Phoenix Capital Reserve Fund Resumes Calculation of NAV's and Dealing of Shares

Hamilton, Bermuda, 17 September 2001 - The BSX has today been informed by the Board of Directors of Phoenix Capital Reserve Fund Ltd. (the "Fund") that the calculation of the Net Asset Value and dealings of shares in the Fund have been resumed with effect from the close of business as at 17 September, 2001.

The calculation of NAV's and the dealing of shares were temporarily suspended as of 11 September, 2001 due to recent events in the United States and the subsequent closing of the U.S. Exchanges.

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For further information on the Phoenix Capital Reserve Fund Limited, please contact Edith G. Conyers of Forum Securities Services Ltd. at telephone: (441) 296-1300 or Seng Liew of Phoenix Advisor LLC at phone: (212) 759-5888.

For more information, contact Joanne MacPhee at the Bermuda Stock Exchange at phone 441-292-7212 or jmacphee@bsx.com. Information is also available at www.bsx.com, on Bloomberg at BSX , and on Reuters at THE BSX.

The Bermuda Stock Exchange is a fully-electronic offshore securities market founded in 1971. The BSX lists more than 300 securities -- including equities, mutual funds and bonds, as well as depository receipts -- and is a full member of the F.IB.V. (International Federation of Stock Exchanges) as well as being recognized by the U.S. SEC.