BCS Investments Limited Reports To Shareholders For The Ten Months Ended 31st October 2003

"Following months of negotiations on Friday, 3rd October 2003, BCS Holdings Limited and its subsidiary operating companies, namely BCS Agencies Limited, Transact Limited and BCS Properties Limited were merged with Igility Limited, who in effect acquired all of the business assets and operations of Bermuda Computer Services Limited.

In accordance with the terms of the amalgamation agreement, the Board of Directors of Bermuda Computer Services Limited agreed to change the company name from Bermuda Computer Services Limited to BCS Investments Limited.

BCS Investments Limited has no continuing interest or shareholding in Igility Limited and, as previously reported to our shareholders, the net cash amount realised for our Company from the sale of the subsidiary companies (net of legal fees and other expenses) amounted to $5,600,000 or just over $18 per share.

As was reported earlier, the company's name was changed to BCS Investments Limited to avoid confusion with the continuing operations of Bermuda Computer Services Limited. The year-end of the company was also changed to 31st October to allow us to provide shareholders with a better understanding of the financial position of the company and its operations up to the date of the sale of the subsidiaries on 3rd October 2003 and its present position.

In November 2003 the Directors approved the payment of a partial distribution of the proceeds of the sale of the operations of Bermuda Computer Services Limited in the amount of $3,000,000 ($10 per share) to shareholders of record on 31st October 2003. The Directors are considering a further distribution to shareholders in the second quarter of 2004 and the investment of the balance of the funds retained.

Financial Results:

Consolidated earnings of the Company for the ten months ended 31st October 2003 amounted to $3,207,967 including the gain on sale of Bermuda Computer Services Limited of $3,033,474 compared with $176,112 for the year ended 31st December 2002. The

consolidated earnings reflect net income of discontinued operations of BCS Holdings Limited for the ten months ended 31st October 2003 viz. BCS Agencies Limited, Transact Limited and BCS Properties Limited in the amount of $233,579 compared with net income of $255,448 for the twelve months ended 31st December 2002. The consolidated earnings, however, include the net loss of the parent company for the ten months ended 31st October 2003, which amounted to $(59,250) compared with a loss of $(79,336) for the twelve months ended 31st December 2002.

Total consolidated assets at 31st October 2003 amounted to $6,132,015 including cash and short-term deposits of $6,085,736 compared with total consolidated assets of $3,447,147 at 31st December 2002, which included fixed assets of $2,271,322 and cash and short-term deposits of $440,946. Total liabilities amounted to $3,424,424 at 31st October 2003, which included the dividend payable of $3,000,000. At 31st December 2002, total liabilities amounted to $947,523, which included long-term debt of $264,418. Shareholder's equity at 31st October 2003 was $2,707,591 compared with $2,499,624 as at 31st December 2002."

Signed by:

Donald P. Lines, OBE, FCA, JP

Chairman