RNS Number:4246M
Tyco International Ld
17 June 2003



FOR IMMEDIATE RELEASE



           TYCO TO RESTATE FINANCIALS FOR PREVIOUSLY DISCLOSED CHARGES


     Tyco Also Announces Cash Settlement of Dealer Remarketable Securities


Pembroke, Bermuda - June 16, 2003 - Tyco International Ltd. (NYSE - TYC, BSX -
TYC, LSE - TYI) today announced that the Company intends to restate its
financial results for prior fiscal periods in connection with the previously
announced ongoing review of the Company's periodic filings by the Securities and
Exchange Commission.  All of the items that the SEC asked the Company to restate
have been previously disclosed in the Company's periodic filings, and the
cumulative effects of all such charges have been recorded in the Company's
previously filed financial statements as of March 31, 2003.  The charges subject
to the restatement include primarily pre-tax charges of $434.5 million ($328.0
million after-tax) recorded in the quarter ended March 31, 2003 for items
related to prior periods and pre-tax charges of $261.6 million ($199.7
after-tax) recorded in the quarter ended December 31, 2001.



As a result of this development, the Company intends to file amendments to its
Annual Report on Form 10-K for the fiscal year ended September 30, 2002, as well
as its Quarterly Reports on Form 10-Q for the quarters ended December 31, 2002
and March 31, 2003.  Revised financial statements will be included as part of
these amendments and, therefore, investors should look to such revised financial
statements when available.



This restatement will push back the charges previously recorded into the
historical periods to which they relate.  The effects of the restatement of
these charges will be to reduce the Company's reported results for fiscal years
1998-2001 and to increase the reported results for fiscal 2002 and the first six
months of fiscal 2003.  No new charges will be required in connection with the
restatement, and the restatement will have no impact on the Company's reported
balance sheet as of March 31, 2003.  Tyco continues to be in compliance with the
covenant tests under its various financing agreements in each of the affected
quarters.  Tyco does not anticipate that the restatement will have any adverse
impact on its operating results or cash flows for the remainder of fiscal 2003
or future years.



The Company is in discussions with the SEC with respect to whether any of the
other charges, which were recorded in the quarter ended March 31, 2003, should
instead be restated in prior periods.  Notably, these charges include the $364.5
million pre-tax charge related to a change in the amortization method for ADT
customer contracts acquired from dealers, and the $265.5 million pre-tax charge
related to the change in accounting for the ADT dealer connection fee.  The
Company will continue to work closely with the SEC to resolve these outstanding
issues as quickly as possible.



Additionally, Tyco today announced that its wholly-owned subsidiary, Tyco
International Group, S.A., has repurchased all of its 6.25% Dealer Remarketable
Securities ("Drs.") due 2013.  The total Dollar Price paid was $902 million
based upon the $750 million par value of the Drs. plus the difference between a
Base Rate of 5.55% and the current ten-year United States Treasury
yield-to-maturity.  The payment was made from available cash.  The portion of
the payment in excess of par ($152 million) will be recorded as an expense in
the current fiscal quarter, which will reduce earnings per share by 7 cents in
the quarter ending June 30, 2003.



About Tyco International Ltd.


Tyco International Ltd. is a diversified manufacturing and service company.
Tyco is the world's largest manufacturer and servicer of electrical and
electronic components; the world's largest designer, manufacturer, installer and
servicer of undersea telecommunications systems; the world's largest
manufacturer, installer and provider of fire protection systems and electronic
security services and the world's largest manufacturer of specialty valves.
Tyco also holds strong leadership positions in medical device products, and
plastics and adhesives.  Tyco operates in more than 100 countries and had fiscal
2002 revenues from continuing operations of approximately $36 billion.



Forward-Looking Statements

This release may contain certain "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are subject to
risks, uncertainty and changes in circumstances, which may cause actual results,
performance or achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that are not
clearly historical in nature are forward looking and the words "anticipate," "
believe," "expect," "estimate," "plan," and similar expressions are generally
intended to identify forward-looking statements. The forward-looking statements
in this release include statements addressing the following subjects: future
financial condition and operating results. Economic, business, competitive and/
or regulatory factors affecting Tyco's businesses are examples of factors, among
others, that could cause actual results to differ materially from those
described in the forward-looking statements.

More detailed information about these and other factors is set forth in Tyco's
Annual Report on Form 10-K for the fiscal year ended September 30, 2002, and in
Tyco's Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. Tyco
is under no obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result of new
information, future events or otherwise.

                                     # # #


Contact:           Gary Holmes (Media)
                   212-424-1314

                   Edward Arditte (Investors)
                   212-424-1390


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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