Progress Report

Second Advance Value Realisation Co 29 May 2003 29 MAY 2003 PRESS RELEASE BY SECOND ADVANCE VALUE REALISATION COMPANY LIMITED PROGRESS REPORT The Board of Second Advance Value Realisation Company Limited ('SAVR'), which specialises in providing investors with liquidity and value from holdings in listed UK companies, announces that the issue (comprising the Initial Placing and Supplemental Placing) was completed on 14 May 2003. The key statistics are as follows: • £45.8 million raised by stock swaps; • SAVR received 138 different securities; • Supported by 23 separate institutional investors; • Issued capital following the Placing comprised 13,745,997 Ordinary Shares and 32,073,993 Redeemable Preference Shares • Costs of the issue were approximately £1.25 million, 2.7% of the total amount raised. The Net Asset Value ('NAV') per Ordinary Share at close of business on Friday 23 May 2003 was 139.22p, an increase of 53% over the opening value of 90.91p (net of expenses). The weighted average NAV per Share, which takes account of the Preference Shares, has increased by 15% from its opening value of 97.27p (net of expenses) to 111.77p on 23 May 2003. The Chairman, Robert Norbury, commented 'SAVR has made a good start. The Manager is in the process of finalising exit strategies for the holdings which remain in the portfolio. I believe that SAVR will be in a strong position to return satisfactory levels of liquidity at good value to investors in its first interim period which ends on 30 September 2003.' END Contact: Robert Legget or Simon Toynbee Progressive Value Management Limited 020 7253 9104 This information is provided by RNS The company news service from the London Stock Exchange