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JPMorgan Progressive (PMSF)

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Wednesday 23 May, 2007

JPMorgan Progressive

Implementation of policy

JPMorgan Progressive Multi-Strategy
23 May 2007



23 May 2007

JPMorgan Progressive Multi-Strategy Fund Limited

Implementation of investment policy


JPMorgan Progressive Multi-Strategy Fund Limited (the 'Company'), whose shares
commenced trading on AIM on 15 May 2007, announces that it has applied to
subscribe substantially all of its net funds amounting to, in aggregate,
£24,590,000 for A class shares of JPMorgan Progressive Multi-Strategy Fund 
('PM-S Fund'), a sub-fund of JPMorgan Portfolio Strategies Funds II, a 
Luxembourg umbrella investment company. The investment is being made in 
accordance with the Company's investment objective which is to achieve, over 
the medium to long term, a return broadly comparable to direct equity 
investments but at a lower level of volatility.

Following the investment, the Company will be the majority shareholder in PM-S
Fund.

The Company intends to publish an estimated weekly net asset value, and a
month-end net asset value, from June 2007.  The month-end net asset value, to
the extent practicable, will not be an estimate and will reflect the fair value
of the underlying investments in PM-S Fund.

Since inception on 31 October 2006 to 30 April 2007, PM-S Fund has delivered a
total return of 6.5 per cent.

Further details on the Company are available on
www.jpmprogressivemultistrategy.co.uk



Press Enquiries

JPMorgan Asset Management (UK) Limited

David Barron    - 020 7742 3475

Shore Capital

Alex Borrelli   - 020 7408 4090




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