THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the  close of business on Wednesday 9th July 2003 the unaudited  net
asset value per 25p stock unit, valuing prior charges at par, was 2422p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  36p  per
stock unit.


Distribution of investments as at 30 June 2003

Geographical Distribution


UK                    52%
USA                   21%
Europe                 9%
Japan                  4%
Rest of World          8%
Fixed Interest         3%
Net Cuttent Assets     3%
                    
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    �16.43m
Royal Bank of Scotland       �15.42m
GlaxoSmithKline              �14.72m
BP                           �13.99m
Vodafone                      �9.80m
HBOS                          �9.60m
Barclays                      �6.05m
Wal-Mart                      �5.49m
Abbott Laboratories           �5.24m
Johnson & Johnson             �5.06m
Diageo                        �4.99m
Lloyds TSB                    �4.47m
EMAP                          �4.45m
Marsh & McLennan              �4.36m
Aviva                         �4.32m
Persimmon                     �4.25m
Microsoft                     �3.95m
Unilever                      �3.80m
Rio Tinto                     �3.70m
Exxon Mobil                   �3.63m



For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700