Result of EGM

Second Advance Value Realisation Co
23 June 2004


Results of EGM

The resolutions to authorise the tender offer and to authorise the Company to
buy back up to 14.99 per cent. of the issued share capital announced on 2 June
2004 were duly passed at an extraordinary general meeting held today.

The result of the Tender Offer, the amount of the Repurchase Monies, the Tender
Price and the Basic Entitlement (as defined in the circular to Shareholders
dated 2 June 2004) are expected to be announced on 24 June 2004.

23 June 2004

Enquiries:

Progressive Value Management Limited                             020 7336 0865
Simon Toynbee/Robert Legget

Marshall Securities Limited                                      020 7490 3788
John Webb




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