Net Asset Value(s)

    THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At the close of business on Tuesday 9th December 2003 the unaudited net
asset value per 25p stock unit, valuing prior charges at par, was 2542p.

Income after tax, interest and management expenses arising, but which is
not included in the net asset value per stock unit above, was 25p per
stock unit.


Distribution of investments as at 30th November 2003

Geographical Distribution


UK                                          52%
USA                                         21%
Europe                                      10%
Japan                                        4%
Rest of World                               10%
Fixed  Income & Net Current                  3%
Assets
                             
Total                                      100%



Industry Distribution


Resources and Basic Industries                 20%
Capital Goods                                   8%
Consumer Goods                                 17%
Technology                                      5%
Services                                       22%
Financials                                     28%
                               
Total                                         100%





20 Largest Holdings         Value £m
                           
GlaxoSmithKline               £15.8m
Shell Transport & Trading     £15.1m
Royal Bank of Scotland        £14.4m
BP                            £13.5m
Vodafone                      £11.0m
HBOS                           £8.8m
Barclays                       £6.9m
Diageo                         £5.8m
Abbott Laboratories            £5.3m
Rio Tinto                      £4.8m
Aviva                          £4.8m
Wal-Mart Stores                £4.7m
Slough Estates                 £4.6m
Standard Chartered             £4.3m
Lloyds TSB                     £4.3m
EMAP                           £4.2m
Persimmon                      £4.2m
Unilever                       £4.0m
Johnson & Johnson              £3.9m
Microsoft                      £3.8m



For further information, please contact:-

Ian Goddard
The Second Alliance Trust PLC
Tel. [phone]