Portfolio Update

Second Advance Value Realisation Co
02 July 2004

Second Advance Value Realisation Company Limited announces that its top ten
holdings as at 30 June 2004 were as follows:-

Dowding & Mills plc
Chapelthorpe plc
Macfarlane Group plc
Sherwood Grp plc
Wireless Group plc
Wagon plc
Gowrings plc
LTG Technology
Aminex plc
Drew Scientific

No other investments were held on 30 June 2004 which represented more than 5% of
gross assets.


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