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 and
                                Pension Plan 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 trustee.
                                
Class of Security               Ordinary stock units of 25p
                                
Name of registered holder       Alliance Trust Savings Nominees Limited
                                
Number of stock units           177 (53 self, 81 spouse, 43 trustee)
                                
Price per stock unit            �22.8200
                                
Date of transaction             31st July 2003
                                
Date Company informed           1st August 2003
                                
Total holdings following this   12,162
information

Total percentage of issued      0.06%
class                           

                                
                                
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           25
                                
Price per stock unit            �22.8200
                                
Date of transaction             31st July 2003
                                
Date Company informed           1st August 2003
                                
Total holdings following this   1,294
information

Total percentage of issued      0.007%
class                           


This notification does not relate to dealings by persons otherwise connected with the named directors.

                               

Name of contact                Mrs E Lee

Telephone Number               01382 201700

Date of notification           1st August 2003