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The Phoenix Funds Announce Board Changes

12 12 2003

Hamilton, Bermuda: 10 November 2003 - Pursuant to the Bermuda Stock Exchange (BSX) Listing Regulations, Section IV, Chapter 6, Regulation 6.39 (14) Phoenix Global Fund Limited ( PHOGLBA.BH) and Phoenix Capital Reserve Fund Limited (PHOCAPR.BH) have advised the Exchange of the following changes to the board of directors of each Fund:

- Martha DeArteaga has resigned as a director with effect as of 14 October 2003;

- Diego Moretti has been appointed as a director with effect as of 14 October 2003;

- Patrick Blum has tendered his resignation as a director and the board has agreed to accept such resignation with effect as of 31 December 2003 or, if earlier, the date on which a replacement director is appointed.