Realisation update

SECOND ADVANCE VALUE REALISATION COMPANY LIMITED

EXPECTED TIMETABLE FOR LIQUIDATION OF THE COMPANY

At the time of the tender offer in June 2004 the Company announced
that it intended to accelerate the liquidation of the Company. A new
target date of 30 June 2005 was established, being more than a year
earlier than the original target date.

The Board is pleased to confirm that the realisation of the Company's
portfolio has proceeded in line with these plans and that it expects
the liquidation of the Company to commence before the end of June
2005.

The Company's unaudited net assets as at 22 April 2005 before
provision for liquidation costs amount to £6.007 million of which
£5.936 million comprises cash and UK Treasury Bills.

The Board now considers it appropriate to provide for the remaining
estimated costs of liquidating the Company and of running the Company
until the appointment of the liquidator. The Company's unaudited net
asset value after providing for such estimated costs is 218.36p per
share as at 22 April 2005. In order to provide shareholders with
relevant information future announcements of the Company's net asset
value will be made on this basis.

The Board expects that a circular will be sent to shareholders by the
end of May 2005 to convene an extraordinary general meeting at which
the appointment of a liquidator will be proposed.

25 April 2005


---END OF MESSAGE---