THE SECOND ALLIANCE TRUST PLC 


At the close of business on Thursday 15th May 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2322p.

Income after tax, interest and management expenses arising, but which
is not included in the net asset value per stock unit above, was 28p
per stock unit.


For further information, please contact:- 

Ian Goddard 
The Second Alliance Trust PLC 
Tel. 01382 201700 


END