THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the close of business on 11th November 2003 the unaudited net  asset
value per 25p stock unit, valuing prior charges at par, was 2545p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  18p  per
stock unit.

Distribution of investments as at 31st October 2003

Geographical Distribution


UK                                 52%
USA                                21%
Europe                             10%
Japan                               4%
Rest of World                      10%
Fixed Interest and Net              3%
Current Assets
                             
Total                             100%


Industry Distribution


Resources and Basic Industries     20%
Capital Goods                       8%
Consumer Goods                     17%
Technology                          5%
Services                           22%
Financials                         28%
                               
Total                             100%





20 Largest Holdings             Value �m
                      
GlaxoSmithKline                   �15.2m
Shell Transport &                 �15.1m
Trading
Royal Bank of                     �14.4m
Scotland
BP                                �13.6m
Vodafone                          �10.2m
HBOS                               �8.2m
Barclays                           �6.7m
Diageo                             �5.5m
Abbot Laboratories                 �5.2m
Wal-Mart Stores                    �5.2m
Aviva                              �5.0m
Rio Tinto                          �4.9m
Standard Chartered                 �4.4m
Slough Estates                     �4.3m
Lloyds TSB                         �4.3m
EMAP                               �4.2m
Persimmon                          �4.2m
Johnson & Johnson                  �4.1m
Unilever                           �4.0m
Microsoft                           3.9m


For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700