Redemption of shares circular

Second Advance Value Realisation Co
19 December 2003


Second Advance Value Realisation Company Limited

Redemption of Redeemable Preference Shares circular

A copy of the above document has been submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Viewing
Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel. no. 020 7676 1000

19 December 2003





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