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                5
                                     
Price per stock unit                 �23.0500
                                     
Date of transaction                  4th December 2003
                                     
Date Company informed                5th December 2003
                                     
Total holdings following this        13,065
information

Total percentage of issued class     0.07%
                                     
                                     
Name of Company                      The Second Alliance Trust PLC
                                     
Name of Director                     Mrs Sheila M Ruckley
                                     
Type of Transaction                  Increase in beneficial interest
                                     following purchase of shares
                                     (within PEP pursuant to regular
                                     standing order and standing
                                     election) by spouse.
                                     
Class of Security                    Ordinary stock units of 25p
                                     
Name of registered holder            Alliance Trust Savings Nominees
                                     Limited
                                     
Number of stock units                1
                                     
Price per stock unit                 �23.0500
                                     
Date of transaction                  4th December 2003
                                     
Date Company informed                5th December 2003
                                     
Total holdings following this        2,253
information

Total percentage of issued class     0.01%
                                     
                                     
                                     
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                 5th December 2003