Result of EGM

Progressive Euro Alt. Portfolio Ltd
21 April 2005


Results of EGM

The resolution to authorise the change of investment objective, the change of
management arrangements, the change of the name of the Company to Advance Focus
Fund Limited, to authorise the directors to allot shares pursuant to the Placing
and subsequently for cash and the amendment of the Articles of Association all
as described in the circular dated 18 March 2005 was approved by shareholders
earlier today. The change of name to Advance Focus Fund Limited is expected to
become effective on 6 May 2005.

The NAV per Share at 18 April 2005 is 110.67 p. Accordingly, the Placing Price,
calculated as described in the circular, is 111.79 p.

The Company expects to announce the results of the Placing by 25 April 2005 and
dealings in the New Shares are expected to commence on 27 April 2005.

21 April 2005

Enquiries:

Progressive European Markets Limited                             020 7556 5530
James Carthew

Marshall Securities Limited                                      020 7490 3788
Gary Pinkerton/John Webb

Notes:
Capitalised terms have the same meaning as that used in the circular dated 18
March 2005.

Following the name change the stock exchange ticker will change from 'PSVA' to
'ADF'.



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