THE SECOND ALLIANCE TRUST PLC

NET ASSET VALUE

At  the close of business on Monday 12th January 2004 the unaudited  net
asset value per 25p stock unit, valuing prior charges at par, was 2573p.

Income after tax, interest and management expenses arising, but which is
not  included in the net asset value per stock unit above, was  27p  per
stock unit.


Distribution of investments as at 31st December 2003

Geographical Distribution


UK                                   52%
USA                                  20%
Europe                               10%
Japan                                 4%
Rest of World                        11%
Fixed Income & Net Current Assets     3%
                                   
Total                               100%



Industry Distribution


Resources and Basic Industries       21%
Capital Goods                         8%
Consumer Goods                       17%
Technology                            5%
Services                             21%
Financials                           28%
                                
Total                               100%





20 Largest Holdings             Value �m
                           
Shell Transport & Trading         �17.1m
GlaxoSmithKline                   �15.4m
BP                                �15.1m
Royal Bank of Scotland            �14.6m
Vodafone                          �11.5m
HBOS                               �8.7m
Barclays                           �6.7m
Diageo                             �5.8m
Abbott Laboratories                �5.4m
Rio Tinto                          �5.3m
Aviva                              �5.0m
Persimmon                          �4.8m
Slough Estates                     �4.8m
Lloyds TSB                         �4.7m
Wal-Mart Stores                    �4.4m
Standard Chartered                 �4.3m
EMAP                               �4.3m
Unilever                           �4.1m
Johnson & Johnson                  �4.0m
Microsoft                          �3.9m



For further information, please contact:-
Ian Goddard
The Second Alliance Trust PLC
Tel. 01382 201700