Half Year Report 2003

Dear Shareholders,
SHL revenues for the first half of 2003 totaled USD 51.2 m against USD 37.8 m in 2002.
Revenues for the second quarter amounted to USD 25.6 m compared with USD 28.1 m for Q2 2002. US operations continue to significantly
contribute to the business while the joint venture in Europe is progressing.

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