SAR - Stirling Group PLC

Second Advance Value Realisation Co
25 September 2003

                                                      FORM SAR 5


                                       Date of disclosure..25 SEPTEMBER 2003

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')

                 
Date of sale......25 SEPTEMBER 2003........................................

Sale of...........STIRLING GROUP............................(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY SHARES.....      8,578,724.......shares    .....................
                              ................rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    6,690,517......( 7.88 %)  -..............(  - %)    ...........( 7.88 %)


(3) Party making disclosure....SECOND ADVANCE VALUE REALISATION COMPANY LIMITED  

(4)  (a)  Name of person selling shares or rights over shares 
          SECOND ADVANCE VALUE REALISATION COMPANY LIMITED
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)
          SECOND ADVANCE VALUE REALISATION COMPANY IS MANAGED BY PROGRESSIVE 
          VALUE MANAGEMENT LIMITED


Signed, for and on behalf of the party named in (3) above..ANTHONY LEE......

(Also print name of signatory).......ANTHONY LEE............................

Telephone and extension number.......020 7490 4355..........................


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.



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