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               9
                                    
Price per stock unit                �22.8000
                                    
Date of transaction                 17th December 2003
                                    
Date Company informed               18th December 2003
                                    
Total holdings following this       13,074
information

Total percentage of issued class    0.07%
                                    
                                    
Name of Company                     The Second Alliance Trust PLC
                                    
Name of Director                    Mrs Lesley M S Knox
                                    
Type of Transaction                 Increase in beneficial interest
                                    following purchase of shares
                                    (within ISA 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               12
                                    
Price per stock unit                �22.8000
                                    
Date of transaction                 17th December 2003
                                    
Date Company informed               18th December 2003
                                    
Total holdings following this       394
information

Total percentage of issued class    0.002%
                                    
                                    
                                    
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                18th December 2003