* Traditionally the Net Asset Value (NAV) figure has been calculated using the capital value of the portfolio (using bid market prices at the close of business) adjusted for the value of the net current assets of the company and after deducting the nominal value of any gearing (debt). The NAV shown is that calculated on the closing prices of the last Stock Exchange working day. Figures quoted in the Financial Times and other papers use this figure, divided by the number of shares in issue to calculate the NAV per share and hence the discount. The accrued income figure is only significant when comparing Alliance Trust with other trusts where the dividends are significantly higher or lower.

** The calculation of Discount to NAV is in accordance with industry practice.

*** The 'Dividend Yield' is net of the tax credit.