The Second Alliance Trust PLC

Section 198 Companies Act 1985

We were informed on 24 July 2003 that, following purchases of our stock
through the retail savings and investment plans provided by Alliance
Trust Savings Limited, the interest of Alliance Trust Savings Limited is
now in 4,608,278 units of our ordinary 25p stock, being 24.00% of that class.

Alliance Trust Savings Limited's interests are non-discretionary and non-
material in respect of 4,209,925 ordinary stock units (21.93%) (stock
beneficially owned by investors in the Alliance PEP, Investment Plan and ISA).

Alliance Trust Savings Limited also holds 398,353 ordinary stock units
(2.07%) as Trustee of the Alliance Pension Plan, a self invested
personal pension (SIPP) provided and administered by Alliance Trust
Savings Limited. This holding is aggregated with the non-material
holding for disclosure purposes in terms of Section 199(2)(b) Companies Act 1985.

All stock referred to is registered in the name of Alliance Trust
Savings Nominees Limited.