Director's interests in securities

Name of Company                      The Second Alliance Trust PLC
                                     
Name of Director                     Mrs Sheila Ruckley
                                     
Type of Transaction                  Increase in beneficial interest
                                     following purchase of shares (within
                                     PEP pursuant to regular standing
                                     order and standing election) by
                                     spouse.
                                     
Class of Security                    Ordinary stock units of 25p
                                     
Name of registered holder            Alliance Trust Savings Nominees
                                     Limited
                                     
Number of stock units                2
                                     
Price per stock unit                 �23.6000
                                     
Date of transaction                  4th September 2003
                                     
Date Company informed                4th September 2003
                                     
Total holdings following this        2,144
information

Total percentage of issued class     0.01%
                                     
                                     
                                     
This notification does not relate to dealings by persons otherwise
connected with the named director.

                                     

Name of contact                      Mr Ian Goddard

Telephone Number                     01382 201700

Date of notification                 5th September 2003