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BSX Approves R.W. Thames Pan-European Fund Ltd. Listing

Hamilton, Bermuda, April 30, 1999 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of up to 1,600,000 Class A and 1,600,000 Class B Participating, Redeemable, Non-Voting, Preference Shares of R.W. Thames Pan-European Fund Ltd.

R.W. Thames Pan-European Fund was incorporated in the British Virgin Islands on January 13th, 1999 under the International Business Companies Act. The Fund is duly recognised in the British Virgin Islands as a "Professional Fund".

The primary objective of the Fund is to maximise the total return to participating shareholders through participation in the global currency, interest rate, fixed income and equity markets and other collective investment vehicles with a view to achieving yields in excess of money market rates.

The listing of R.W. Thames Pan-European Fund Ltd. is being sponsored by Gibbons Brokerage Services Limited.

"The Bermuda Stock Exchange is delighted that R.W. Thames Pan-European Fund Ltd. has chosen to list its shares on the Exchange." said Mr. Greg Wojciechowski, BSX, Chief Operating Officer.

For further information on R.W. Thames Pan-European Fund Ltd., please contact Mrs. Sylvia Gilbert of Gibbons Brokerage Services Limited at telephone: (441) 296-8300, facsimile: (441) 296-8301 or email at sgilbert@gfs.bm.