THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At the close of business on Monday 12th May 2003 the unaudited net asset
value per 25p stock unit, valuing prior charges at par, was 2329p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  26p  per
stock unit.

Distribution of investments as at 30 April 2003

Geographical Distribution


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


Industry Distribution

Resources and Basic Industries    20%
Capital Goods                      7%
Consumer Goods                    19%
Technology                         5%
Services                          21%
Financials                        28%
                                
Total                            100%


20 Largest Holdings         Value �m
                           
Shell Transport & Trading    �15.39m
GlaxoSmithKline              �15.10m
Royal Bank of Scotland       �14.90m
BP                           �13.20m
Vodafone                     �10.22m
HBOS                          �9.16m
Wal-Mart                      �5.96m
Barlcays                      �5.81m
Johnson & Johnson             �5.71m
Diageo                        �5.18m
Unilever                      �4.84m
Abbott Laboratories           �4.72m
Aviva                         �4.52m
Reckitt Benckiser             �4.45m
EMAP                          �4.33m
Lloyds TSB                    �4.28m
Marsh & McLennan              �4.22m
Rio Tinto                     �3.89m
Microsoft                     �3.77m
Persimmon                     �3.73m


For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700