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Preliminary Announcement Of KeyTech For The Financial Year Ending 31st March 2003

06 6 2003

Hamilton, Bermuda: 6 June 2003 - "The financial results reflect a solid performance in operations made by our managers and staff. The year has been a challenging one, nevertheless we have accomplished a great deal as our Companies worked to maintain their leadership role in the marketplace," says CEO Sheila Manderson.

Consolidated net income for the prior year of $15,097,910 included other income of $7,737,828.

After adjusting for the 1 for 10 common share dividend on 30th April 2003, KeyTech's basic and diluted earnings per common share for the year was $0.996. Total cash dividends paid to common shareholders for the year was $0.515 per common share. At the end of the year, again after adjusting for the share dividend impact, net assets per common share were $ 13.78 ($11.45 on a fully diluted basis).

Operating revenues for the period were $87,580,113 as compared to $89,529,243 for the same period last year. The decline can be attributed to lower interconnection settlement rates and domestic wireless revenue as the cellular market has increasingly moved towards customer plans that include periods of free airtime use. The Company has been successful however, in offsetting a portion of these declines by diversifying and growing other revenue lines including the consulting services, international long distance and network services of Logic Communications Limited.

Net income after operating, amortization and interest expenses was increased at $9,284,906 compared to $7,607,979 for the prior year, in spite of downward pressure on revenues from the traditional business lines primarily due to decreased amortization and depreciation expense.

An affiliate of KeyTech, Bermuda Cablevision Limited, has reduced the estimated liability for programming fees and royalties which had been accrued over a period of fifteen years giving rise to a one time increase in equity earnings in affiliates in the year of $1,370,670. Total equity earnings in affiliates for the year was $1,661,757.

During the financial year KeyTech invested $25 million in capital assets, to maintain existing plant and also support provision of new services including GSM cellular service and increased coverage of high-speed Internet access to Bermuda residences via Asymmetrical Digital Subscriber Line (ADSL) technology. KeyTech recognized the value in continuing to invest in Bermuda's telecommunications infrastructure where an adequate return for its shareholders will likely be achieved.

"Diversification in related entities, investment in technology and focus on customer service have been the cornerstones of our operations and will continue to be key priorities for our Companies going forward",says KeyTech CEO Sheila Manderson.

N.B. KeyTech incurred $397,237 in restructuring costs in the year ended 31st March 2003. Investment losses for the year were $421,903 and the gain attributable to minority interests for the year was $34,645.