Director's interests in securities

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              13
                                   
Price per stock unit               �23.4500
                                   
Date of transaction                22nd January 2004
                                   
Date Company informed              23rd January 2004
                                   
Total holdings following           407
this information

Total percentage of issued class   0.002%
                                   
                                   
                                   
This notification does not relate to dealings by persons otherwise
connected with the named director.

                                   

Name of contact                    Mr Ian Goddard

Telephone Number                   01382 201700

Date of notification               23rd January 2004