Director's interests in securities

Name of Company               The Second Alliance Trust PLC
                              
Name of Director              Mrs Sheila M Ruckley
                              
Type of Transaction           Increase in beneficial interest following
                              purchase of shares (within PEP pursuant
                              to regular standing order and standing
                              election) by spouse.
                              
Class of Security             Ordinary stock units of 25p
                              
Name of registered holder     Alliance Trust Savings Nominees Limited
                              
Number of stock units         3
                              
Price per stock unit          �21.3000
                              
Date of transaction           7th May 2003
                              
Date Company informed         8th May 2003
                              
Total holdings following      2,031
this information

Total percentage of issued    0.01%
class                         

                              
This notification does not relate to dealings by persons otherwise
connected with the named director.

Name of contact               Mr Ian Goddard

Telephone Number              01382 201700

Date of notification          8th May 2003