RNS Number:6157I
Second Alliance Trust PLC
12 March 2003

THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At the close of business on Tuesday 11th March 2003 the unaudited net asset
value per 25p stock unit, valuing prior charges at par, was 2044p.

Income after tax, interest and management expenses arising, but which is not
included in the net asset value per stock unit above, was 10p per stock unit.

Distribution of investments as at 28 February 2003

Geographical Distribution

        UK                                                           50%
        USA                                                          22%
        Europe                                                        9%
        Japan                                                         5%
        Rest of World                                                 7%
        Cash & Fixed Interest                                         7%

        Total                                                       100%

Industry Distribution

Resources and Basic Industries                                                  20%
Capital Goods                                                                    8%
Consumer Goods                                                                  19%
Technology                                                                       5%
Services                                                                        20%
Financials                                                                      28%

Total                                                                          100%

      20 Largest Holdings                                        Value #m

      Shell Transport & Trading                                   #15.11m
      BP                                                          #13.32m
      Royal Bank of Scotland                                      #13.24m
      GlaxoSmithKline                                             #13.16m
      Vodafone                                                     #9.41m
      HBOS                                                         #8.27m
      Johnson & Johnson                                            #6.81m
      Wal-Mart Stores                                              #5.16m
      Barclays                                                     #4.93m
      Diageo                                                       #4.60m
      Unilever                                                     #4.45m
      Abbott Laboratories                                          #4.20m
      Rio Tinto                                                    #4.18m
      Aviva                                                        #4.07m
      Persimmon                                                    #3.96m
      Reckitt Benckiser                                            #3.94m
      EMAP                                                         #3.84m
      Lloyds TSB                                                   #3.68m
      Marsh & McLennan                                             #3.65m
      Exxon Mobil                                                  #3.62m

For further information, please contact:-

Ian Goddard

The Alliance Trust PLC

Tel. 01382 201700



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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