Redemption Facility

Progressive Euro Alt. Portfolio Ltd
14 November 2003

Redemption facility

The Board of Progressive European Alternative Portfolio Limited are pleased to
announce that, due to the Company's shares having traded at an average of 99% of
the Net Asset Value for the period, there is no need for the Redemption facility
which could otherwise be available to Shareholders.

Consequently they have resolved not to exercise the facility to redeem the
Company's shares on 28 February 2004.


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