Investment policy

Second Advance Value Realisation Co
09 October 2003


The Board of Second Advance Value Realisation Company Limited notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003, following consultation paper CP164 and confirms that no change
will be made to the company's investment objective which is 'to manage its
investments to provide value and liquidity for its investors'. The company's
policy is not to invest more than 15% of its gross assets in UK listed
investment companies.







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