Redemption of shares

Second Advance Value Realisation Co
19 December 2003


Redemption of Redeemable Preference Shares

Second Advance Value Realisation Company Limited ('SAVR') has today given notice
of its intention to redeem the balance of its outstanding Redeemable Preference
Shares, amounting to 5,160,710 in aggregate, at £1.00 per share on 12 January
2004. Thereafter, the Company will become able to utilise its authority to
purchase up to 14.99 per cent of the 13,745,997 Ordinary Shares in issue.


Mr Robert Norbury, Chairman of SAVR, commented. 'I am delighted to report that,
following this final redemption, SAVR will have returned £31.7 million through
the purchase and redemption of Redeemable Preference Shares. This is well ahead
of expectations when the Company was launched.'










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