THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the close of business on Wednesday 9th April 2003 the unaudited  net
asset value per 25p stock unit, valuing prior charges at par, was 2237p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  21p  per
stock unit.

Distribution of investments as at 31 March 2003

Geographical Distribution


UK                                 51%
USA                                22%
Europe                              9%
Japan                               4%
Rest of World                       7%
Cash & Fixed                        7%
Interest
                   
Total                             100%


Industry Distribution

Resources and Basic Industries        20%
Capital Goods                          8%
Consumer Goods                        19%
Technology                             5%
Services                              21%
Financials                            27%
                               
Total                                100%


20 Largest Holdings             Value �m
                      
Shell Transport & Trading        �15.71m
GlaxoSmithKline                  �13.40m
BP                               �13.36m
Royal Bank of Scotland           �13.02m
Vodafone                          �9.35m
HBOS                              �8.11m
Johnson & Johnson                 �6.57m
Wal-Mart Stores                   �5.57m
Barclays                          �4.90m
Diageo                            �4.84m
Unilever                          �4.61m
Abbott Laboratories               �4.42m
Reckitt Benckiser                 �4.29m
EMAP                              �3.89m
Rio Tinto                         �3.83m
Marsh & McLennan                  �3.81m
Exxon Mobil                       �3.70m
Aviva                             �3.62m
Microsoft                         �3.62m
Slough Estates                    �3.60m


For further information, please contact:-

Ian Goddard
The Alliance Trust PLC
Tel. 01382 201700