Major Interest in Shares

For Immediate Release

6 March 2009

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached

Alliance Pharma

2. Reason for the notification

An acquisition or disposal of voting rights 

YES

3. Full name of person(s) subject to the notification obligation

RAB CAPITAL PLC ACTING AS DISCRETIONARY MANAGER OF RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED

4. Full name of shareholder(s) (if different from 3.)

CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED

5. Date of the transaction (and date on which the threshold is crossed or reached if different)

27/02/2009

6. Date on which issuer notified:

05/03/2009

7. Threshold(s) that is/are crossed or reached:

3%

8. Notified details:

n/a

A: Voting rights attached to shares

Class/type of shares 

 if possible using the ISIN CODE

Situation previous to the Triggering transaction 

Resulting situation after the triggering transaction

Number of Shares 

Number of Voting Rights

Number of shares 

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

ORDINARY SHARES

GB0031030819

15,418,399

9.52%

n/a

n/a

400,000

n/a

0.25%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument 

Expiration date

Exercise/ Conversion Period/ Date

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

n/a

n/a

n/a

n/a

n/a

Total (A+B)

Number of voting rights

% of voting rights

SEE ABOVE

0.25%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable

RAB Capital Plc acts as investment manager for RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED. RAB Capital plc does not act as custodian for its clients and therefore the shares are held in the nominee name of the custodian of its clients, which is CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED.

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

n/a 

12. Date on which proxy holder will cease to hold voting rights:

n/a

13. Additional information:

n/a

14. Contact name:

LEGAL TEAM

15. Contact telephone number:

020 7389 7000

A: Identity of the person or legal entity subject to the notification obligation

Full name (including legal form for legal entities)

RAB CAPITAL PLC

Contact address (registered office for legal entities)

1 ADAM STREET,

LONDON WC2N 6LE

Phone number 

020 7389 7000

Alliance Pharma plc

+ 44 (0) 1249 466966

John Dawson, Chief Executive

Richard Wright, Finance Director

www.alliancepharma.co.uk

Buchanan Communications

+ 44 (0) 20 7466 5000

Mark Court / Rebecca Skye Dietrich

Numis Securities Limited

+ 44 (0) 20 7260 1000

Nominated Adviser: Michael Meade / Brent Nabbs

Corporate Broking: David Poutney