Result of Placing

Progressive Euro Alt. Portfolio Ltd
26 April 2005


               Progressive European Alternative Portfolio Limited

                   (to be renamed Advance Focus Fund Limited)


                               Results of Placing

The Company is pleased to announce that £11.8 million has been raised (before
expenses) pursuant to the Placing described in the circular dated 18 March 2005
(the 'Circular'). Following the Placing there will be 26,855,495 Shares in
issue.

Dealings in the New Shares are expected to commence on 27 April 2005.


26 April 2005

Enquiries:

Progressive European Markets Limited                             020 7556 5530
James Carthew

Marshall Securities Limited                                      020 7490 3788
Gary Pinkerton/John Webb

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

Following the change of the Company's name to Advance Focus Fund Limited (which
is expected to occur on 6 May 2005) the stock exchange ticker will change from
'PSVA' to 'ADF'.



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