Net Asset Value(s)

At the close of business on Thursday 9 February 2006 the unaudited net asset
value per ordinary share of 25p, valued under UK GAAP and on bid price
basis, was 4032p.

Income after tax, interest and management expenses arising, but which
is not included in the net asset value per ordinary share above,
was 52p 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 Thursday 9 February 2006
was 3991p per ordinary share excluding income.

For further information, please contact:-



Ian Goddard
The Alliance Trust PLC
Tel. [phone]