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JPMorgan Progressive (PMSF)


Tuesday 15 May, 2007

JPMorgan Progressive

First Day of Trading

JPMorgan Progressive Multi-Strategy
15 May 2007

JPMorgan Progressive Multi-Strategy Fund Limited

First Day of Trading

JPMorgan Progressive Multi-Strategy Fund Limited (the 'Company'), which is a
newly formed closed-ended investment company with an unlimited life,
incorporated in Guernsey and which is managed by JPMorgan Asset Management (UK)
Limited, today announces the commencement of trading of its issued share capital
following the application for admission to AIM and CISX.

The Company has been established in order to provide investors with a way to
gain an investment exposure to JPMorgan Progressive Multi-Strategy Fund ('PM-S
Fund'), a sub-fund of JPMorgan Portfolio Strategies Funds II, a Luxembourg
umbrella investment company.

The Company's investment objective is to achieve, over the medium to long term,
a return broadly comparable to direct equity investments but at a lower level of
volatility. The Company expects to achieve its investment objective through
investing substantially all of the net funds raised on admission in PM-S Fund
(or any successor vehicle to PM-S Fund).

Key Highlights

  • £25.0 million raised by way of a placing

  • Placing price of 100p; initial net asset value per share of 98.25p

  • Directors' subscription of £60,000

  • Net funds to be invested in PM-S Fund

  • Admission to AIM and CISX

  • Manager is JPMorgan Asset Management (UK) Limited

  • Shore Capital is nominated adviser and broker

Further details are available on

Press Enquiries

JPMorgan Asset Management (UK) Limited

David Barron    - 020 7742 3475

Shore Capital

Alex Borrelli     - 020 7408 4090

                      This information is provided by RNS
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