Max concurrent connections only indicates the number of concurrent connection attempts at one time. The number of all half open network, download and upload connection attempts are all counted for this. Once the connection is established it is not counted as a half open connection anymore.

The number of established network connection Phex holds is something different. Try to set Phex as "Force as ultrapeer". The number of ultrapeer and leaf connections to maintain can be specified below this "force" check box.

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