Listing Rule 21.20 (l) (ii)

Progressive Euro Alt. Portfolio Ltd
02 April 2004


Progressive European Alternative Portfolio Limited announces that its top ten 
holdings as at 31 March 2004 were as follows:-


Polar Capital MN Fund Class B
MPC Pilgrim Fund Class C
Crescendo UK Fund
Beaufort European Fund Class A
Jupiter Hyde Park Hedge Fund
Odey European Fund
Ennismore European Smaller Companies Fund
Henderson UK Equity long Short Fund
Corin Capital UK Equity Fund
Old Mutual UK SE Fund


No other investments were held on 31 March 2004 which represented more than 5% 
of gross assets.



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