The Large Hadron Collider (LHC) and CERN Neutrino to Gran Sasso (CNGS) projects require the construction of a new fast-extraction system in the long straight section LSS4 of the Super Proton Synchrotron (SPS) at CERN. A conventional DC septum magnet will be used, in conjunction with the installation of horizontal and vertical extraction bumpers, main quadrupoles with enlarged apertures, extraction kicker magnets and additional hardware protection, instrumentation, controls and electronics. The extraction channel must be able to accept the bright LHC proton beam at 450 GeV/c, and also the high intensity, large emittance fixed target CNGS proton beam at the nominal 400 GeV/c extraction momentum. This paper describes the extraction channel to be installed in 2003, and shows how the requirements for both the LHC and CNGS project can be met