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18th February 2004

Phoenix Venture Holdings Signs Letter of Intent with Proton

Phoenix Venture Holdings ("PVH") announces today that it has signed a letter of intent with Proton in relation to PVH and its subsidiaries, including MG Rover Group, working with Proton to explore the feasibility of a number of potential collaborative projects.

In accordance with regulatory requirements Proton has issued the attached announcement to their local Stock Exchange.

PVH and Proton will now engage in further discussions and as and when any definitive agreement is reached a further announcement will be made.

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