Directors' interests in securities


Name of Company                              The Second Alliance Trust PLC

Name of Director                             Mr David A Deards

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                        22

Price per stock unit                         �21.6500

Date of transaction                          5th June 2003

Date Company informed                        6th June 2003

Total holdings following this information    1,230

Total percentage of issued class             0.006%



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                         �21.6500

Date of transaction                          5th June 2003

Date Company informed                        6th June 2003

Total holdings following this information    2,062

Total percentage of issued class             0.01%

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

Name of contact                              Mrs E Lee

Telephone Number                             01382201700

Date of notification                         6th June 2003