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FMG Funds Increase Management Fees

02 2 2003

Hamilton, Bermuda: 2 June 2003 - FMG Fund Managers Limited have today, advised the Bermuda Stock Exchange (BSX) that the following Funds, FMG Global Hedge Fund Ltd., FMG US Hedge Fund Ltd., FMG Bio-Med Hedge Fund Ltd., and FMG Hi-Tech Hedge Fund Ltd., pursuant to Section IV, Chapter 6 Part A, Regulation 6:13 (5), will increase management fees 1 July 2003 from 1% to 1.5%.

The Directors of the funds have also agreed to lower the performance fees from 15% to 10% over the same period.