Portfolio Update

Second Advance Value Realisation Co
05 January 2005

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



Chapelthorpe plc

European Colour plc

Gowrings plc

Hampton Trust plc

LTG Technology

Macfarlane Group plc

Ricardo plc

Sherwood Grp plc

Wagon plc

Wireless Group plc



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


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