JPMORGAN PROGRESSIVE MULTI-STRATEGY FUND LIMITED

 ('the Company')

Registration No: 46407

Registered Office:

2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST.  PETER PORT, GUERNSEY, GY1 3NQ

TELEPHONE: + 44 1481 720 321

FACSIMILE + 44 1481 716 117

email: [email protected]

TR-1: Notifications of Major Interests in Shares

The Company has today been notified of the following transaction.

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

JPMorgan Progressive

(Sedol B1RZDH2)

2. Reason for notification 

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached 

An event changing the breakdown of voting rights

X

Other (please specify):______________

3. Full name of person(s) subject to notification obligation:

Cazenove Capital Management Limited

4. Full name of shareholder(s) (if different from 3):

N/A

5. Date of transaction (and date on which the threshold is crossed or reached if different):

25/03/09

6. Date on which issuer notified:

26/03/09

7. Threshold(s) that is/are crossed or reached:

15% - 9%

8: Notified Details                                              N/A

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

Sedol B1RZDH2

3,913,000

3,913,000

1,344,204

1,344,204

0

8.29%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

N/A

N/A

N/A 

N/A

N/A

Total (A+B)

Number of voting rights

Percentage of voting rights

1,344,204

8.29%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

N/A

Proxy Voting:

10. Name of proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

N/A

14 Contact name:

N/A

15. Contact telephone number:

N/A