SAR - Progressive Geared Income Trust

    FORM SAR 3 
 
    Lodge with a RIS or Newstrack if appropriate and the Takeover Panel. 
 
    A copy must also be sent to the company the shares of which are acquired. 
 
    Date of disclosure 
 
    November 5, 2003 
 
    DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING 
    SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs") 
 
    Date of acquisition 
 
    November 4, 2003 
 
    Acquisition in (name of company) 
 
    PROGRESSIVE GEARED INCOME TRUST PLC 
 
    1. Class of voting shares (eg ordinary shares) 
 
    Ordinary Shares 
 
    Number of shares/rights over shares acquired 
 
    1,700,000  Shares                            -     Rights 
 
    Shares purchased for 1 fund managed by Weiss Capital LLC: 
 
    Brookdale International Partners LP      1,241,000 shares 
    Brookdale Global Opportunity Fund          459,000 shares 
 
    If rights over shares acquired, as opposed to the shares themselves, 
specify nature of rights 
 
    - 
 
    2. Resultant total holding of voting shares (and % of total voting shares 
in issue) 
 
    7,305,000       16.23 % 
 
    Ordinary Shares: 
    Brookdale International Partners LP (BIP)     5,279,500 shares  
    Brookdale Global Opportunity Fund (BGO)       2,025,500 shares  
 
    Resultant total holding of rights over shares (and % of total voting 
shares in issue) 
 
    -               -  % 
 
    Total percentage 
 
    16.23  % 
 
    3. Party making disclosure 
 
    Weiss Asset Management LLC, Weiss Capital LLC 
 
    Weiss Capital LLC is the Investment Manager of BGO and Weiss Asset 
Management LLC is the General Partner of BIP 
 
    4. (a) Name of person acquiring shares or rights over shares and, if 
different, beneficial owner 
 
    Brookdale Global Opportunity Fund and Brookdale International Partners LP 
 
    (b) Names of any other persons acting by agreement or understanding (see 
SAR 5) 
 
    - 
 
    Signed, for and on behalf of the party named in (3) above 
 
    (Also print name of signatory) 
 
    Eitan Milgram 
 
    Telephone and extension number 
 
    001-617-778-7714 
 
    Note. Under SAR 5, the holdings of and acquisitions by persons acting by 
          agreement or understanding must be aggregated and treated as a 
          holding of or acquisition by one person. Note 3 on SAR 5 requires 
          persons who must aggregate holdings to disclose certain disposals. 
 
    For full details of the SARs disclosure requirements, see Rules 3 and 5 of 
the SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring 
Section.  Tel. No: 020 7638 0129. 
Email: [e-mail] 
 
SOURCE  Weiss Asset Management 
    -0-                             11/05/2003 
     
 





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