/raid1/www/Hosts/bankrupt/TCREUR_Public/030214.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Friday, February 14, 2003, Vol. 4, No. 32


                              Headlines

* F R A N C E *

ALCATEL: Sells Shareholding in Atlinks to Thomson
FRANCE TELECOM: Losses EUR100 Million for Delaying Deal
FRANCE TELECOM: Denies Sell-off Report of British, Spanish Units
VIVENDI UNIVERSAL: Representative in Asia Mum on Closure Issue
VIVENDI UNIVERSAL: Sells 28 Million Warrants of USA Interactive

* G E R M A N Y *

DRESDNER BANK: Allianz Chairman Open to All Options for Unit
MLP AG: Successor's Uncertain Status Averts Fall From DAX Index

* I T A L Y *

FIAT SPA: General Motors Says 'Next Move Is Up to Fiat'
GLAXOSMITHKLINE PLC: Staff in Italian Unit Charged With Bribery
TELECOM ITALIA: Presents Preliminary Results for 2002
TELECOM ITALIA: Issues Directors' Analysis of Seat Group Results

* L U X E M B O U R G *

GEMPLU.S. INTERNATIONAL: Net Loss Widens to EUR320 Million
MILLICOM INTERNATIONAL: Announces Results For 2002

* N E T H E R L A N D S *

GETRONICS N.V.: Offers Bondholders Part of Share Capital, Cash
KLM ROYAL: Announces Plan for Share Purchase Program
ROYAL PHILIPS: Forms Joint Venture With BenQ in Optical Storage

* R U S S I A *

JSC VOLGATELECOM: S&P Raises Long-term Corporate Credit Rating
TNK INTERNATIONAL: Rating Watch Changed From Negative to Evolving

* S W E D E N *

AB ELECTROLUX: Presents Consolidated Results for 2002
SKANDIA INSURANCE: Presents Year-End Report for 2002
SKANDIA INSURANCE: Lars Ramqvist Resigns From Skandia's Board
SKANDIA INSURANCE: S&P Ups Long-term Counterparty Credit Rating
SCANDINAVIAN AIRLINES: Narrows Pretax Loss in Fourth Quarter

* S W I T Z E R L A N D *

SWISS LIFE: Standard & Poor's Revises Swiss Life Affirms Ratings

* U N I T E D   K I N G D O M *

ABBEY NATIONAL: Cuts Mortgage Rates to Reduce Variable Rate
AMP GROUP: S&P Affirms Ratings, Removes CreditWatch Status
AMP GROUP: Issues Response to S&P Ratings Announcement
ARC INTERNATIONAL: Returns EUR50 Million to Shareholders
BAE SYSTEMS: Management Shakeup Rumor Untrue, Says Biggam
BOOTS GROUP: To Cease Trial of Complementary Health Services
BUZZ: New Owner Will Not Drop Airline's Services in Germany
GLAXOSMITHKLINE PLC: Announces Preliminary Results for 2002
GLOYSTARNE: Labor Cost Partly Forces Fall Into Receivership
NTL INC.: Maxcor Motions to Resolve When-Issued Trade Disputes
ROYAL & SUNALLIANCE: Enters Outsourcing Deal With Unisys



===========
F R A N C E
===========


ALCATEL: Sells Shareholding in Atlinks to Thomson
-------------------------------------------------
Alcatel has exercised its put option on Thomson for its 50%
shareholding in their common joint venture, Atlinks. This put
option was part of the initial contract signed in 1999 with
Thomson. Atlinks is the world leader in residential phones.

About Alcatel
Alcatel provides end-to-end communications solutions, enabling
carriers, service providers and enterprises to deliver content to
any type of user, anywhere in the world. Leveraging its long-term
leadership in telecommunications network equipment as well as its
expertise in applications and network services, Alcatel enables
its customers to focus on optimizing their service offerings and
revenue streams. With sales of EURO 16.5 billion in 2002, Alcatel
operates in more than 130 countries.


FRANCE TELECOM: Losses EUR100 Million for Delaying Deal
-------------------------------------------------------
France Telecom could have saved EUR100 million (US$108 million)
had it accepted Eurazeo's initial offer for its 23.14% stake in
European satellite operator Eutelsat.

Eurazeo has agreed to acquire the stake in a deal that values
France Telecom's stake at EUR447 million (US$482.6 million) and
Eutelsat's overall equity at EUR1.93 billion (US$2.08 billion),
but failed to reach agreement during negotiations held in the
middle of last year.

But it is said that the French telco could have secured a higher
price if it had closed last year Eurazeo's initial offer in July,
which would have valued France Telecom's stake in Eutelsat in
excess of EUR550 million (US$593.9 million).

Gilbert Saada, member of the executive committee at Eurazeo, told
Interspace his company offered France Telecom a price with the
equity of Eutelsat valued at 2.4 billion euros ($2.6 billion),
but France Telecom halted the talks as the price did not come up
with their expectations.

But due to changes in administration the management reconsidered
and resumed discussions with Eurazeo early in December.

"The price is lower than the price in August, Eutelsat's equity
is now valued at 1.93 billion euros, compared to 2.4 billion
euros five months ago," Mr. Saada said.

Under the second deal, France Telecom planned to reinvest a
maximum of 74 million euros ($79.9 million) for a 20% stake in
the holding company created by Eurazeo to acquire Eutelsat.

France Telecom had intended to use net proceeds of EUR375 million
euros ($402.7 million) to reduce debt.


FRANCE TELECOM: Denies Sell-off Report of British, Spanish Units
----------------------------------------------------------------
France Telecom denied in a statement a report by French Daily "Le
Figaro" saying it is studying the sale of Wanadoo's subsidiaries
in the United Kingdom and Spain.

The report cited French union CFTC claiming the telecoms operator
has plans of selling the U.K. and Spanish units of its internet
access subsidiary Wanadoo, as well as cutting hundreds of jobs at
the company.

The job cuts allegedly involve 200 at Wanadoo's head office, and
102 at Wanadoo Portail division, and another wave of about 50.

The union also claimed there will be a thousand cuts at Orange,
and Orange Consulting will be closed, with 340 job losses on the
way to shedding 3,500 employees from France Telecom's commercial
network by the end of 2003.

Wanadoo is currently waiting for the decision of the EU
Commission regarding its investigation into the alleged
aggressive pricing of the Internet subsidiary on the ADSL market.

According to Les Echos, there are those within the Commission who
believe there is no reason to take action against the company
unless customers lose money.  But others believe that markets
must be structured in such a way as to prevent hindrance of
competition.

Wanadoo might, theoretically, face paying a fine of up to 10% of
its turnover, according to one source close to the case.  But
this could only be between 1 to 5% if imposed.

CONTACT:  FRANCE TELECOM
          6, Place d'Alleray
          75505 Paris Cedex 15, France
          Phone: +33-1-44-44-22-22
          Fax: +33-1-44-44-95-95
          Homepage: http://www.francetelecom.fr
          Contacts: Thierry Breton, Chairman
                   Michel Combes, Executive Committee, Finance


VIVENDI UNIVERSAL: Representative in Asia Mum on Closure Issue
--------------------------------------------------------------
The representative of Vivendi Universal in Hong Kong, Eric Diers,
declined to comment on reports that the French conglomerate will
close its office responsible for the coordination and development
of the group's activities in the Asia-Pacific region.

Mr. Diers told Agence France-Presse "any announcement or comment
would be premature."

The move, however, would not affect activities of the
group's subsidiaries in the region in sectors such as music,
games and television, say industry sources.

The Vivendi Universal office, responsible mainly for Australia,
China, India, Japan and South Korea, has overseen regional
activities since 1996 and a Singapore branch was moved to Hong
Kong just a few months ago.

Vivendi is currently divesting assets to pay down EUR19 billion
of debts acquired during ex-CEO Jean-Marie Messier's US$77
billion acquisition spree.

Chief Executive Officer Jean-Rene Fourtou targets to unload EUR16
billion in assets before 2004 to reduce debt and refocus activities.

The company recently offered its Seagram art collection for auction.
It also announced an intention to put on sale three business
aircraft, which the former Vivendi inherited from its merger with
Canadian drinks and leisure group Seagram.

CONTACT:  VIVENDI UNIVERSAL
          Inverstor Relations
          Paris
          Daniel Scolan
          Phone: +33 (1).71.71.3291
          Laurence Daniel
          Phone: +33 (1).71.71.1233

          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


VIVENDI UNIVERSAL: Sells 28 Million Warrants of USA Interactive
--------------------------------------------------------------
Vivendi Universal announced Wednesday that it has entered into an
agreement to sell 28 million warrants of USA Interactive (21
million with a $27.50/share exercise price and 7 million with a
US$32.50/ share exercise price) to a financial institution.

The transaction is expected to close in three business days and would
result in Vivendi Universal receiving approximately US$240
million in cash.

Vivendi Universal has also granted the purchaser an option to
buy approximately 4.19 million additional warrants (approximately
3.19 million with a US$27.50/share exercise price and 1 million
with a US$32.50/share exercise price) on the same terms and
conditions.

This notice does not constitute an offer to sell or the
solicitation of an offer to buy securities. The warrants and the
shares of USA Interactive common stock issuable upon exercise
have not been, and will not be, registered under the Securities
Act of 1933, as amended, or the securities laws of any other
jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.

This agreement is subject to customary closing conditions,
including conditions relating to adverse changes, such as the
outbreak or escalation of hostilities or declaration of war.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (1).71.71.3291
          Laurence Daniel
          Phone: +33 (1).71.71.1233
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


=============
G E R M A N Y
=============


DRESDNER BANK: Allianz Chairman Open to All Options for Unit
------------------------------------------------------------
Allianz AG chairman Henning Schulte-Noelle is open to all options
regarding its loss-making investment banking unit, Dresdner Bank,
if  it does not meet performance targets.

When Die Zeit asked about a possible sale of the unit, Mr.
Schulte-Noelle told the weekly: "For me, all company parts and
every large business area has to meet a targeted equity capital
ratio, whether it be in insurance, banking or asset management."

"Since the capital markets are currently so difficult, Dresdner
Bank needs time to solve its problems. If it doesn't manage this,
all options are open."

Dresdner Bank is cutting non-personnel costs by 10% and reducing
non-guaranteed bonus and performance related pay to restore
profitability.

The bank, like other European banks, suffered high loan loss
provisions and asset writedowns in recent quarters.

Last month, Moody's Investors Service downgraded Dresdner Bank's
financial strength ratings to C, to reflect the bank's marginally
higher vulnerability to a potential further deterioration of
asset quality in its financial fundamentals.

Schulte-Noelle is due to step down end-April.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          D-60301 Frankfurt/Main, Germany
          Phone: +49-(0) 69/2 63-0
          Fax numbers: General enquiries
                       +49-(0) 69/2 63-48 31
                       +49-(0) 69/2 63-40 04


MLP AG: Successor's Uncertain Status Averts Fall From DAX Index
---------------------------------------------------------------
Struggling financial services firm MLP AG could have been dropped
from the DAX index late Tuesday had not the uncertainty over the
ownership of the company expected to replace MLP in the listing
came in the way.  The company will remain in the index until at
least May 8.

MLP, which is under criminal investigation for accounting
irregularities and alleged insider dealing, was in line for
kickout in the list of top 45 firms by market capitalization or
trading volume.

The company's stock price went down 90% since last spring after
it cut forecast for 2002 several times and announced the
investigation.

The financial services company reported a pretax loss of EUR114.5
milion (US$122.9 million) for 2002, its first annual loss since
its listing in 1988.

The result contradicted analysts' expectations of a EUR92 million
pretax profit for the year, down from its pretax profit of
EUR150.8 million in 2001.

MLP Chief Executive Bernhard Termuehlen attributed the loss to a
EUR250 million in one-time charges that included a EUR120.1
million reserve that MLP built to compensate for a previous
practice of booking expected future commissions for certain life-
insurance policies before 2002.

The chief executive is also expecting a net loss for the full
year, after a EUR56 million net profit in 2001, when it reports
final 2002 figures, which are due in April.

The company expects to post a pretax profit of EUR65 million in
2003 due to premium income and revenue growth, but analysts do
not share the optimism, says Dow Jones.

CONTACT:  MARSCHOLLEK, LAUTENSCHLAGER UND PARTNER AG
          69126 Heidelberg, Germany
          Phone: +49-6221-3080
          Fax: +49-6221-3088-701
          Home Page: http://www.mlp.de
          Contact:
          Eugen Bucher, Chief Financial Officer

          Investor Relations
          Jutta Funck, Head of Corporate Communications
          Andreas Dittmar
          Forum 7
          69126 Heidelberg
          Phone: +49 (0)6221 308 - 1132
          Fax: +49 (0)6221 308 - 1131


=========
I T A L Y
=========


FIAT SPA: General Motors Says 'Next Move Is Up to Fiat'
-------------------------------------------------------
General Motors Corp., which holds a 20% stake in Fiat Auto,
declined to comment on the next plan of troubled Italian car firm
Fiat SpA regarding its role in the rescue of the loss-making
unit.

GM Chief Executive Richard Wagoner told Reuters: "We've held a
number of discussions with Fiat...I don't want to make any
speculation. The next move is up to Fiat."

It is speculated that the automaker may come to the rescue of the
group, which is believed to be in need of up to EUR2 billion from
the world's largest automaker to prop up ailing Fiat Auto.

Under the deal, GM could grant Fiat a cash injection in exchange
for an increase in its shareholding to as much as 20%, and a
condition that Fiat would also cancel or delay on option to sell
to GM the 80% of the auto division it does not already own from
next year.

GM's stake in Fiat Auto, valued at US$2.4 billion in 200, was
written down to US$200 million last year.

Fiat Auto, which has cut 8,100 jobs and reduced production to
turn around its car business, had an operating loss of less than
EUR200 million (US$213 million) in the fourth quarter.  Operating
loss for last year amounted to EUR1.3 billion, higher than its
forecast of EUR1.16 billion.

CONTACT:  FIAT SPA
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Toll Free: 800-804027
          Home Page: http://www.fiatgroup.com/e-index.htm
          Contact:
          Giovanni Maggiora, Vice President - Investor Relations
          Phone: +39-011-686-3290
          Fax: +39-011-686-3796
          E-mail: Investor.relations@geva.flatgroup.com


GLAXOSMITHKLINE PLC: Staff in Italian Unit Charged With Bribery
---------------------------------------------------------------
A total of 72 Italian doctors and employees of GlaxoSmithKline's
Italian unit were charged with bribery and corruption, while an
additional 2,902 were still under investigation, according to the
police.

Associated Press said there are about 40 employees and 32 doctors
involved in the alleged bribery and corruption.  According to the
report, GlaxoSmithKline's employees bribed physicians to
prescribe the drug company's medicines.

The 32 doctors and 40 Glaxo employees charged could face up to
five years in jail if convicted.

Glaxo manager Giuseppe Recchia said that the group periodically
organizes conferences to inform specialized doctors on its
research and drugs, but that they "never dream of asking
something in exchange."

Italian law allows drug companies to host conferences and
dinners, and give presents worth less than EUR25 euros (about
US$26).

Spokesman Martin Sutton at Glaxo's London headquarters indicated
the company's intention to cooperate with authorities.

Police investigation also revealed about EUR100 million in
expenses for 2001 and 2002 attributed to "other promotions" that
were allegedly funding illegal gifts.

The probe also said the largest drug company in Italy was
tracking whether specific gifts led to increased prescription.


TELECOM ITALIA: Presents Preliminary Results for 2002
-----------------------------------------------------
TIM Group:
- Revenues: GBP10.9 billion, 6% higher than 2001
- Gross operating profit: GBP5 billion, 5.9% higher than 2001
- Profitability (GOP/revenues) at 46.4%; confirming last year's
performance confirmed
- GSM service in Brazil launched
- TIM lines worldwide: 39.1 million, 12.2% higher than at
31.12.2001

TIM S.p.A. (results net of former Blu S.p.A)
- Revenues: GBP8.9 billion, 6.7% higher than 2001
- Gross operating profit: GBP4.5 billion, +7.2%
- Profitability (GOP/revenues) at 50.8% (50.6% compared to the
preceding fiscal year)
- TIM domestic lines: 25.3 million (5.7% higher than at
31.12.2001)

The Board of Directors of TIM (Telecom Italia Group), chaired by
Carlo Buora, has examined Wednesday the preliminary results for
the 2002 fiscal year, submitted by the Chief Executive Officer
Marco De Benedetti. Said results are still being audited by the
external auditors.

The preliminary results of the TIM Group

Please note that consolidated results of the TIM Group include
the income and financial results of the former company Blu S.p.A.
(merged into TIM S.p.A. by incorporation last December) relative
to the 4Q2002 only.

- Preliminary consolidated revenues of GBP10.9 billion represent
a 6% growth with respect to the preceding fiscal year. This
growth would have reached 11.9% if the effects of variations in
exchange rates were eliminated.

- Gross operating profit (GOP) amounting to GBP5 billion,
increased by 5.9% compared to the same period in 2001 (+8.6% net
of exchange rate effects). The GOP/revenues ratio remains at
46.4% notwithstanding numerous companies are still in a start-up
phase (GOP/revenues ratio in 2001 stood at 46.4%).

- Operating income amounting to GBP3.4 billion has grown by 7.1%
compared to 2001 and stands at 30.9% in proportion to revenues
(30.6% in 2001).

- Net borrowings stand at GBP1.9 billion after capital
investments for GBP1.7 billion and the distribution in 2002 of
dividends for GBP3.6 billion.

- The number of TIM Group mobile lines amounts to about 39.1
million, 12.2% higher than the figure recorded at the end of
2001.

The preliminary results of TIM S.p.A.

Please note that the results posted in the financial statements
of TIM S.p.A. for the fiscal year 2002 will, in compliance with
legal requirements, include the income and financial results for
the entire fiscal year 2002 of the former company Blu S.p.A. In
order to provide a meaningful statement on the preliminary
results for the fiscal year 2002, the results net of former Blu
will also be provided in order to make the Company's performance
comparable with the results achieved in the previous fiscal year.
The preliminary results of the fiscal year 2002 confirm the
growth levels recorded during the year in question.

In particular:

- Preliminary revenues, amount to ? 9 billion. The preliminary
revenues of TIM alone, net of the effects of the merger with Blu
following the latter's incorporation, stand at GBP8.9 billion,
6.7% higher than the preceding fiscal year.

- Gross operating profit (GOP) amounts to GBP4.4 billion. The
Gross operating profit for TIM alone, net of the effect of Blu's
incorporation, is GBP4.5 billion, rising by 7.2% and returning
GOP/revenues ratio of 50.8% (50.6% in the preceding fiscal year).

- Operating income stands at GBP3.2 billion. The operating income
of TIM alone, net of the effect of Blu's incorporation, is GBP3.3
billion, representing a 2.8% increase with respect to 2001.

- TIM, with about 25.3 million lines as of 31 December 2002
(+5.7% with respect to 31 December 2001), has confirmed its
position as domestic market leader.

Change to the 2003 Corporate Calendar

The final financial statements of TIM SpA and the final
consolidated financial statements of the TIM Group for 2002 will
be submitted for approval to the Board of Directors of the
Company on March 10, 2003 instead of March 6, 2003, as
communicated in the previous 2003 Corporate Calendar of Events.
Consequently the Shareholders' Meeting convened to approve the
financial statements for the 2002 fiscal year will be called for
April 14, at first call and April 15, 2003 at second call,
instead of April 11 and 12, 2003 respectively as previously
communicated.

Procedure for the disclosure of price-sensitive information to
the market

The Board of Directors, implementing the framework of Corporate
Governance rules, has approved the "Procedure for disclosing
price-sensitive information to the market". The document lays
down the arrangements for the disclosure to the market of such
type of information, indicates the Functions and Structures
involved in the procedure and also states the procedure to be
followed in the event of rumors or requests for information on
behalf of bodies responsible for regulating and running the
market. The procedure, moreover, regulates the operations to be
undertaken when the Company convenes meetings with the financial
community and the Press.


TELECOM ITALIA: Issues Directors' Analysis of Seat Group Results
-----------------------------------------------------------------
- Increased Profit: Euro 1991 Million
(+1.7% Compared To 31/12/2001)
- Gross Operating Profit: Euro 593 Million
(+33.6% Compared To 31/12/2001)
- Operating Income: Euro 232 Million
(Euro 31 Million At 31/12/2001)
- Debt Decrease To Euro 680 Million
(Euro 922 Million At 31/12/2001)

The Internet: positive gross operating profit at Euro 10 million
(Euro -61 million 31/12/2001)

Upon invitation of Managing Director Paolo Dal Pino the Board of
Directors of Seat Pagine Gialle, chaired by Riccardo Perissich
met today to examine the Group's unaudited preliminary results
for the financial year ended 31 December 2002.

Consolidated revenues for the year were Euro 1,991 million, up
1.7% over 31/12/2001. Gross operating profit increased 33.6%
reaching Euro 593 million (29.8% of revenues). Operating income
increased from Euro 31 million in 2001 to Euro 232 million at
31/12/2002.

Gross operating profit and operating income at 31/12/2002 were
higher than expected. The Directories area revenues increased to
Euro 1,182 million, up +3.4% and are in line with the
expectations. The increase in consolidated revenues is slightly
lower than forecasted, due to a sales slowdown in the Buffetti
Group in Q4 2002.

Debt decreased from Euro 922 million at 31/12/2001 to Euro 680
million at the end of 2002 as a result of a significant operating
cash-flow and the impact of divestments. Moreover the Group's
restructuring continued during the year: the number of operating
companies at the end of 2002 nearly halved compared to 2001,
decreasing to 100.
The results reached over 2002, despite the ongoing crisis of the
advertising market, are due to an important streamlining and
cost-containment action and the implementation of synergies
between different business areas of the Group that, despite the
limited growth in revenues, led to a significant improvement in
operating margins.

The management of Seat PG refocused the Group on its core
business, strengthened the presence of the company in the markets
where it operates implementing a multi-platform approach,
redefined internal activities and processes and streamlined the
Group sales structure. The main operations concerned the launch
of new paper directories and the ongoing development of on-line
products (telephone and the Internet) with a view to integrating
different means.

The publishing offer of the Virgilio portal has been renewed and
the search engine has been enhanced by offering companies client
of  "Pagine Gialle On Line" priority listing and the presence on
search results (32, 600 new customers in six months).

At international level, the German subsidiary Telegate, listed on
the Neuer Markt of the Frankfurt Stock Exchange, in collaboration
with Thomson Directories, entered the British Directory
Assistance market.

The restructuring led to a reduction in workforce by 1,549 in the
group compared to the end of 2001, passing from 9,264 to 7,715
people employed.

Performance of the Business Areas

In 2002, efficiency increased significantly especially in the
Internet, Directories and Directory Assistance business areas
(that overall amount to 73% of aggregate revenues).
For the first time all the business areas generated a positive
gross operating margin (except the Television area, that however
recorded a loss reduction compared to 2001).

- In 2002, the Directories area posted revenues of approximately
Euro 1,182 million, up 3.4% compared to the same period in 2001.
This marks a significant improvement in profitability, with an
increase in gross operating profit from Euro 587 million in 2001
to Euro 620 million in 2002.
- The Directory Assistance area also recorded a positive gross
operating profit increasing from a negative amount of Euro 12
million in 2001 to a positive amount of Euro 21 million in 2002.
- The Internet area confirmed a positive gross operating profit
of Euro +10 million compared to Euro -61 million in 2001. At the
end of December, active users at 45 days reached 2,226,000, of
which subscribers to ADSL services amount to 450,000. In the last
quarter, Virgilio also recorded a positive gross operating
profit.
- Also the Television area achieved its loss-cutting objectives
and obtained an improvement of profitability of La7.

The Board of Directors of Seat Pagine Gialle also acknowledged
today's purchase of 1,108,695 ordinary shares of the French
subsidiary Consodata S.A. - listed on the Nouveau March‚ of the
Paris Stock Exchange - after the founding partners exercised
their put option as envisaged by the agreement signed by the
previous management of Seat PG on July 31, 2000.

By carrying out this operation, for an agreed price of Euro 44
per share - for a total value of about Euro 48.8 million - Seat
PG acquired a further 8.17% of the capital and voting rights in
the company, thereby increasing its stake in Consodata S.A. to
98.60%.

Procedure for the disclosure of price-sensitive information to
the market

The Board of Directors, implementing the framework of Corporate
Governance rules, has approved the "Procedure for disclosing
price-sensitive information to the market". The document lays
down the arrangements for the disclosure to the market of such
type of information, indicates the Functions and Structures
involved in the procedure and also states the procedure to be
followed in the event of rumours or requests for information on
behalf of bodies responsible for regulating and running the
market. The procedure, moreover, regulates the operations to be
undertaken when the Company convenes meetings with the financial
community and the Press.


===================
L U X E M B O U R G
===================


GEMPLU.S. INTERNATIONAL: Net Loss Widens to EUR320 Million
--------------------------------------------------------
- Operational performance affected by:
  - Weak sales in Financial Services and Security,
  - Continuous pricing pressure in the wireless segment,
particularly in Asia.
- Encouraging growth in Software and Services.
- Positive Free Cash Flow despite cash outlay related to
restructuring.
- Cash position at 417 million euros sustained by continuous
effort on working capital management.

Gemplus International S.A., the world's leading provider of smart
card-enabled solutions, today reported results for the fourth
quarter and fiscal year ended December 31, 2002.

In EUR millions    Q4 2002   Q3 2002  Quarter on    Year on
                                     quarter change year change
                                     Q4 02 / Q3 02 Q4 02 / Q4 01

Group revenue        195      205.6      -4.9%       - 22.1%

After adjusting for currency fluctuations, discontinued
operations and acquisitions               +4.8%       -19.4%

Gross profit         54.7      60.5       -9.7%       -12.4%

Gross margin as a % of revenue
                     28.0      29.4         NM           NM

Operating loss before restructuring charge
                    -16;6      -6.5         NM           NM

Net income          -96.6     -38.6         NM           NM

Earnings per share (fully diluted)
                    -0.16     -0.06         NM           NM

Commenting on the performance for the fourth quarter 2002, Alex
Mandl, Chief Executive Officer, said: "These quarterly results
clearly show that we have made some progress on the path to
transforming Gemplus into a successful company. However, given
the continuing price pressure, they also reflect our need to
further reduce costs". He concluded: "For 2003, the visibility is
still too uncertain for us to provide any guidance. Yet there can
be no question that, in spite of the current economic challenges,
our goal is to lay the foundation for a very strong platform for
the year 2004 and beyond. This will make it possible for Gemplus
to enjoy a profitable business growing at an attractive rate"..

Fourth quarter 2002 financial review
- Income statement

Highlights:

-   Sequential revenue decline due to lower shipments in the
banking segment and continuous pricing pressure in the wireless
segment, mostly in Asia.
-   Gross profit reflecting lower sales volumes, despite product
and regional mix improvement and encouraging revenue growth in
software and services with higher gross margin than in the third
quarter.
-   Net profit affected by non-recurring items, mostly non-cash.

The analysis of the Company's fourth quarter revenue shows the
following:

-   As expected by Gemplus and indicated during the third quarter
2002 earnings release conference call, sales did not show the
seasonal fluctuation historically observed at the end of the
year.
-   Business Units delivered a contrasting performance: Telecom
revenue increased 1.1% sequentially, while Financial Services and
Security dropped 17.8%.
-   Software and Services revenue grew 69% sequentially. They
contributed 7.0% of the company's revenue in the fourth quarter
2002 compared with 4.9% in the fourth quarter 2001.
-   On a geographical basis, the best performance was achieved in
South America (revenue up 32.4% sequentially) driven by the
Telecom business unit. The EMEA region was stable (down 0.4%
sequentially) while Asia-Pacific declined (down 25.6%
sequentially), affected by weak sales in the wireless segment.

Gross margin declined by 1.4 percentage point sequentially,
mainly because of pricing pressure in the Telecom business unit
and lower shipments in Financial Services and Security. However,
the gross margin was helped by lower chip purchasing prices, a
better regional and - to a lesser extent - product mix, and a
greater share of software and services.

Operating expenses increased 6.2% sequentially due to seasonality
and non-recurring items. The restructuring plan and cost cutting
measures announced at the end of the first quarter helped reduce
the operating expenses run rate from 68 million euros per quarter
at the endof the fourth quarter, contributing toeven point. At the end of the fourth quarter, headcount
reductionmajority of departures completed duringto manufacturing operations.

As a result, the operating loss before provision for
restructuring was some 43.5% below its level in the fourth
quarter 2001.

Net income for the quarter ended December 31, 2002 was affected
by a provision for restructuring (19.3 million euros), foreign
exchange losses (11.6 million euros), deferred tax assets write-
down (41.4 million euros) and goodwill write-off (6.4 million
euros).

- Balance sheet and cash flow statement
Highlights:

-   Positive free cash flow despite cash outlay related to
restructuring.
-   Cash improvement at 417 million euros vs. 401 million euros
at September 30, 2002.
-   Continuous management of working capital requirement.

Cash and cash equivalents were up by 16 million euros to 417
million euros at the end of the quarter ended December 31, 2002.

Financial debt is 49 million euros, and corresponds almost
entirely to long-term capital leases, which are related to
industrial and office buildings located in G‚menos and to the new
R&D center in La Ciotat (France).

The cash inflow of 16 million euros was mainly related to a
reduction of working capital requirement.

Working capital requirement declined 20%, a 23 million euros
improvement driven by lower inventory and accounts receivable. As
a percentage of revenue, working capital requirement decreased
from 15.3% in the fourth quarter 2001 (14.1% in the third
quarter), to 11.9%:

-  Trade accounts receivable were down 7.3% compared to the end
of the third quarter ended September 30, 2002. Days of Sales
Outstanding (DSO) were 53 days,compared with 57 days at the end
of the previous quarter.
-  Inventory levels were down 17.8% compared to the end of the
3previous quarter.

Free Cash Flow was positive at 3.4 million euros despite cash
outlay related to restructuring (10.5 millions).

Capital expenditures were contained at 1.4 million euros for the
fourth quarter of 2002. For fiscal year 2002, they amounted to
33.4 million euros, well below the initial target of 50 million
euros. This compares with 103 million euros in 2001.

Segment analysis

Telecom

Highlights:

-  Wireless cards shipments down 2.9% sequentially, because of
weakness in Asia
-  Wireless Java cards ramp up in Q4 02
-  Encouraging growth in Software & Services

In EUR millions    Q4 2002  Q3 2002  Quarter on    Year on year
                                    quarter change    change
                                    Q4 02 / Q3 02  Q4 02 / Q4 01

Revenue             141.5     139.9      +1.1%        -9.8%

After adjusting for currency fluctuations, discontinued
operations and acquisitions              +1.0%        -5.7%

Gross profit         43.0      45.1      -4.7%        +7.2%

Gross margin as a % of revenue
                     30.4      32.2        NM           NM

For the third consecutive quarter, Telecom delivered sequential
revenue growth (after adjustments for currency fluctuations,
discontinued operations and acquisitions). The analysis of the
Telecom business unit fourth quarter revenue shows the following:

-  Wireless cards revenue was down 3.2% sequentially because of
lower shipments, which were down 2.9%.
-  Pricing pressure remains substantial, but has eased during the
fourth quarter, notably in Europe and in the Americas. It remains
strong in Asia.
-  All in all, the wireless regional mix and - to a lesser extent
- the product mix have improved, almost making up for pricing
pressure:
   - Regional mix: while shipments grew 11.0% in Europe and 5.0%
in Americas, Asia registered a significant slowdown at -16.5%.
Product mix: the fourth quarter showed further evidence of the
gradual progression of telecom operators toward higher end cards
with increased demand for Java and 64 Kb cards.
- Average selling prices (ASP) have shown evidence of
stabilization, mainly because of the improved regional mix
helped by lower sales in Asia where pricing pressure is the
fiercest. The product mix improvement had a slightly
positive effect compared to the previous quarter where it
had a strong effect. However, the company expects a
stronger sequential decline of ASP for the quarter ending
March 31, 2003, due to unfavourable seasonal variations.
    - Software & Services revenue recorded a significant 90%
improvement against a low Q3. Their contribution was up 51% year
on year. The division closed a number of new deals in the
delivery of Over the Air platforms in Europe and Latin America.
Software & Services accounted for 5.1% of the business unit
revenue in the year ending December 31, 2002 compared with 2.6%
in 2001.

Business Highlights:

The second half of 2002 was proof of success of a strategy that
will continue to reinforce Gemplus' position as the leading
provider of applications and services enabled by Smart Cards in
the wireless market.

Gemplus' global offer for cards and software accelerated sales in
growth markets such as Russia, the Middle East, Africa and Latin
America. At the end of last year, Gemplus was a leading provider
of SIM-based solutions based on the S@T standard. This is
reflected in the field where SIM-based solutions based on cards
and software offering more user-friendly access to value added
services in France, Russia, Eastern Europe and the Middle East,
constituted more than 30 million euros in the second half of
2002.

With booming demand in Latin America, especially Brazil and
Mexico, for innovative offers, Gemplus was the only SIM supplier
to deploy Over The Air technology linking the server to the end
user, allowing operators to remotely push their value-added
services. With this technology, new operators were able to launch
their businesses by offering services such as mobile email,
Information-on-demand and m-banking solutions.

Overall, the Telecom business unit saw an increase of over 100%
from 2001 to 2002 in sales of software and services linked to the
SIM card business.

2003 began well for Gemplus with orders from China's main
wireless operators for over 10 million cards of which over 50%
are high-end (32 Kb). The key differentiator positioning Gemplus
in China is in its offer for SIM browsing with dynamic SIM
Toolkit.

Financial Services and Security

Highlights:

-  Revenue decline due to a high comparison basis in Financial
Services and Security and strong pricing pressure in the wireless
segment.
-  Gross profit decrease attributable to pricing pressure in the
wireless segment despite the depletion of expensive chip
inventory, higher sales volumes and product mix improvement.
-  Operating expenses down 24.3% due to restructuring.
-  Net profit impacted by non-recurring items, mostly non-cash.

In EUR millions   Q4 2002   Q3 2002   Quarter on  Year on year
                                    quarter change   change
                                    Q4 02 / Q3 02  Q4 02 / Q4 01

Revenue             54.0      65.7      -17.8%       -42.6%

After adjustingfor currency fluctuations, discontinued operations
and acquisitions             -17.8%        -40.1%

Gross profit        11.7      15.4      -24.0%        -47.5%

Gross margin as a % of revenue
                    21.7      23.4        NM            NM

In the fourth quarter, FSS revenue was affected by the
challenging environment, marked by delays to 2003 in the EMV
roll-out in Western Europe. In the US, the banking/retail market
continues to wait for a proof of the business case for loyalty
applications.

Conversely, Gemplus observed solid demand in the emerging
Corporate Security & Government ID market worldwide. FSS booked
some revenue generated by its first ID contract with the
Sultanate of Oman for the National Identification Program.

Fiscal Year 2002 financial review

Income statement

Highlights:

-  Revenue decline due to a high comparison basis in Financial
Services and Security and strong pricing pressure in the wireless
segment.
-  Gross profit decrease attributable to pricing pressure in the
wireless segment despite the depletion of expensive chip
inventory, higher sales volumes and product mix improvement.
-  Operating expenses down 24.3% due to restructuring.
-  Net profit impacted by non-recurring items, mostly non-cash.

In EUR millions   FY 2002 FY 2001 Year on year   After adjusting
                                    Change       for currency
                                                 fluctuations,
                                                 discontinued
                                                 operations and
                                                 acquisitions

Group revenue      787.4  1,023.0   -23.0%        -17.5%

Of which Telecom   544.5    681.9   -20.1%        -17.8%

Of which FSS       242.9    296.8   -18.2%        -16.9%

Of which Disposed operations
                    0.0      44.3     NM            NM

Gross profit       199.7    307.5    -35.0%         NA

Gross margin as a % of revenue
                    25.4     30.1     NM            NM

Operating expenses 294.4    388.8    -24.3%         NM

Non-recurring items* 0.0     43.8     NM            NM

Operating loss before restructuring charge
                   -94.7    -125.2    NM            NM

Net income        -320.9    -100.2    NM            NM
Earnings per share
          (fully diluted)    -0.53    NM            NM

* Litigation and management severance expenses

After adjusting for currency fluctuations, discontinued
operations and acquisitions, the analysis of the Company's
revenue shows the following:

-  Telecom revenue was down 17.8% weakened by pricing pressure. -
Wireless cards shipments rose 14.3% while the average selling
price dropped 32.2%. Wireless shipments soared 65.4% in Americas,
increased 17.1% in Asia and 3.5% in EMEA.
-  Financial Services and Security revenue was down 16.9% driven
by a large deal in the U.S. banking/retail segment not being
replaced.
-  On a geographical basis, the EMEA region was down 12.2%
because of the poor performance of the wireless segment partly
offset by the banking segment. Americas was down 25.9% under the
weakness of the U.S. banking/retail market. Asia was down 27.0%
driven by the wireless segment.
-  Software and Services revenue grew 12%. They contributed 5.1%
of the Company's revenue in the fiscal year 2002 compared with
3.3% in 2001.

Gross margin declined by 4.7 percentage points mainly because of
pricing pressure in the Telecom business unit. This decline was
partially offset by a better regional and product mix, the
depletion of expensive chip inventory, plus higher sales volumes
and productivity gains.

In fact, in the second half of 2002, the gross margin improved by
6.8 percentage points against the first half of 2002 as a result
of the same positive factors. Operating expenses declined 24.3%
driven by the restructuring plan and cost cutting measures
announced at the end of the first quarter. Annualized savings
from restructuring and cost cutting initiatives are on track to
reach the overall target of 110 million euros. At the end of the
fourth quarter, headcount reduction was 1,010 compared with the
targeted reduction of 1,140 in the number of employees and sub-
contractors.

Reflecting these efforts, the operating loss before provision for
restructuring for the second half of 2002 was some 67.8% below
its level of the first half of 2002 and 79.1% below its level of
the second half of 2001.

Net income was affected by non-recurring items (187.4 million
euros) of which 118.0 million euros are non-cash. They include a
provision for restructuring (90.0 million euros of which 20.6
million euros are non-cash), the write-down of a director's loan
(67.0 million euros), goodwill write-off (22.1 million euros) and
deferred tax assets write-down (8.3 millioneuros).

About Gemplus
GEMPLUS: the world's number one provider of solutions empowered
by Smart Cards

Gemplus helps its clients offer an exceptional range of portable,
personalized solutions that bring security and convenience to
people's lives. These include mobile Internet access, inter-
operable banking facilities, e-commerce, and a wealth of other
applications.

Gemplus is the only completely dedicated, truly global player in
the Smart Card industry, with the largest R&D team, unrivalled
experience, and an outstanding track record of technological
innovation.

In 2001, Gemplus was the worldwide smart card leader in both
revenue and total smart card shipments (source: Gartner-
Dataquest, Frost and Sullivan). Gemplus was also awarded Frost
and Sullivan's 2002 Market Value Award for its exceptional
performance.

Gemplus trades its shares on Euronext Paris S.A. First Market and
on the Nasdaq Stock Market as GEMP in the form of ADSs. Its
revenue in 2001 was 1.023 Billion Euros. It employs 6721 people
in 37 countries throughout the world.

CONTACT:  Martin Crocker, Press
          Mobile: 33 (0) 6 85 07 66 41
          E-mail: martin.crocker@gemplus.com

          Estelle Griffe, Euro RSCG Corporate
          Phone: 33 (0) 1 41 34 48 65
          Mobile: 33 (0) 6 23 75 09 23
          E-mail: estelle.griffe@eurorscg.fr

          Yves Guillaumot, Investor Relations
          Phone: 33 (0) 6 88 38 76 24
          E-mail: yves.guillaumot@gemplus.com

          Anne Guimard, Fineo
          Phone: 33 (0) 1 45 72 20 96
          Mobile: 33 (0) 6 80 45 71 99
          E-mail: guimard@fineo.com
          Homepage: http://www.gemplus.com


MILLICOM INTERNATIONAL: Announces Results For 2002
-------------------------------------------------
-  28% Annual Increase in Total Subscribers*
-  11% Annual Increase in EBITDA to $261.6 Million*
-  EBITDA Margin of 46%*
-  Annual Revenue of $573.7 Million*
-  63% Annual Growth in Prepaid Minutes*
-  29% Increase in Quarterly Revenue in Asia from Q4 2001
-  54% Increase in Quarterly EBITDA in Asia from Q4 2001

Millicom International Cellular SA, the global telecommunications
investor, announces results for the quarter and year ended
December 31, 2002.

Financial summary for the year ended December 31, 2002 and 2001
                            Dec 31      Dec 31     Change
                              2002        2001
Worldwide subscribers (i) *
- proportional cellular    3,021,873   2,415,474     25%
- gross cellular           4,252,037   3,322,869     28%
                         -------------------------------------

US$ '000
Revenues*                  573,730      555,587       3%

Operating profit before depreciation and
amortization, EBITDA(ii)*  261,628      236,549      11%

EBITDA margin*               46%          43%         -

(Loss) profit before financing, taxes and
disposal of investments    (70,644)     73,743
                          -------------------------------------
Loss for the year         (278,199)     (138,053)     -
                          -------------------------------------
Loss per common MIC share (US$)
                             (5.68)       (2.82)      -
                          -------------------------------------
Weighted average number of shares
(thousands)                48,954         48,943      -
                          -------------------------------------
(i) Subscriber figures represent the worldwide total number of
subscribers of cellular systems in which MIC has an ownership
interest. Subscriber figures do not include divested operations
or the subscribers of Tele2 AB, in which MIC has a 6.8% interest
at February 12, 2003.
(ii) EBITDA; operating profit before interest, taxation,
depreciation and amortization, is derived by deducting cost of
revenues, sales and marketing costs, and general and
administrative costs from revenues.
* Due to local issues in El Salvador, MIC has discontinued
consolidating El Salvador on a proportional basis with effect
from May 2001. All comparatives in this press release, other than
those noted in the appendices, exclude divested operations and El
Salvador in respect to subscribers and for financial results, up
to and including EBITDA. NB These unaudited accounts have been
prepared in accordance with International Financial Reporting
Standards

Marc Beuls, MIC's President and Chief Executive Officer stated:
"2002 was, for MIC, a year of refocusing on its core business,
i.e. mobile telephony in emerging markets. Its customer base grew
by 28% to over 4 million customers worldwide. The financial
results show revenue growth of 3% to $573.7 million and EBITDA
improving by 11% to $261.6 million. This reflects increases in
efficiency but also cost cutting across the business,
particularly in terms of reductions in headcount, both in the
operations and at a corporate level. Despite the negative impact
of the economic crisis in South America, Millicom has increased
its EBITDA margin to over of 45%, making it one of the most
efficient operators.

Currently MIC has an Exchange Offer and Consent Solicitation to
bondholders of the 13«% Senior Subordinated Notes due 2006. The
reason why MIC has made this Offer to bondholders is to put in
place a financial structure that will place MIC on a secure
financial footing and a capital structure that reflects the
realities of the underlying business. It should prevent MIC
having to continue selling assets, including core assets, to
balance its liquidity position."

FINANCIAL AND OPERATING SUMMARY

Subscriber growth:
- An annual increase in worldwide gross cellular subscribers of
28% to 4,252,037 as at December 31, 2002
- An annual increase in worldwide proportional cellular
subscribers of 25% to 3,021,873 as at December 31, 2002
- In the fourth quarter of 2002 MIC added 316,395 net new gross
cellular subscribers
- An annual increase in proportional prepaid subscribers of 36%
to 2,667,400 as at December 31, 2002

Financial highlights:
- Revenue for the fourth quarter of 2002 was $150.1 million, an
increase of 10% from the fourth quarter of 2001
- EBITDA increased by 20% in the fourth quarter of 2002 to $69.9
million, from $58.3 million for the fourth quarter of 2001
- The Group EBITDA margin was 46.6% in the fourth quarter of 2002
increasing from 42.6% in the fourth quarter of 2001

Total cellular minutes increased by 33% on an annual basis for
the year ended December 31, 2002, with prepaid minutes increasing
by 63% in the same period
-  Paktel, MIC's second cellular operation in Pakistan was
granted a modification to its license and was awarded GSM 900
spectrum in October 2002
-  MIC completed the disposal of Multinational Automated Clearing
House (MACH) S.A., the world's largest GSM clearing house to
Advent International, the private equity firm, in November 2002
-  In December 2002 MIC entered into a share purchase agreement
with Comcel SA of Colombia and its parent company America Movil
to sell Millicom's shares in its Colombian operations, Celcaribe
SA, to Comcel SA
-  In December 2002 MIC concluded the divestment of Extelcom, its
business in the Philippines 3
-  MIC has retained Lazard to assist it in reviewing strategic
alternatives to address MIC's ongoing liquidity needs, including
other potential asset sales and divestitures, the availability of
new debt and equity financing and potential debt restructuring
alternatives
-  In the fourth quarter 2002, MIC sold 5,510,346 B shares in
Tele2 AB, the majority of which were sold to Industrif”rvaltnings
AB Kinnevik and all of which were sold at market prices
-  $96.7 million has been upstreamed from operations in 2002, of
which $15.7 million was upstreamed in the fourth quarter, the
lowest quarterly amount in 2002
-  Total debt reduced by $168.5 million in the quarter, including
$93.0 million to Toronto Dominion, a reduction of high yield debt
by $43.3 million and a reduction of debt at the subsidiary level
by $32.2 million
-  With great sadness the Board of Directors of Millicom
International Cellular S.A. announced that the Chairman of the
company, Mr. Jan Hugo Stenbeck, passed away at the age of 59. On
August 22, 2002 Mr. H†kan Ledin was appointed Chairman

Subsequent events:
- On January 21, 2003 MIC made an Exchange Offer and Consent
Solicitation to bondholders of the 13«% Senior Subordinated Notes
due 2006
- In January 2003, MIC received a letter from NASDAQ stating that
it would be delisted from the Nasdaq National Market unless its
equity was raised to $10 million or its share price reached $3
for ten consecutive trading days. The Board wishes MIC to remain
on the Nasdaq National Market and therefore wishes to see the
share price trade above this $3 level. On January 24, 2003 the
Board proposed a reverse stock split of the issued shares of the
Company by exchanging three existing shares for one new share.
The extraordinary general meeting to approve this reverse stock
split will be held on February 17, 2003

REVIEW OF OPERATIONS

SUBSCRIBER GROWTH

At December 31, 2002, MIC's worldwide cellular subscriber base
increased by 28% to 4,252,037 cellular subscribers from 3,322,869
at December 31, 2001. Particularly significant annualized
percentage increases were recorded in Cambodia, Pakistan, Sri
Lanka, Sierra Leone, Ghana and Central America. MIC's
proportional cellular subscriber base increased by 25% to
3,021,873 at December 31, 2002, from 2,415,474 at December 31,
2001.

Within the 3,021,873 proportional cellular subscribers reported
at the end of the fourth quarter, 2,667,400 were pre-paid
customers, representing a 36% increase on the 1,967,571
proportional prepaid subscribers recorded at the end of December
2001. Pre-paid subscribers currently represent 88% of reported
proportional cellular subscribers.

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2002*

Total revenues for the three months ended December 2002 were
$150.1 million. MIC's operations in Asia recorded revenue growth
of 29% on an annualized basis, with Vietnam and Pakcom in
Pakistan both producing growth of over 30% from the fourth
quarter of 2001. Revenues for Africa for the fourth quarter of
2002, increased by 18% from the same period last year.

The volatile economic situation in Latin America is reflected in
the 5% decrease in fourth quarter revenues relative to 2001. In
the Central American market Guatemala and Honduras respectively
produced revenue increases of 18% and 6% from the fourth quarter
of 2001.

EBITDA for the three months ended December 31, 2002 was $69.9
million, an increase of 20% from December 31, 2001. EBITDA for
Asia increased by 54% from the fourth quarter of 2001, reflecting
the buoyancy of this market and the impact of stringent cost
cutting measures. The Group's largest EBITDA contributor,
Vietnam, recorded growth of 35%. MIC Africa saw a decline in
EBITDA as a result of a frequency charge in Ghana of $3.6
million.

The positive impact of cost cutting in Latin America was
reflected in the EBITDA for the region, which increased slightly
from both the third quarter of 2002 and the fourth quarter of
2001 despite the adverse currency movement. The main contributors
to EBITDA increase were Guatemala and Honduras, which both
recorded increases of 29% in the quarter, relative to the fourth
quarter of 2001.

The EBITDA margin for MIC was 46.6% for the quarter. The main
regional contributor at 60% was Asia, up from 51% at the fourth
quarter of 2001, and at 44%, Latin America's margin is holding up
strongly despite regional economic difficulties.

FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2002*

Total revenues for the year ended December 31, 2002 were $573.7
million with year-to-date revenues for Africa and Asia increasing
by 15% and 14% respectively. Revenues for Latin America for the
same period decreased by 7%, due significantly to currency
devaluations. Had exchange rates held at December 2001 levels,
revenue growth for Africa, Asia and Latin America would have been
approximately 21%, 15% and 6% respectively.

EBITDA for the year to December 2002 was $261.6 million, an
increase of 11% over 2001. Most notably Asia recorded a 31%
increase in EBITDA for the period from the same period last year.
The EBITDA margin for the year to December 31, 2002 was 45.6%
compared to 42.6% in 2001.

Had exchange rates held at December 2001 levels, Group EBITDA
growth would have approximated 19%, with EBITDA growth for Asia
and Latin America being 32% and 7% respectively. Total cellular
minutes for the twelve month period to December 2002 relative to
2001 showed growth of 33%. Main increases came in the pre-paid
area with 63% Group-wide growth, with Sanbao at 76% being the key
region.

CORPORATE LIQUIDITY AND DEBT INDICATORS

                                        At December 31, 2002/
                                             Flow in 2002
Cash at the corporate level $m                  19.4
Cash upstreamed from operations $m              96.7
Toronto Dominion debt outstanding $m            54.6
Tele2 shares pledged to Toronto Dominion      6,184,293
Total Tele2 shares                            10,012,543

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 17 cellular
operations and licenses in 16 countries. Millicom's cellular
operations have a combined population under license (excluding
Tele2) of approximately 369 million people. In addition, Millicom
provides highspeed wireless data services in seven countries.
Millicom also has a 6.8% interest in Tele2 AB, the leading
alternative pan-European telecommunications company offering
fixed and mobile telephony, data network and Internet services to
over 16 million customers in 21 countries. Millicom's shares are
traded on the Nasdaq Stock Market under the symbol MICC.


Lazard is acting for Millicom International Cellular S.A. in
connection with the exchange offer and consent solicitation and
no-one else and will not be responsible to anyone other than
Millicom International Cellular S.A. for providing the
protections offered to clients of Lazard nor for providing advice
in relation to the exchange offer or consent solicitation.

To see Millicom's Financial Statements:
http://bankrupt.com/misc/Millicom.pdf


CONTACTS: Marc Beuls, President
          Phone: +352 27 759 101

          Jim Millstein
          Phone: +1 212 632 6000

          Peter Warner
          Daniel Bordessa
          Cyrus Kapadia
          Phone: +44 20 7588 2721

          Andrew Best, Investor Relations
          Phone: +44 20 7321 5022
          Homepage: http://www.millicom.com


=====================
N E T H E R L A N D S
=====================


GETRONICS N.V.: Offers Bondholders Part of Share Capital, Cash
--------------------------------------------------------------
Getronics will invite convertible bondholders to tender their
subordinated convertible bonds due 2004 and 2005 in exchange for
up to EUR 75 million in cash and 81.5% of the enlarged ordinary
share capital post transaction.

Holders of the cumulative financing shares have agreed to convert
their cumulative financing shares into 15.0% of the enlarged
ordinary share capital post transaction and accept to forfeit the
unpaid dividend.

Ordinary shareholders will hold 3.5% of the enlarged ordinary
share capital post transaction.

Ordinary shareholders and holders of the cumulative financing
shares will receive warrants, entitling them to an additional 7%
and 3% of the enlarged ordinary share capital post transaction
respectively.

The maximum number of new ordinary shares to be issued following
a successful implementation of the financial restructuring is
approximately 11.3 billion.

Proposed share consolidation of 250 ordinary shares into one
ordinary share.

Getronics withdraws the tender offer announced on 10 January
2003.

Successful completion of the financial restructuring will provide
the Company with a long-term financing solution and will restore
the confidence of clients and financial markets.

Revised invitation to exchange outstanding convertible bonds

Getronics withdrew the invitation to tender announced on January
10, 2003, and announces that it will launch a revised invitation
to tender as per Friday February 14, 2003.

In this Revised Invitation to Tender, the Company invites the
holders of its two outstanding subordinated convertible bonds due
April 2004 and March 2005 to tender the Existing Bonds in
exchange for new ordinary shares and up to EUR 75 million in
cash. EUR 50 million of this cash is guaranteed, while EUR 25
million will only be paid to the bondholders on the basis that 66
2/3 of each series of the Existing Bonds is tendered before a
certain date.

In addition, holders of the cumulative financing shares (the "Cum
Prefs") are to convert their Cum Prefs into ordinary shares and
have accepted to forfeit the unpaid dividend. Assuming all of the
Existing Bonds and Cum Prefs are converted into ordinary shares,
the holders of the Existing Bonds, the holders of the Cum Prefs
and the holders of the existing ordinary shares will own 81.5%,
15% and 3.5% of the Company's enlarged share capital
respectively.

In addition, the Company will issue warrants to the holders of
the Cum Prefs and to the holders of the existing ordinary shares,
which when exercised will represent 3% and 7% respectively of the
enlarged ordinary share capital.  The Warrants will have a
duration of 5 years and will be listed on the stock market of
Euronext Amsterdam. The holders of the Cum Prefs have agreed not
to exercise their Warrants within the first year.

The maximum number of new ordinary shares to be issued following
a successful implementation of the financial restructuring is
approximately 11.3 billion.

At the EGM of 27 January 2003, a resolution was adopted to
consolidate 25 ordinary shares with a nominal value of EUR 0.04
each into one ordinary share with a nominal value of EUR 1.00
each. However, in light of the high number of new ordinary shares
to be issued following a successful Revised Invitation to Tender,
Getronics will propose to its shareholders in a new EGM to adopt
a new resolution to consolidate 250 ordinary shares with a
nominal value of EUR 0.04 each into one ordinary share with a
nominal value of EUR 10.00 each.

The Revised Invitation to Tender is subject to certain conditions
including the adoption of certain resolutions at the new EGM and
a conversion of the Cum Prefs into ordinary shares.

Since 30 January 2003, the Company has conducted discussions with
certain bondholders represented by the UK investment bank Close
Brothers and the law firms Allen & Overy (Amsterdam) and
Cadwalader (London) who have executed confidentiality and
standstill agreements. The Revised Invitation to Tender is
supported by holders of a substantial amount of the Existing
Bonds.

The Bondholder Representatives have informed the Company of the
intention of certain bondholders to convene a bondholders meeting
to approve certain changes to the trust deeds of the Existing
Bonds, amongst others, to allow for a conversion into ordinary
shares of the Existing Bonds remaining outstanding after the
tender.

Further details about the Revised Invitation to Tender will be
set out in a revised preliminary prospectus, dated February 14,
2003.

ABN AMRO Rothschild and ING Investment Banking will act as Joint
Global Coordinators for the Revised Invitation to Tender. ABN
AMRO Bank N.V. is financial adviser to Getronics and will act as
Exchange Agent, Listing Agent for the new ordinary shares and
Warrants to be issued and as Warrant Agent.

Trading update and update on cash and net debt position

The ongoing uncertainty affecting the Company's financial
position continues to have a destabilizing impact on its
business. Due to the loyalty of our clients to date there is no
evidence of significant losses of new or existing clients
resulting from the current position, continued uncertainty in
respect of the proposed financial restructuring could well have a
significant impact on the Company's business and results of
operations.

Positive decisions on the Company's growing business pipeline
require current uncertainties about the Company's financial
position to be removed as soon as possible.

The Company has not yet finalised its results for the financial
year ended 31 December 2002, but an adjustment to the previously
announced EBITA level cannot be ruled out.

On 31 December 2002 the Company elected to repay all amounts
outstanding under its former revolving credit facility and to
reduce the amount available for drawing thereunder to EUR 200
million. That revolving credit facility has subsequently been
cancelled. The Company's total outstanding gross debt as at 31
December 2002 was EUR 615 million. Net debt at that date was
approximately EUR 319 million. The table below represents the
development of the Company's net debt position as from 31
December 2002 until 31 January 2003.

                                            At
(EUR millions)31 December 2002 17 January 2003 31January 2003
                (unaudited)     (unaudited) (unaudited)
Gross debt       615           615(1)         615(1)
Cash          295           181         155
Marketable securities1            1                1
Net debt       319             433(1)         459(1)

(1) Company estimate

The Company's net debt position at December 31, 2002 was
favorably affected by changes in the net cash position as a
result of fluctuations in the working capital at year- end.
During January 2003, the net debt position increased as the cash
position decreased due to reversed changes in working capital.
These changes are seasonal in nature and reflect the Company's
typical business pattern.

The Company's reported cash position is not freely available in
full. As of January 31, 2003, the Company faced the following
restrictions on cash usage. First, cash in the sum of EUR 30
million is held in two joint ventures of the Company where the
approval of the joint venture partner is required for cash
movements. Second, in connection with the Company's new revolving
credit facility dated 24 January 2003 and other credit
arrangements, EUR 58 million of the Company's cash is in secured
bank accounts.

Currently the Company has drawn EUR 55 million under Tranche A of
its new revolving credit facility. If the Company were to draw
the full amount available under Tranche A of EUR 125 million, an
additional EUR 50 million cash balance would have to be held in
accounts secured in favour of the lenders.

The Company believes that its working capital requirements will
increase through the beginning of April 2003, reflecting normal
business patterns.

Successful completion of the financial restructuring will provide
the Company with a long-term financing solution and will restore
the confidence of clients and financial markets.

About Getronics
With approximately 25,000 employees in over 30 countries,
Getronics is one of the world's leading providers of vendor
independent solutions and services to professional users of
Information and Communication Technology (ICT). Through
consulting, integrating, implementing and managing Infrastructure
Solutions and Business Solutions, Getronics helps many of the
world's largest global and local organisations to maximise the
value of their technology investment and improve interaction with
their customers. Getronics' headquarters are in Amsterdam, with
regional head offices in Boston and Singapore. Getronics' shares
are traded on Euronext Amsterdam ('GTN').

CONTACT:  GETRONICS N.V.
          Investor Relations
          Phone: +31 20 586 1964
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


KLM ROYAL: Announces Plan for Share Purchase Program
----------------------------------------------------
KLM Royal Dutch Airlines announces its intention to implement a
share purchase program in accordance with the authorization
granted by the General Meeting of Shareholders on June 26, 2002,
with immediate effect, to purchase up to a maximum of 4.5 million
of its common shares.

"At current share price levels, taking into account KLM's strong
financial position and robust cash flow, purchasing some of our
shares represents a favorable opportunity for KLM to enhance
shareholder value," says KLM's Chief Financial Officer Rob
Ruijter.

Shares purchased will be used for general corporate purposes;
there is no intention to cancel the purchased shares. Shares will
be purchased with cash on hand, effects on KLM's cash position
will be very limited.

Depending on market conditions, shares will be purchased from
time to time in the open market at prevailing market prices.
Limitations will be taken into account with respect to the
manner, timing, price and volume of the purchases. The Company
reserves the right to suspend or discontinue purchases at any
time. Purchases will be suspended during KLM's blackout periods.
The Company is allowed to purchase 10% of its issued capital,
including those shares already held for employee stock options.

No action is required by shareholders of KLM. The program will
have no influence on KLM's stated dividend policy.

CONTACT:  KLM ROYAL DUTCH AIRLINES
          Amsterdamseweg 55
          1182GP Amstelveen, The Netherlands
          Phone: +31-20-649-9123
          Fax: +31-20-648-8069
          Hompage: http://www.klm.nl
          Contacts: Floris A. Maljers, Chairman
                    Leo M. van Wijk, President


ROYAL PHILIPS: Forms Joint Venture With BenQ in Optical Storage
---------------------------------------------------------------
Royal Philips Electronics of the Netherlands and BenQ Corporation
announced the establishment of an optical storage joint venture
company, Philips BenQ Digital Storage, to cooperate in the areas
of new optical standards, research, and particularly in the
definition of product roadmaps, product development,
manufacturing of products, and customer support of optical
storage devices for data applications.

The company, headquartered in Taipei, Taiwan and operational in
March 2003 will have outstanding shares of 51% for Philips and
49% for BenQ.The joint venture will pave the way for both
companies to leverage their strengths, creating a resource-
integrated company that will provide innovative next generation
storage solutions. Philips BenQ Digital Storage aims at a mid-
term market-share of fifteen percent in a total market of two-
hundred million units annually, which currently has a value of
EUR 8 billion.

Commenting on the deal, Mr. Arthur van der Poel, member of
Philips' Board of Management added, "This joint venture concludes
the series of measures taken to bring Optical Storage back to
profitability and will position us well for continued
participation in the data segment in a profitable way. The joint
venture builds on a long-standing relationship between Philips
and BenQ. The cooperation in the new company will further
strengthen the successful DVD+RW platform".

K.Y. Lee, Chairman and CEO of BenQ Corporation, stated "Philips
is renowned for its research and intellectual property portfolio
while BenQ is strong in development, manufacturing and marketing.
The new company will prove to be a strong force in the optical
storage industry, combining strengths in research, cost effective
manufacturing, and fast time-to-market."

The joint venture builds on the dedicated design center for
reading and/or recording of data applications which was
established in April 2002. It may later include optical storage
devices for consumer applications.

About BenQ
BenQ is an industry leader in networking lifestyle devices with
an expertise that encompasses the display, storage, imaging,
wireless and broadband areas. BenQ has manufacturing plants in
Malaysia, Mexico, China and Taiwan. The company has 13,000
employees worldwide, supporting a strong global sales marketing
and service network spanning Asia Pacific, Europe and the
Americas. BenQ has research and development facilities in Taiwan
(Hsinchu Lab), China (Suzhou Software Development Center) and
California (Wireless Technology Center), and has close to 1500
research and development employees in Suzhou, Taipei, Taoyuan,
Hsinchu and San Diego. BenQ has amassed over 928 global patents.
2002 estimated revenues exceed US$3.2 billion dollars. For more
information about BenQ, please visit our website at www.BenQ.com.

About Royal Philips Electronics
Royal Philips Electronics of the Netherlands is one of the
world's biggest electronics companies and Europe's largest, with
sales of EUR 31.8 billion in 2002. It is a global leader in color
television sets, lighting, electric shavers, medical diagnostic
imaging and patient monitoring, and one-chip TV products. Its
170,000 employees in more than 60 countries are active in the
areas of lighting, consumer electronics, domestic appliances,
components, semiconductors, and medical systems. Philips is
quoted on the NYSE (symbol: PHG), London, Frankfurt, Amsterdam
and other stock exchanges. News from Philips is located at
http://www.philips.com/newscenter


===========
R U S S I A
===========


JSC VOLGATELECOM: S&P Raises Long-term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit ratings on Russian telecommunications services provider
JSC VolgaTelecom to 'B' from 'B-' following the merger of
VolgaTelecom with 10 other fixed-line incumbents in the Volga
region that are controlled by the state-owned holding
Svyazinvest. The rating has a stable outlook.

According to the rating agency, the transaction resulted in a
stronger competitive position and improved business profile for
the company.

The new company is expected to "benefit from its larger scale by
receiving better terms from vendors of telecommunications
equipment and other economies of scale," according to Standard &
Poor's credit analyst Pavel Kochanov.

But weakness in this enlarged service area is expected to offset
these benefits, to some extent.

The rating agency also warns that the company faces the challenge
of consolidating its mobile assets.

The revised ratings are supported by VolgaTelecom's, dominant
position in the Volga region's telephony market, prudent
financial policies and fair performance, above-average standard
of network infrastructure for Russia, and ability to largely fund
capital expenditure with internally generated cash.

But these are constrained by the regulatory control of tariffs of
core revenue streams, risks involved in consolidating operations
of 11 newly united units and the continuing need for capital
expenditures to upgrade and modernize the network infrastructure,
and increasing competition for more profitable, value-added
services.


TNK INTERNATIONAL: Rating Watch Changed From Negative to Evolving
-----------------------------------------------------------------
Fitch Ratings changed the Rating Watch Negative outlook of
certain TNK International Ltd ratings to Evolving following the
announcement by BP plc, and the shareholders in TNK, Alfa Group
and Access-Renova of an agreement in principle to combine their
interests in Russia.  The Rating Watch Negative was placed on
December 20, 2002 following TNK's joint acquisition with OAO
Sibneft of OAO Slavneft.

The ratings affected are: the foreign currency Senior Unsecured
rating of 'B+', local currency Senior Unsecured of 'B+', the
local currency Senior Secured of 'BB', the foreign currency
Senior Secured rating of 'BB-' and the 'B+' rating of the USD700
million fixed-rate loan participation notes due 2007 issued by
Salomon Brothers AG for the sole purpose of financing a loan to
OAO Tyumen Oil Company.

Under the deal, TNK will merge with Sidanco, a Russian oil and
gas company currently controlled by AAR and BP to create a
company with a production of some 1.2 million barrels of oil a
day and reserves of c.5.2 billion barrels.  BP and AAR will each
control 50% equity stake and nominate half of the board.

Fitch may upgrade TNK's rating depending on the degree of
implicit or explicit support from BP, which is rated 'AA+'/'F1+'
by Fitch; anticipation of improved operational efficiency
resulting from BP's industrial expertise and stronger financial
profile following the TNK - Sidanco merger; and improvements in
corporate governance and corporate structure.

Separately, the rating agency also indicated to monitor any
developments with regards to TNK's joint acquisition with OAO
Sibneft of OAO Slavneft, a transaction is expected close by the
end of February.

It will also observe the position of bondholders with respect to
the capital structure and cash flows.

TNK is currently Russia's fourth largest oil and gas company,
active in exploration, production, refining of crude oil and
marketing of petroleum products. In 1H02 TNK generated EBITDA of
USD731m on revenues of USD2.7 billion.


===========
S W E D E N
===========


AB ELECTROLUX: Presents Consolidated Results for 2002
----------------------------------------------------
Amounts in SEKm,                        Fourth   Fourth
unless otherwise                       quarter  quarter
stated            2002    2001   Change   2002   2001  Change
Net sales      133,150 135,803   -2.0%   30,586 31,881  -4.1%
Operating income 7,731   6,281    23%     -563    -49    N/A
Operating income,
excl. items      8,165   6,422    27%    1,781   1,449    23%
affecting
comparability(1)
Margin, %           6.1    4.7            5.8      4.5
Income after financial
                  7,545  5,215    45%     -559    -238    N/A
items
Net income per share,
                  15.60  11.35    37%    -2.80    -0.85   N/A
SEK
Net income per share,
excl. items       16.90  11.10    52%     3.80     2.80   34%
affecting
comparability, SEK(1)
Return on equity,% 17.2   13.2
Return on net
assets, %          22.1   15.0
Value creation    3,461    262   3,199      741      33   708

(1) Items affecting comparability amounted to SEK -434m (-141)
for the full-year and SEK -2,344m (-1,498) in the fourth quarter.

-- Major part of improvement in operating income refers to
Consumer Durables in North America

-- Consumer Durables in Europe continues to show higher income
and margin

-- Marked decline in income for Consumer Durables in Rest of the
world

-- Strong improvement in operating cash flow and net debt/equity
ratio

-- Board proposes an increase of dividend to SEK 6.00 (4.50)

-- Board proposes new share repurchase program and cancellation
of previously repurchased shares


SKANDIA INSURANCE: Presents Year-End Report for 2002
----------------------------------------------------
On December 20, 2002 an agreement was reached with Prudential
Financial, Inc. (USA) under which Prudential Financial is
acquiring American Skandia. To maintain comparability, all
information in this press release pertains to operations
excluding the USA, unless otherwise stated.

For the period January-December

Sales amounted to SEK 75.4 billion, an increase of 7% in local
currency, and net inflows in funds amounted to SEK 45.9 billion
The profit margin for unit-linked assurance was 13.5% (13.3%)
The group's result of operations was SEK 2,104 million (2,975)
The group's operating result was SEK 1,403 million (2,450)
In addition, the operating result was charged with SEK -8.5
billion (-3.5) for the U.S. operations, including SEK -4.4
billion in the fourth quarter, in connection with Prudential
Financial's acquisition. The pro forma impact of the completed
transaction is that Skandia will be virtually debt-free

Net asset value amounted to SEK 27.0 billion (37.2)
Borrowings decreased by SEK 8.0 billion, to SEK 9.6 billion
The Board proposes an unchanged dividend of SEK 0.30 per share
For the fourth quarter (compared with same period a year ago)

Sales in the fourth quarter amounted to SEK 18.4 billion, an
increase of 15% in local currency

The profit margin for unit linked assurance rose to 13.4% (12.2%)

The result of operations for the fourth quarter was SEK 490
million (996)

The operating result for the fourth quarter was SEK -417 million
(1,654) and was charged with SEK 450 million in restructuring
costs and write-downs of capitalized system development costs

CONTACT:  Jan Erik Back, Chief Financial Officer
          Phone: +46-8-788 3720
          Harry Vos, Head of Investor Relations
          Phone: +46-8-788 3643


SKANDIA INSURANCE: Lars Ramqvist Resigns From Skandia's Board
-------------------------------------------------------------
Lars Ramqvist has informed Skandia's Nominating Committee that he
wishes to leave the Board in connection with the Annual General
Meeting this spring.

The Nominating Committee expects to be able to present its
recommendations to this year's Annual General Meeting in
connection with the notice to attend the meeting.

The members of the Nominating Committee are Tor Marthin (AMF
Pension), Carl-Olof By (Industriv„rden), Peter Fagern„s
(Pohjola), Per Lofqvist (Skandia Shareholders' Association), and
Lars ™berg (representative of the life assurance policyholders).

Commenting on his decision, Lars Ramqvist says:
2002 was the third year in a row in which we experienced a sharp,
international decline in the stock markets. The worst stock
market decline since the 1930s is thus now a matter of record.
2002 was a difficult year for Skandia as well as for insurance
and savings companies around the world. Skandia's U.S. operation
encountered problems. As a result of the stock market decline,
American Skandia's product portfolio, which was developed and
designed during the 1990s, became unprofitable. Facing a
continued uncertain market, the Board made the judgement that a
sale was clearly the best alternative from the shareholders'
perspective. Through the sale of American Skandia, Skandia will
be essentially debt-free. This sets Skandia apart from many of
its competitors, which have found themselves compelled to turn to
their owners in request of more money.

The break-off of the U.S. operation and freedom from debt now
open up new, strategic opportunities for Skandia to develop its
future business in the expanding international insurance and
savings markets.

In this situation, where Skandia can once again begin to look
forward, it feels entirely right for me to leave my assignment as
Chairman and allow new strengths to take over.

Skandia's other directors have issued the following statement:
We regret that Lars Ramqvist has decided to leave Skandia's
board, but we respect his decision. As Chairman of the Board,
Lars Ramqvist has in an exemplary and professional manner led the
Board's work in a difficult time for Skandia. In recent years,
the markets that are relevant for Skandia have had their worst
development in many decades, which has caused problems for the
industry that have been difficult to foresee. Through the actions
taken during the past year, which have been strongly moved
forward by Lars Ramqvist, these problems have been addressed. The
Board stands unanimously behind these measures, which enable
Skandia now to stand strong going forward.

The Nominating Committee will now be working thoroughly and
swiftly to come up with a recommendation to complement the Board.

The Committee's result will be announced in connection with the
notice to attend the Annual General Meeting which, according to
the company's Articles of Association, shall be sent out well in
advance - approximately 4 weeks - of the AGM. Skandia's board has
decided that the AGM will be held on 15 April.

Aside from what has been stated above, Skandia's Chairman, Lars
Ramqvist, the chairman of the nominating committee, Tor Marthin,
and the other members of the Nominating Committee do not have any
comment on this matter or on the Committee's ongoing work.


SKANDIA INSURANCE: S&P Ups Long-term Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday it raised its
long-term counterparty credit rating on Sweden-based Skandia
Insurance Co. Ltd. (Skandia) to 'A' from 'BBB'.

At the same time, Standard & Poor's removed the rating from
CreditWatch, where it was originally placed on July 30, 2002. The
outlook is negative.

The rating actions follow announcement that Skandia has completed
the transfer of the assets and liabilities of Skandia Link, a
Sweden-based subsidiary of Skandia, into the parent company.
Skandia is a long-term savings provider with total funds under
management of Swedish krona 255 billion ($29 billion) at Dec. 31,
2002, excluding operations in the U.S.

"The upgrade reflects the reclassification of Skandia to a core
operating company from a holding company," said Standard & Poor's
credit analyst Mark Button. This is based on the receipt of
regulatory approval to change Skandia's articles of association
in order to permit the company to transact life assurance
business, as well as receipt of regulatory approval for the
business transfer. It also reflects the more substantial cash
flows and assets at Skandia following the transfer of the Skandia
Link portfolio to the parent.

The rating on Skandia reflects the group's strong position in
unit-linked life assurance in a number of markets, including the
U.K. and Sweden; its positive strategic and financial management;
and its very strong capitalization. Offsetting factors are the
group's recent earnings performance and its concentrated business
profile.

"Skandia is expected to continue managing its expenses in line
with sales patterns and to deliver on its cost-cutting program.
Failure to deliver on these expense management initiatives could
result in the rating on Skandia being lowered," said Mr. Button.

Capital adequacy is expected to remain very strong, reflecting a
continuation of the Skandia group's policy of maintaining a low-
risk liability profile.

"Completion of the sale of American Skandia Inc., the holding
company of American Skandia Life Assurance Corp. (A-/Watch Pos/--
), which is expected during the second quarter of 2003, will
address a number of these negative rating pressures, and is
expected to result in the outlook on Skandia being revised to
stable," added Mr. Button.

CONTACT:  Standard & Poor's, London
          Mark Button, (44) 20-7847-7045
          Rob Jones, (44) 20-7847-7041


SCANDINAVIAN AIRLINES: Narrows Pretax Loss in Fourth Quarter
------------------------------------------------------------
Scandinavian Airlines System AB narrows fourth quarter pretax
loss of SKR1.147 billion last year to SKR683 million this year.

The airline said it will not issue detailed earnings forecast for
2003 due to uncertain market conditions that is expected to be
particularly driven by the large conflict in the Gulf.  It does
not plan to issue dividends fo 2002.

Chief executive officer, Jorgen Lindegaard, said the weak
business climate has continued into 2003, and uncertainty about
the future is expected to lead to continued pressure on revenues.

Revenue rose to SKR16.7 billion (US$1.9 billion) for the three
months ended December 31 from SKR12.8 billion a year ago.  Fourth
quarter sales increased SKR3.899 billion or 30% to SKR16.709
bilion compared with the same period last year.

The group also indicated to continue restructuring its operations
in order to counter declining passenger numbers and competition
from low-cost, no-frills air carriers.

This will include the appointment of Soeren Belin as the new
chief operating officer of Scandinavian Airlines, the joint
carrier of Sweden, Denmark and Norway.

SAS reported a decline in the number of passengers in Scandinavia
and Europe during the fourth quarter, although overseas flights
offset the decline. For the quarter, the number of passengers
fell by 2.7% to 5.1 million from 5.3 million a year ago. For the
year, the number of passengers fell 5.2% to 21.8 million from 23
million in 2001.

In Europe, traffic was down by 4.6% for the year and travel
between its Scandinavian routes fell by 7.7% during 2002.

Domestic travel in Denmark fell 12.4% in the fourth quarter while
traffic in Norway was down by 27.7%. In Sweden, traffic was down
by 5.4 percent for the quarter.


=====================
S W I T Z E R L A N D
=====================


SWISS LIFE: Standard & Poor's Revises Swiss Life Affirms Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services it revised its outlook on
U.K.-based insurer Swiss Life (U.K.) PLC, a wholly owned
subsidiary of Swiss Life/Schweizerische Lebensversicherungs- und
Rentenanstalt AG (Swiss Life; A/Negative/--), to negative from
developing. At the same time, Standard & Poor's affirmed its
'BBB' long-term counterparty credit and insurer financial
strength ratings on the company.

The outlook revision reflects ongoing pressures on Swiss Life
(U.K.) due to the current difficult industry environment and poor
investment conditions. Furthermore, Swiss Life's desire to divest
itself of noncore operations, including Swiss Life (U.K.), places
additional pressure on the ratings on Swiss Life (U.K.).

The ratings on Swiss Life (U.K.) reflect its good capitalization,
leading position in the U.K. life protection market, and
satisfactory earnings. These factors are partially offset by the
company's lack of diversification by sector and distribution
channel.

"Should Swiss Life (U.K.)'s stand-alone business position or
capitalization weaken -- either as a result of the continuing
pressures of the current difficult industry environment and poor
investment conditions, or as a result of the parent's divestment
of Swiss Life (U.K.) -- the ratings on Swiss Life (U.K.) could be
lowered," said Standard & Poor's credit analyst Carolyn
Rajaratnam. Standard & Poor's will continue to closely monitor
the dynamics behind Swiss Life's (U.K.) capitalization,
especially in relation to any new business written.

CONTACT:  STANDARD & POOR'S, LONDON
          Carolyn Rajaratnam
          Phone: (44) 20-7847-7050
          Paul Waterhouse
          Phone: (44) 20-7847-7084
          Liddi Rau
          Phone: (44) 20-7847-7072


===========================
U N I T E D   K I N G D O M
===========================


ABBEY NATIONAL: Cuts Mortgage Rates to Reduce Variable Rate
-----------------------------------------------------------
Following the Bank of England's announcement to reduce its base
rate from 4.00% to 3.75% per cent, Abbey National has decided to
cut its standard variable rate by 0.15%, to 5.79%. The new rate
is effective from 13 February for new business and from early
March for existing customers.*

This cut in Abbey National's standard variable rate by 0.15%
means that borrowers on a typical GBP100,000 interest-only
mortgage will benefit from a reduction of GBP12.50 in their
monthly mortgage payment.

This cut is in addition to a reduction in October 2002 of 0.16%
in Abbey National's standard variable rate. The combined
reduction of 0.31% since October will save customers on a typical
GBP100,000 interest-only mortgage an extra GBP25.83 in their
monthly payment.

Abbey National's variable rate tracker mortgages follow movements
in the base rate and are being reduced by 0.25 per cent - from 10
February for new business and from March 3 for existing
customers. Abbey National offers some of the lowest up-front
deals on the market for new business, including its market-
leading 3.54% two-year variable rate tracker.

                      *****

Note:
*  SVR changes for new borrowers are effective from 13/02/2003,
and existing borrowers from 01/03/2003 (SVR changes for existing
Abbey National Mortgage Finance (ANMF) borrowers, who are based
on a different system, are effective from 03/03/2003).

- Variable Rate tracker change for new borrowers effective
10/02/2003, and existing borrowers from 03/03/2003.

- Full details of Abbey National's mortgage range including fixed
and variable rate trackers available upon request.

- The Bank of England sets a base rate (officially known as a
repo rate) which, along with other factors, is used by banks and
building societies, to set interest rates for mortgages and
loans.

- Variable tracker rates follow the Bank of England base rate
plus or minus an agreed differential and track any Bank of
England base rate changes.

- New borrowers taking out a mortgage can choose a special
introductory offer. After the initial benefit period all products
(excluding the flexible range) transfer to Abbey National's SVR.

- All new mortgages are calculated on a daily interest basis.

- Abbey National plc, which is regulated by the Financial
Services Authority, only sells its own life assurance, pension
and collective investment scheme products.

- Abbey National complies with the Mortgage Code, which provides
our customers with additional consumer protection.


AMP GROUP: S&P Affirms Ratings, Removes CreditWatch Status
----------------------------------------------------------
Standard & Poor's Ratings Services said it has removed from
CreditWatch and affirmed the ratings on AMP Life Ltd. at 'AA-'
The outlook is negative.

At the same time, Standard & Poor's has removed from CreditWatch
and lowered its ratings on the AMP U.K. operating companies,
group holding company, and bank. The insurer financial strength
and counterparty credit ratings on NPI Ltd. are lowered to 'A'
from 'A+' and the counterparty ratings on AMP Group Holdings Ltd.
and AMP Bank Ltd. are lowered to 'A-/A-2' from 'A/A-1'. The
outlook on these ratings is negative. The insurer financial
strength and counterparty credit ratings on Pearl Assurance PLC
are lowered to 'BBB+' from 'A'. The outlook on Pearl is stable.

The ratings action by Standard & Poor's represents a divergent
approach to that previously taken for the AMP group, reflecting
the unique circumstances that are currently affecting the AMP
group. The ratings on AMP Life, which is the main Australian
operating company within the AMP group, have been decoupled from
other ratings within the AMP group, as indicated by Standard &
Poor's affirmation of AMP Life and the downgrade of other AMP
companies.

"The affirmation of AMP Life reflects its superior financial
strength compared with other companies within the AMP group,"
said Kate Thomson, associate director, Financial Services Ratings
group. The ratings on AMP Life are supported by AMP Life's
preeminent market position in its Australian home market, and its
solid capital and earnings profile. "Standard & Poor's believes
that the AMP group is currently strategically committed to its
U.K. businesses, but is less confident that more capital, if
required, would be made available from the internal sources of
the AMP group to support its U.K. businesses, quarantining AMP
Life's capital strength to some extent."

Standard & Poor's ratings action reflects its belief that the
strong Australian life insurance business will be insulated, but
only to a limited extent, from an intensification of stresses
affecting the group's U.K. operations. "Current circumstances
allow for a degree of differentiation between the ratings in the
AMP group, but, should risks associated with the U.K. operations
intensify further, all ratings could be affected," added Ms.
Thomson.

The rating on Pearl reflects its stand-alone capital strength,
AMP's decision to close this entity to new business in the coming
year, and Pearl's subsequent corporate restructure. Pearl's
capital position, depressed by falling U.K. equity values in
2002, has been protected somewhat against further falls. If this
protection is removed, Pearl's capitalization could reduce,
further placing capital pressures on the wider AMP group. Pearl's
ratings are now based on its stand-alone credit strength, and the
stable outlook indicates that Pearl may not be impacted by future
rating actions affecting the group.

The one notch downgrade affecting other AMP group companies,
including NPI, AMP Group Holdings, and AMP Bank reflects Standard
& Poor's view of the reduced strength of the AMP group as a
whole. "In particular, capitalization has been negatively
impacted following a sustained deterioration of equity markets
affecting AMP U.K. businesses," said Ms. Thomson.

The ratings outlook for AMP Life, AMP Group Holdings, AMP Bank,
and NPI remains negative, reflecting the continued difficult
operating environment in the U.K., and uncertainty over U.K.
equity markets weighing on group strength. The AMP group has
announced an expected loss of about A$900 million in the year to
Dec. 31, 2002, and the ratings action is based on the assumption
that actual results are not materially outside of previously
communicated company expectations.

CONTACT:  STANDARD & POOR'S, Melbourne
          Kate Thomson
          Phone: (61) 3-9631-2104
          Gavin Gunning
          Phone: (61) 3-9631-2092


AMP GROUP: Issues Response to S&P Ratings Announcement
------------------------------------------------------
AMP notes the ratings actions announced by Standard & Poor's
(S&P).

Chief Executive Officer Andrew Mohl said AMP was pleased that S&P
had moved to resolve the negative creditwatch placed on the
company late last year.

"The different outcomes across the company reflect the market
conditions and issues facing each business but overall, the most
important point is that AMP remains financially strong," he said.

Mr Mohl said AMP was particularly pleased that the strength of
the Australian Financial Services business had been recognised
with the confirmation of the AMP Life rating at AA-.

"This action recognises the strength and security of the
franchise that AMP has in Australia. Customers should feel
reassured that S&P has acknowledged AMP's 'preeminent market
position in its Australian home market and its solid capital and
earnings profile'," Mr Mohl said.

The BBB+ rating assigned to Pearl is the standard rating for a
business in run-off. AMP has already announced its intention to
close the Pearl with-profits fund by the end of 2003.

"The lifting of the outlook for Pearl from negative to stable is
a positive move, and recognises the decisive actions we have
taken to underpin the financial position of this business. These
actions include reducing the sensitivity of our funds to further
falls in the FTSE through the disciplined use of derivatives," Mr
Mohl said.

"While the change in the NPI rating to A is disappointing, it
reflects the extremely difficult market conditions which the
entire UK life industry is facing. This is evident in rating
downgrades to many other UK life insurers in recent months."

The AMP Group Holdings Ltd rating has been lowered to A-. This
takes the Group Holdings rating back to the level assigned before
the RPS issue in October last year.

Mr Mohl said the negative outlook that remains on a number of AMP
entities reflects the continued difficult operating environment
in the UK and uncertainty over UK equity markets.

The ratings actions announced by S&P are:
Company              Previous Rating        New Rating
AMP Group Holdings   A / Neg. Watch/A-1     A- / Neg.Outlook/A-2
AMP Life             AA-/ Neg. Watch        AA- / Neg. Outlook
NPI Ltd              A+ / Neg. Watch        A / Neg. Outlook
Pearl Assurance      A / Neg. Watch         BBB+
AMP Bank             A/ Neg. Watch / A-1    A- / Neg.Outlook/A-2

CONTACT: Karyn Munsie
         Mark O'Brien
         Phone: 61 2 9257 9870
                61 2 9257 7053
                0421 050 430
         Matthew Coleman
         Phone: 61 2 9257 2700
                0421 611 138


ARC INTERNATIONAL: Returns EUR50 Million to Shareholders
--------------------------------------------------------
Introduction
On November 22, 2002, the Board of ARC International plc
announced that it intended to return EUR50.0 million of capital
to shareholders during the first half of 2003, to optimize the
company's capital structure and shareholders' potential for
future returns. On December 6, 2002, further to a review of
alternative methods of payment by the Board, it was announced
that the purchase of ordinary shares for cancellation would be
the most effective way of returning capital to shareholders.

The Board announces the details of the return of EUR50.0 million
of cash by means of a tender offer involving the repurchase for
cancellation of up to EUR48.5 million worth of ordinary shares
(less the costs of the Tender Offer) and the lending of a further
EUR1.5 million by the Company to the trustee of ARC
International's Employee Benefit Trust to fund proposed market
purchases of ordinary shares by the EBT Trustee.

In addition, the Board announces that it will seek the approval
of independent shareholders to a waiver, which the Panel on
Takeovers and Mergers has agreed to give (subject to such
approval), of the obligation that might otherwise arise under
Rule 9 of the City Code on Takeovers and mergers for Mr. Jeremy
San and persons deemed to be acting in concert with him to make a
mandatory offer for the Company if their holding of ordinary
shares represents, in aggregate, 30 percent or more of the voting
rights of the Company following completion of the Tender Offer or
following further market purchases by the Company thereafter.

The Board also announces details of proposals to amend certain
terms of some of the Company's share schemes. The Directors view
these amendments as an important and integral part of positioning
ARC International for the future.

It is proposed, subject to the approval of shareholders and
confirmation by the Court, that the share premium account of the
Company be cancelled, that the amount cancelled (together with
the balance of the reserve created by the reduction of the
Company's share premium account in 2000) be applied first to
offset the accumulated deficit on the Company's profit and loss
account as at the time the reduction of capital becomes effective
and secondly to create a distributable reserve of up to
approximately EUR73.5 million, of which up to EUR48.5 million
will be applied to acquire ordinary shares purchased by WestLB
Panmure pursuant to the Tender Offer.

It is expected that the reduction of capital will become
effective on or about April 2, 2003 and that the Tender Offer
will be commenced on or about May 8, 2003.

Tender Offer
The Directors are proposing the Tender Offer as the method of
returning capital to shareholders because they believe that the
Tender Offer will allow shareholders to be treated equitably,
while offering them the choice to participate in a return of
capital. The principal terms of the Tender Offer (which will be
set out in more detail in a document to be sent to shareholders
on or about 8 May 2003) are as follows:

WestLB Panmure will invite shareholders to tender ordinary shares
at any price within a tender price range (such range to be
determined by WestLB Panmure and the Board shortly before the
commencement of the Tender Offer and falling within the minimum
and maximum levels indicated below);

WestLB Panmure will purchase, as principal, existing issued
ordinary shares for up to a total purchase price of EUR48.5
million (less the costs of the Tender Offer), and then sell such
shares to the Company for cancellation;

All shareholders on the Company's register of members on a
specified date (other than certain overseas shareholders) will be
given the opportunity to participate in the Tender Offer. It is
intended however, to make the Tender Offer available to
shareholders resident in the United States and Canada, subject to
the availability of applicable exemptions;

All ordinary shares, which are successfully tendered, will be
purchased at the same price, which will be determined at the
conclusion of the Tender Offer on the basis of the prices at
which ordinary shares have been tendered. The Strike Price will
be the lowest price per ordinary share (within the price range
specified in the Tender Offer document) which will allow WestLB
Panmure to purchase ordinary shares with an aggregate purchase
value not exceeding EUR48.5 million (less the costs of the Tender
Offer);

The potential range for the Strike Price will be set within the
following minimum and maximum levels:

(i) the minimum price (exclusive of any expenses) which will be
paid for any ordinary share will be 22 pence per ordinary share;
(ii) the maximum price (exclusive of any expenses) which will be
paid for any ordinary share will not be more than 30 percent
above the average of the middle market quotation for an ordinary
share as derived from the Daily Official List of the London Stock
Exchange plc for the ten business days ending on the business day
prior to the publication of the document containing the formal
terms of the Tender Offer;

Shareholders will be informed of the tender price range in the
document containing the formal terms and conditions of the Tender
Offer.

Shareholders will be entitled to tender ordinary shares for sale
at different prices within the tender price range but all
ordinary shares purchased by WestLB Panmure will be purchased at
the Strike Price and ordinary shares tendered at a price or
prices above the Strike Price will not be purchased under the
Tender Offer.

Further purchases of ordinary shares
Following the completion of the Tender Offer, it is possible
that, subject to consideration of the financial position of the
Company, further surplus capital may be returned to shareholders,
if the Directors consider it appropriate. It is reasonably likely
that further market purchases by the Company of ordinary shares
for cancellation would be the method adopted for returning such
surplus capital.

Accordingly, it is proposed, subject to shareholder approval,
that the Company be authorised to make further market purchases
of ordinary shares following the implementation of the Tender
Offer.

Shareholders have been sent a circular setting out the further
details of the formal proposals which will enable these
arrangements to be implemented and which includes a notice of
Extraordinary General Meeting and explains what actions are
needed to be taken at this time.

Expected key dates are as follows:

Latest time and date for receipt of Forms of Proxy - 9.00 a.m. on
March 5, 2003

Extraordinary General Meeting - 9.00 a.m. on 7 March 2003

Court hearing to confirm the cancellation of the Company's share
premium account - on or about 2 April 2003

Announcement of results for the quarter ending 31 March 2003 - 23
April 2003

Despatch of tender forms - 8 May 2003

End of Tender Offer period - 22 May 2003

Despatch of cheques - by 29 May 2003

The above mentioned dates are indicative only and will depend,
inter alia, on the date upon which the High Court confirms the
cancellation of the Company's share premium account.

If any of the above times and/or dates should change, the revised
times and/or dates will be notified to shareholders by an
announcement on a Regulatory Information Service.

CONTACT: ARC INTERNATIONAL PLC
         Mike Gulett, Chief Executive Officer
         Phone: 001 408 437 3404
         Monica Johnson, Chief Financial Officer
         Phone: 001 408 437 3470

         WESTLB PANMURE
         Tim Linacre
         Andrew Godber
         Phone: +44 (0) 20 7020 4000

         TULCHAN COMMUNICATIONS
         Julie Foster
         Phone: +44 (0) 20 7353 4200


BAE SYSTEMS: Management Shakeup Rumor Untrue, Says Biggam
---------------------------------------------------------
BAE Systems senior non-executive director Sir Robin Biggam
dismissed reports that a group of non-executive directors are
planning to launch a shakeup in the company's management.

Sir Biggam said in a statement the non-executive directors of the
company have full confidence in BAE's current management team.
He labeled press reports as "speculation."

He was referring to articles saying a group of non-executive
directors that he allegedly leads, is planning to oust chief
executive Mike Turner.  Other reports stated that Sir Dick Evans,
the company's chairman, is also in line for axing.

This reports followed a profit alert in December as a result of
program-related cost over-runs and delays in the group's Nimrod
maritime surveillance planes and Astute Class nuclear submarines.

The glitches are expected to cost BAE Systems GBP800 million to
GBP1 billion in provisions.  The group is currently in talks with
the UK Ministry of Defense to find a way out of the problem, but
analysts fear the parties would not be able to come up with a
deal before the company releases its full-year results on
February 20.


BOOTS GROUP: To Cease Trial of Complementary Health Services
------------------------------------------------------------
Health and beauty retailer Boots Group PLC will stop the trial of
the complementary health services element of its Wellbeing
Services offer, consisting of osteopathy, physiotherapy,
homeopathy, herbalism, nutrition, Alexander Technique,
aromatherapy, and reflexology.

Chief Executive Steve Russell said, who is expected to resign
this year, said, "...the trial did not demonstrate sufficient
demand."

Boots will also change its dental offer within Wellbeing Services
by moving Boots Dentalcare dentists to the industry standard of
sel-employed contracts, and instituting new practice management
structures.

These changes are expected to save the group around GBP4 million
annually after one year; although costs associated with the new
arrangements are pegged at around GBP4 million spread over
2002/03 and 2003/2004.

Boots Wellbeing Services, including Boots Opticians, registered a
loss of GBP33 million on turnover of GBP231 in the year to March
1, 2002.

A spokesman said the changes are seen as necessary to improve the
company's business model.

Boots also recently announced a consultation with its staff in
Airdrie, Lanarkshire, regarding a proposal to close the factory
over the next two years as part of a wider rationalization of the
Group's existing manufacturing facilities. The closure would form
one step in the GBP100 million cost-reduction program announced
in November last year.

CONTACT:  BOOTS GROUP
          Investor Relations
          Peter Baguley
          Phone: +44 (0) 115 968 7171
          Mobile: +44 90) 7770 440 690


BUZZ: New Owner Will Not Drop Airline's Services in Germany
-----------------------------------------------------------
Ryanair Holdings will not scrap all services to Germany operated
by Buzz, the budget airline it agreed to acquire from KLM Royal
Dutch Airlines.

A spokeswoman for the company said, "We have reached no final
decisions as yet. Ryanair is in talks with all airports to which
Buzz operates. The airline will be announcing the schedule at the
end of the month."

The statement is in response to a reports citing flight
operations director David O'Brien saying the airline would halt
Buzz's services to Germany as this does not "fit" into the
group's concept.

Ryanair agreed to buy Buzz, KLM's loss-making budget airline, for
approximately EUR30 million.

By mutual agreement, Buzz will be transferred once regulatory
authorities have approved the transaction. Parties are aiming for
this transfer to take place on or before April 1, 2003.

KLM's decision to sell Buzz follows a strategic review of this
business in light of the increasing competition in the European
low cost arena over the last few months.



GLAXOSMITHKLINE PLC: Announces Preliminary Results for 2002
-----------------------------------------------------------
Gsk delivers business performance* eps growth of 13% cerdiverse
pharmaceuticals portfolio; Drives earnings growth despite generic
competition to augmentin.

GlaxoSmithKline plc (GSK) announced Wednesday its results for the
year ended 31st December 2002.  The full U.K. GAAP results
(statutory results) are presented under "Profit and loss account"
on pages 8 and 9.  The business performance and statutory results
are summarized below and the commentary, which follows, is on a
business performance basis unless otherwise stated.

2002 HIGHLIGHTS

- Strong pharmaceutical growth with global sales of nearly $27
billion and U.S. growth of 13%, despite generic competition to
Augmentin.  Key factors driving this ongoing performance are
fast-growing therapeutic franchises, new products, and innovative
lifecycle management strategies.

- Continued financial strength with total sales up 7% and trading
profit growth of 15%, driven by cost saving programs and
efficient business management.

- Excellent free cash flow of $8.1 billion.

- R&D organization making good progress, with an R&D update
meeting planned for the end of 2003.

- Guidance of high single digit percentage growth in 2003
business performance* EPS re-confirmed.

- Weak U.S. dollar and other currencies significantly impacted
performance in 2002 in sterling terms.

*  Business performance, which is the primary measure used by
management, is presented after excluding merger items,
integration and restructuring costs and disposals of
subsidiaries.  Management believes that exclusion of these non-
recurring items provides a better comparison of business
performance for the periods presented.  The 2003 forecast is on a
business performance basis at constant exchange rates (CER) and
assumes GSK successfully defends its intellectual property
surrounding Paxil in the USA - see "Legal proceedings" on page
23.  All financial commentaries are on a business performance
basis and growth rates are at CER unless otherwise stated.
Results for 2001 have been restated following the implementation
of FRS 19 'Deferred tax' in 2002.

2002 OVERVIEW

Business performance earnings per share (EPS) grew by 13%,
delivering on guidance and demonstrating the continued financial
strength that will provide the company with a sound platform for
the future. GSK's solid financial performance is built on a broad
portfolio of products that boosted global pharmaceutical sales 8%
to nearly $27 billion, and U.S. pharmaceutical sales growth to
13%.

While total sales were up 7%, trading profit grew 15%, driven by
cost-saving programs and operational efficiencies. The Group's
financial strength is also enhanced by a robust free cash flow of
$8.1 billion.

"Despite a challenging environment and losses to generic
competition, GSK has delivered a very solid financial
performance," said Dr. Jean-Pierre Garnier, Chief Executive
Officer of GlaxoSmithKline.  "We're excited about the progress
being made by our innovative R&D organization in moving our
promising early pipeline through clinical development, and we
expect to provide investors with a detailed R&D update towards
the end of the year."

GROWING A BROAD PORTFOLIO OF PRODUCTS

Pharmaceutical highlights for 2002:  Pharmaceutical sales grew 8%
to nearly $27 billion.  In the USA, which represented 54% of
GSK's total pharmaceutical business, sales grew 13%.  All major
therapeutic franchises in the USA delivered double-digit
percentage sales growth, except anti-bacterials (down 22% as a
result of generic competition to Augmentin and Ceftin).  In
Europe, sales grew 2% with growth from new products, such as
Seretide and Trizivir, being offset by declines in some older
products and by the impact of government healthcare reforms in
Italy. Sales in International markets increased 4%, with good
performances in Middle East and Africa, Canada and Asia Pacific
offsetting weakness in Latin America principally in Mexico.

Multiple Fast Growing Therapeutic Franchises

Across the Group's portfolio of products, six major therapeutic
areas experienced double-digit percentage growth for the year,
including the fast growing franchises: CNS ($6.8 billion) up 17%;
respiratory ($6.0 billion), up 16%; anti-virals ($3.4 billion),
up 12%, and vaccines ($1.6 billion), up 16%.

CNS:  Sales of Seroxat/Paxil, GSK's leading product for
depression and anxiety disorders, was the driver of growth in the
CNS therapy area, with sales of $3.1 billion, up 15% globally and
18% in the USA.  International sales of Paxil grew 27% to $401
million led by continued strong growth in Japan, where the
product was launched only two years ago.

Sales of Wellbutrin, for depression, grew 42% to $1.3 billion,
reflecting increased physician awareness of the product's
outstanding efficacy and favorable side effect profile.

GSK's medicine for epilepsy, Lamictal, continued to grow across
all regions achieving sales of $657 million, up 27%.

Respiratory: GSK continues to be the global leader in respiratory
pharmaceuticals with sales of its three key products -
Seretide/Advair, Flixotide and Serevent  - amounting to $4.4
billion (up 25%).

Sales of Seretide/Advair, GSK's second largest product, grew 96%
to $2.4 billion.  Advair is now the U.S. asthma market leader in
new prescriptions after less than two years on the market.
Seretide also continued to perform strongly in Europe (up 36%)
and International markets (up 92%).

Anti-virals:  HIV medicines grew across all regions and totaled
$2.2 billion in sales, up 13%.  Sales of Trizivir, GSK's new
triple combination therapy, grew 95% to $473 million.

Valtrex for herpes continued to benefit from its convenient once
daily dosing for suppressive therapy and achieved strong sales
growth of 26% worldwide and 35% in the USA.

Vaccines:  Sales of vaccines grew 16%, supported by the Hepatitis
franchise, up 12% to $725 million, with total sales in Europe
growing 17%.  U.S. sales grew 16% from the launch of Twinrix and
continued growth in Havrix, driven by new state mandates
requiring Hepatitis A vaccination by school age children.

Infanrix (GSK's DTPa range of combination vaccines) grew 8% to
$381 million.  Priorix and Tritanrix grew 29% and 54%,
respectively.

Metabolic/GI:  Worldwide sales for the metabolic/GI category were
$2.1 billion, up 1%.  The Avandia franchise (Avandia and
Avandamet) grew 19% for the year with U.S. sales up 15% to $1.0
billion.  Since its approval by the FDA in May 1999, over 4
million patients have used Avandia worldwide.

Zantac sales were $573 million (down 21%) with declines in most
markets.

Cardiovascular:  In 2002, Coreg sales grew 27% to $459 million,
benefiting throughout the year from its new indication for the
treatment of severe heart failure.

Oncology:  Sales of Zofran grew 22% to $1.1 billion, driven by a
strong U.S. performance, up 28% to $787 million.

Anti-bacterials:  Anti-bacterial sales declined 12% worldwide and
22% in the USA.  Augmentin's U..S sales were down 20% in the year
as a result of generic competition that began in the third
quarter.  Four generic versions of Augmentin have been introduced
in the USA following a decision by the U.S. District Court for
Eastern Virginia that held invalid GSK's patents on Augmentin
expiring in 2002, 2017 and 2018.  A hearing on GSK's appeal of
the Court's decisions has been scheduled for 5th March 2003.

U.S. sales of Ceftin declined 80%, due to generic competition
which began during the first quarter.

New Products and Innovative Product Strategies Provide Fuel for
Future Growth

GSK's new products - now 27% of total pharmaceutical sales -
achieved excellent sales growth of 36%.  Innovative lifecycle
management strategies also supported the Group's growth in
pharmaceutical sales, notably through product launches such as
Augmentin ES, Augmentin XR and Paxil CR.

2002 launches

Launched in April, Paxil CR continues to gain acceptance due to
its strong tolerability profile, and it now represents 31% of all
new U.S. prescriptions for Paxil in just 10 months.

In the USA, GSK's two new antibiotics (Augmentin ES, for
children, and Augmentin XR, for adults) are performing well.  The
ES formulation, launched in the fourth quarter of 2001, now
represents 49% of all branded and generic Augmentin paediatric
prescriptions.  Based on the most recent weekly prescription
data, the XR formulation, launched in October, now represents 14%
of all branded and generic Augmentin adult prescriptions.

Avandamet, a combination of Avandia and metformin HCI, expanded
the Avandia metabolic franchise with its U.S. launch in the
fourth quarter.  Avandamet for the treatment of type 2 diabetes
is the first medicine that targets insulin resistance and
decreases glucose production in one convenient pill.

2002/2003 Regulatory Activity and Launches

In August, the Group filed an sNDA for Lamictal seeking the
first-ever indication for long-term management of depressive
episodes in bipolar disorder.  In January 2003, the FDA approved
the use of Lamictal for the treatment of partial seizures in
paediatric patients aged two years and above.

In October, GSK filed an sNDA for Valtrex seeking the first-ever
indication to reduce the risk of transmission of genital herpes.

In November, Levitra (vardenafil) a new agent for the treatment
of erectile dysfunction received a positive opinion from the
European Committee for Proprietary Medicinal Products (CPMP).
The first launch in Europe is planned for March 2003.  The FDA
issued an approvable letter for Levitra in 2002, and launch is
expected in the USA in 2003.  Levitra was researched and
developed by Bayer AG and will be co-promoted with GSK.

In December, GSK filed NDAs for Ariflo for Chronic Obstructive
Pulmonary Disease (COPD) and "908", a protease inhibitor, for the
treatment of HIV.

In January 2003, GSK launched Avodart (dutasteride), a DHT
inhibitor, for the treatment of symptomatic benign prostatic
hyperplasia (BPH), in the USA.  GSK plans to market Avodart in
all major European countries with launches in the first half of
2003.

Also in January 2003, the Cardiovascular and Renal Drugs Advisory
Committee of the FDA unanimously supported the use of Coreg in
patients who have had a heart attack and who have left
ventricular dysfunction.  The recommendation was based on data
that showed early long-term treatment of these patients with
Coreg could reduce the risk of death by 23%.

In the USA, GSK's new Pediarix vaccine was launched in January
2003.  Pediarix adds protection against hepatitis B and
poliomyelitis to the Infanrix combination, and results in up to
six fewer injections for infants.

In January 2003, GSK received a positive opinion from the
European CPMP for the use of Seretide as a new treatment for
COPD.  The company expects European marketing authorisation
within the next few months followed by launches across Europe
during the first half of 2003.

Fourth Quarter 2002

Global pharmaceutical sales growth in the quarter was 7%
reflecting strong reported U.S. sales growth of 14% but weaker
Europe and International performances.

U.S. growth benefited in the quarter from increases in wholesaler
stocks on some products to more normal operating levels, and a
year-end review of customer discount and rebate provisions.
Underlying U.S. sales growth for the quarter was estimated to be
in the high single digit range; a robust performance despite
generic competition to Augmentin.

This was a quarter where a number of non-recurring items made it
a poor indicator of expense trends for the future.

Cost of goods reduced 13% compared to last year reflecting the
benefits of the manufacturing rationalisation programme, pricing
and product mix, and the absence of stock write-offs charged in
the previous year.

Selling, general and administration costs increased 14% compared
to the previous year, well above their normal rate of growth.
This reflected higher levels of both advertising and promotional
costs in the U.S. to support product launches, and certain
restructuring costs in respect of the Group's operational
excellence programme.

R&D costs increased 24% over last year largely as a result of
above normal one off expenses associated with external
collaborations and phasing of clinical trial costs.

The impact of the factors discussed above led to a trading profit
growth of only 5%, which was below the rate of sales growth of
7%.

Consumer Healthcare: 2002 Sales of $4.8 billion, Up 2%; Trading
Profit Growth of 5%

Over-the-counter medicine sales were $2,379 million, up 4%.
During the fourth quarter the U.S. smoking control franchise
launched GSK's new NiQuitin Lozenge, Commit, following approval
of the product by the FDA. Clinical studies show the Commit
lozenge can help smokers who have tried to quit before.

Oral care sales were down 2% to $1,578 million. Growth from
Sensodyne, Polident and Poligrip was offset by weak sales for
Aquafresh.  Nutritional healthcare products grew 3% to $869
million.

R&D ORGANISATION ON TRACK TO DELIVER

GSK issued an updated pipeline chart, which includes 123 projects
in clinical development, comprising 61 NCEs, 23 new vaccines and
39 line extensions.  The pipeline also shows that Avodart, a DHT
inhibitor for the treatment of symptomatic BPH, is now in Phase
III for the prevention of prostate cancer.

As part of the merger, GSK formed six new, therapeutically
focused, Centres of Excellence for Drug Discovery (CEDDs).  These
were established to take responsibility for product development
through to Proof of Concept.  The CEDDs are nimble, and
entrepreneurial, with the range of skills and scale of resources
required to drive mid-stage development projects through to their
key decision-point, before large - scale phase III clinical
trials.

Pipeline Activity

After two years of activity by the restructured R&D organization,
GSK is seeing significant progress as the company advances its
early stage pipeline through clinical development. GSK plans to
launch the following 12 new products and line extensions over the
next two years:

NEW PRODUCTS

- Alvimopan, an oral mu-opoid antagonist, for post operative
ileus
- Ariflo, a novel PDE IV inhibitor for treatment of COPD
- Bexxar, a new radioimmunotherapy for treatment of non-Hodgkin's
lymphoma
- Levitra, a new agent for the treatment of erectile dysfunction
- Nesiritide (in EU only), for treatment of acute heart failure
- "908", a new protease inhibitor for use in the treatment of HIV
- Wellbutrin XL, a once-daily formulation of bupropion
hydrochloride for depression

LINE EXTENSIONS

- Coreg, for the treatment of heart attack patients who have
impaired cardiac function
- Lamictal, for long-term management of depressive episodes in
bipolar disorder
- Seretide/Advair, for treatment of COPD
- Seretide/Advair, for treatment of asthma in paediatric patients
- Valtrex, to reduce the risk of transmission of genital herpes.

Partner of Choice

Leveraging the size and quality of its global R&D organisation
and sales and marketing teams, GSK continues to build on its
reputation as the partner of choice for both large and small
companies.  Since GSK was formed in December 2000, the Group has
signed 24 major external collaborations; 16 for products in
clinical development and a further 8 for products at the pre-
clinical stage.  In the fourth quarter of 2002 and early 2003,
GSK signed alliances with:

- Theravance, Inc. to develop novel medicines containing long-
acting Beta2 agonists (LABA) for the treatment of respiratory
diseases.  Phase I clinical studies have already started.
- Ono for the development of a cellular chemokine receptor (CCR5)
antagonist currently in development for treatment of HIV
infection, as well as back-up and follow-on compounds.  GSK plans
to initiate Phase I clinical studies in the USA in the first half
of 2003.

STRONG FINANCIALS PROVIDE FOUNDATION FOR THE FUTURE

Merger and Restructuring

GSK has made good progress with its merger and manufacturing
restructuring plans and remains on track to deliver forecast
total annual merger and manufacturing restructuring savings of
$2.7 billion by 2003, excluding benefits from the Block Drug
acquisition.  The estimated cost of achieving this remains around
$5.7 billion, of which $5.1 billion had been charged by 31st
December 2002.

Net costs of $1,517 million were incurred in the year in respect
of merger and manufacturing restructuring.  After tax relief of
$449 million, the net charge was $1,068 million.

Trading Profit and Earnings Per Share

Business performance trading profit was $10,042 million with a
growth of 15%, stronger than sales growth of 7%, demonstrating an
improved trading margin.  This margin improved 2.1 points to
31.6% compared with 2001, principally due to cost savings derived
from merger integration, manufacturing restructuring and other
initiatives.

Other operating expenses were $167 million in the year compared
with $54 million income in 2001.  The year on year movement
reflects higher provisions in 2002 for product liability and
other claims, and lower 2002 proceeds from disposals and equity
investment sales.  In addition, there was no profit on the
disposal of businesses in 2002 (2001: $138 million).

Full year business performance EPS increased 13% in CER terms and
8% in sterling terms.  The adverse currency impact on EPS of 5%
in the year reflected the significant weakening of the U.S.
dollar relative to last year and compares to a 3% adverse
currency impact on sales.  This difference principally arises
from a different mix of currencies in profits compared with
sales.

Total results, which include merger and manufacturing
restructuring costs, delivered trading profit of $8,494 million
on sales of $31,819 million.  Taken together with other expenses,
taxation and product divestments this resulted in earnings per
ADS of $1.99 compared with $1.45 in 2001 and a diluted earnings
per ADS of $1.98 compared with $1.44 in 2001.  Merger and
manufacturing restructuring costs were lower in 2002 than in 2001
and as a result, the sterling based growth in EPS of 32% was
significantly higher than the CER based growth in business
performance EPS despite the overall negative impact of currencies
in 2002.

Pensions

The Group continues to account for pension arrangements in
accordance with SSAP 24.  Under the transitional provisions of
FRS 17 the disclosed pension assets and liabilities of the Group
at 31st December 2002 show a net deficit of approximately $2.1
billion after allowing for deferred taxation (31st December 2001:
$663 million).  In the fourth quarter 2002 special cash
contributions of $480 million were made to reduce the funding
deficit.

The company will review this position annually and will make
further contributions as appropriate.  Pension service costs will
be higher in 2003 and this has been taken account of in the
company's earnings guidance.

Currencies

The 2002 results are based on average exchange rates of œ1/$1.50
and œ1/Euro 1.59.  Since the year-end there has been further
strengthening of sterling against the U.S. dollar and a weakening
against the Euro and at 31st January 2003, the exchange rates
were œ1/$1.64 and œ1/Euro 1.53.  If exchange rates were to hold
at these levels for the remainder of 2003 the negative currency
impact on earnings per share growth would be approximately 6% for
the full year.

Dividend

The Board has declared a fourth interim dividend of 13 pence per
share making a total for the year of 40 pence per share.  This
compares with a dividend of 39 pence for 2001.  The equivalent
dividend receivable by ADR holders is 41.868 cents per ADS based
on an exchange rate of œ1/$1.61032.  The dividend will have an
ex-dividend date of 19th February 2003 and will be paid on 17th
April 2003 to shareholders and to ADR holders of record on 21st
February 2003.

Earnings Guidance for 2003

GSK's guidance for business performance growth in earnings per
share 2003 remains high single digit percentage growth.  This
guidance assumes GSK successfully defends its intellectual
property surrounding Paxil in the USA - see "Legal proceedings"
on page 23.  Business performance is at constant exchange rates
and excludes merger items, integration and restructuring costs
and disposals of subsidiaries.

Share Buy-Back Programme

In October 2002 GSK commenced a new $6 billion share buy-back
programme.  This followed the completion of the $6 billion buy-
back programme announced in 2001.  A total of $3,330 million was
spent in 2002 of which $329 million relates to the new buy-back
programme.  The exact amount and timing of future purchases will
be determined by the company and is dependent on market
conditions and other factors.

GlaxoSmithKline - one of the world's leading research-based
pharmaceutical and healthcare companies - is committed to
improving the quality of human life by enabling people to do
more, feel better and live longer.  For company information and a
copy of the company's updated product development pipeline, visit
GSK at www.gsk.com.

High resolution photographs of the results presentation are
available to the media, free of charge, at www.newscast.co.uk
(020) 7608 1000.

To see GlaxoSmithKline's Financial Reports:
http://bankrupt.com/misc/GlaxoSmithKline.htm


GLOYSTARNE: Labor Cost Partly Forces Fall Into Receivership
-----------------------------------------------------------
Gloystarne, provider of distribution and storage service,
succumbed into receivership under the weight of rising labor
costs compounded with price pressures from customers.

Administrators at the Leeds office of accountants Ernst & Young
who are looking for a buyer for the company, are optomistic in
finding an investor willing to take on the company's attractive
customer base.

"...It has a very attractive customer base, along with nationwide
coverage and a strong reputation for quality delivery. We are
planning to continue to trade the company with the aim of selling
it as a going concern," a spokesman for Ernst & Young said.

While saying that the stage for a sell-off is very early, the
spokesman confirmed it has received several offers from
interested parties.

The Rotherham-based business employs 440 staff and registers a
turnover of GBP25 million.  It provides manufacturers and
importers with a distribution and storage service but also
delivers goods to major supermarkets and wholesalers. It has
distribution centres in Bristol, Milton Keynes and Glasgow, but
nearly 300 of its staff are based at the Rotherham headquarters.
After diversification into warehousing in the early 1980s, the
company was able to acquire 658,000 sq. ft. of storage.

CONTACT:  ERNST & YOUNG
          5 Times Square
          New York, NY 10036
          Phone: 212-773-3000
          Fax: 212-773-6350
          Home Page: http://www.eyi.com


NTL INC.: Maxcor Motions to Resolve When-Issued Trade Disputes
--------------------------------------------------------------
Maxcor Financial Inc., the U.S. broker-dealer subsidiary of
Maxcor Financial Group Inc., filed suit in the
Supreme Court of the State of New York, County of New York,
seeking a uniform and permanent resolution of the disputes
surrounding the settlement of when-issued trades in NTL Inc.,
common stock.

The settlement of when-issued trades in NTL common stock was
thrown into turmoil on January 10th when NTL emerged from
bankruptcy under a plan of reorganization providing for the
issuance of one-fourth the number of shares as was previously
contemplated. Maxcor and other participants in the when-issued
trading market expected that when-issued trades would be
adjusted to reflect what was effectively a 1-for-4 reverse stock
split. Unfortunately, a number of buyers in that market, seizing
upon a Nasdaq advisory that it would not cancel the when-issued
trades, have instead attempted to claim a windfall and take
delivery of shares with a value potentially 4x in excess of what
they bargained for.

As previously announced, Maxcor and other sellers of when-issued
NTL shares sought and obtained preliminary relief on January
16th from the United States Bankruptcy Court for the Southern
District of New York. Recognizing that the reverse stock split
was supposed to be a ministerial matter that did not adversely
affect anyone's rights, the Court's relief allowed all sellers
to force settlement of their transactions on an adjusted basis
that reflected the reverse stock split. The Court then extended
this relief through February 5th pursuant to a second order.

Many of Maxcor's counterparties settled their when-issued
transactions on an adjusted basis in accordance with the
Bankruptcy Court's orders, but others did not.  As a result,
after the Bankruptcy Court's temporary relief dissolved, Maxcor
filed its suit in New York State Supreme Court - a court with
broader jurisdictional reach. The suit names all counterparties
who traded with Maxcor in when-issued NTL shares. Roger Schwed,
General Counsel of Maxcor's parent company, explained: "We
principally filed this suit to pursue those parties who are
persisting in trying to grab a windfall by refusing to adjust to
reflect what was intended by NTL and the Bankruptcy Court to be
a neutral transaction with the same effect as a 1-for-4 reverse
stock split. However, we felt obliged to name all parties to our
trades, whether they had adjusted with us or not, in order to
ensure that a consistent result obtains in all instances."

A number of industry participants, including several of Maxcor's
counterparties who are named in the suit, have privately
expressed support for Maxcor's efforts to bring this matter to a
close on a consistent basis. Without a single forum in which to
seek a uniform resolution, participants in the when-issued
market for NTL shares who acted both as buyers and sellers risk
being whipsawed by inconsistent results that potentially might
force them to deliver, when acting as a seller, four times as
many shares as they receive when acting as a buyer.

Maxcor cautioned that it could not currently predict with any
certainty the ultimate outcome of its lawsuit or of the
settlement disputes themselves, the time frame for their
resolution, or whether its previously announced estimate of
their possible financial impact will be mitigated. Maxcor said,
however, that it was currently exploring whether all of the
affected parties might have an interest in seeking a speedier,
negotiated result through consensual mediation. Maxcor also
noted that one party named in its lawsuit, to whom Maxcor was a
net seller, has already settled out of it by agreeing to
finalize the settlement of all of its trades with Maxcor on a
fully-adjusted basis.

Maxcor Financial Inc., is an SEC-registered broker-dealer,
specializing in institutional sales and trading operations in
high-yield and distressed debt, municipal bonds, convertible
securities and equities. Through its Euro Brokers division,
Maxcor is also a leading domestic and international inter-dealer
broker specializing in U.S. Treasury and federal agency bonds
and repurchase agreements, emerging market debt products and
other fixed income securities. Maxcor is a subsidiary of Maxcor
Financial Group Inc. -- http://www.maxf.com-- which employs
approximately 500 persons worldwide and maintains principal
offices in New York, London and Tokyo.


ROYAL & SUNALLIANCE: Enters Outsourcing Deal With Unisys
--------------------------------------------------------
In one of the biggest-ever outsourcing agreements in the U.K.
life and pensions market, Royal & SunAlliance and Unisys
announced Wednesday that Unisys Insurance Services Limited (UISL)
-- a wholly owned Unisys subsidiary--will undertake the
processing and administration of the 2.4 million life and
pensions policies of Royal & SunAlliance's UK Life operation.

The contract is for an initial term of 10 years with an estimated
value in excess of US$450 million (300 million Pounds Sterling),
based on projected policy volume.

By drawing on Unisys end-to-end insurance administration
processing expertise, Royal & SunAlliance expects to improve
customer service, maintain competitive costs per policy and
expand the professional opportunities of its employees
transferring to UISL.

Peter Hanby, managing director of Royal & SunAlliance's UK Life
operation, said, "This deal delivers highly competitive and
directly variable administration costs for our Life business, at
the same time as providing our customers with good quality
service in the future. It is also good news for those employees
transferring across to Unisys, who will be joining a leading
outsourcing specialist, whilst maintaining stretching career
opportunities for those people remaining in R&SA's Governance
Team."

Peter Thomas, managing director at UISL said, "Unisys has an
excellent track record of providing managed services worldwide
that deliver tangible business results to our clients and their
customers. We are delighted to have R&SA UK Life become a client
of UISL, where we will now manage more than four million policies
for the life and pensions market in the UK. We welcome the R&SA
employees transferring across to us, and we're confident that
together we will make the most of the opportunities that exist to
develop in a dynamic, global market."

The new arrangement is designed to deliver high levels of service
for R&SA customers, who will be served by UISL. UISL is one of
the UK's largest providers of managed insurance administration
services, including 1.7 million policies for Abbey Life.

Over the term of the Royal & SunAlliance agreement, UISL will
maintain the continuity of customer services while improving the
operation's capability and efficiency, enhancing business
applications and migrating legacy computer systems to open,
strategic platforms.

The deal also secures for Royal & SunAlliance a competitive
maintenance cost per policy through the contract's variable cost
structure as well as the improved operational efficiency and
flexibility Unisys can bring to the UK Life business operation.

The announcement follows Royal & SunAlliance's decision to close
its UK Life operation to new clients as part of its ongoing
strategy to reshape the company.

As part of the arrangement, effective on May 1, approximately
1,700 R&SA employees will transfer to UISL, which will maintain
R&SA's operations in Liverpool and Horsham. The contract opens
professional opportunities for R&SA's Life employees, who will be
transferring to a market-leading outsourcing specialist with
operations worldwide.

R&SA and Unisys consulted fully with union representatives
throughout the development of this agreement. R&SA's UK Life
operation will retain a small governance team to manage both the
Unisys and other existing outsourced contracts, oversee the
financial and regulatory responsibilities of the life company and
provide legislative and regulatory reporting to the Group.

For information about R&SA, visit www.royalsunalliance.com.

About Unisys

Unisys is a worldwide information technology services and
solutions company. Our people combine expertise in systems
integration, outsourcing, infrastructure, server technology and
consulting with precision thinking and relentless execution to
help clients, in more than 100 countries, quickly and efficiently
achieve competitive advantage.

For more information, visit www.unisys.com

Unisys is a registered trademark of Unisys Corporation. All other
brands and products referenced herein are acknowledged to be
trademarks or registered trademarks of their respective holders.

CONTACT:  UNISYS
          United Kingdom
          Jill Pearcy
          Phone: 01895 862951
          E-mail: jill.pearcy@unisys.com
          or
          North America
          Susan Beck
          Phone: 215/986-6036
          E-mail: susan.beck@unisys.com
          or
          Investor Relations
          Jim Kerr
          Phone: 215/986-5795
          E-mail: jim.kerr@unisys.com


                                ************

   S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
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USA, and Beard Group, Inc., Washington, DC USA. Kimberly
MacAdam, Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
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Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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