Listing Rule 21.20(l)(ii)

Second Advance Value Realisation Co 01 April 2004 Second Advance Value Realisation Company Limited announces that its top ten holdings as at 31 March 2004 were as follows:- Dowding & Mills plc Macfarlane Group plc Wagon plc Chapelthorpe plc Sherwood Grp plc Wireless Group plc Chloride Group plc Fenner plc Aminex plc Microgen plc No other investments were held on 31 March 2004 which represented more than 5% of gross assets. This information is provided by RNS The company news service from the London Stock Exchange