THE SECOND ALLIANCE TRUST PLC

At the close of business on Friday 4th April 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2231p.

Income after tax, interest and management expenses arising, but which is
not included in the net asset value per stock unit above, was 20p per
stock unit.

For further information, please contact:-

Ian Goddard

The Second Alliance Trust PLC

Tel. 01382 201700

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