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FMG Funds Transfer Administration and Shareholder Services

30 30 2003

Hamilton, Bermuda: 30 September 2003 - The BSX has been advised by the Board of Director that the following FMG Funds have transferred the fund administration and shareholder services from Argonaut Limited to Apex Fund Services Ltd. This change was effective 1 September 2003.

· FMG Global Hedge Fund Ltd.

· FMG US Hedge Fund Ltd.

· FMG Bio-Med Hedge Fund Ltd.

· FMG Hi-Tech Hedge Fund Ltd.

· FMG Diversified Global Hedge Fund Ltd.

· FMG Diversified Bio-Med Hedge Fund Ltd.

· The Russian Federation First Mercantile Fund