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 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
                                      two trusts of which the director
                                      is a trustee.
                                      
Class of Security                     Ordinary stock units of 25p
                                      
Name of registered holder             Alliance Trust Savings Nominees
                                      Limited
                                      
Number of stock units                 174 (45 self, 43 spouse, 86
                                      trustee)
                                      
Price per stock unit                  �23.2500
                                      
Date of transaction                   28th August 2003
                                      
Date Company informed                 29th August 2003
                                      
Total holdings following              12,348
this information

Total percentage of issued class      0.06%
                                      
                                      
Name of Company                       The Second Alliance Trust PLC
                                      
Name of Director                      Mr David Alun 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                  �23.2500
                                      
Date of transaction                   28th August 2003
                                      
Date Company informed                 29th August 2003
                                      
Total holdings following this         1,319
information

Total percentage of issued class      0.007%
                                      
                                      
                                      
This notification does not relate to dealings by persons otherwise
connected with the named directors.

                                      

Name of contact                       Mr Ian Goddard

Telephone Number                      01382 201700

Date of notification                  29th August 2003