Modestou: Profit warning

Pursuant with the CSE and SEC Regulation the and for the investors’ interest, Modestou Sound & Vision Ltd would like to announce that the forecasts on the financial results for the first half of 2003 are expected to be slightly different compared to the corresponding results of 2002.

The Company expects a decline in the turnover due to the war in Iraq and the free movement of people to and from either side of the island.