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 a trust 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                132 (44 self, 44 spouse, 44 trust)
                                     
Price per stock unit                 �22.5300
                                     
Date of transaction                  23rd June 2003
                                     
Date Company informed                24th June 2003
                                     
Total holdings following this        11,956
information

Total percentage of issued class     0.06%
                                     
                                     
                                     
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                26
                                     
Price per stock unit                 �22.5300
                                     
Date of transaction                  23rd June 2003
                                     
Date Company informed                24th June 2003
                                     
Total holdings following this        1,256
information

Total percentage of issued class     0.007%
                                     

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                 24th June 2003