A preliminary statement of annual results for the financial year ended 31 December 2003 is attached herewith.

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1 The following is a Company Announcement issued by GloBAl Financial Services p.l.c. pursuant to Malta Financial Services Authority Listing Rules and Quote The Board of Directors of GloBAl Financial Services p.l.c. (the Company ) has on Friday, 16 April 2004 met and approved the financial statements of the Company and resolved to lay the same for the approval of the shareholders at the forthcoming Annual General Meeting of the Company to be held on Friday 30 July A preliminary statement of annual results for the financial year ended 31 December 2003 is attached herewith. The Board of Directors has also resolved to recommend to its shareholders in General Meeting to approve the declaration of a Net Dividend of 0.65 cents per ordinary share. Subject to the approval of the Annual General Meeting, the Net Dividend of 0.65 cents per ordinary share, shall be paid by the Company no later than the 6 August The Board of Directors has established the 25 June 2004 as the Effective Date on which all shareholders then on the register of members shall be entitled to receive notice of and attend the Annual General Meeting, be paid dividends declared by the General Meeting and appoint directors or vote at the election of directors. Unquote By order of the Board

2 Preliminary Statement of Annual Results The financial information has been extracted from the audited financial statements of GloBAl Financial Services p.l.c. (the Company ) for the year ended 31 December 2003, as approved by the Board of Directors on 16 April It is being published in terms of the Malta Financial Services Authority Listing Rules. Review of Performance The net profit of the before tax and amortisation of goodwill amounts to 512,000. The charge for the amortisation of goodwill amounted to 160,244 resulting in a net profit before tax of 351,756. The operating profit for the year has improved by 539,226 to an operating profit of 247, was a very challenging but positive year for the. It has seen the successful creation of a broader organisation offering well diversified revenue streams which contributed to a significant turnaround in results. Initiatives undertaken by the in earlier years have also contributed to the improved performance. A significant milestone was the acquisition of the Malta operation of British American Insurance Co. (Mtius) Ltd in January In addition to providing investment services, through Globe Financial Management Ltd, and fund advisory services, through Globe Fund Advisors Ltd, the now includes British American Insurance Co. (Malta) Ltd, which acts as a life assurance principal. The also offers private health insurance through another subsidiary, BUPA Agencies Ltd, which is the exclusive agent for BUPA Insurance Ltd. The acquired business contributed additional revenues of 3,968,729. The is now well placed to develop a more diversified product range to meet the requirements and expectations of a wider client base. During the year the also completed the acquisition of a property that it previously occupied through a lease arrangement. In 2003, the continued to respond to investors needs and successfully launched a number of capital guaranteed products through Globe Financial Management Ltd and single premium insurance products through British American Insurance Co. (Malta) Ltd. In November 2003, the further broadened its range of financial services following the licensing of another subsidiary, MY Insurance Brokers Ltd, to act as a general insurance broking company.

3 Through the synergies created following the acquisition and actions taken to improve performance, turnover from investment services has increased in 2003 as compared to the previous year by 17% to 922,431. The s net asset base of 2,485,966, at the end of 2002, has strengthened to 8,996,432 as at the end of In August 2003, the Company consolidated its ordinary shares of 0.02,5 each into ordinary shares of 0.12,5 each, as a result of which the Company has 13,207,548 ordinary shares in issue. On an operational level, the has benefited from synergies resulting from its increased size. It has continued with its investment in human resources and IT development, whilst concentrating on streamlining operations across all companies within the. The has strong product development capabilities and is receptive to a number of business development opportunities both locally and overseas. It is continuously evaluating such opportunities, which will be pursued if the Board is satisfied that they will add to shareholder value and complement existing business. In view of these results and the positive start to 2004, the Board looks forward confidently to the s continued growth and development prospects. It is well positioned to build on these results, delivering profitable growth and creating and maximising long term value for its shareholders, whilst continuing to focus on ensuring the highest standard of service to its clients. The Board has recommended the declaration and payment of a net dividend of 85,850 equivalent to 0.65cents per ordinary share for the approval of the shareholders at the Annual General Meeting. Subject to the approval of the declaration and payment of a dividend by the Annual General Meeting, the net dividend will be payable to shareholders who are on the Register of Members of the Company on 25 June By order of the Board 16 April 2004

4 Condensed Profit and Loss Account Turnover Gross premiums written 3,478,288 - Revenue from other activities 1,438, ,260 Total turnover 4,917, ,260 Gross profit 1,633, ,908 Operating profit/(loss) 247,234 (291,992) Profit/(loss) on ordinary activities before tax 351,756 (309,735) Tax on profit/(loss) on ordinary activities (116,589) 100,809 Profit/(loss) on ordinary activities before minority interest 235,167 (208,926) Minority interest - 4,812 Profit/(loss) for the financial year 235,167 (204,114) Earnings per share (cents) 1c8 (2c9) Condensed Balance Sheet at 31 December 2003 ASSETS Fixed assets Intangible assets 3,551,385 - Tangible assets 3,944,537 1,000,050 Other financial assets 6,000,648 1,118,441 13,496,570 2,118,491 Other non current assets 156, ,871 Current assets 3,136, ,452 Total assets 16,789,567 2,853,814 EQUITY AND LIABILITIES Capital and reserves 8,996,432 2,485,966 Provisions for liabilities and charges 6,802,716 - Creditors: amounts falling due within one year 990, ,848 Total equity and liabilities 16,789,567 2,853,814

5 Condensed Statement of Changes in Equity Share capital Balance at beginning and end of year 875, ,000 Issue of share capital 775,943 - Balance at end of year 1,650, ,000 Share premium account Balance at beginning and end of year 1,853,892 1,853,892 Issue of share capital 5,431,604 - Balance at end of year 7,285,496 1,853,892 Revaluation reserve Balance at beginning of year (368,183) (293,319) Available-for-sale investments -net fair value gains/(losses), net of deferred taxation 30,364 (117,620) -transfer to net profit, net of deferred taxation 37,388 42,756 Balance at end of year (300,431) (368,183) Other reserves Balance at beginning of year 46,437 46,437 Investment property -fair value gains, net of deferred taxation, transferred to other reserves 81,250 - Increment in value of in-force business, transferred to other reserves 68,000 - Balance at end of year 195,687 46,437 Profit and loss account Balance at beginning of year 78, ,934 Investment property -fair value gains, net of deferred taxation, transferred to other reserves (81,250) - Increment in value of in-force business, transferred to other reserves (68,000) - Profit/(loss) for the financial year 235,167 (204,114) Balance at end of year 164,737 78,820 Total Balance at beginning of year 2,485,966 2,764,944 Movements 6,510,466 (278,978) Balance at end of year 8,996,432 2,485,966

6 Condensed Cash Flow Statement Net cash generated from/(used in) operating activities 2,751,559 (72,823) Net cash used in investing activities (671,785) (99,245) Movement in cash and cash equivalents 2,079,774 (172,068) Cash and cash equivalents at beginning of year (117,072) 54,996 Increase/(decrease) in cash and cash equivalents 2,079,774 (172,068) Cash and cash equivalents at end of year 1,962,702 (117,072) Notes to the Condensed Financial Statements This report is being published in terms of Malta Financial Services Authority Listing rules and The financial information being published has been extracted from the audited financial statements of GloBAl Financial Services p.l.c. as approved by the Board of Directors on 16 April The accounting policies used in the preparation of the financial statements for the year ended 31 December 2003 are consistent with those used in the previous year. Until 2002 the principal activity of the was to provide investment services in terms of the Investment Services Act On 16 January 2003, the acquired a 100% interest in the local operations of British American Insurance Co. (Mtius) Ltd. The principal activities of the companies acquired are the carrying on of long term insurance business and an insurance business, and the provision of agency services to BUPA Insurance Ltd in respect of sickness insurance written in Malta. The acquired business contributed revenues of 3,968,729 to the for the period to 31 December Its assets and liabilities at 31 December 2003 were 8,970,576 and 7,134,282 respectively. Earnings per share is based on the profit/(loss) for the year divided by the weighted average number of ordinary shares in issue during the year. On 16 January 2003 the company issued 31,037,736 ordinary shares with a nominal value of per share as consideration for the acquisition of the local operations of British American Insurance Co. (Mtius) Ltd. Furthermore, on 25 July 2003, the Company re-designated its authorised and issued share capital into fully paid up shares having a nominal value of each. The weighted average number of ordinary shares in issue during 2002 and 2003 was adjusted for the re-designation of share capital.