Circ re. redemption of shares

Second Advance Value Realisation Co
15 September 2003

Notice of partial redemption of Redeemable Preference Shares

A copy of the above document has been submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Viewing
Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel. no. 020 7676 1000

15 September 2003


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