THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At the close of business on Tuesday 9th September 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2554p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  50p  per
stock unit.

Distribution of investments as at 31st August 2003

Geographical Distribution


UK                    51%
USA                   22%
Europe                 9%
Japan                  5%
Rest of World          9%
Fixed Income           2%
Net Current Assets     2%
                    
Total                100%


Industry Distribution


Resources and Basic Industries    21%
Capital Goods                      8%
Consumer Goods                    17%
Technology                         5%
Services                          22%
Financials                        27%
                                
Total                            100%





20 Largest Holdings         Value �m
                           
Shell Transport & Trading    �16.29m
GlaxoSmithKline              �14.53m
BP                           �14.28m
Royal Bank of Scotland       �14.03m
Vodafone                      �9.57m
HBOS                          �8.44m
Barclays                      �6.18m
Wal-Mart                      �5.98m
Diageo                        �5.39m
Aviva                         �5.15m
Johnson & Johnson             �5.09m
Persimmon                     �5.09m
Abbott Laboratories           �5.06m
Rio Tinto                     �4.52m
Marsh & McLennan              �4.48m
EMAP                          �4.44m
Lloyds TSB                    �4.31m
Microsoft                     �4.28m
Slough Estates                �4.20m
Unilever                      �4.05m


For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700