THE SECOND ALLIANCE TRUST PLC 


At the close of business on Wednesday 20th August 2003 the unaudited
net asset value per 25p stock unit, valuing prior charges at par, was
2512p.

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