Redemption of shares

Second Advance Value Realisation Co
15 September 2003

Redemption of Redeemable Preference Shares

Second Advance Value Realisation Company Limited ('the Company') has today given
notice of its intention to redeem 12,100,000 in aggregate of the Company's
Redeemable Preference Shares at £1.00 per share on 30 September 2003 ('the
redemption date'). The redemption will be effected pro-rata to holdings of
Redeemable Preference Shares on the register at the commencement of business on
the redemption date.

The amount to be applied to the partial redemption of the Redeemable Preference
Shares comprises the entirety of the cash balances received from disposals of
investments less funds used or required to settle liabilities of the Company
(including any purchases of Redeemable Preference Shares in the market). In the
period from the Company's flotation to the date of this letter the Company has
purchased 10,622,276 Redeemable Preference Shares in the market for an aggregate
consideration of £10,356,418.

The amount to be redeemed at £1.00 per share will be equivalent to 56.40574 per
cent of the number of Redeemable Preference Shares held by each shareholder as
at the redemption date (fractions being rounded to the nearest share).

Following completion of the redemption, the total number of Redeemable
Preference Shares outstanding will be 9,351,717 and the Company will have
returned £22,456,418 to shareholders since its launch in April this year.


15 September 2003


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