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Island Press (Holdings) Limited Releases Six Month Report For Period Ending 31 March 1999

Hamilton, Bermuda, October 7, 1999 - Island Press (Holdings) Limited today released six month figures for the period ending 31 March 1999. In an accompanying letter to shareholders President & Chief Executive Officer, R. French, stated, "The results for the for the first six months of our financial years show an encouraging trend reflecting the results of strategic and other initiatives introduced by the Group in the recent past. Sales, gross profit and the gross profit margin have all improved and the reported net loss for the period has declined. While this is positive, we continue to examine our business strategies and structure with a view to engineering a revitalised Group better equipped to deal with local and overseas pressures.

Our commercial printing operation faces continued pressure from overseas printers favoured by lower manufacturing costs. these pressures are faced by all printers in Bermuda resulting in over capacity in a diminishing marketplace. This outlook is unlikely to change in the future, making it imperative to focus on strategies to retain business in Bermuda. Quality service with acute focus on customer needs will be the most effective means of achieving this goal.

The end of march represents the first full year of publishing a second, Wednesday edition of the Bermuda Sun. the first year's results have been very encouraging despite technical problems with the company's advertising management system which has delayed the reporting of financial results.

Strategic planning, implemented last year, has been beneficial for the group especially in the area of cost containment. It is too early, in the period under review, to see the benefit of longer term strategies which are in place, but we are confident that they will manifest themselves with vigor.

No dividend has been declared for the period."

For a copy of the financial statements, please contact Island Press (Holdings) Limited,

(441) 295 1944, or write to P.O. Box HM 902, Hamilton, HM DX, Bermuda