Listing Rule 21.20(l)(ii)

Second Advance Value Realisation Co
05 January 2004


Second Advance Value Realisation Company Limited announces that its top ten
holdings as at 31 December 2003 were as follows:-

Fenner plc

Dowding & Mills plc

Compel Group plc

Macfarlane Group plc

Chloride group plc

Chapelthorpe plc

Wagon plc

Sherwood Grp plc

Dunedin Smaller Companies Investment Trust

Wireless Grp plc


No other investments were held on 31 December 2003 which represented more than
5% of gross assets.



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