THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the  close of business on Monday 11th August 2003 the unaudited  net
asset value per 25p stock unit, valuing prior charges at par, was 2465p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  40p  per
stock unit.


Distribution of investments as at 31 July 2003

Geographical Distribution


UK                                 52%
USA                                22%
Europe                              9%
Japan                               4%
Rest of World                       8%
Fixed Income                        3%
Net Current Assets                  2%
                   
Total                             100%



Industry Distribution


Resources and Basic Industries     20%
Capital Goods                       8%
Consumer Goods                     17%
Technology                          5%
Services                           22%
Financials                         28%
                               
Total                             100%





20 Largest Holdings             Value �m
                      
Shell Transport &                �16.00m
Trading
Royal Bank of                    �15.92m
Scotland
GlaxoSmithKline                  �14.35m
BP                               �14.18m
Vodafone                          �9.76m
HBOS                              �9.29m
Barclays                          �6.29m
Wal-Mart                          �5.88m
Aviva                             �5.30m
Johnson & Johnson                 �5.21m
Lloyds TSB                        �5.02m
Diageo                            �4.99m
Abbott Laboratories               �4.83m
Persimmon                         �4.68m
EMAP                              �4.61m
Marsh & MacLennan                 �4.36m
Rio Tinto                         �4.19m
Microsoft                         �4.18m
Unilever                          �4.02m
Standard Chartered                �3.76m



For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700