THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the close of business on Thursday 9th October 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2540p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  15p  per
stock unit.


Distribution of investments as at 30 September 2003

Geographical Distribution


UK                                 52%
USA                                22%
Europe                              9%
Japan                               5%
Rest of World                       9%
Fixed Income                        2%
Net Current Assets                  1%
                   
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
                      
Shell Transport &                �15.26m
Trading
GlaxoSmithKline                  �15.04m
Royal Bank of                    �13.93m
Scotland
BP                               �13.75m
Vodafone                          �9.93m
HBOS                              �8.25m
Barclays                          �6.20m
Wal-Mart                          �5.36m
Abbott Laboratories               �5.33m
Diageo                            �5.16m
Johnson & Johnson                 �4.83m
Persimmon                         �4.82m
Aviva                             �4.80m
Lloyds TSB                        �4.30m
Microsoft                         �4.26m
Slough Estates                    �4.18m
Rio Tinto                         �4.17m
Marsh & McLennan                  �4.05m
Unilever                          �4.04m
EMAP                              �4.03m



For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700