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Directors Of The Phoenix Global Fund Limited (the
Hamilton, Bermuda: 2 July 2003 - The Bermuda Stock Exchange (BSX) has been advised by the Directors of the Phoenix Global Fund Limited that the calculation of the Class A Shares NAV has been suspended (and consequently the issue and redemption of share and the payment of redemption moneys to persons who have applied to redeem shares) with effect from 31 May 2003. The suspension shall continue until the end of July 2003 (or such later date as may be determined by the directors).