RNS Number:2868J
Second Alliance Trust PLC
27 March 2003

The Second Alliance Trust PLC

We have received notification today, 27 March 2003, that, as a result of a
purchase of 53,863 units of 4.5% Preference Stock of this Company, the direct
beneficial interest of Mr. Peter S. Allen and Mrs. Judith M. Allen is now in
64,963 units of the said 4.5% Preference Stock, being 8.12% of that class. Of
that stock, 56,013 units are or are to be registered in the name of Mr. Peter S.
Allen and 8,950 units in the name of the nominee of Quilter & Co. stockbrokers.

By the same notification we are advised that Mr. Peter S. Allen is a director of
and shareholder in Aboyne-Clyde Rubber Estates of Ceylon PLC which is interested
in 100,000 units of 4.5% Preference Stock of the Company, being 12.5% of that
class.


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