THE SECOND ALLIANCE TRUST PLC

At the close of business on Tuesday 15th April 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2265p.

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.

For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700

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