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.
                                     
                                     Increase in non-beneficial
                                     interest following purchase of
                                     shares (within Investment Plan
                                     pursuant to regular standing order
                                     and standing election) by a trust
                                     of which the director is a
                                     trustee.
                                     
Class of Security                    Ordinary stock units of 25p
                                     
Name of registered holder            Alliance Trust Savings Nominees
                                     Limited
                                     
Number of stock units                131 (43 self, 44 spouse, 44 trust)
                                     
Price per stock unit                 �22.7500
                                     
Date of transaction                  23rd December 2003
                                     
Date Company informed                24th December 2003
                                     
Total holdings following this        13,205
information

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 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                2
                                     
Price per stock unit                 �22.7500
                                     
Date of transaction                  23rd December 2003
                                     
Date Company informed                24th December 2003
                                     
Total holdings following this        2,281
information

Total percentage of issued class     0.01%
                                     
                                     
Name of Company                      The Second Alliance Trust PLC
                                     
Name of Director                     Mr David A Deards
                                     
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                 �22.7500
                                     
Date of transaction                  23rd December 2003
                                     
Date Company informed                24th December 2003
                                     
Total holdings following this        1,436
information

Total percentage of issued class     0.007%
                                     
                                     
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                 29th December 2003