Alliance Pharma Regulatory News (APH)

For Immediate Release

18 March 2009

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

Alliance Pharma plc

2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

YES

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

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

New City High Yield Fund Limited

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

5. Date of the transaction and date on which the threshold is crossed or reached:

16 March 2010

6. Date on which issuer notified:

17 March 2010

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

Below 3%

8. Notified details:

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

600,000

600,000

150,000

Below 3%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

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

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Convertible Bond

(GB0033882423)

31/12/2013

31/12/2013

6,303,358

Nominal

Delta

Below 3%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

6,453,358

Below 3%

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

N/A

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:

Compliance Officer, New City Investment Managers

(FRN: 408091)

14. Contact name:

Kate Haswell

15. Contact telephone number:

020 7201 6900