Net Asset Value(s)

Alliance Trust plc

At the close of business on Wednesday 1 February 2006 the unaudited net asset
value per ordinary share of 25p, valued under UK GAAP and on bid price basis,
was 4001p.


Income after tax, interest and management expenses arising, but which is not
included in the net asset value per ordinary share above, was 50p per ordinary
share.


Until and including 1 February 2006, net asset values were announced on the
basis of UK GAAP on a mid price basis, excluding income. On the mid price basis
the net asset value at close of business on Wednesday 1 February 2006 was 4008p
per ordinary share excluding income.