PRESS RELEASE

MULTIVISION INTELLIGENT SURVEILLANCE DELIVERS
STRONG FIRST-HALF FY2004 PERFORMANCE

1H04 Highlights

• Interim turnover at HK$56.1 million (S$12.4 million), up 43.1% from the previous-year period
• Interim profit at HK$15.5 million, up 47.6% from the previous-year period
• Earnings per share at 3.7 HK cents
• Expects strong global demand for digital video surveillance products and solutions to fuel company growth

Singapore, 27 November 2003 - Mainboard-listed MultiVision Intelligent Surveillance Limited ("MultiVision" or the "Company"), a Hong Kong-based technology company specialising in the design, development and distribution of digital video surveillance products and solutions, today announced its financial results for the six months ended 30 September 2003.

Performance Review

The Group continued to benefit from the growing trend amongst companies worldwide to upgrade their surveillance systems from analog to digital.

Driven by strong distribution sales, turnover rose 43.1% to HK$56.1 million from HK$39.2 million in the year-before period. Buoyed by the higher turnover, operating profit spiked up 47.2% to HK$18.4 million from HK$12.5 million. Net profit also increased, by 47.6% to HK$15.5 million from HK$10.5 million.

Aside from the continuing growth in worldwide demand for digital video surveillance products and solutions, the strong interim performance was also attributed to lower production costs due to better economies of scale, bigger sales in higher-margin products such as the enterprise-class NetServer Super systems, and higher cost savings after acquiring a perpetual license for the use of an application software driver.

The PRC remained MultiVision's largest market, contributing HK$33.9 million in sales. Next was North America, which accounted for HK$15.2 million of total revenue while Hong Kong was MultiVision's third-largest market with sales of HK$4.2 million. Macau contributed HK$1.4 million in turnover while the rest of the sales was derived from Europe, Australia and smaller markets such as the Middle East.

Mr. Dennis Li, President and Chief Operations Officer of MultiVision said, "MultiVision continues to be the choice provider of digital video surveillance products and solutions for many of our existing customers, some of which upped their distribution quota with us while others referred potential clients to us. We believe our half-year results, as well as our growing customer base, underscores our strong business fundamentals and management strength, and based on these two factors, we remain optimistic about the Company's prospects for the rest of the financial year."

Business update

Since the start of FY2004, MultiVision continued to make headway in its plans to expand its global presence.

The rapidly-growing PRC market provided a fertile expansion ground, with MultiVision signing a Letter of Intent in September with broadband services provider Jiuzhou Online to deploy Internet protocol-based digital video surveillance solutions for enterprise and consumer customers in the mainland.

The Company also captured a bigger slice of the digital video surveillance pie in Macau by securing in its fiscal third quarter a HK$48.67 million contract with Elixir Group to install its digital video surveillance systems in 10 casinos in the country.

The contract, which will be accounted for as part of Elixir's US$4 million distribution quota with MultiVision, is a reaffirmation of the former's confidence in MultiVision's product and solution offerings. MultiVision also expects to derive recurring business from Elixir as well as leverage on the contract as a platform for further expansion into the gaming industry.

On the marketing front, MultiVision succeeded in raising its profile with potential customers from different business segments by participating in trade shows and exhibitions around the world, including the ASIS International 2003 in the US, Safety and Security Asia 2003 in Singapore and the International Exhibition on Public Safety and Security in the PRC.

MultiVision also picked up accolades for both its products and business practices. In October, the Company was awarded the Export Marketing Certificate of Merit 2003 as part of the Hong Kong Awards for Industry, an annual awards scheme to recognise and encourage excellence, as well as to promote successful practices and strategies in different aspects of industrial performance.

And as further testimony to the strength and breath of its offerings, MultiVision was chosen by security magazines A&S China as one of the top 10 Digital Video Recorder suppliers in the international market category and A&S International as the Most Dynamic Revenue Growth company in the World's Top 50 Security Companies In Product Sales feature.

Outlook

The Company expects its global presence to increase in tandem with its business expansion plans. Based on the continuing demand for digital video surveillance products and solutions and the orders it already has on hand, and barring unforeseen circumstances, MultiVision expects its results to be positive.

Looking ahead, Mr Li said, "Despite the competitive market with more companies entering the fray, MultiVision's prospects remain promising. By focusing the enterprise customer market segment and leveraging the strategic alliances and other forms of partnership, we expect to widen our footprint in both our existing markets and business segments."

For media / institutional enquiries, please contact:

MultiVision Intelligent Surveillance Limited: +65 9763 0679

Tan Siang Peng : tan_siangpeng@multivision.com.hk
Marketing Manager (Singapore)

Gavin Anderson & Company : +65 6339 9110

Terence Foo : tfoo@gavinanderson.com.sg
General Manager & Director

Tan Ee Ching : etan@gavinanderson.com.sg
Executive

About MultiVision (Bloomberg: MVIS SP EQUITY / Reuters: MVIS SI)

Headquartered in Hong Kong, MultiVision is a technology-based company principally engaged in the design, development and distribution of digital video surveillance products and solutions. The Company's products are adapted for use in a diverse range of industries including financial, residential, commercial, utilities, healthcare, transportation, gaming as well as government agencies. The end users of MultiVision's products include companies in both the private and public sectors. Multivision is ISO 9001 certified.

MultiVision's products and solutions are marketed to distributors, OEMs of surveillance products and systems integrators for integration into the security and surveillance systems of its end-users. The Company's principal markets are in Australia, Hong Kong, Taiwan and the PRC and its distributors are based in countries such as Hong Kong, Taiwan, Macau, the PRC, Thailand, Malaysia, Singapore, Indonesia, Australia, New Zealand, Israel, Ghana, The Middle East, Ireland, UK, Latvia and the USA.

The MultiVision range of digital video surveillance product offers digital video recording and real time monitoring of multiple locations from a central monitoring centre through the routing of signals from various cameras to the central monitoring centre.

For further information, please see www.multivision.com.hk.

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