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            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

                 Thursday, May 29, 2003, Vol. 4, No. 105


                              Headlines

* B E L G I U M*

FORTIS N.V.: Economic Environment Continues To Depress Results
FORTIS N.V.: Shareholders Decide on Dividend, Reappointments

* F R A N C E *

SELECTIBAIL: Ratings Affirmed At BB+/B, Withdrawn On Request
SUEZ S.A.: Launches EUR 2.5 Billion Syndicated Credit Facility

* G E R M A N Y*

ARBOMEDIA AG: Result After Taxes Almost Achieves Balance in Q1
DEAG ENTERTAINMENT: Expects Highly Successful Concert Season
D. LOGISTICS: Assures Firm Is on Track for First Quarter 2003
KAMPS AG: Improves Results by Narrowing Loss to EUR 2.0 Million
NEUE SENTIMENTAL: Says Right on Target After First Quarter

NORDEX AG: New Management Initiates Tough Restructuring Program
PROSIEBENSAT.1 MEDIA: Future on the Balance in Buyout Talks

* I T A L Y*

TELECOM ITALIA: Olivetti Prices Voluntary Public Tender Offer
TELECOM ITALIA: Shareholders Approve 2002 Financial Statements

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

MILLICOM INTERNATIONAL: All Resolutions Proposed at AGM Approved
MILLICOM INTERNATIONAL: All Resolutions Proposed at EGM Approved

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

HELIX CAPITAL: Fitch Downgrades Series 2002-12 A, B, C Notes
KONINKLIJKE AHOLD: S&P Ratings Remain on CreditWatch Negative
LETSBUYIT.COM N.V.: Goes to IFEX in Reverse Takeover Transaction

* P O L A N D*

NETIA HOLDINGS: Receives Favorable Ruling on Dial-up Access Case
NETIA HOLDINGS: Warrants and Shares Trades on Warsaw Bourse

* R O M A N I A*

COSMOROM S.A.: Fails to Reach Agreement on Payments--OTE

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

ABB LTD.: Maintains Ratings/Outlook After Delay of Court Ruling
MIKRON: Swiss Investors Set to Rescue Firm From Bankruptcy
SWISS INTERNATIONAL: Junks Compromise Solution Offered by Court
SWISS INTERNATIONAL: Limits First-Quarter Losses to CHF 200 MM
SWISS LIFE: Shareholders Approve New Holding Board of Directors

*U N I T E D   K I N G D O M*

ABERDEEN ASSET: Haylon Joins Board as Non-Executive Director
AES DRAX: Standstill Agreement Likely to Take More Time--Sources
ALTERIAN PLC: Aims to Post Positive Earnings for the Year
AMEY PLC: EUR Commission Authorizes Acquisition by Ferrovial
BAE SYSTEMS: EADS Completes Full Acquisition of Astrium

BRITANNIC PLC: Paragon Confirms Buyout Talks; Discloses Plans
CABLE & WIRELESS: Appoints Two New Non-Executive Directors
CRISSCROSS COMMUNICATIONS: Administrators Sells Operations
EQUITABLE LIFE: Plans to Give GBP70 Million to Policyholders
INTERNATIONAL MOVING: Administrators Offer Business for Sale

MARCONI CORP.: To Outsource Internal IT Operations To Save Costs
MELVILLE DUNDAS: Private Companies Show Interest in PFI Contract
MYTRAVEL GROUP: Announces Disposal of Land at Las Meloneras
ROYAL MAIL: Commission Okays Acquisition of IT Division by CSC


=============
B E L G I U M
=============


FORTIS N.V.: Economic Environment Continues To Depress Results
--------------------------------------------------------------
Developments in the first quarter

-- Persistently weak economic conditions and depressed stock markets pushed
down net operating profit, excluding the unrealized value adjustment of the
equity portfolio, to EUR 763 million, an 8% decrease compared with the first
quarter of 2002, Fortis' best quarter ever.

-- Net operating profit of the insurance business, excluding the unrealized
value adjustment of the equity portfolio, advanced 20% due to improved
technical results at Non-life and higher realized capital gains. Gross
premium income rose 7%, due mainly to a 25% increase in gross premium income
in Life. Costs rose by only 1%.

-- Net operating profit of the banking business, excluding the unrealized
value adjustment of the equity portfolio, fell 25% due to lower interest
income, lower commission income and a rise in the provision for credit
risks. Operating expenses came down by 4%.

-- Fortis' solvency remains strong. Net core capital at the end of March was
EUR 17.0 billion, EUR 7.4 billion (77%) above the legally required minimum
and EUR 1.7 billion (11%) above Fortis' own floor. Due to developments on
the stock markets, Fortis' solvency at 21 May, excluding second quarter
results, but including the impact of the hedge, was EUR 17.2 billion, EUR
7.6 billion (79%) above the legally required minimum and EUR 1.9 billion
(12.5%) above Fortis' own floor.

-- Fortis booked a net loss of EUR 453 million in the first quarter,
including the unrealized value adjustment of the equity portfolio of EUR 1.2
billion (EUR 0.9 million at 21 May).

Fortis
in EUR million
                       First quarter  First quarter   Change
                              2003            2002     in %

Net operating profit before
     realized capital gains    383         585          (35)
Realized capital gains         380         246          +55
Net operating profit after
     realized capital gains    763         831           (8)
Unrealized value adjustment of
     the equity portfolio 1) (1,216)         0
Net operating profit           (453)       831
Non-operating items               0         19
Net profit                     (453)       850

1) Including the impact of the hedge.

Fortis CEO Anton van Rossum comments: "The financial sector started the year
on a bad note. The first quarter was dominated by a weakening economy and a
further decline in the stock markets. Fortis once again had to revalue its
equity portfolio in the first quarter. Apart from this setback, Fortis
performed reasonably well. The stagnating economy is reflected in the need
for higher credit provisions and lower revenues, but costs are still under
control and the insurance business continues to grow. We are convinced that
our policy, which is primarily geared towards the customer and towards
management of costs and risks, will help us emerge from these difficult
times stronger. The uncertainty surrounding economic developments makes it
impossible for us at this time to issue a realistic profit forecast for the
current year."

Developments in the banking business

-- Interest income came down by 8%, to EUR 1,049 million, due to a lower
interest margin caused by the shrinking difference between short-term and
long-term interest rates. Interest income compared with the last quarter of
2002 remained stable.

-- Net commission income declined 9% due to lower stock market-related
income.

-- The banking business recorded slightly higher trading results and, as in
the first quarter of 2002, benefited from interest rate movements by
realizing capital gains on the bond portfolio.

-- The economic environment had repercussions on the entire credit
portfolio. The allocation to the provision for credit risks amounted to EUR
187 million in the first quarter of 2003, a sharp rise compared with the
extremely low first quarter of 2002. In the fourth quarter of 2002 this
figure was EUR 221 million. The allocation to the provision for credit risks
for full-year 2003 is expected to remain in line with the figure for the
first quarter.

-- Operating expenses in the banking business came down by 4% and remain
well under control, both in terms of wage costs and other costs. Compared
with 31 December 2002, the number of FTEs declined in the first quarter by
627, to 39,034.

-- Despite the drop in revenues, the cost/income ratio, at 58%, was
virtually equal to that of the first quarter of 2002.

-- Risk-weighted commitments (a means of gauging credit risks) decreased 1%
to EUR 151 billion. The tier-1 ratio and capital adequacy ratio remained
high, at 8.2% and 13.0% respectively.

Banking business        First quarter  First Quarter   Change
                               2003            2002     in %
in EUR million

Total revenues,
net of interest expense     2,205        2,287          (4)
Operating expenses           1,313        1,372          (4)
Net operating profit before
realized capital gains        177          394         (55)
Realized capital gains         265          192         +38
Net operating profit after
realized capital gains        442          586         (25)
Unrealized value adjustment
of the equity portfolio      (83)
Net operating profit           359          586         (39)

Developments in the insurance business

-- Total gross premium income rose 7% to EUR 6,224 million.

-- Gross premium income in Life advanced 25% to EUR 3,030
million, mainly at traditional insurances.

-- Gross premium income in Non-life fell 6% to EUR 3,194 million, due mainly
to a lower dollar exchange rate. Excluding exchange differences, gross
premium income in Non-life went up 6%.

-- Realized capital gains were higher than the first quarter of 2002 and
were realized primarily on bonds.

-- All lines of Non-life achieved good technical results, mainly thanks to
the improved claims ratio. The net combined ratio, excluding Fortis, Inc.,
was 98.5% compared with 103.3% at the end of the first quarter of 2002.

-- Costs in the insurance business remained virtually stable, due partly to
exchange rate differences.

-- The number of FTEs increased by 119, to 25,832, compared with year-end
2002. In the Benelux countries, the number of FTEs decreased by 113 to
10,733 at the end of March 2003. Fortis Insurance International saw its
number of FTEs rise by 74 to 3,118. Due to an expansion in operations, the
number of FTEs at Fortis, Inc. rose by 158 compared with yearend 2002, to
11,981 at the end of the first quarter.

Solvency
In calculating solvency, net core capital is based on a conservative
calculation. It excludes any unrealized capital gains on the bond portfolio
(EUR 4.6 billion on 31 March 2003), goodwill, and any elements of embedded
value.

Solvency (in EUR billion)                   31 March 2003
Net core capital                               17.0
Legally required minimum                        9.6
Surplus above legally required minimum          7.4
Surplus above legally required minimum (as %)    77
Fortis's floor                                 15.3
Surplus above Fortis' floor                    1.7
Surplus above Fortis' floor (as %)              11

Insurance business        First quarter  First quarter   Change
                                  2003           2002     in %
in EUR million

Gross premium income          6,224         5,821          +7
Costs                           689           685          +1
Net operating profit before
realized capital gains         252           249          +1
Realized capital gains          111            53        +109
Net operating profit after
realized capital gains         363           302         +20
Unrealized value adjustment
of the equity portfolio     (1,069)            -
Net operating profit           (706)          302

In the first quarter, Fortis aimed to safeguard its solvency position by
reducing its vulnerability to fluctuations in the equity portfolio by
implementing a tailor made hedging strategy. Including the effect of the
hedging strategy, the additional unrealized value adjustment of the equity
portfolio as of 31 March 2003 came to EUR 1.2 billion. This was charged
entirely to the profit and loss account. On 21 May 2003 this figure came
down to EUR 0.9 billion. Unrealized capital gains on the bond portfolio
amounted to EUR 5.6 billion as of 21 May.

Key figures per share (in EUR)     First quarter   First quarter
                                      2003            2002

Net operating profit before unrealized value
adjustment of the equity portfolio    0.59             0.64
After full conversion 1)              0.57             0.63
Net operating profit                 (0.35)            0.64
After full conversion 1)             (0.35)            0.63
Net profit                           (0.35)            0.66
After full conversion 1)             (0.35)            0.64
Shareholders' equity                  7.97             8.39 2)

1) After exercise of all warrants and options and after full conversion of
convertible bonds.
2) Year-end 2002.

Developments per business

I. Network Banking
-- Results under pressure
-- Costs under control
-- Premium income up at FB Insurance
-- In Belgium 6,000 new Internet clients every week

Network Banking's net operating profit, before the unrealized value
adjustment of the equity portfolio, amounted to EUR 351 million, which was
24% lower than in 2002. This is mainly the result of a lower interest
margin, an increase in provisions for the credit portfolio, and declining
commission income. The result was also depressed compared with last year
because TOP Lease was sold in 2002 and corporate customers have been
reported under Merchant Banking since 1 January 2003. Taking into account
the effect of this change in structure, in the first quarter the number of
FTEs declined, as planned, by 353 to 19,706 relative to the end of 2002.
Costs developed favorably.

Retail Banking. In Belgium the results were in line with expectations.
Research reveals that customer satisfaction rose from 66.2% in the first
quarter of 2002 to 67.8% in the first quarter of 2003. Sixty-six bank
branches were closed in Belgium and four bank branches were closed in the
Netherlands in the first quarter, bringing the total number of branches to
1,571 and 188 respectively. Electronic banking continues to gain popularity.
In Belgium alone, more than 450,000 customers now make use of Internet
banking, and this number has been on the rise by 6,000 a week.

FB Insurance saw premium income in Life advance. Life premiums increased EUR
391 million to EUR 812 million. Products with an interest-rate guarantee
generated this growth, while premiums from unit-linked products decreased.
Non-life premiums remained virtually stable, at EUR 46 million.

Commercial Banking. Commercial Banking booked good results across the board,
but suffered from the poor investment climate, as evidenced by, among other
things, the declining demand in lending. The persistently weak economy also
drove up provisions for the credit portfolio.

Activities in niche markets outside Belgium and the Netherlands met growth
and profit expectations. Local banking operations in Asia (China, including
Hong Kong) are suffering from the exchange rate of the weaker Hong Kong
dollar (which is pegged to the US dollar) against the euro and the ongoing
economic slump.

Good results were booked in leasing. The economic downturn prompted
companies to extend their credit terms, driving up turnover at Fortis
Commercial Finance, which specializes in factoring. In the Netherlands the
acquisition of the business portfolio of KBC Nederland was completed in the
first quarter. In France Sade expanded its operations.

II. Merchant Banking
-- Strong results from fixed income and treasury activities
-- Continued weakness in advisory market
-- Additional provisions for commercial lending

Net operating profit, before the unrealized value adjustment of the equity
portfolio, amounted to EUR 86 million (-18%). The number of FTEs declined to
2,611, compared with 2,656 at year-end 2002. Although the equity markets
were still depressed, putting pressure on commission income, the Global
Markets division had a very good start of the year, helped by strong results
in fixed income and treasury activities. Despite continued weakness in the
advisory market, Corporate & Investment Banking made a positive contribution
to Fortis' results. Additional value adjustments were made to the commercial
credit portfolio.

In the first quarter Fortis for the first time issued a syndicated bond in
Czech korunas, and Fortis Bank arranged the issue of a bond in Hungarian
forints. Fortis Bank also successfully structured and launched a new tranche
of the securitization of Fortis ASR mortgages.

Since 1 January 2003, Corporate Banking activities have been incorporated
into Merchant Banking (previously Network Banking) with the result that
Fortis' corporate customers now have access via one privileged channel to a
much wider range of products and services. Information Banking has been part
of the Private Banking & Trust, Asset Management and Information Banking
business since 1 January 2003.

III. Private Banking & Trust, Asset Management and Information Banking

Private Banking & Trust
-- Net operating profit up 4% compared with the previous quarter, thanks
mainly to cost savings
-- Shift from classic asset management to new value propositions
-- Intake at EUR 0.5 billion

Net operating profit, excluding the unrealized value adjustment of the
equity portfolio, declined from EUR 29 million in the first quarter of 2002,
to EUR 25 million, mainly due to the downturn in the markets.

Compared to the last quarter of 2002 and despite persistently poor market
conditions Private Banking & Trust managed to grow its net operating profit,
excluding the unrealized value adjustment of the equity portfolio, by 4%,
from EUR 24 million to EUR 25 million.

This growth was fuelled on the one hand by further cost savings ranging from
continued cost control, capturing of economies of scale in brokerage, and
restructuring of activities. Furthermore, exceptional revenues were booked
on divestments of smaller non-core, high cost/income activities. The number
of FTEs decreased in the first quarter from 2,566 at year-end 2002 to 2,322.

On the other hand, the growth of 4% stemmed from segmentation based on
customers' needs. This ensured that a larger part of the service provision
could be shifted from classic asset management to more diversified products
and services, such as a high-yield account, new alternative investment
products, and financing and real estate activities.

Assets under management at the end of March 2003 came to EUR 47.6 billion,
compared with EUR 50.7 billion at the end of 2002. The decline was caused by
total market performance and the disposal of non-core business.

During the first quarter of 2003, the operations in the Bahamas were sold
and the London branch was closed. The activities in London have been
transferred to Guernsey. The Milan branch was taken into operation on 1
April 2003.

Asset Management
-- Net operating profit up 6% compared with the previous quarter
-- Assets under management remained stable
-- New offices opened in Italy and the United Kingdom

Revenues came down nearly 7% and net operating profit, excluding the
unrealized value adjustment of the equity portfolio, declined by 15%
compared with the first quarter of 2002, due mainly to lower markets.
Compared with the last quarter of 2002, however, net operating profit,
excluding the unrealized value adjustment of the equity portfolio, rose 6%
to EUR 11 million. Costs are still under strict control.

The equity markets continued to perform poorly in the first quarter, falling
an average of 7%. Fortis Investment Management recorded AUM of EUR 73.6
billion at the end of March against EUR 72.8 billion at year-end 2002. The
declining markets depressed this figure by EUR 3.1 billion, but this was
amply compensated by the transfer of asset management activities from Banque
Générale du Luxembourg (BGL). The number of FTEs increased from 639 at
year-end 2002 to 652 at the end of the first quarter, partly as a result of
the transfer of 18 employees from BGL.

Fortis Investment Management (FIM) continued its expansion through the
opening of new offices in Italy and the UK. The new Milan office is the
platform for all commercial activity in Italy, while the London office
houses the global fixed income team and is responsible for sales to
distributors and institutional investors in the UK, Ireland and Scandinavia.
Important new appointments in the first quarter of this year included heads
of the Euro Fixed Income and Global Equities departments. FIM further
expanded its product range through the successful launch of its second
managed collateralized debt obligation, pushing up assets under management
by EUR 1 billion.

Information Banking
-- Falling stock markets, low interest rates and weak US dollar affect
results

Information Banking, which stands for an integrated approach to transaction
processing, risk management and asset financing, was transferred to Merchant
Banking in 2002. In 2003 it became part of the Private Banking & Trust,
Asset Management and Information Banking business.

In the first quarter of 2003, net operating profit, excluding the unrealized
value adjustment of the equity portfolio, of Information Banking fell 45%
compared with the first quarter of last year, to EUR 11 million. The decline
was due mainly to the overall decline in stock markets, lower interest rates
and a weakening US dollar. Net asset value of the funds under administration
decreased by 5% compared with December 2002. Cost control continues to be
tight. The number of FTEs went up in the first quarter from 1,040 to 1,048,
compared with year-end 2002.

The new cross-border management structure for Prime Fund Solutions was
implemented, thus ensuring that all PFS offices will be run as one globally
operating fund banking institution, with head offices in Dublin. Fortis
Clearing International will be transformed into one global clearer, which
should boost service provision to our customers.

IV. Fortis ASR

-- Premium income up in Individual Life by 11% and in Non-life by 10%
-- Disability premium income up 9% to EUR 497 million

Fortis ASR recently presented its strategy for the coming years and the new
management structure.

The new executive team will hammer out its strategy on key points in the
coming months.

First-quarter net operating profit, excluding the unrealized value
adjustment of the equity portfolio, was EUR 64 million, comparable with the
first-quarter figure for 2002. Realized capital gains rose by EUR 58 million
(before tax), due chiefly to the sale of bonds. The number of FTEs stood at
5,149 relative to 5,187 at the end of 2002.

Gross premium income in Life insurance amounted to EUR 1,061 million, 5%
lower than in the first quarter of 2002, due to the cancellation of a few
large life contracts at Group Life. Despite the abolition of the basic tax
allowance in 2003 and the uncertainty regarding new tax measures, Individual
Life premiums advanced 11%. More pension policies were sold, partly because
intermediaries responded alertly to the customer's growing desire to bridge
the pension gap. Research reveals that more than 80% of the Dutch population
has insufficient pension coverage.

Gross premium income in Non-life climbed 10% to EUR 792 million. All
branches demonstrated healthy growth. Gross premium income in Motor
increased 14% to EUR 128 million. Gross disability insurance premiums
advanced 9% to EUR 497 million.

The explosive growth of the past few years of Fortis ASR's mortgage sales is
leveling off, a development which is in line with the general trend in the
market. This is due in part to stiffening competition and changes in the
economic climate.


V. Fortis AG and Fortis Insurance International

Fortis AG
-- Net operating profit before value adjustments up 65%
-- Gross written premiums up 24%; Individual Life +61%, Non-life +6%
-- Positive contribution from Bernheim Comofi

Fortis AG posted a net operating profit before realized capital gains of EUR
61 million (+68%). Net operating profit, excluding the unrealized value
adjustment of the equity portfolio, was EUR 98 million, relative to EUR 59
million in 2002 (+65%). Profitability was lifted by the contribution from
Bernheim Comofi, a real estate company that was acquired in April 2002. The
number of FTEs at Fortis AG declined relative to year-end 2002 by 63, to
4,555. Gross written premiums of Fortis AG increased 24% to EUR 757 million
compared with EUR 612 million in the first quarter of 2002. This growth was
driven mainly by premiums in the Individual Life business, which advanced
61% to EUR 359 million. Products with an interest rate guarantee generated
this growth, while unit-linked premiums decreased. Despite the relative
success of the newly launched flexible products, total Group Life insurance
premiums decreased 3% to EUR 144 million. This decline was caused mainly by
a 21% drop in the sale of traditional Group Life single premiums, reflecting
the poor business climate.

In non-life, gross written premiums grew by 6% to EUR 254 million. The
success of the flexible multi-cover package Familis and rate increases in
motor, liability and workers' compensation formed the basis for this growth.

Fortis Insurance International
-- Car insurance in the United Kingdom and Spain showing continued good
performance
-- Steps taken to expand life insurance business in Asia
-- Sale of Keppel Insurance in Singapore completed

Fortis Insurance International achieved net operating profit, before the
unrealized value adjustment of the equity portfolio, of EUR 18 million, a
22% decline relative to the first quarter of 2002. Part of this decline is
attributable to the renewed inclusion of Fortis Assurances in France, which
was not consolidated in the first quarter of 2002. The number of FTEs at the
end of the first quarter amounted to 3,118, an increase of 74 relative to
the end of 2002.

Fortis Insurance Ltd. in the United Kingdom had a good quarter, partly due
to benign weather conditions. In Spain, Fortis' insurance subsidiaries are
performing as anticipated. The somewhat stronger Life sales at VidaCaixa
compensate for the other companies' lower results.
The Luxembourg

Life integration is quite successful, though sales are still somewhat behind
plan.

The Fortis Insurance Asia strategy is on track. Fortis is vigorously
pursuing expansion of its life insurance operations in Asia. The development
of insurance activities in China continued to exceed expectations. In March
2003, Taiping Life entered into an exclusive agreement to become a member of
the IGP network in China. This will enable Taiping Life to provide Chinese
subsidiaries of multinational companies with group life and pension products
and services. Developments at Mayban Fortis / Malaysia are in line with
plans and expectations. At the end of December 2002, Fortis announced its
plans to sell Keppel Insurance in Singapore, and the transaction was
completed in February 2003.

Fortis Corporate Insurance's net operating profit, before the unrealized
value adjustment of the equity portfolio, fell by 39% to EUR 4 million. This
decline was due mainly to the absence of capital gains on sales of equities
and lower results at Fire and other insurances, which were partly offset by
improved Motor and Accident & Health results.

VI. Fortis, Inc.
-- Increase in net operating profit in US dollars
-- Lower results in euros due entirely to dollar decline
-- Strong business lines results

In the first quarter of 2003, Fortis, Inc.'s net operating profit before the
value adjustment of the equity portfolio increased slightly, but due to the
weak dollar, the result in euros was a decrease of 17%, to EUR 72 million.
Relative to 2002 year-end, the number of FTEs at Fortis, Inc. increased 1%
to 11,981, due to a planned increase at the Assurant and Benefits business
lines.

Fortis Benefits net operating income totaled USD 8.1 million, which was USD
1.3 million higher than the previous year. Positive results were driven by
reduced claims incidence in the Disability product and expense management.
Positive disability results were partially offset by higher mortality
experience in the Group Life products and lower-than-expected investment
income.

Fortis Health continued its strong performance and was USD 7.2 million, or
30% higher than the prior year. Improved profitability is mainly
attributable to favorable prior year Small Group & Individual Medical claim
reserve developments, as well as favorable general expenses, commissions,
and benefit expenses. Individual Medical revenues were over plan due to rate
increases, favorable lapse experience, and growth in business. Net operating
income was USD 31.5 million compared to USD 24.3 million in the previous
year.

The Preneed net operating profit of USD 9.1 million was USD 3.0 million
below the prior year. Lower investment income is the primary reason this
figure fell relative to the previous year. Further declines in new money
yields have negatively impacted Preneed's first-quarter investment income.
Given this declining investment yield climate, Preneed management has
reduced crediting rates on new policies written starting 1 January 2003 and
as existing policies renew in 2003 (these changes were implemented for
policies where crediting rates are adjustable).

Assurant posted a solid quarter. The positive operating results were mostly
attributable to higher fee income and strong results from their property
businesses (mortgage hazard, flood, and manufactured housing). These
positive results were partially offset by higher-than-planned general
expenses. Net operating profit was USD 34.6 million, which was USD 2 million
above the previous year.

The annexes to this press release are available on http://www.fortis.com.

CONTACT:  INVESTOR RELATIONS, Brussels
          Phone: 32 (0) 2 510 53 37
          Utrecht: 31 (0) 30 257 65 63


FORTIS N.V.: Shareholders Decide on Dividend, Reappointments
------------------------------------------------------------
The Annual General Meetings of Shareholders of Fortis N.V. and Fortis SA/NV
have declared a gross dividend of EUR 0.88 per Fortis share for the
financial year 2002. The dividend will be payable as from 18 June 2003.

The Fortis share represents one share in each of the two parent companies,
Fortis N.V. and Fortis SA/NV. Shareholders have the option of receiving
dividend from Fortis N.V., thus from Dutch source, or from Fortis SA/NV,
thus from Belgian source. They should make their preference known within the
dividend election period.

The following schedule has been set:
29 May 2003 Ex-dividend quotation
29 May 2003 Opening date for dividend election
12 June 2003 Closing date for dividend election (before market closes)
18 June 2003 Dividend payable
Net dividend from the Dutch source via Fortis N.V. will amount to EUR 0.66
per Fortis Share, being gross dividend net of Dutch withholding tax of 25%
in principle.

Net dividend from the Belgian source via Fortis SA/NV will amount to EUR
0.66 per Fortis Share, being gross dividend net of Belgian withholding tax
of 25% in principle.

Shares accompanied by coupon no. 32 on the VVPR strip sheet are subject to
Belgian withholding tax of 15% and so net dividend of EUR 0.748 per share
will be paid on those shares.

Reappointment of Directors
Fortis' Annual General Meetings of Shareholders have reappointed Messrs.
Jaap Glasz, Baron Valere Croes, Jan Slechte and Klaas Westdijk as
non-executive directors of Fortis. Jaap Glasz has been reappointed as
non-executive director of Fortis SA/NV for a period of two years, namely
until the Annual General Meeting in 2005. Baron Valere Croes has been
reappointed for a period of one year, namely until the Annual General
Meeting in 2004. Jan Slechte and Klaas Westdijk have been reappointed for
three years, namely until the Annual General Meeting in 2006.

CONTACT:  FORTIS N.V.
          Rue Royale 20
          1000 Brussels
          Belgium

          Archimedeslaan 6
          3584 BA Utrecht
          The Netherlands

          Home Page: http://www.fortis.com

          Investor Relations:
          Brussels
          Phone: +32 2 510 53 37
          Utrecht
          Phone: +31 30 257 65 63



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F R A N C E
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SELECTIBAIL: Ratings Affirmed At BB+/B, Withdrawn On Request
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+' long-term
counterparty credit and senior unsecured debt ratings and 'B' short-term
credit rating on French company Selectibail, and removed the ratings from
CreditWatch, where they had been placed on May 5, 2003. The action included
the 'BB+' rating on the company's EUR62,27 million senior unsecured notes
due November 2003, and on EUR71,97 million senior unsecured notes due
November 2004.

At the same time, the ratings were withdrawn at the company's request.

The ratings were placed on CreditWatch following the announcement of
Selectbail's merger with sister company Bail Investissement (unrated). In
the absence of sufficient information on Bail Investissement and the future
strategy of the combined group, Standard & Poor's is not able to assess the
creditworthiness of the new entity. Prior to today's ratings withdrawal, the
ratings on Selectibail reflected Standard & Poor's opinion of Selectibail's
standalone creditworthiness. Standard & Poor's has no opinion as to the
impact of the merger on Selectibail.


SUEZ S.A.: Launches EUR 2.5 Billion Syndicated Credit Facility
--------------------------------------------------------------
SUEZ announces the launch of a new 5-year EUR 2.5-billion syndicated
revolving credit facility.

SUEZ has mandated Citibank International plc, Credit Agricole Indosuez, HSBC
CCF, JPMorgan, The Royal Bank of Scotland plc and SG Investment Banking to
arrange this facility.

The facility has been underwritten and will be syndicated within a larger
group of financial institutions early June.

This transaction is consistent with the Group's conservative liquidity
management policy and will further enhance SUEZ's back-up reserves.

SUEZ, a worldwide industrial and services Group, provides innovative
solutions in Energy - electricity and gas - and the Environment - water and
waste services.

It generated 2002 revenues of EUR 40.218 billion (excluding energy trading).
The Group is listed on the Euronext Paris, Euronext Brussels, Luxemburg,
Zurich and New York Stock Exchanges.



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


ARBOMEDIA AG: Result After Taxes Almost Achieves Balance in Q1
--------------------------------------------------------------
-- Increase in turnover by 28% up to EUR18.9 million
-- Positive operational result (EBITDA) of EUR0.2 million
-- Result after taxes with - EUR 97 Thousand almost balanced

ARBOmedia AG, the leading independent advertising sales house in Europe,
increased its group-wide turnover (including mediated sales volume) by 28%
compared to the same period of last year. Hence, the generated turnover from
January to March 2003 amounts to EUR18.9 million (Q1 2002:EUR14.8 million).

The reasons for this increase are mainly due to the acquisition of 60% of
the Spanish sales house RMB Di-Versus in April 2002. Even though the German
TV advertising market had to register again a decrease in the first quarter,
ARBOmedia AG in this period reached an increase of turnover of +31,2% in its
strongest segment, the TV section, compared to Q1/2002. Also radio
contributed with an improvement of turnover of +117% to the good result.

Further to the increase in turnover, ARBOmedia AG clearly improved its
operational result. Thus the EBITDA in the first quarter went up to 187
Thousand EUR (EBITDA 1/2002: -336 Thousand EUR). The consistent
consolidation process of the company continues to show a positive effect.
With - 97 Thousand EUR, the result after taxes is nearly balanced in the
traditionally weak first quarter 2003.

In the comparison period of the previous year, it amounted to
-EUR1.7 million.

The net working capital could be increased by 300 Thousand EUR compared to
the previous quarter up to EUR5.5 million. As of March 31, 2003, ARBOmedia
AG had a liquidity amounting to EUR4.5 million, which due to yearly advanced
payments and investments developed according to plan. As of March 31, 2003,
ARBOmedia AG had 222 employees in six countries.

For the second quarter of 2003 a turnover of EUR22 million is expected. Most
notably the TV-and Radio-branches will provide this. Likewise are expected
an increase of sales turnover with the online media, as well an improvement
of earnings indices and an increase of liquidity.


DEAG ENTERTAINMENT: Expects Highly Successful Concert Season
------------------------------------------------------------
DEAG Deutsche Entertainment AG (Security No. 551390) confirmed Tuesday its
preliminary figures for the first quarter of 2003, including sales of EUR
14.7 million compared with EUR 13.6 million like for like last year. In
spite of a poor first quarter typical for the entertainment industry, DEAG
posted a positive operating result (EBIT) of EUR 0.1 million. Like for like
Q1 2002 EBIT was EUR -3.96 million. Earnings per share showed a
disproportionate improvement to EUR -0.04 from EUR -0.70 (adjusted:
EUR -0.26).

The company anticipates a continuation of this positive trend in the second
quarter. The successful Paul McCartney tour, Bruce Springsteen and Bon Jovi
tours that have just begun, and forthcoming Rolling Stones concerts and the
tours of Eros Ramazzotti, Mariah Carey, Ozzy Osbourne und Dixie Chicks,
which have been confirmed to date provide reason for the Management Board to
reconfirm expressly its full-year results forecast.

The interim report for Q1 2003 is available at http://www.deag.de/ir


D. LOGISTICS: Assures Firm Is on Track for First Quarter 2003
-------------------------------------------------------------
-- Sales were Euro 79.3 million, up 1.5 % against Q1 2002 and 4.2 % above
budget

--EBITA was Euro 0.5 million, up 72 % against Q1 2002 and 2.5 % above budget

-- Net loss (Euro - 1.468 million) was reduced significantly against prior
year (Euro- 2,535 million)

-- Net financial debt was reduced another Euro 2.4 million in comparison to
the end of 2002 and stood at Euro 98.3 million

The D.Logistics Group is on track for the first quarter 2003.

The sales of Euro 79.3 million achieved in Q1 exceeded the budgeted figures
published by 4.2 %, EBITA was 2.5 % above expectations, at Euro 0.5 million.
Normalized earnings per share were Euro - 0,04, up from Euro - 0,08.

At the group level the financial liabilities in the first quarter were
reduced by Euro 8.1 million, to Euro 111.8 million. Short-term amounts due
to banks at D.Logistics AG dropped a further Euro 5.76 million, to Euro
15.13 million

Outlook for 2003
Even though the first quarter, which is traditionally weak for the
D.Logistics Group, does not represent a reliable trend indicator, we still
anticipate the achievement of the budget and a positive annual result.

CONTACT:  D.LOGISTICS AG
          Investor & Public Relations
          Rainer Monetha
          Johannes-Gutenberg-Strabe 3-5
          65719 Hofheim (Wallau)
          Phone: +49 (0) 6122 / 50-1238
          E-Mail: Rainer.Monetha@dlogistics.com


KAMPS AG: Improves Results by Narrowing Loss to EUR 2.0 Million
-----------------------------------------------------------
The results for the 1st quarter of Europe's leading bakery goods specialist,
the Dusseldorf-based Kamps Group, are in line with the expectations of the
company.

Despite the persistently weak consumer climate in Europe, sales remained
virtually stable at EUR 420.6 million (Q1 2002: EUR 421.8 million).

While the packed bread and bakery goods business improved, sales of the
bakery shops fell. At EUR 39.7 million, EBITDA was below the previous year's
figure (Q1 2002: EUR 42.3 million). The main reasons for this decrease are
the higher raw material (particularly of flour) and energy costs, and
selling expenses that were not passed on to the customers in the form of a
price rise.

However, the Kamps Group improved its net result (after taxes, interest and
extraordinary costs) to a loss of EUR 2.0 million (Q1 2002: loss of EUR 14.5
million). The net debt of the Group was also reduced in the first quarter of
2003 by EUR 7.4 million to EUR 785.8 million versus the Q4 2002 figure of
EUR 793.2 million. This shows that the Group has started to stabilize after
the extremely difficult year 2002.

Key Figures of Kamps AG (Group) in million euros

in million euro      31.03.03    31.03.02         Change
                                            absolute   percentage
Sales (net)             420.6       421.8      - 1.2        -0.3
EBITDA                   39.7        42.3      - 2.6        -6.1
Group net result         -2.0       -14.5      +12.5       +86.2
Net debt                785.8       793.2 *)    -7.4        -1.0
*) as at 31.12.2002

CONTACT:  KAMPS AG
          Investor Relations
          Thomas Sterz
          Phone: 0049-211-530 634 230
          Public Relations
          Volker Berg
          Phone: 0049-211-530 634 66
          Fax: 0049-211-530 634 67
          Home Page: http://www.kamps.de
          E-mail: info@kamps.de


NEUE SENTIMENTAL: Says Right on Target After First Quarter
----------------------------------------------------------
Neue Sentimental Film AG will publish its figures for the first quarter of
2003 Tuesday. The Frankfurt-based company which has been listed in Deutsche
Borse AG's Prime Standard since January 1, 2003 is right on forecast with
sales of EUR 9.23 million.

In the face of war and a mood of crisis, Neue Sentimental Film AG continued
its positive trend from the previous year into the first quarter of fiscal
year 2003 and recorded sales totaling EUR 9.23 million (previous year: EUR
9.13 million).

This means that the international company, which produces advertising films,
TV formats and offers individual services for corporate and brand
communication, is right on forecast - in particular taking into
consideration the fact that three other companies were still consolidated in
the first quarter of 2002.

EBIT totaled EUR -478 thousand and EBITDA totaled EUR -301 thousand
(previous year:EUR -1.83 million or EUR -1.52 million respectively). The
continued uncertainty on the market means that the company is only
forecasting balanced earnings from the second half of 2003. For the year as
a whole, Neue Sentimental Film AG is forecasting sales from existing units
of around EUR 39 million and a move into the black primarily for EBITDA
which reach zero.

During the past fiscal year, the Frankfurt-based company recorded sales
totaling EUR 39 million despite the ongoing economic crisis - sales were
thus up 13% on the previous year despite the fact that three companies left
the group and were retroactively deconsolidated from the fourth quarter of
2002.

The individual branches were able to reach their forecast sales volume in
the first quarter of 2003. In addition to producing advertising spots for
brands including KIA, Wella, Knorr, Dr. Oetker, T-Mobile, Haake-Beck, De
Beukelaer, Nivea, Iglo, MediaMarkt, ONE and Gothaer Versicherung the company
also produced music videos for artists including Eros Ramazzotti. The Vienna
office was able to produce a further eight-part series for the cult "Sendung
ohne Namen" show for ORF and also expanded its content management mandate
for the Wiener Festwochen to include directing the opening ceremony.

CONTACT:  Klaus Niemeyer
          Phone: +49(0)69/943314-0
          E-mail: klaus.niemeyer@nsf.de


NORDEX AG: New Management Initiates Tough Restructuring Program
---------------------------------------------------------------
-- Half-year loss sustained at the EBIT level due to softening demand/high
non-recurring risk-provision charges

In the first half of its current fiscal year, Nordex AG recorded a
substantial contraction in business volumes. Thus, turnover declined by
roughly 14 percent to EUR 164 million (previous year: EUR 190 million). In
the traditionally weak second quarter (January - March) in particular,
turnover receded to roughly EUR 56 million (year-ago quarter: EUR 94
million). The main reason for this muted business performance was the
decline in demand for wind turbines, a trend which is also reflected in new
business. In the first six months of fiscal 2002/03, Nordex received new
orders valued at EUR 68 million, a decline of roughly 62 percent over the
previous year (EUR 180 million).

This decline in sales exerted heavy pressure on operating earnings. In
October, Nordex had budgeted its costs structure on the assumption of
turnover of more than EUR 520 million. At the same time, some wind farms
were completed at a loss on account of the unforeseen high cost of
materials. All told, the Company sustained a loss of EUR 28.8 million on the
EBIT level (year-ago period: EBIT of EUR 4.7 million).

In addition, Nordex sustained extraordinary costs of around EUR 37 million.
This includes provisions for risks arising from old projects as well as
expenditure on restructuring the Company.

The new management board has worked with the support of Consulting company
Roland Berger, which specializes in corporate restructuring, in its new
lineup and has ushered steps to realign the Company.  The main aspects of
this restructuring program entail focusing on key markets, reorganizing
business processes as well as broad-based cost-cutting.

In February 2003, Nordex implemented preliminary cost-cutting measures,
which began to unleash their effects within the space of only six weeks.
Thus, other operating expenses are down 12 percent, while personnel expenses
were trimmed by 2.8 percent. Nordex has cut a total of 130 jobs, with both
internal and external staff affected by these measures.

For the year as a whole, Nordex expects to sustain an operating loss of
EUR40 - 45 million. The restructuring's extraordinary costs are already
included in the half year results. Nordex has now also adjusted its sales
guidance and is looking for a figure of EUR 300 - 350 million this fiscal
year. One of the main reasons for this adjustment is the substantial decline
in demand in Germany, which will not offset by foreign business.

New installed capacity in Germany declined by 22 percent between January and
March 2003. Nordex expects a similar trend throughout the calendar year,
medium-term a growth of approx. 11 percent per year for the global market.

In the following year, the effects from the restructuring program are
expected to deliver significant improvements in the result. Nordex expects
return to profit in 2004/05.

CONTACT:  NORDEX AG
          Ralf Peters
          Phone: + 49 (0)40/50098 - 100
          Fax: +49 (0)40 / 500 98 - 333


PROSIEBENSAT.1 MEDIA: Future on the Balance in Buyout Talks
-----------------------------------------------------------
The fate of German broadcaster ProSiebenSat, controlled by insolvent media
group Kirchmedia, hangs on the balance as parties involved in the buyout
talks bicker on the final details of the transaction.

US billionaire Haim Saban, who is acquiring the broadcaster, is perceived
seemed likely to fail to meet the Saturday deadline for a EUR525 million
(US$623 million) payment for the asset, and has been given a grace period in
case he does so.

But lenders to Kirchmedia are believed insistent that Mr. Saban wire the
cash to an escrow account not more than a few days off of the May 31
deadline, according to people close to the banks.

Talks between the parties about the complex bid for 75% of the votes in
ProSiebenSAT.1 and the separate acquisition of KirchMedia's heavily indebted
film library are going on for weeks.  Observers fear the lenders might grow
impatient and call the deal off as early as next week.

The lenders are understood to be preparing plans for an alternative funding
to the broadcaster that will be unveiled on its June 16 shareholder meeting,
and would need at least a week to piece together the details of the urgently
needed capitalization.

The banks can only speculate what takes the negotiations so long, according
to the Financial Times.  The possibilities are: Mr. Saban is facing
difficulties in securing partners for his offer, or he might be playing hard
to get to secure more improved conditions.

But people close to Mr. Saban reasoned that the talks are being impeded by
the recent decision of the banks to withdraw EUR520 million of open credit
lines to ProSieben, according to the report.

The lenders, meanwhile, were also planning to take control of ProSieben and
contribute to a three-digit million euro capital increase, which would also
be funded by proceeds from the sale of some KirchMedia assets.

They were planning in recent months to hold on to the broadcaster for a
maximum of two years and attempt to sell it, without the film library, when
market conditions have recovered.



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


TELECOM ITALIA: Olivetti Prices Voluntary Public Tender Offer
-------------------------------------------------------------
Olivetti announces that the price of the partial voluntary Public Tender
Offer, connected to the plan to merge Telecom Italia S.p.A. with and into
Olivetti S.p.A. approved Monday by the Olivetti Extraordinary Shareholders'
meeting, that will be launched on the Telecom Italia ordinary and savings
shares, will be equal to:

8.010 euro per Telecom Italia ordinary share

4.820 euro per Telecom Italia savings share

This price has been calculated on the basis of the weighted average of the
official prices recorded on the stock exchange between 12 March 2003 and 26
May 2003 (the latter being the date on which the merger plan was approved by
the Olivetti extraordinary shareholders' meeting) plus a 20% premium.


TELECOM ITALIA: Shareholders Approve 2002 Financial Statements
--------------------------------------------------------------
Registered Office in Milan, Piazza degli Affari, 2
Corporate Headquarters in Rome, Corso d'Italia, 41
Fully paid-up share capital Euro 4,023,816,860.80
Tax/VAT and Milan Company
Register number: 00471850016

Communication in accordance with Articles 83 and 84 of the Regulation
approved by CONSOB resolution 11971 of 14th May 1999 and subsequent
modifications and integrations

NOTICE TO SHAREHOLDERS

We herewith inform you that the Shareholders Meeting held on May 24, 2003
has approved, among others, the Financial Statements of the Company for the
year 2002 and has resolved to grant Shareholders an overall dividend
calculated on the basis of the following amounts: 0.1768 euro for each
ordinary share and 0.1878 euro for each savings share, inclusive of possible
withholdings due by law.

The dividend will attribute to Shareholders:

-- a full tax credit usable without restriction, at a rate of 56.25% on the
amount of 0.0459 euro for each ordinary share and of 0.0488 euro for each
savings share (on the basis of Article 14 of Presidential Decree 917 of 22nd
December 1986 and subsequent amendments);
-- no tax credit on the remaining amount of 0.1309 euro for each ordinary
share and of 0.1390 euro for each savings share.

The dividend, which is represented by coupon no. 8 for both classes of
shares, will be made available for payment through the authorized
intermediaries from June 26, 2003, with detachment date on June 23, 2003.

FINANCIAL STATEMENTS AS AT 31ST DECEMBER 2002

As from today, all financial documents for the year envisaged by Article 77
of Consob Resolution 11971/1999 and subsequent modifications and
integrations have been deposited, and are available to the public, at the
Registered Office in Milan and at the Corporate Headquarters and Secondary
Office in Rome, as also at the offices of Borsa Italiana S.p.A. in Milan.

The minutes of the Shareholders Meeting will be made available to the public
by May 31, 2003.

The file containing the financial statements of Telecom Italia S.p.A., the
Group financial statements and the report on operations is also available at
the following Internet address: http://www.telecomitalia.it,where the Group
's sustainability report for the year 2002 is also available on-line.

                           * * *

Requests for clarifications or information may be made by dialing the
following number + 39 011 4404900 or sending an e-mail to
corporate.affairs@telecomitalia.it



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


MILLICOM INTERNATIONAL: All Resolutions Proposed at AGM Approved
--------------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq:MICC), the global
telecommunications investor, announced Tuesday that all resolutions proposed
to its Annual General Meeting of shareholders in Luxembourg were passed.

Vigo Carlund, Lars-Johan Jarnheimer, Raymond Kirsch and Hakan Ledin were
re-elected as members of the Board of Directors and Ernest Cravatte, Daniel
Johannesson, Michel Massart and Cristina Stenbeck were elected as new
members of the Board of Directors. The Auditors were re-elected.

Ernest Cravatte is a practising lawyer in Luxembourg and a former member of
the Executive Management of Banque Generale du Luxembourg (BGL). He has also
held positions on various banking supervisory committees. Daniel Johannesson
has held a number of senior Executive positions at major Swedish companies
including Senior Executive of construction company Skanska, where he was
responsible for the Group's telecommunications and facilities management
interests, and CEO of Industriforvaltnings AB Kinnevik and national railway
operator SJ. Michel Massart is a former Managing Partner of
PricewaterhouseCoopers in Belgium, where he set up the Corporate Finance
Department in 1997, a former member of the Board of the Institute of
Statutory Auditors, and is currently a professor at Solvay Business School
in Brussels. Cristina Stenbeck is Vice Chairman of the Board of Directors of
Industriforvaltnings AB Kinnevik, Invik & Co. and Metro International, and a
member of the Board of Directors of Modern Times Group, Tele2 and Transcom
WorldWide. Hakan Ledin is Chairman of the Board of Directors.

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 16 cellular operations and licenses in 15 countries. The Group's
cellular operations have a combined population under license (excluding
Tele2) of approximately 382 million people. In addition, MIC provides
high-speed wireless data services in five countries. MIC also has a 6.0%
interest in Tele2 AB, the leading alternative pan-European
telecommunications company offering fixed and mobile telephony, data network
and Internet services to 17.7 million customers in 22 countries. The
Company's shares are traded on the Luxembourg Bourse and the Nasdaq Stock
Market under the symbol MICC above. Millicom does not intend to update these
forward-looking statements.

CONTACTS:  MILLICOM INTERNATIONAL
           Marc Beuls, President and Chief Executive Officer
           Phone: +352 27 759 101
           Home Page: http://www.millicom.com

           SHARED VALUE LTD, LONDON
           Andrew Best, Investor Relations
           Phone: +44 20 7321 5022


MILLICOM INTERNATIONAL: All Resolutions Proposed at EGM Approved
----------------------------------------------------------------
An Extraordinary General Meeting of shareholders of Millicom International
Cellular S.A. (Nasdaq:MICC), was held today, Tuesday, May 27, 2003, at
Chateau de Septfontaines, 330 rue de Rollingergrund, Luxembourg, Grand Duchy
of Luxembourg.

All of the resolutions on the agenda proposed to shareholders, which were
published in a press release on May 9, 2003, were approved.

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 16 cellular operations and licenses in 15 countries. The Group's
cellular operations have a combined population under license (excluding
Tele2) of approximately 382 million people. In addition, MIC provides
high-speed wireless data services in five countries. MIC also has a 6.0%
interest in Tele2 AB, the leading alternative pan-European
telecommunications company offering fixed and mobile telephony, data network
and Internet services to 17.7 million customers in 22 countries. The
Company's shares are traded on the Luxembourg Bourse and the Nasdaq Stock
Market under the symbol MICC.

                     *****

Resolutions proposed during the meeting were:

(1) To reduce the share capital of the Company from USD 142,249,458 to an
amount of USD 98,955,270 by means of cancellation of an amount of USD
43,294,188 and 7,215,698 shares with a par value of USD 6 each, the
7,215,698 shares cancelled having being repurchased by the Company in
accordance with the provisions of the Articles of Association for the
purpose of being cancelled.

(2) To adapt article 5 of the Company's Articles of Association to
takeaccount of the resolution adopted pursuant to item 1 of the agenda of
the meeting.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          Marc Beuls, President and Chief Executive Officer
          Phone: +352 27 759 101
          Home Page: http://www.millicom.com

          SHARED VALUE LTD, LONDON
          Andrew Best, Investor Relations
          Phone: +44 20 7321 5022



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


HELIX CAPITAL: Fitch Downgrades Series 2002-12 A, B, C Notes
------------------------------------------------------------
Fitch Ratings, the international rating agency, has today downgraded all
three classes of Helix Capital B.V Series 2002-12's notes as follows:

Class A downgraded to 'AA' from 'AAA';

Class B to 'BB' from 'A+'; and

Class C to 'CC' from 'B-' ('B minus').

The issuer, Helix Capital (Netherlands) B.V. is a special purpose vehicle
incorporated with limited liability under the laws of the Netherlands.
Through a credit default swap Helix Capital provides protection to Bank of
America, N.A. on a EUR1.795-billion reference portfolio containing 127
reference entities.

The notional value of the portfolio has decreased since the time of issue to
EUR1.795bn from EUR1.83bn following credit events on WorldCom, TXU Europe
and Solutia.

Fitch's rating action reflects the decrease in the Series 2002-12 credit
enhancement levels due to the low actual recoveries on TXU Europe and the
recent credit event called on Solutia, as well as the continuing
deterioration in the credit quality of the reference portfolio.
Specifically, the portfolio contains 21 names Fitch currently views as
sub-investment grade, as compared to four in June 2002.

The weighted-average credit quality of the remaining portfolio is equivalent
to a 'BBB' rating, down from 'BBB+' when the deal closed in June 2001. The
weighted-average Fitch Factor measuring the credit risk of the assets within
the portfolio has increased from 9.37 at closing to 14.23 in May 2003.

The agency will closely monitor any changes to the credit quality of the
portfolio and will take further action as required.

CONTACT:  FITCH RATINGS
          Andrew Jackson, London
          Phone: + 44 (0)20 7417 6329
          John Feeney, London
          Phone: +44 (0)20 7862 4049


KONINKLIJKE AHOLD: S&P Ratings Remain on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said its long-term ratings on
Netherlands-based food retailer and food-service distributor Ahold
Koninklijke N.V. remain on CreditWatch with negative implications--including
its 'BB-' long-term corporate credit and 'B+' senior unsecured debt
ratings--following the group's announcement that it needs additional time to
provide the necessary audited accounts required under its main bank
facility, and that it has obtained a waiver from banks in that respect.

"Ahold needs to gain access to an unsecured tranche of its main bank
facility to meet its higher debt repayments in the second half of this
year," said Standard & Poor's credit analyst Omar Saeed. "Failure to get
access to that tranche would put the ratings on the group in jeopardy."

To get access to the unsecured tranche of its bank facility, Ahold must now
provide:

-- The audited 2002 accounts of its main U.S. subsidiaries Albert Heijn and
Stop & Shop by June 30, 2003; and

-- The 2002 consolidated group audited accounts by Aug. 15, 2003.

Standard & Poor's next review of the CreditWatch status is expected when
Ahold's audited accounts are provided.


LETSBUYIT.COM N.V.: Goes to IFEX in Reverse Takeover Transaction
----------------------------------------------------------------
Letsbuyit.com formally abandoned its Internet retailer status by announcing
plans to acquire Dutch-based IFEX Innovation Finance in return for 2.37
billion new shares in the company.

The deal is understood to be a reverse takeover by IFEX of the company which
fell victim to the high-technology bubble in 2000.

IFEX will take over Letsbuyit's listing on Frankfurt's Neuer Markt.

Letsbuyit.com first traded in July 2000.  It completed its share market
flotation in July 2000, towards the end of the Internet boom, with a value
of EUR310 million.

It promised on the same year to spend US$100 million (GBP61 million) on
advertising worldwide, but collapsed instead under creditor protection due
to growing losses.

Shares of the company, which was valued at more than EUR5 at their peak,
collapsed to less than 1 cent at today's pricing.

Australian founder John Palmer sold Letsbuyit's loss-making retail assets
last year.  He said he would remodel it as a boutique investment group, to
be named Delphinance.

Mary Prendergast, a member of the IFEX management team hopes the company
will achieve a profit of EUR4 million in 2003.

She appeared unconcerned that the company was trading in the shell of a
failed Internet retailer, the Times observes.


===========
P O L A N D
===========


NETIA HOLDINGS: Receives Favorable Ruling on Dial-up Access Case
----------------------------------------------------------------
Netia Holdings S.A. (WSE: NET, NET2), Poland's largest alternative provider
of fixed-line telecommunications services, on Tuesday announced that on May
26, 2003, the Warsaw District Court for Competition and Consumer Protection
dismissed an appeal of Telekomunikacja Polska S.A. from the decision of the
President of the Office for the Regulation of Telecommunications (currently,
the President of Office for the Regulation of Telecommunications and Post)
(ORTP), dated February 15, 2002, regarding dial-up Internet access through
Netia's access number for TP S.A.'s customers in the Lublin numbering area.

Despite immediate enforceability of the decision of the President of ORTP,
TP S.A. had not been complying with that decision. The Court found all TP
S.A.'s claims in its appeal to be without merit. The Court's ruling is final
and unappealable. Netia intends to bring a claim against TP S.A. for
incurred damages.

One of the crucial issues decided earlier by the President of ORTP and
upheld recently by the Court concerned interconnection settlements. The
President of ORTP decided that the interconnection rates should be based on
costs determined on the basis of interconnection rates applied by the
European telecommunications operators which rates are significantly
different from the rates proposed by TP S.A.

Netia launched its dial-up Internet access number (020 9267) in October
2001. This service was prepared in such a way as to enable access for
subscribers of other telecom operators. Due to time-consuming negotiations
with TP S.A. regarding interconnection settlements, the arbitration
procedure and appeals by TP S.A. from the decisions of the President of
ORTP, Netia's dial-up Internet service is currently available only to
Netia's customers. Since February 2002 TP S.A. has denied its subscribers an
access to Netia's dial-up Internet service.

Similar decisions of the President of ORTP with respect to access to Netia's
dial-up Internet service though our access number in other regions of Poland
were also appealed by TP S.A.

CONTACT:  NETIA HOLDINGS
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061


NETIA HOLDINGS: Warrants and Shares Trades on Warsaw Bourse
-----------------------------------------------------------
Netia Holdings S.A. (WSE: NET, NET2), Poland's largest alternative provider
of fixed-line telecommunications services, announced that on May 26, 2003,
the Warsaw Stock Exchange decided to:

-- introduce to trading 32,424,221 two-year subscription warrants, entitling
their holders to subscribe for Netia's series J shares by April 29, 2005.
Two-year subscription warrants will commence trading on WSE on May 27, 2003
under the ticker "NETPPO2";

-- introduce to trading 32,424,221 three-year subscription warrants,
entitling their holders to subscribe for Netia's series J shares by April
29, 2006. Three-year subscription warrants will commence trading on WSE on
May 27, 2003 under the ticker "NETPPO3"; and

-- introduce to trading 64,848,652 ordinary bearer series J shares, PLN 1
par value per share to be issued to warrant holders upon exercise of their
subscription warrants.

Investors who wish to exercise their subscription warrants and acquire
Netia's series J shares at the issue price of PLN 2.53 shall place an
appropriate subscription order with a brokerage house keeping the securities
account for subscription warrants. Investors whose subscription warrants
were recorded for their benefit on an account of a trustee or the issue
sponsor shall contact CDM Pekao S.A. brokerage house in order to obtain
information on the procedure for placing the subscription orders for series
J shares.

The series J shares will be introduced to trading on WSE through the
assimilation with Netia's shares currently traded under the ticker "NET2".

CONTACT:  NETIA HOLDINGS
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061



=============
R O M A N I A
=============


COSMOROM S.A.: Fails to Reach Agreement on Payments--OTE
--------------------------------------------------------
Hellenic Telecommunications Organization SA, the Greek full-service
telecommunications provider, announces that Cosmorom S.A. (Cosmorom), the
wholly owned consolidated mobile telephony subsidiary of RomTelecom S.A.
(RomTelecom) and an indirect non-material subsidiary of OTE, has not reached
agreement to date with its principal equipment supplier on the payment of
outstanding trade liabilities claimed by the supplier to be owed by Cosmorom
in the amount of approximately 100 million, plus interest. Negotiations are
continuing. OTE is not willing at this time to provide additional funds by
way of shareholders' contributions or loan finance to enable Cosmorom to
discharge such liabilities in full as it has no legal obligation to do so.
OTE International, together with the other shareholder in RomTelecom, the
Romanian State, are examining options in respect of the status of Cosmorom.

The failure by Cosmorom to make payment of outstanding trade liabilities
owed to its equipment supplier caused a non-payment default by OTE under the
1.1 billion 6.125% guaranteed notes due 2007 (issued by its subsidiary OTE
PLC and guaranteed by OTE) and OTE's US$1.0 billion senior loan facility, as
OTE has become RomTelecom's majority shareholder in March 2003. OTE is
addressing such non-payment defaults by, among other measures, seeking
appropriate waivers from noteholders and the syndicate of financial
institutions participating in the loan facility.

About OTE

OTE is a provider of public, fixed switch domestic and international
telephony services in Greece. With local, long distance and international
communications services in addition to mobile telephony, Internet services,
and high-speed data communications, OTE provides consumers and businesses
the ability to communicate globally through its extensive network
infrastructure. In addition, OTE has a number of International investments
in the South East European region and addresses a potential customer base of
60 million people.

Listed on the Athens Stock Exchange, the company trades under the ticker HTO
as well as on the New York Stock Exchange under the ticker OTE. In the U.S.,
OTE's American Depository Receipts (ADR's) represents 1/2 ordinary share.

CONTACT:  OTE
          Home Page: http://www.ote.gr.
          Contacts:
          George Rallis, Investor Relations Officer
          Phone: +30  210 611  5888
          E-mail: grallis@ote.gr
          Kostas   Bratsikas, Investor Relations
          Phone: +30  210  611  1428
          E-mail: brakon@ote.gr
          Taylor Rafferty
         London
         Phone: +44 20 7936 0400
         New York
         Phone: +1 212-889-4350
         E-mail: ote@taylor-rafferty.com



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


ABB LTD.: Maintains Ratings/Outlook After Delay of Court Ruling
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it will currently leave its
ratings and outlook on Switzerland-based engineering company ABB Ltd.
(BB+/Negative/B) unchanged following a new delay in the company's efforts to
achieve a final court ruling on the proposed Chapter 11 prepackaged asbestos
plan (the plan) for its U.S. subsidiary Combustion Engineering Inc. There
is, however, some uncertainty over how long this delay will be, and Standard
& Poor's will seek further information.

At a hearing on May 23, 2003, Judge Judith Fitzgerald from the U.S.
Bankruptcy Court in Wilmington, Delaware, said she would now have to review
the extensive documentation, but no indication of the timetable for the
ruling was given. ABB still expects the court to approve the plan quickly
and the U.S. district court to confirm the ruling thereafter.

Although there is reason for confidence that the court decision can be
obtained in the near term, continued delays in the timetable for the
asbestos trust ruling would be a significant obstacle to improving ABB's
liquidity position.

"ABB needs to access the capital market for new funding, or to generate cash
proceeds from disposals to refinance high debt maturities through early
2004", said Standard & Poor's credit analyst Ralf Kortuem. "A favorable
court ruling is vital to achieve this, as it should improve general market
sentiment toward ABB and accelerate the group's disposal program", he added.

Standard & Poor's believes that final closure of a possible sale of both the
upstream and the downstream businesses of the group's Oil, Gas, and
Petrochemicals (OGP) unit will likely require a favorable court ruling on
asbestos litigation. In general, a number of divestments are required to
comply with the disposal covenant of the group's key $1.5 billion syndicated
loan facility, but they need not necessarily include the divestment of the
OGP unit. Covenant compliance is measured at intervals during 2003. For
covenant calculation, however, ABB is allowed to include proceeds from other
defined discretionary sources.

ABB's liquidity position continues to be fair. With about $2.1 billion of
bond and CP maturities in the 12 months ending March 31, 2004, and the
requirement to roll over a number of bilateral uncommitted financing
agreements, the group primarily relies on freely available cash holdings of
about $1 billion (at the end of March 2003) at its treasury center, an
additional approximately $1 billion (at the end of March 2003) of local cash
holdings in wholly owned subsidiaries around the world, and a $1.5 billion
committed bank facility. At the end of March 2003, about $750 million of the
facility was still undrawn, but this amount will cease to be available by
the end of this year.

In the absence of disposals, the generation of free cash flows of the ABB
group over the next 12 months is expected to be limited, and, in this second
quarter of 2003, will likely be negative. This is despite expected positive
operating cash flows in ABB's core divisions in the second quarter of 2003.
In addition, ability to access the capital market for additional funding at
acceptable terms and conditions depends on the outcome of the asbestos
ruling.


MIKRON: Swiss Investors Set to Rescue Firm From Bankruptcy
----------------------------------------------------------
The electrical components and parts maker Mikron, which recently posted
losses of CHF 141.8 million in 2002, might just receive an injection of
CHF100 million (US$77.55 million) from a group of Swiss investors interested
in rescuing the Biel-based company from bankruptcy.

According to swissinfo, the group of investors led by industrialist and
parliamentarian Johann Schneider-Ammann plans to inject the amount to repair
the damage to the company's ailing balance sheet.

The rescue plan comes after Mikron failed to hit its 2002 target of reducing
debt by CHF150 million to around CHF200 million.  Mikron's net liabilities
were CHF322 million at the end of 2002.  The company also booked more than
CHF100 million in cut-off costs.

The scheme includes plans to reduce the par value of Mikron shares from
CHF50 to 10 cents and a shift in management.  Schneider-Ammann, who is head
of the Langenthal-based Ammann Group and president of the Swissmem machine
industry association, is set to become chairman of the new board of
directors of Mikron and one of two company chief executives.

The firms said in a statement that all balance sheet restructuring scenarios
had included a reduction in capital, a waiver of claims on the part of
lenders and the injection of new capital.

Shareholders will be asked on June 18 to approve the cut in capital.

Mikron made a loss of CHF127 million in 2001 and its shares have plunged
more than 80% over the past year.


SWISS INTERNATIONAL: Junks Compromise Solution Offered by Court
---------------------------------------------------------------
Swiss International Air Lines cannot accept the compromise solution proposed
by the court of arbitration. SWISS must retain maximum flexibility to be
able to respond to swiftly changing market conditions. The entire air
transport industry is currently in the midst of the most severe crisis it
has ever faced. If SWISS is unable to determine the size and composition of
its aircraft fleet like every other airline, i.e. in accordance with
strictly business-based criteria, its very existence is endangered.
Proposals whereby long-haul pilots would be dismissed before regional pilots
(or vice versa) for seniority reasons are not feasible, either for operating
reasons or financial considerations.

SWISS has two separate pilot corps which operate in two different markets
with their own distinct conditions. As a general rule, the pilots of smaller
aircraft have smaller salaries than the pilots of larger aircraft. All the
pilot employment markets in the airline sector operate in accordance with
this basic business principle.

If, in the event of a downsizing of the workforce, personnel policy
considerations resulted in the dismissal of pilots from the other corps than
the one in which such reductions were actually required for economic
reasons, these actions would entail massive costs for the company and
sizeable problems in operational terms. In the current circumstances - the
most severe crisis the air transport sector has ever experienced - these
actions would pose a direct threat to SWISS's very existence.

At the same time, however, SWISS is keen to ensure that the pilots of its
smaller aircraft should enjoy terms and conditions of employment at SWISS
Express which are fair in relation to those at other regional airlines, and
to offer these pilots an attractive career model.

In view of these considerations, SWISS cannot accept the compromise solution
proposed by the court of arbitration. This proposal envisages, in the event
of a downsizing of the workforce, that pilots from both corps should be
dismissed in equal numbers - regardless of actual operational requirements.

Whilst the SWISS PILOTS' Association has voted in favour of the compromise
solution proposed by the court of arbitration, it has associated acceptance
with conditions which are unacceptable to SWISS, and which go far beyond the
proposal put forward by the court of arbitration.

SWISS has asked the court of arbitration to postpone its ruling on the SWISS
PILOTS' complaint until the end of June, by which time the company's future
structure under its new business plan will be established. With market
conditions deteriorating further, SWISS will be compelled to make further
substantial modifications to its network and aircraft fleet, and thus also
to its personnel corps.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Home Page: http://www.swiss.com


SWISS INTERNATIONAL: Limits First-Quarter Losses to CHF 200 MM
--------------------------------------------------------------
SWISS generated revenues of CHF 1,044 million during the first three months
of the 2003 financial year and has reported losses of CHF 200 million for
the period under review. The results reflect the extremely difficult
economic environment currently affecting all airlines, a situation which has
been exacerbated by the war in Iraq and the SARS virus. The cost-cutting
measures that have already been implemented are now beginning to take
effect. Liquidity stood at CHF 913 million at the end of March.

Revenues from scheduled flights total CHF 880 million. 2.7 million
passengers travelled on our scheduled flights during the first quarter, and
the seat load factor was 67.9%. The gross average yield per revenue
seat-kilometre remained under pressure at 14.0 Swiss cents. As in recent
months, the reasons for this trend are to be found in the very difficult
operating climate impacting on the entire air travel industry, which is
negatively affected by low demand, substantial over-capacity and fierce
pricing competition amongst national airlines. The industry faces a further
challenge from the growing number of low-cost carriers. The cargo business
reported sales of CHF 130 million, a satisfactory result roughly on a par
with the results achieved in recent quarters. Year-on-year, the charter
business performed slightly better, generating sales of CHF 22 million.
Further earnings of CHF 12 million also accrued from e.g. aircraft
maintenance work carried out for other airlines.

Total turnover in the first quarter amounted to CHF 1,044 million.
Additional operating revenues amounting to CHF 22 million were collected
from leasing operations concerning aircraft, flight simulators and office
space, and from commissions on ticket sales for other airlines.

Cost-cutting remains a top priority

The cost of materials, which includes, in particular, the cost of in-flight
catering, aircraft maintenance and fuel purchases, amounted to CHF 348
million in the period under review. Aviation fuel prices peaked in March in
the run-up to the war in Iraq. However, the greater part of the increase in
this cost item was mitigated by hedging transactions. At CHF 415 million,
the cost of services was the biggest cost item: it includes expenditure for
ground services, landing and fly-over fees and sales commissions. Personnel
expenses amounted to CHF 270 million, whilst depreciation totaled CHF 58
million. The CHF 174 million in other operating expenditure includes
administration, advertising, IT and insurance costs.

The cost-cutting measures announced as part of the "Target Turnaround"
project were implemented during the first quarter of 2003, and have so far
reduced costs by CHF 50 million. Substantial savings have been achieved in
personnel and IT expenditure, advertising and catering. The cost-cutting
program is expected to go on reducing expenditure throughout the year,
especially from the third quarter onwards. The aim of the "Target
Turnaround" project is to trim annual costs by a total of CHF 600 million.
In view of the current situation affecting the air travel industry, further
drastic cost-cutting measures will have to be implemented.

Ensuring a competitive cost basis is a top priority for SWISS, and will
remain of paramount importance in view of aggressive pricing competition in
the air travel industry.

First-quarter loss of CHF 200 million

After the first three months of the current financial year, results from
operating activities showed a loss of CHF 199 million. The financial results
were balanced: financial expenses of CHF 12 million were offset by financial
income of an equivalent amount (deriving from interest payments on cash and
cash equivalents, and foreign exchange earnings). Taxes - owed because of
profitable subsidiaries - amounted to CHF 1 million. First-quarter losses
therefore total CHF 200 million.

The first-quarter result has been negatively burdened by the continuing
slump in the global economy, high levels of uncertainty prior to the Iraq
conflict and reduced travel during the war. Our calculations indicate that
the Iraq war has wiped around CHF 70 million off SWISS's first-quarter
results.

Outflow of CHF 343 million in the first quarter influenced by seasonal
factors - but liquidity remains intact

The consolidated balance sheet as at the end of March showed cash and cash
equivalents of CHF 913 million. Whilst this value is CHF 343 million below
the year-end figure and substantially in excess of the loss incurred during
the period under review, it can be ascribed to various seasonal factors.
Accounts payable were reduced by CHF 84 million, for example, whilst
accounts receivable rose by CHF 37 million. Further downpayments were also
made on aircraft orders, and will not be refinanced until some later point.
Advanced bookings also had a significant impact: in March in particular,
there were fewer advance bookings because of the war in Iraq, and this had a
corresponding negative effect on first-quarter revenues.

Given the seasonality of our business and the measures we have already
implemented to reduce our net working capital, the "cash-burn rate" is
expected to fall over the next few months.

Equity of CHF 1,494 million

The value of the aircraft fleet remained virtually constant at CHF 2,067
million compared to the year-end figure. Fleet depreciation almost equaled
investment in aircraft modifications and further downpayments on aircraft
orders. Property, plant and equipment (CHF 284 million) was CHF 18 million
up on the value at the beginning of the year; this increase is essentially
due to the completion of the offices in Basel. Fixed assets accounted for
58.8% of total assets at the end of March.

Shareholders' equity stands at CHF 1,494 million following the loss
sustained in the first three months, giving an equity ratio of 33.8%. The
cut in capital announced at the General Assembly, which was effected by
reducing the nominal value of each share from CHF 50 to CHF 32, went ahead
on 9 May 2003. This will reduce share capital by a total of CHF 946 million;
the amount of losses brought forward will also be reduced by the same
amount. The total amount of equity is not affected.

Head count

The number of full-time posts at SWISS, including its subsidiaries, totaled
10,521 on 31 March, i.e. 85 posts fewer than the 10,606 at the end of 2002.
Natural fluctuation and redundancies have reduced this total by a further
680 jobs since early April, so that the total head count will continue to
fall over the year as announced.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Home Page: file://www.swiss.com


SWISS LIFE: Shareholders Approve New Holding Board of Directors
---------------------------------------------------------------
All the resolutions proposed by the Swiss Life Holding Board of Directors
were approved at Tuesday's Annual General Meeting of Shareholders. The
candidates put forward for election to the Board of Directors were returned
by a large majority. Bruno Gehrig is the new Chairman of the Board.

At Tuesday's Annual General Meeting in Zurich, Swiss Life Holding
shareholders passed all the resolutions proposed by the Board of Directors.
Around 1'400 shareholders took part in the event, representing 7'476'593
voting shares or 31.89% of the company's shares.

Elections to the Board of Directors
Incumbent Board members Gerold Buhrer and Georges Muller were re-elected.
Volker Bremkamp, Paul Embrechts, Bruno Gehrig, Rudolf Kellenberger, Peter
Quadri, Pierfranco Riva (suggested by the Fondiaria-SAI Group, the biggest
single Swiss Life Holding shareholder), and Franziska Tschudi were newly
elected to the Board. Bruno Gehrig was named Chairman of the Board of
Directors and Gerold Buhrer Vice-Chairman.

"We need to return to the good old unassuming ways that served us so well in
the past"

In his address, retiring Chairman of the Board Andres F. Leuenberger
stressed that the Swiss Life Group, following the sometimes turbulent
developments of the past year, is now back on solid ground. "I am positive
that we have set the right course and laid good foundations for a successful
future," he stated with conviction.

After commenting on the 2002 annual results, Rolf Dorig, Group CEO explained
the Swiss Life Group's priorities for the coming months. With reference to
the financial year now underway Mr. Dorig sounded a note of cautious
optimism:  "We remain ahead of target regarding our cost-reduction program.
Following two very weak months at the beginning of the year, business volume
started picking up again in March." Thanks to the progress made in
implementing its strategic realignment, the Swiss Life Group will stick to
its ambitious objectives and anticipates a return to the profit zone in
2003 - providing there is no deterioration in market conditions. The Swiss
Life Group CEO asked employees and managers, when dealing with customers and
vis-a-vis the general public, to return to the good old unassuming ways that
served the company so well in the past. "We are quite rightly expected to be
highly professional and retain a sense of proportion without losing sight of
the bigger picture," Dorig stressed. Putting the enterprise on such a
foundation is a major personal priority for him. "This is the only way to
successfully restore faith and confidence in us. And we need such faith if
we are to get back on the road to sustained success."

In a short address Bruno Gehrig, newly elected to the Board of Directors and
its designated Chairman, emphasized the importance of trust in the insurance
business and made the following promise: "Our every effort will be devoted
to the good of the enterprise. This course will determine what questions we
ask, what discussions we hold and what decisions we make."

Swiss Life
The Swiss Life Group is one of Europe's leading providers of long-term
savings and protection and life insurance. The Swiss Life Group offers
individuals and companies comprehensive advice and a broad range of products
via agents, brokers and banks in its domestic market, Switzerland, where it
is market leader, and selected European markets. Multinational companies are
serviced with tailor-made solutions by a network of partners in over fifty
countries.

The Swiss Life Group, registered in Zurich, was founded in 1857 as the Swiss
Life Insurance and Pension Company. Shares of Swiss Life Holding are listed
on the SWX Swiss Exchange (SLHN). The company employs around 11 000 persons.



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


ABERDEEN ASSET: Haylon Joins Board as Non-Executive Director
------------------------------------------------------------
Aberdeen Asset Management PLC is pleased to announce that Mr. Michael Haylon
(45) has agreed to join the Board as a Non Executive Director with immediate
effect.

Mr. Haylon has over 20 years investment management experience and is
currently Executive Vice President and Chief Investment Officer of The
Phoenix Companies Inc responsible for the Corporate Portfolio Management,
Public and Private Fixed Income Groups and Alternative Financial Products.
Mr. Haylon replaces Simon Tan who has resigned as a Non Executive Director
of Aberdeen prior to his impending retirement from The Phoenix Companies
Inc. The Board of Aberdeen would like to record their thanks for Simon's
valuable contribution and support.

There are no details to be disclosed under paragraph 6.F.2 (b) to (g) of the
Listing Rules of the UK Listing Authority.

                     *****

Aberdeen has GBP250 million of debt; and aside from borrowings, the company
has a bill of up to GBP40 million after promising last summer to refund in
full up to 7000 investors who had lost nearly half their money in its
Progressive Growth Unit Trust.

Aberdeen is facing inquiries by the Financial Ombudsman Service with regards
to accusations of "mis-selling" of split-capital investment trusts.  The
Financial Services Authority is also investigating claims that fund managers
of splits colluded to prop up share prices.

CONTACT:  ABERDEEN ASSET MANAGEMENT PLC
          Martin Gilbert, Chief Executive
          Phone: 020 7463 6000 / 01224 631 999

          GAVIN ANDERSON & COMPANY
          Neil Bennett
          Phone: 020 7554 1400


AES DRAX: Standstill Agreement Likely to Take More Time--Sources
----------------------------------------------------------------
The debt restructuring of AES Drax will likely require a longer standstill
agreement due to some major considerations, sources close to the
negotiations told Dow Jones Newswires.

Drax's lending banks and bondholders first agreed not to force the
4,000-megawatt U.K. Drax power station into administration late in 2002.

In recent developments a source said: "There are still some major
differences between the banks, the bondholders and AES."

But both the banks and bondholders are keen on keeping the deadline for the
standstill.  They could extend it only to "hammer out details," although
another source said the standstill will probably be extended to allow for
legal documentation of the restructuring.

"But everyone's still hoping for an agreement in principle by the 31st (of
May)," the source said.

The debt restructuring of AES Corp's unit is due to be completed by the end
of the week.

Drax ran into trouble after its largest customer, TXU Europe, fell casualty
of a 40% drop in the price of wholesale electricity. It owes about GBP800
million to a consortium of 53 banks and GBP400 million in bonds.


ALTERIAN PLC: Aims to Post Positive Earnings for the Year
---------------------------------------------------------
Alterian plc, the provider of leading edge business analytics software
solutions, announces its results for the twelve months and fourth quarter
ended 31 March 2003.

HIGHLIGHTS

                     Fourth   Third    Fourth
                    Quarter  Quarter  quarter  Year      Year
                    ended 31 ended 31 ended 31 ended 31 ended 31
                    March    December  March   March     March
                    2003       2002    2002    2003      2002
                    GBP'000   GBP'000 GBP'000  GBP'000  GBP'000

Turnover            2,022      955     1,553   4,784     4,267
Operating Expenses
before exceptional costs
                    1,829    2,311     3,540   9,897    14,160
Operating Profit/(Loss) before
exceptional costs       4   (1,463)   (2,273) (5,589)  (10,414)
Profit/(Loss) after tax*
                       53   (1,234)   (2,136) (5,666)   (9,247)
Cash & investments 14,594   15,504    20,920  14,594    20,920


* after restructuring costs of GBP412k in the  fourth quarter ended 31 March
2003 and GBP1,144k in the year ended 31 March 2003

-- Achieved profit in the fourth quarter, in line with plan

-- Turnover, approximately half of which is expected to recur into the
current year, increased significantly

-- Operating expenses reduced to GBP1,829k in the fourth quarter compared to
GBP3,540k in the same period last year

-- Future revenue growth underpinned by a strong recurring revenue stream
and the maturing sales channel that has been built through earlier
investment.

-- Significant contract with Experian which has launched a new version of
its global decision support tool, Strategy Management Generation 3,
incorporating Alterian technology

-- New end users include Merrill Lynch, announced Thursday, Sainsbury's
Bank, Chase de Vere, Royal Mail, NFL Sunday Ticket, Astra Zeneca, B&Q and
MCI

-- Significant new product releases successfully implemented
  -- both  enhancing pre-existing products and  expanding  the
  Alterian product suite

-- Organization re-structured and reduced with operations more tightly
focused to respond to market conditions and lengthened sales cycles

-- Cash & investments remain strong at GBP14.6m

Commenting on the results, David Eldridge, Chief Executive,
Alterian plc said:

'Following management action to respond to changing market conditions
Alterian has made continued progress.  Achieving
Alterian's long standing commitment to fourth quarter profitability was
particularly encouraging.

'The substantial number of new end users signed during the fourth quarter
demonstrates that the ability of Alterian technology to deliver cost savings
for clients is increasingly recognized.

'We enter the new financial year with a strong recurring revenue base, a
significantly enhanced and extended product range, a maturing channel to
market and a strong team in both our UK and US operations.  This positions
Alterian well to deliver against our targets of consistently improving
annual performance and positive earnings for the year to 31st March 2004.'

Keith Hamill, non-executive Chairman, Alterian plc, said:

'The company has made encouraging progress in what is a very difficult
market.  While there remains a great deal of work to do our products are
gaining increasing acceptance and our distribution network is progressively
more effective.

'The growing number of contracts providing recurring income together with
the cost reductions achieved have significantly improved Alterian's
financial position. The board is confident in the future of the company.

'I would like to thank the management and the staff for their hard work and
achievements over the last year.'

To See Financial Statements:
http://bankrupt.com/misc/Alterian_Plc.htm

CONTACT:  ALTERIAN PLC
          David Eldridge, Chief Executive Officer
          Phone:  0117 9703 200
          Mike Talbot, Chief Technical Officer
          David Cutler, Finance Director

          WEBER SHANDWICK SQUARE MILE
          Phone: 0207 067 0700
          Nick Oborne/Kirsty Hall/Becky Haywood
          E-mail: bhaywood@webershandwick.com


AMEY PLC: EUR Commission Authorizes Acquisition by Ferrovial
------------------------------------------------------------
The European Commission has approved Grupo Ferrovial's acquisition of sole
control over the UK-based Amey plc. Grupo Ferrovial is a Spanish
construction conglomerate. Amey is a provider of integrated business support
services in the United Kingdom. The Commission has concluded that no
competition concerns arise from the transaction in the relevant market for
business support services in the United Kingdom.

The notified transaction concerns the provision of integrated business
support services to the private and public sectors in the UK. In the United
Kingdom only Amey provides railway management and maintenance; road
management and maintenance, and facility management services. Each of these
segments has been defined by the notifying party as a separate product
market national (UK) in scope.

As no horizontal overlaps have been identified, even on the basis of the
narrowest product and geographic market definition, no precise market
definition was necessary. This is because Ferrovial does not provide the
relevant services in the UK.

In an earlier decision, the provision of railway management and maintenance
services has already been defined in the past as a separate product market
with a national geographic dimension(1).

Background

Ferrovial is a construction group with diversified activities comprising the
provision of integrated business support services (building and
infrastructure maintenance and management) to the private and public sectors
in Spain and Portugal.

Amey is a leading provider of integrated business support services to the
private and public sectors in the UK, including railway and road maintenance
and management services, facility management and other outsourcing support
services. Amey also provides fleet services.

(1)Case COMP/M.2694 Metronet/Infraco


AQUILA INC.: Ratings on Midlands, Aquila Still on Watch Evolving
----------------------------------------------------------------
Fitch Ratings, the international rating agency, said that further to its
press release of 23 May 2003 downgrading Avon Energy Partners Holdings to
'CC' from 'BB-' ('BB minus'), the ratings of Midlands Electricity plc
('BBB-'('BBB minus')/'F3') and Aquila Power Network ('BBB+'/'F2') remained
on Rating Watch Evolving.

The Rating Watch Evolving reflects the uncertainty surrounding the outcome
of the currently proposed sale - acquisition by a higher-rated entity
combined with the pay down of existing debt may result in stabilisation of
ratings or a rating upgrade for member companies within the Avon group;
conversely, failure to complete an acquisition, or acquisition by a
lower-rated entity may result in stabilisation of ratings or in a lowering
of ratings.

CONTACT:  FITCH RATINGS
          Francesca Fraulo, London
          Phone: +44 (0)20 7417 4337
          Isaac Xenitides, London
          Phone: +44 (0)20 7417 4300


BAE SYSTEMS: EADS Completes Full Acquisition of Astrium
-------------------------------------------------------
-- EADS acquisition of BAE SYSTEMS 25 percent stake in Astrium approved by
the European Commission
-- Full integration of Space assets will support restructuring of EADS Space
Division

On Monday, the European Commission formally approved the acquisition by EADS
(stock exchange symbol EAD) of the 25 percent stake (27.5 percent economic
share) in Astrium, Europe's leading space company, formerly held by BAE
SYSTEMS plc.

With the permission of the European Commission, the transaction was
implemented on 7 May. EADS now wholly owns its Space activities, meaning it
can integrate and restructure the Space business worldwide to enhance
competitiveness in current market conditions. EADS is now starting to
implement its comprehensive restructuring program, including site
reallocation according to a center-of-competence approach and sourcing
reorganization. The EADS Space management plans to save a total of E500
million in recurring costs by the year 2005 and to reach EBIT breakeven by
2004 for the Space Division.

According to the two companies' agreement which was announced at the end of
January 2003, BAE SYSTEMS and EADS have each injected E84 million equity
into Astrium Limited. EADS has also made a further E99 million capital
increase at Astrium Limited. As the purchase price for BAE SYSTEMS' stake
was also E84 million, the transfer was effectively implemented for zero cash
consideration.

Full control of Paradigm Secure Communications Ltd., selected for the Skynet
5 military communications satellite program formerly held jointly by BAE
SYSTEMS and EADS, has already been transferred to EADS. Full ownership of
Paradigm will allow EADS to expand in military telecommunications satellites
services, which is a major area of future growth.

About EADS:
EADS is a global aerospace and defense company and is the world's second
largest in terms of revenues with E29.9 billion in 2002.
EADS has a workforce of more than 100,000 and is a market leader in defense
technology, commercial aircraft, helicopters, space, military transport and
combat aircraft, as well as related services. Its family of leading brands
includes the commercial aircraft manufacturer Airbus, the world's largest
helicopter manufacturer Eurocopter, the space company Astrium and MBDA, the
world's second largest missile company. EADS is the biggest partner in the
Eurofighter consortium and heads the A400M military transport aircraft
program. The company has over 70 sites in Germany, France, Great Britain and
Spain. It is active in many regions worldwide, including the U.S., Russia
and Asia.

                     *****

Weak operating and cash flow outlook, challenges in improving core
profitability, and significant cash outlays related to troubled programs led
Moody's in February to downgrade BAE System's long- and short-term debt
ratings to Baa1 and Prime-2 from A2 and Prime-1, respectively.

According to Moody's BAE's profits and cash flows have deteriorated over the
past several years due to sizeable charges related to shipbuilding programs
in the U.K., the closure of its regional jet business, and losses at
Astrium.


BRITANNIC PLC: Paragon Confirms Buyout Talks; Discloses Plans
-------------------------------------------------------------
In response to recent press speculation, Paragon confirms that it is in
talks with Britannic Group PLC in respect of the potential acquisition of
its wholly owned subsidiary Britannic Money, a UK lender specializing in
buy-to-let and flexible mortgages.

Should these talks progress to a successful conclusion, Paragon would expect
to finance the acquisition from a combination of new debt facilities and
existing cash resources.

A further announcement will be made as and when appropriate.

                     *****

In March, Britannic said the mortgage unit is operating in the highly
competitive mortgage market but has substantially reduced its losses in 2002
by 82% to GBP5 million in 2002 from GBP28 million in 2001 as a result of
"rigorous management of costs and by improving margins."

It said Britannic Money "will continue to focus on costs and margins in
2003, with a break-even financial objective."


CABLE & WIRELESS: Appoints Two New Non-Executive Directors
----------------------------------------------------------
Cable and Wireless plc announces that today (27 May 2003) it has appointed
Graham Howe and Kasper Rorsted as non-executive directors.

Graham Howe was most recently Deputy Chief Executive Officer and Chief
Operating Officer of Orange SA.  Kasper Rorsted is Senior Vice President and
General Manager, Europe, Middle East and Africa for Hewlett Packard.

Cable & Wireless also announced that Sir Win Bischoff, non-executive
director and Deputy Chairman, will be retiring from the Board after the AGM
on 25 July.

Sir Win has been a member of the Board since 1991.

Graham Howe was one of the founding directors of Orange, having joined them
in 1992.  Before that, his experience in the telecommunications sector
included senior positions at Hutchison Telecom, First Pacific Company and
Touche Ross Management Consultants.

Kasper Rorsted has held his current role since the merger of Hewlett Packard
and Compaq in May 2002. He was previously with Compaq as Vice President &
General Manager for EMEA, having held various other senior management
positions since 1995.  He has previous experience with Oracle, Digital and
Ericsson.

Richard Lapthorne said: 'I am delighted that we have attracted Graham and
Kasper to join the Board.  They bring to Cable & Wireless valuable
experience in the telecoms and technology sectors, together with track
records as successful general managers. Graham has been at the very center
of Orange's success, nurturing its development from start-up to a huge and
successful mobile telecommunications company that has always put its
customers first.  As head of Hewlett Packard in Europe, Kasper is managing a
complex change process, merging the cultures of Compaq and HP.  His focus on
operating performance as part of that process is formidable.

'From the beginning, I have set out to create a Board where the
non-executive directors brought skills that were highly relevant to Cable &
Wireless.  The backgrounds of our non executives now cover experience in
finance and restructuring, IT and telecoms and government and public sector
affairs.'

CONTACT:  CABLE & WIRELESS
          Investor Relations
          Louise Breen
          Phone: +44 (0) 207 315 4460
          Caroline Stewart
          Phone: +44 (0) 207 315 6225
          Virginia Porter (US)
          Phone: +1 646 735 4211


CRISSCROSS COMMUNICATIONS: Administrators Sells Operations
----------------------------------------------------------
Crisscross Communications Group Of Companies

The Joint Administrators, David Coyne and Peter Forsey, offer for sale the
Business and Assets of the Crisscross Communications Group

-- Telecoms carrier operating in 26 cities in 12 European countries London
Headquarters

-- Ultra high capacity broadband network, collocation and IP services, 10G
DWDM, SDH and IP backbone network, metropolitan area networks in London,
Paris, Frankfurt, Madrid and Amsterdam, and 10G transatlantic connectivity
between Europe and New York

-- DWDM network utilizing Ciena Corestream 9600 and Ciena Core Directors
connecting 36 POPs

-- More than 8,600 kms of long distance network based primarily on dark
fiber IRUs with connectivity to all major business centers and Internet
exchanges in Europe

Early enquiries to Nick Johnson at
ATIS REAL Weatheralls the Joint Administrators' agents
Phone: +44 (0) 20 7338 4000
Fax: +44 (0) 20 7404 6764
E-mail: nick.Johnson@atisrealweatheralls.com


EQUITABLE LIFE: Plans to Give GBP70 Million to Policyholders
------------------------------------------------------------
The board of Equitable Life plans to allot some GBP70 million to compensate
former Equitable Life customers who were mis-sold pensions and insurance
policies, according to The Times.

The move is expected to anger policyholders who agreed not to receive
compensation under an earlier scheme which offered a 2.5% boost to the
policies of those who agreed not to sue the company for future claims.

The new deal offers to pay compensation of up to 5% of policy values at a
cost of GBP70 million to customers who left the society rather than accept
the original deal, the report said.

The amount being offered might even be raised, according to the report,
after the Financial Ombudsman Service upheld last week five test cases of
mis-selling against the society.  Equitable stands to compensate up to
GBP400 million under the ruling.


INTERNATIONAL MOVING: Administrators Offer Business for Sale
------------------------------------------------------------
The International Moving Company Limited (in administration)

Removals and Storage

Joint administrators Andrew Thompson, Martin Shaw and Jeremy Frost offer for
sale the business and assets of the above company.

-- Six depots nationally
-- Domestic and corporate markets
-- Annual turnover GBP5 million
-- Highly trained workforce
-- Well established brand names

For further information contact Michelle Chatterton of
Thompson Shaw Associates LLP
100 Wakefield Road, Lepton, Huddersfield, HD8 0DL
Phone: 01484 607444
Fax: 01484 608776
E-mail: mas@thompsonshaw.co.uk


MARCONI CORP.: To Outsource Internal IT Operations To Save Costs
----------------------------------------------------------------
Marconi Corporation (London: MONI) on Tuesday announced that it has signed a
ten year outsourcing agreement for the management of its internal
Information Technology (IT) systems to Computer Sciences Corporation (NYSE:
CSC), one of the world's leading information technology services firms.

The agreement is designed to contribute to Marconi's business flexibility,
specifically its overall cost reduction program and the introduction of
further efficiencies and productivity to the way the company uses IT to
support its business. Marconi expects it will pay CSC GBP450 million ($735
million) over the ten year life of the agreement, resulting in expected
savings of up to 10 percent in IT operating costs over the same period.

As part of the transaction, CSC will buy Marconi's IT assets worldwide, with
the exception of its Asia Pacific and the Middle East regions and the
company's UK-based Interactive Systems business, for GBP26.3 million
(approximately $43 million) in cash. Marconi expects the agreement to become
effective, and to receive the cash proceeds, before the end of June 2003.
These cash proceeds will be retained by the Marconi Group and largely
completes the permitted retention of the first GBP82 million of asset
disposals under the previously announced Restructuring agreement with
creditors.

Subject to compliance with local legislation and employment practices, it is
expected that approximately 360 current Marconi IT staff based across
Europe, Africa and the Americas will transfer employment to CSC during June.

BT, a subcontractor to CSC through this agreement, will provide networking
services to Marconi, including the provision of local and wide area
networking, voice and conferencing services, as well as global remote access
facilities. BT will, in turn, work with other network operators around the
world to provide global service coverage. Subject again to compliance with
local legislation and employment practices, over 40 Marconi IT personnel
will transfer employment to BT in June.

Commenting, Mike Donovan, Marconi's chief operating officer, says:
'Following fast on the successful completion of our financial restructuring
and relisting, this agreement will contribute significantly to our already
committed cost reduction and efficiency programme. The agreement also allows
us to sharpen our focus on our core business, which is building, maintaining
and supporting the networks of the world's leading telecommunications
companies. The agreement also gives Marconi an upfront cash injection and a
more efficient IT infrastructure and support.

'Marconi employees transferring to CSC or BT are moving to organisations for
whom IT and telecoms services are their respective core business. This will
give them greater career opportunities and better experience and exposure to
leading edge IT systems deployment and support.'

Commenting on the agreement, Van B. Honeycutt, CSC's chairman and chief
executive officer, said: 'We are pleased to enter into this agreement with
Marconi. Our overarching objective will be to leverage our global technology
resources to help Marconi achieve its business goals. CSC's experience
aligning our customers' IT capabilities with their changing business needs
will deliver substantial value to Marconi.'

                     *****

The agreement includes: CSC will manage all aspects of Marconi's IT,
including its network of desktop computers, applications and helpdesk
support, as well as Marconi's network of data centres and its local and
wide-area voice and data networks worldwide. CSC will also work to
standardise the IT tools and applications deployed by Marconi, creating
further productivity and efficiency, as well as greater visibility of
Marconi's IT infrastructure and data.

About CSC

Founded in 1959, Computer Sciences Corporation is one of the world's leading
IT services companies. CSC's mission is to provide customers in industry and
government with solutions crafted to meet their specific challenges and
enable them to profit from the advanced use of technology.

With approximately 90,000 employees, CSC provides innovative solutions for
customers around the world by applying leading technologies and CSC's own
advanced capabilities. These include systems design and integration; IT and
business process outsourcing; applications software development; Web and
application hosting; and management consulting. Headquartered in El Segundo,
Calif., CSC reported revenue of $11.3 billion for the 12 months ended March
28, 2003. For more information, visit the company's Web site at
http://www.csc.com

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications equipment, services
and solutions company. The company's core business is the provision of
innovative and reliable optical networks, broadband routing and switching
and broadband access technologies and services. The company's customer base
includes many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the symbol MONI.

CONTACT:  MARCONI CORP.
          Joe Kelly
          Phone: 0207 306 1771
          E-mail: joe.kelly@marconi.com

          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MELVILLE DUNDAS: Private Companies Show Interest in PFI Contract
----------------------------------------------------------------
More than 100 jobs at Melville Dundas have been made redundant by the
company's receivers in an attempt to save the company from going bust.

Tom Burton of Ernst & Young's corporate restructuring department told the
Scotsman that following an initial review he had "no other short-term
option" but to make redundancies.

The Scottish construction firm fell into receivership last week in the
process of building Hearts FC's GBP6 million youth academy, leaving the fate
of dozens of smaller companies that sub-contract for the firm in
uncertainty.  It said it would be some weeks before site operations could
return to normal, so they had to release 107 from the 300 full-time staff
and six part-time employees.

Burton did not rule out the possibility of more redundancies in the near
future.  "We are where we are and a lot will depend on our negotiations with
interested parties this week," he said.

"The job losses are regrettable but it will enable us to continue the work
which has already started with the company's management team to ensure we
identify and secure the most effective way of dealing with each individual
contract."

Meanwhile, reports indicate that Dawn and Ogilvie, two of Scotland's largest
privately owned construction companies, confirmed their interest in picking
up part of the Melville portfolio.

Such a deal, or combination of deals, could potentially save a number of the
jobs that have been shed.

Dawn Group's managing director and majority owner Alan Macdonald also
revealed that his company was in the running for some of the PFI contracts
held by Glasgow-based Melville.  The contracts include an unknown number of
projects funded through the government's public-private partnership scheme.

Dawn would take on a number of people from the staff directly associated
with these contracts if an agreement can be reached.

Managing director of Stirling-based Ogilvie Construction Phil McEwan said
his company is also interested in picking up both PFI and other types of
contracts from the fall-out at Melville.

"We are looking at all business opportunities, and the demise of Melville
Dundas, although sad, does present an opportunity," he said.

Another possible bidder is Edinburgh-based Miller, which is known to have a
substantial interest in PFI work.

A spokeswoman for the firm, which is controlled by the Miller family, said
yesterday that the company didn't "think it appropriate to say anything at
this time".

Burton said that at least half-a-dozen companies had expressed an interest
in picking up parts of the Melville portfolio.  The immediate aim is to make
a decision on at least some of these within the next 24 to 48 hours.

Whether this would save any of the job cuts announced yesterday would depend
on the companies that win the contracts, Burton added.

CONTACT:  Melville Dundas Ltd
          4 Chester Street
          EDINBURGH EH3 7RA
          Phone: 0131 225 4213
          Fax: 0131 225 4214
          Contact: Mr B McGowan (Managing Director)
          Email: edinburgh@melvilledundas.co.uk


MYTRAVEL GROUP: Announces Disposal of Land at Las Meloneras
-----------------------------------------------------------
MyTravel Group plc announces the sale of a plot of land at Llanos de
Maspalomas, Gran Canaria (Las Meloneras) to Hijos de Francisco Lopez Sanchez
S.A. (Lopesan), a Spanish construction group and hotel developer.  The land
was acquired by MyTravel in January 2000 with a view to developing hotel
accommodation for use by MyTravel Group tour operators.  Following the
downturn in demand for hotel beds since September 2001, the accommodation
requirements of MyTravel Group tour operators have been reassessed and
consequently this development is no longer required.

The total consideration paid by Lopesan for Las Meloneras is Euro18.0m
(GBP13m), of which Euro15.3m (GBP11m) will be paid in cash on completion and
Euro2.7m (GBP2m) will be satisfied by holiday accommodation credits which
MyTravel Group tour operators expect to utilize fully in Lopesan owned
resort hotels over the next five years. Las Meloneras had a book value of
Euro30.9m.

The cash proceeds of the sale, net of expenses, will be used to reduce net
indebtedness of the MyTravel Group by approximately GBP10m.

* Assuming an exchange rate of Euro1.4 per GBP1

                     *****
The company, which sends about six million Britons to the Mediterranean a
year became the subject of nasty speculations, especially after March
figures showed a 16% drop in travel, largely caused by the war in Iraq and
worries over the SARS epidemic.

Analysts interviewed by the Financial Times believe the company is still
afloat, but not for long.

CONTACT: Brunswick
         Fiona Antcliffe
         Sophie Fitton
         Phone: 020 7404 5959


ROYAL MAIL: Commission Okays Acquisition of IT Division by CSC
--------------------------------------------------------------
Commission authorizes acquisition of Royal Mail's IT division by Computer
Sciences Corporation

The European Commission has approved the acquisition of sole control over RM
Business Systems Limited the IT division of UK postal operator Royal Mail
Group plc - by the US-based IT services provider Computer Sciences
Corporation (CSC). The Commission has concluded that no competition concerns
arise from the transaction

Royal Mail has decided to outsource its IT services to CSS. Previously, its
former RM Business Systems Division (RM-BSD) provided these services to
Royal Mail. The approved transaction is part of the agreement entered into
by CSC and Royal Mail Group, according to which the latter will outsource to
CSC it's IT services.

The present operation concerns the outsourcing of IT management services,
which can be defined as the day-to-day operation of IT assets and processes.
IT management services comprise operational services, applications IT
management services and helpdesk IT management.

Royal Mail and CSC are not engaged in overlapping activities. Neither are
they active in upstream or downstream markets of each other. CSC is active
on the market/s for IT services, whilst Royal Mail provides postal services
in the United Kingdom. RM-BSD provides in-house IT services. Furthermore,
the envisaged transfer of assets and resources will not result in any
significant increase of CSC's market position with respect to IT services.
Both the overall IT services market and the IT management services market
are very fragmented markets, CSC having a very limited position in each of
them.

The Commission has stated in previous cases(1) that the relevant product
market for such services may be either the overall market for IT services or
the IT management segment itself. It has also indicated that the markets for
IT services continue to be national in scope, although increasing
internationalization has been identified. In any event, market definitions
have frequently been left open since the operations at stake did not give
raise to significant competition concerns. This is also true for the present
case.

Background

CSC is a multinational company providing information technology (IT)
services to commercial and government customers. Namely, it is active in IT
outsourcing/management services, IT management consulting and systems
integration.

RM-BSD is a former division within Royal Mail Group, a public company wholly
owned by the UK government that provides postal services in the United
Kingdom. RM-BSD has been incorporated as a new company, RM Business Systems
Limited, for the purposes of the present operation. It provides in-house IT
services to Royal Mail Group.

(1) Cases COMP/M. 2946-IBM/PWC Consulting; COMP/M. 1901-Cap-Gemini/Ernst and
Young; COMP/M. 1561- Getronics/Wang; COMP/M. 2609-HP/Compaq;
IV/M.668-Philips/Origin; IV/M.798-General Electric/Compunet; M. 2195-Cap
Gemini/Vodafone/JV; M. 2478 -IBM Italia/Business Solutions/JV.




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-published by
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Washington, DC USA. Kimberly MacAdam, Larri-Nil Veloso, Ma. Cristina Canson,
and Laedevee Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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