Directors' interests in securities

Name of Company                    The Second Alliance Trust PLC
                                   
Name of Director                   Mr Gavin R. Suggett
                                   
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              35
                                   
Price per stock unit               �21.6500
                                   
Date of transaction                14th May 2003
                                   
Date Company informed              15th May 2003
                                   
Total holdings following this      11,614
information

Total percentage of issued class   0.06%
                                   
                                   
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 ISA pursuant to regular
                                   standing order and standing
                                   election) by self.
                                   
Class of Security                  Ordinary stock units of 25p
                                   
Name of registered holder          Alliance Trust Savings Nominees
                                   Limited
                                   
Number of stock units              27
                                   
Price per stock unit               �21.6500
                                   
Date of transaction                14th May 2003
                                   
Date Company informed              15th May 2003
                                   
Total holdings following this      2,058
information

Total percentage of issued class   0.01%
                                   
                                   
                                   
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              15th May 2003