MSL CONFIRMS SECOND QUARTER ESTIMATES; PROVIDES OUTLOOK FOR THIRD QUARTER AND RESTRUCTURING CHARGES

CONCORD, MA, (June 19, 2003) - MSL (NYSE: MSV), a full-service global electronics manufacturing services and supply chain services (EMS) company, today announced that it is confirming the revenue and earnings outlook it previously provided for its second fiscal quarter ending June 29, 2003. In doing so, it narrowed the range of estimated revenue to $180 million to $185 million and the estimated Cash EPS (as described below) to ($0.01) to ($0.02) per share. The Company anticipates that the comparable earnings per share under Generally Accepted Accounting Principles (GAAP) will be approximately $0.00 to ($0.01) per share.

This difference would be due to the impact, if any, from the change in the value of the Company's common stock warrant derivative during the quarter, which would be a loss of approximately $0.01 per share if the closing price of the Company's common stock at quarter end is the same as the June 18, 2003 closing price of $5.20, and the reversal of prior restructuring charges which the Company believes could result in a gain of approximately $0.02 per share.

MSL further announced it estimates revenue in the third fiscal quarter will increase sequentially by approximately 10% to 15% over the second quarter and Cash EPS will be approximately breakeven to modestly positive, depending on the final mix of its business in the quarter. The comparable GAAP EPS will include the change in the fair value of the Company's warrant derivative calculated based on the Company's common stock price at the end of the third quarter as well as other non-recurring gains and charges, amortization of intangibles which cannot be quantified at this time.

To streamline it operations, reduce general and administrative expenses and enhance its earnings leverage, the Company indicated that it is identifying prospective annual cost savings of approximately $7 to $8 million including reductions of manufacturing capacity that it anticipates eliminating in the third and fourth quarters. These potential actions would result in restructuring and other charges of approximately $8 million to $10 million. The Company's fiscal second quarter results will be announced on and reviewed in a conference call currently scheduled for 11:00 a.m. EDT on Thursday July 24, 2003.

Cash EPS excludes unusual gains and charges, non-cash gains and losses on the change in fair value of the Company's common stock warrant derivative and amortization of intangibles. The Company believes that Cash EPS, a non-GAAP financial measure, provides investors with a useful view of the Company's earnings by isolating unusual gains, losses and charges and describing the Company's performance without them.

About MSL:

Manufacturers' Services Limited (MSL) is a multi-national company that manufactures electronic hardware for companies that sell branded electronic equipment or utilize electronic components in their products. The company builds a variety of products, including medical devices, avionics, industrial controls and communications equipment. MSL also manages the worldwide acquisition of components and supplies for the products it manufactures and provides complementary design, logistics and repair services. MSL's customers come from a diverse set of industries including industrial equipment, commercial avionics, automotive electronics, retail infrastructure, medical products, voice and data communications, networked storage, office equipment, computers and computer peripherals. The company's services allow electronics manufacturers to get products to market faster, reduce total cost, and achieve superior operational results. MSL distinguishes itself by providing strong capabilities in complex electronics manufacturing, build-to-order assembly, high-speed automated manufacturing, global order fulfillment as well as a superior customer experience characterized by significant mind share, personalized service, customized and flexible solutions, and rapid response. MSL is headquartered in Concord, Massachusetts. For more information, please visit the company's website at http://www.msl.com.

Contact: Dave Holt (978) 371-5457 david.holt@msl.com