THE SECOND ALLIANCE TRUST PLC

At the close of business on Thursday 4th December 2003 the unaudited net asset
value per 25p stock unit, valuing prior charges at par, was 2558p.

Income after tax, interest and management expenses arising, but which is not
included in the net asset value per stock unit above, was 24p per stock unit.

For further information, please contact:-

Ian Goddard

The Second Alliance Trust PLC

Tel. 01382 201700



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