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 and
spouse.

Class of Security
Ordinary stock units of 25p

Name of registered holder
Alliance Trust Savings Nominees Limited

Number of stock units
11 (6 self, 5 spouse)

Price per stock unit
�23.4000

Date of transaction
30th December 2003

Date Company informed
31st December 2003

Total holdings following this information

13,216
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
�23.4000

Date of transaction
30th December 2003

Date Company informed
31st December 2003

Total holdings following this information

2,282
Total percentage of issued class

0.01%

Name of Company
The Second Alliance Trust PLC

Name of Director
Mr Alan M W Young

Type of Transaction
Increase in beneficial interest following purchase of shares (within PEP
pursuant to regular standing order and standing election) by self and
spouse.

Class of Security
Ordinary stock units of 25p

Name of registered holder
Alliance Trust Savings Nominees Limited

Number of stock units
2 (1 self, 1 spouse)
Price per stock unit
�23.4000

Date of transaction
30th December 2003

Date Company informed
31st December 2003

Total holdings following this information

1,565
Total percentage of issued class

0.008%

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
31st December 2003