THE SECOND ALLIANCE TRUST PLC

At the close of business on Monday 7th April 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2273p.

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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