THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the  close  of business on Tuesday 10th June 2003 the unaudited  net
asset value per 25p stock unit, valuing prior charges at par, was 2390p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  33p  per
stock unit.

Distribution of investments as at 31 May 2003

Geographical Distribution


UK                                 52%
USA                                21%
Europe                             10%
Japan                               4%
Rest of World                       7%
Net Liquidity                       6%
                   
Total                             100%


Industry Distribution


Resources and Basic Industries          20%
Capital Goods                            7%
Consumer Goods                          18%
Technology                               5%
Services                                22%
Financials                              28%
                                  
Total                                  100%





20 Largest Holdings                 Value �m
                             
Shell Transport & Trading            �16.47m
GlaxoSmithKline                      �14.51m
Royal Bank of Scotland               �14.41m
BP                                   �13.92m
Vodafone                             �10.96m
HBOS                                  �8.89m
Barclays                              �5.78m
Wal-Mart                              �5.43m
Abbott Laboratories                   �5.39m
Johnson & Johnson                     �5.37m
Diageo                                �4.89m
Lloyds TSB                            �4.65m
Reckitt Benckiser                     �4.63m
Rio Tinto                             �4.60m
Aviva                                 �4.57m
EMAP                                  �4.44m
Marsh & McLennan                      �4.32m
Unilever                              �4.28m
Persimmon                             �4.14m
Slough Estates                        �4.02m


For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700