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.
                            
Class of Security           Ordinary stock units of 25p
                            
Name of registered holder   Alliance Trust Savings Nominees
                            Limited
                            
Number of stock units       14
                            
Price per stock unit        �23.7250
                            
Date of transaction         10th September 2003
                            
Date Company informed       11th September 2003
                            
Total holdings following    12,362
this information

Total percentage of issued  0.06%
class                       

                            
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 and ISA pursuant to
                            regular standing order and standing
                            election) by self and spouse.
                            
Class of Security           Ordinary stock units of 25p
Name of Registered holder   Alliance Trust Savings Nominees
                            Limited
Number of stock units       30 (25 self, 5 spouse)
Price per stock unit        �23.7250
Date of Transaction         10th September 2003
Date Company informed       11th September 2003
Total holdings following    2,174
this information

Total percentage of issued  0.01%
class
                            
                            
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        11th September 2003