Morley Alt.Inv.Strat

Appt. of Administrator etc.

MorleyAlternativeInvStrat Fd PCC Ld
01 August 2006

Stock Exchange Announcement




For immediate release                                                         1 August 2006







Morley Alternative Investment Strategy Fund PCC Limited (the 'Company')



Re: Appointment of Administrator and Custodian to the G7 Fixed Income Fund

('G7 Fund')



The Board of Directors of the Company (the 'Board') wishes to announce the
following changes which will take effect from 1 August 2006.



Appointment of Administrator

Mourant Guernsey Limited (the 'Administrator') will replace Credit Suisse Fund
Administration Limited as the Administrator to the G7 Fund pursuant to
Administration Agreements (the 'Administration Agreement') between the Company
on behalf of the G7 Fund, Morley Fund Management (Channel Islands) Limited (the
'Guernsey Manager') and the Administrator dated 31 July 2006. This change will
be effected on 1 August 2006.  Mourant Guernsey Limited, is licensed under the
Protection of Investors (Bailiwick of Guernsey) Law, 1987 and was incorporated
in Guernsey on 17 March 2000. The registered office of the Administrator is East
Wing, Trafalgar Court, Admiral Park, St Peter Port, Guernsey GY1 6HJ.



The terms and conditions of the Administration Agreement differ to the terms and
conditions of the agreement which was in place between the Company, the Guernsey
Manager and Credit Suisse Fund Administration Limited as follows:



The Administration Agreement may generally be terminated for any reason by
either the Guernsey Manager or the Administrator on six months' prior written
notice. The Administration Agreement may also be terminated by any party giving
notice in writing to another party upon any material breach of its obligations
under the agreement. The appointment of the Administrator will terminate upon
the Guernsey Manager ceasing to be the manager of the G7 Fund, or the redemption
of all the shares, or upon the insolvency of any party or if the Administrator
ceases to be resident in the Island of Guernsey for fiscal purposes.



With respect to the G7 Fund, administration fees will be £50,000 per annum plus
0.04% of the net asset value of the G7 Fund. The Administrator may receive
additional compensation, as agreed upon, for performing additional services, and
will be reimbursed for its out-of-pocket expenses.



Appointment of Guernsey Custodian

The Board also wishes to announce that with effect from 1 August 2006 RBSI
Trustee Services (Guernsey) Limited (the 'Guernsey Custodian') will be appointed
as the Guernsey Custodian for the G7 Fund. RBSI Trustee Services (Guernsey)
Limited is licensed to carry out controlled investment business in the Bailiwick
of Guernsey and as at 31 March 2006, had over US$3.8 billion assets under
custody. RBSI Trustee Services (Guernsey) Limited was incorporated with limited
liability in Guernsey on 27 October 2000 and its principal activity is the
provision of trustee and custodian services to collective investment schemes.



RBSI Trustee Services (Guernsey) Limited is a wholly owned subsidiary of RBSI
Securities Services (Holdings) Limited which in turn is owned 30 percent by Bank
of New York International Financing Corporation and 70 percent by The Royal Bank
of Scotland International (Holdings) Limited. The Royal Bank of Scotland
International (Holdings) Limited is ultimately owned by Royal Bank of Scotland
Group plc a company registered in Scotland. The registered office of the
Guernsey Custodian is at Royal Bank Place, 1 Glategny Esplanade, St Peter Port,
Guernsey.



In accordance with the terms of the custodian agreements entered into between
the Guernsey Custodian, the Guernsey Manager and the Company on behalf of the G7
Fund (the 'Custodian Agreement'), the Guernsey Custodian charges normal
custodial fees computed at the rate of 0.025% per annum of the first £200m of
net asset value per cell and 0.015% per annum on amounts over £200m per cell,
subject to a minimum monthly fee of £1,250 per cell, for custodial services
provided to the G7 Fund.  The G7 Fund may terminate the Custodian Agreement upon
giving 90 Business Days notice to the Guernsey Custodian. The Guernsey Custodian
may terminate the Custodian Agreement upon giving 90 Business Days notice to the
G7 Fund.



The G7 Fund has appointed the Guernsey Custodian to act as the custodian of the
G7 Fund. Barclays Capital Securities Limited has been appointed as Prime Broker
and sub-custodian to the G7 Fund and as practical matter, will hold the bulk of
the assets of the G7 Fund under the terms of the Prime Brokerage Agreement dated
28 January 2003.



In accordance with the FSA's Custody Rules, the Prime Broker will exercise
reasonable skill, care and diligence in the selection of any sub-custodian and
will be responsible to the  G7 Fund for the duration of any sub-custody
agreement for satisfying itself as to ongoing suitability of such sub-custodian,
for the maintenance of an appropriate level of supervision over such
sub-custodian and for confirming by means of appropriate periodic enquiries that
the obligations of such sub-custodian continue to be completely discharged.



.













Enquiries:




Goodbody Stockbrokers                                                          Ciara Bollard
                                                                               +353 1 6419414




























































Stock Exchange Announcement




For immediate release                                                         1 August 2006







Morley Alternative Investment Strategy Fund PCC Limited (the 'Company')



Re: Appointment of Administrator and Custodian to the Central European Long
Short Fund

('CELS Fund')



The Board of Directors of the Company (the 'Board') wishes to announce the
following changes which will take effect from 1 August 2006.



Appointment of Administrator

Mourant Guernsey Limited (the 'Administrator') will replace Credit Suisse Fund
Administration Limited as the Administrator to the CELS Fund pursuant to
Administration Agreements (the 'Administration Agreement') between the Company
on behalf of the CELS Fund, Morley Fund Management (Channel Islands) Limited
(the 'Guernsey Manager') and the Administrator dated 31 July 2006. This change
will be effected on 1 August 2006.  Mourant Guernsey Limited, is licensed under
the Protection of Investors (Bailiwick of Guernsey) Law, 1987 and was
incorporated in Guernsey on 17 March 2000. The registered office of the
Administrator is East Wing, Trafalgar Court, Admiral Park, St Peter Port,
Guernsey GY1 6HJ.



The terms and conditions of the Administration Agreement differ to the terms and
conditions of the agreement which was in place between the Company, the Guernsey
Manager and Credit Suisse Fund Administration Limited as follows:



The Administration Agreement may generally be terminated for any reason by
either the Guernsey Manager or the Administrator on six months' prior written
notice.  The Administration Agreement may also be terminated by any party giving
notice in writing to another party upon any material breach of its obligations
under the agreement. The appointment of the Administrator will terminate upon
the Guernsey Manager ceasing to be the manager of the CELS Fund, or the
redemption of all the shares, or upon the insolvency of any party or if the
Administrator ceases to be resident in the Island of Guernsey for fiscal
purposes.



With respect to the CELS Fund, administration fees will be £42,500 per annum
plus 0.04% of the net asset value of the CELS Fund. The Administrator may
receive additional compensation, as agreed upon, for performing additional
services, and will be reimbursed for its out-of-pocket expenses.



Appointment of Guernsey Custodian

The Board also wishes to announce that with effect from 1 August 2006 RBSI
Trustee Services (Guernsey) Limited (the 'Guernsey Custodian') will be appointed
as the Guernsey Custodian for the CELS Fund. RBSI Trustee Services (Guernsey)
Limited is licensed to carry out controlled investment business in the Bailiwick
of Guernsey and as at 31 March 2006, had over US$3.8 billion assets under
custody. RBSI Trustee Services (Guernsey) Limited was incorporated with limited
liability in Guernsey on 27 October 2000 and its principal activity is the
provision of trustee and custodian services to collective investment schemes.



RBSI Trustee Services (Guernsey) Limited is a wholly owned subsidiary of RBSI
Securities Services (Holdings) Limited which in turn is owned 30 percent by Bank
of New York International Financing Corporation and 70 percent by The Royal Bank
of Scotland International (Holdings) Limited. The Royal Bank of Scotland
International (Holdings) Limited is ultimately owned by Royal Bank of Scotland
Group plc a company registered in Scotland. The registered office of the
Guernsey Custodian is at Royal Bank Place, 1 Glategny Esplanade, St Peter Port,
Guernsey.



In accordance with the terms of the custodian agreements entered into between
the Guernsey Custodian, the Guernsey Manager and the Company on behalf of the
CELS Fund (the 'Custodian Agreement'), the Guernsey Custodian charges normal
custodial fees computed at the rate of 0.025% per annum of the first £200m of
net asset value per cell and 0.015% per annum on amounts over £200m per cell,
subject to a minimum monthly fee of £1,250 per cell, for custodial services
provided to the CELS Fund.  The CELS Fund may terminate the Custodian Agreement
upon giving 90 Business Days notice to the Guernsey Custodian. The Guernsey
Custodian may terminate the Custodian Agreement upon giving 90 Business Days
notice to the CELS Fund.



The CELS Fund has appointed the Guernsey Custodian to act as the custodian of
the CELS Fund. Credit Suisse Securities (Europe) Limited (formerly known as
Credit Suisse First Boston (Europe) Limited) has been appointed as Prime Broker
and sub-custodian to the CELS Fund and as practical matter, will hold the bulk
of the assets of the CELS Fund under the terms of the Prime Brokerage Agreement
dated 20 June 2005.



In accordance with the FSA's Custody Rules, the Prime Broker will exercise
reasonable skill, care and diligence in the selection of any sub-custodian and
will be responsible to the CELS Fund for the duration of any sub-custody
agreement for satisfying itself as to the ongoing suitability of such
sub-custodian, for the maintenance of an appropriate level of supervision over
such sub-custodian and for confirming by means of appropriate periodic enquiries
that the obligations of such sub-custodian continue to be completely discharged.

















Enquiries:




Goodbody Stockbrokers                                                          Ciara Bollard
                                                                               +353 1 6419414


















This announcement has been issued through the Companies Announcement Service of



                            The Irish Stock Exchange










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