Pembroke, Bermuda (Jan. 26, 2004) -- Tyco International’s audit committee and board of directors want the company’s shareholders to approve dropping PricewaterhouseCoopers as its independent auditor and hiring rival Deloitte & Touche instead.

The audit committee, which said its recommendation followed a review of qualified audit firms, said that PwC agreed to submit its resignation, which will become effective when Tyco files its 10-Q for the quarter ended Dec. 31, 2003. Deloitte will serve as the company’s independent auditor from that date until the company’s annual general meeting on March 25, when shareholders will vote on the change.

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