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       4
                            
Price per stock unit        �23.5000 xd
                            
Date of transaction         16th October 2003
                            
Date Company informed       17th October 2003
                            
Total holdings following    12,606
this information

Total percentage of issued  0.07%
class                       

                            
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 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       25
                            
Price per stock unit        �23.5000 xd
                            
Date of transaction         16th October 2003
                            
Date Company informed       17th October 2003
                            
Total holdings following    2,201
this information

Total percentage of issued  0.01%
class                       

                            
                            
This notification does not relate to dealings by persons
otherwise connected with the named directors.

                            

Name of contact             Mrs E Lee

Telephone Number            01382 201700

Date of notification        17th October 2003