Progress Report

Second Advance Value Realisation Co
29 May 2003


29 MAY 2003



PRESS RELEASE BY



SECOND ADVANCE VALUE REALISATION COMPANY LIMITED



PROGRESS REPORT



The Board of Second Advance Value Realisation Company Limited ('SAVR'), which
specialises in providing investors with liquidity and value from holdings in
listed UK companies, announces that the issue (comprising the Initial Placing
and Supplemental Placing) was completed on 14 May 2003.


The key statistics are as follows:



  • £45.8 million raised by stock swaps;
  • SAVR received 138 different securities;
  • Supported by 23 separate institutional investors;
  • Issued capital following the Placing comprised 13,745,997 Ordinary Shares 
    and 32,073,993 Redeemable Preference Shares
  • Costs of the issue were approximately £1.25 million, 2.7% of the total 
    amount raised.


The Net Asset Value ('NAV') per Ordinary Share at close of business on Friday 23
May 2003 was 139.22p, an increase of 53% over the opening value of 90.91p (net
of expenses).  The weighted average NAV per Share, which takes account of the
Preference Shares, has increased by 15% from its opening value of 97.27p (net of
expenses) to 111.77p on 23 May 2003.


The Chairman, Robert Norbury, commented 'SAVR has made a good start. The Manager
is in the process of finalising exit strategies for the holdings which remain in
the portfolio.  I believe that SAVR will be in a strong position to return
satisfactory levels of liquidity at good value to investors in its first interim
period which ends on 30 September 2003.'


END



Contact:



Robert Legget or Simon Toynbee

Progressive Value Management Limited



020 7253 9104




                      This information is provided by RNS
            The company news service from the London Stock Exchange