Listing Rule 21.20(l)(ii)

Second Advance Value Realisation Co
01 April 2004

Second Advance Value Realisation Company Limited announces that its top ten
holdings as at 31 March 2004 were as follows:-

Dowding & Mills plc
Macfarlane Group plc
Wagon plc
Chapelthorpe plc
Sherwood Grp plc
Wireless Group plc
Chloride Group plc
Fenner plc
Aminex plc
Microgen plc

No other investments were held on 31 March 2004 which represented more than 5%
of gross assets.


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