THE SECOND ALLIANCE TRUST PLC

At  the close of business on Friday 21st November 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2501p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  21p  per
stock unit.

For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700