Net Asset Value(s)

At the close of business on Friday, 27 January 2006, the unaudited net asset
value per ordinary share of 25p, valued under UK GAAP and on mid 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 44p per ordinary share.

For further information, please contact:-



Ian Goddard
The Alliance Trust PLC
Tel. [phone]