC

At the close of business on Wednesday, 21 January 2009, 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 4p
per ordinary share is 321.7p and

2) including income after tax, interest and management expenses arising is
326.2p, as from 31 December 2008 the dividend of 2p due to be paid on 2
February 2009 has been deducted from this figure.

For further information, please contact:-

Ian Anderson                  
                              
Alliance Trust PLC            
                              
Tel. [phone]