Net Asset Value(s)

At the close of business on Friday 21st October 2005 the unaudited net asset
value per ordinary share of 25p, valuing prior charges at par,
was 3475p.

Income after tax, interest and management expenses arising, but which
is not included in the net asset value per ordinary share above,
was 33p per ordinary share.

For further information, please contact:-



Ian Goddard
The Alliance Trust PLC
Tel. [phone]