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Phoenix Funds Advise BSX Of Termination Of Administration And Custodian Agreements

Hamilton, Bermuda: 26 September 2003 - Phoenix Global Fund Limited and Phoenix Capital Reserve Fund Limited (the "Funds") hereby advise that on 18 September 2003 the Bank of Bermuda Limited (the "Bank") gave written notice to the Funds that:

· the Administration Agreements dated 30 September 2002 between each of the Funds, respectively, and the Bank and the Investment Manager of the Funds will terminate 90 days from the date of the notice; and

· the Custodian Agreements dated 29 May 2001 between each of the Funds, respectively, and the Bank and the Investment Manager of the Funds will terminate 60 days from the date of the notice.

The Bank has also notified the Funds that they are in breach of the Administration Agreements and Custodian Agreements and that the breaches are required to be remedied within 30 days after the date of the notice. If the breaches specified by the Bank are not remedied within 30 days, the Bank reserves all of its rights under the relevant agreements.

The Directors of the Funds have indicated that they are taking steps to remedy the breaches identified by the Bank and appoint suitably qualified persons to provide to the Funds the services currently being provided by the Bank.

This disclosure is made in compliance with the BSX Listing Regulations covering disclosable events.