THE SECOND ALLIANCE TRUST PLC 


At the close of business on Tuesday 20th January 2004 the unaudited net asset
value per 25p stock unit, valuing prior charges at par, was 2619p.

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.


For further information, please contact:- 

Ian Goddard 
The Second Alliance Trust PLC 
Tel. 01382 201700 


END