Share purchase reserve

Second Advance Value Realisation Co
16 June 2003


SECOND ADVANCE VALUE REALISATION COMPANY LIMITED

REDUCTION OF CAPITAL


Second Advance Value Realisation Company Limited announces that the Royal Court
of Guernsey has confirmed the reduction of the Company's share premium account
by £22,907,704 from £45,815,408 to £22,907,704. As a result the Company has
established a reserve available to be used for the redemption and repurchase of
Redeemable Preference Shares and thereafter the repurchase of its Ordinary
Shares.


16 June 2003




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