THE SECOND ALLIANCE TRUST PLC 


At the close of business on Wednesday 23rd July 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2440p.

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.


For further information, please contact:- 

Ian Goddard 
The Second Alliance Trust PLC 
Tel. 01382 201700 


END