.Listing Rule 21.20 (I) (ii).

Progressive Euro Alt. Portfolio Ltd
05 January 2004

Progressive European Alternative Portfolio Limited announces that its top ten
holdings as at 31 December 2003 were as follows:-



Polar Capital MN Fund Class B

MPC Pilgrim Fund Class C

Henderson UK Equity long Short Fund

Jupiter Hyde Park Hedge Fund

Beaufort European Fund Class A

Crescendo UK Fund

Odey European Fund

Ennismore European Smaller Companies Fund

Pegasus Fund

Corin Capital UK Equity Fund



No other investments were held on 31 December 2003 which represented more than
5% of gross assets.


                      This information is provided by RNS
            The company news service from the London Stock Exchange