During the board meeting of Logicom Ltd. of the 10 May 2002, the audited consolidated financial statements of the company for 2001 were approved and the date of the AGM set for the 26 June 2002 at 6.30 p.m. at the Hilton Hotel in Nicosia. Further, a special resolution will be submitted for endorsement as follows:

That from the authorised non-issued share capital of the company, 6 million ordinary shares of 20 cents each be made available to the board which will be able to allot these against an exchange either received or which could be received and which is related to purchases or acquisitions or employment agreements or for other purposes which the board will consider useful to the company, but that such allotment of shares will not be made in exchange for a value less than the nominal value of shares and that present shareholders will give up their pre-emption rights in relation to such share allotment.