THIS IS AN AMENDMENT TO TODAY'S NAV SUBMITTED AT 9.28 A.M. THE REASON
FOR THE RESUBMISSION OF THIS ANNOUNCEMENT IS DUE TO AN INCORRECT NAV
PER STOCK UNIT FIGURE WHICH HAS NOW BEEN CORRECTED

THE SECOND ALLIANCE TRUST PLC 


At the close of business on Tuesday 19th August 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2522p.

Income after tax, interest and management expenses arising, but which
is not included in the net asset value per stock unit above, was 46p
per stock unit.


For further information, please contact:- 

Ian Goddard 
The Second Alliance Trust PLC 
Tel. 01382 201700 


END