Directors' interests in securities

Name of Company                     The Second Alliance Trust PLC
                                    
Name of Director                    Mr David Alun 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               30
                                    
Price per stock unit                �23.4500
                                    
Date of transaction                 15th January 2004
                                    
Date Company informed               16th January 2004
                                    
Total holdings following this       1,466
information

Total percentage of issued class    0.008%
                                    
                                    
Name of Company                     The Second Alliance Trust PLC
                                    
Name of Director                    Mr Alan Jerry Harden
Type of Transaction                 Increase in beneficial interest
                                    following purchase of shares (within
                                    investment plan 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               85
                                    
Price per stock unit                �23.4500
                                    
Date of transaction                 15th January 2004
                                    
Date Company informed               16th January 2004
                                    
Total holdings following this       422
information

Total percentage of issued class    0.002%
                                    
                                    
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 and ISA 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               26 (24 self, 2 spouse)
                                    
Price per stock unit                �23.4500
Date of transaction                 15th January 2004
Date Company informed               16th January 2004
                                    
Total holdings following this       2,308
information

Total percentage of issued class    0.01%
                                    
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                19th January 2004