PALM TREND FUND LTD. ANNOUNCES ACCEPTANCE OF SUBSCRIPTIONS

Date31-Mar-2010

PALM TREND FUND LTD.

(the "Fund")

31 March 2010

The board of directors of Palm Trend Fund Ltd. wishes to announce the following:

The Fund may now accept subscriptions from investors who are currently holding shares in other funds advised by Progressive Capital Partners Ltd. (the "Investment Advisor") (a "Prior Fund", each such investor being a "Prior Fund Investor") by way of a switch request.  The subscription price for the Participating Shares issued by the Fund to the Prior Fund Investor will be settled initially by way of a promissory note issued by the Prior Fund in the Fund's favour.  Under the terms of the promissory note the Prior Fund will promise to pay the proceeds of the redemption of the Prior Fund Investor's Prior Fund shares to the Fund within at least 25 calendar days of the relevant subscription day, at which time the promissory note will be cancelled.  Payment in cash for such subscriptions will be made by the Prior Fund as soon as the net asset value of the Prior Fund is finalised and published by the Prior Fund's administrator (which will in any event never be later than 25 calendar days following such date). 

A fee of 1% of the amount received from the Prior Fund in respect of the relevant Prior Fund Investor will be imposed in respect of switch subscriptions, which fee shall be deducted from the amount received from the Prior Fund in respect of the relevant Prior Fund Investor and split equally between the Fund, the administrator, Swiss Financial Services (Ireland) Limited, and the Investment Advisor. The balance of the funds received in respect of the relevant Prior Fund Investor will be used to subscribe for the Fund's Participating Shares.

In the event that the Prior Fund fails to make payment of the promissory note in cash within the time specified the directors of the Fund will compulsorily redeem the applicable Participating Shares issued to each Prior Fund Investor for an aggregate amount of USD 1.00 and the Fund's articles of association have been revised by special resolution so as to allow the Fund to effect such compulsory redemption.

For further information in relation to the above announcement please contact Nicola Stradling, Maples and Calder, Ugland House, PO Box 309, Grand Cayman KY1-1104 (tel: 345 814 5428).