Net Asset Value(s)

THE SECOND ALLIANCE TRUST PLC NET ASSET VALUE At the close of business on Thursday 9th October 2003 the unaudited net asset value per 25p stock unit, valuing prior charges at par, was 2540p. Income after tax, interest and management expenses arising, but which is not included in the net asset value per stock unit above, was 15p per stock unit. Distribution of investments as at 30 September 2003 Geographical Distribution UK 52% USA 22% Europe 9% Japan 5% Rest of World 9% Fixed Income 2% Net Current Assets 1% 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 Shell Transport & £15.26m Trading GlaxoSmithKline £15.04m Royal Bank of £13.93m Scotland BP £13.75m Vodafone £9.93m HBOS £8.25m Barclays £6.20m Wal-Mart £5.36m Abbott Laboratories £5.33m Diageo £5.16m Johnson & Johnson £4.83m Persimmon £4.82m Aviva £4.80m Lloyds TSB £4.30m Microsoft £4.26m Slough Estates £4.18m Rio Tinto £4.17m Marsh & McLennan £4.05m Unilever £4.04m EMAP £4.03m For further information, please contact:- Ian Goddard The Second Alliance Trust PLC Tel. 01382 201700 ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: