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 self and spouse.
                                
                                Increase in non-beneficial
                                interest following purchase of
                                shares (within Investment Plan
                                pursuant to regular standing
                                order and standing election) by
                                two trusts of which the director
                                is a trustee.
                                
Class of Security               Ordinary stock units of 25p
                                
Name of registered holder       Alliance Trust Savings Nominees
                                Limited
                                
Number of stock units           201 (55 self, 52 spouse, 94
                                trusts)
                                
Price per stock unit            �21.2800
                                
Date of transaction             28th May 2003
                                
Date Company informed           29th May 2003
                                
Total holdings following this   11,815
information

Total percentage of issued      0.06%
class                           

                                
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           1
                                
Price per stock unit            �21.2800
                                
Date of transaction             28th May 2003
                                
Date Company informed           29th May 2003
                                
Total holdings following this   2,059
information

Total percentage of issued      0.01%
class                           

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

                                

Name of contact                 Mr Ian Goddard

Telephone Number                01382 201700

Date of notification            29th May 2003