i think it can be downgraded, but not directly. First upgrade to 3.03 and then downgrade 3.03 to 1.50. But ask some other places before you do anything.
btw the downgrade 3.03 --> 1.50 needs GTA ULES 00182 5280129 on the UMD must be the 2.0 Update then it is the right one.




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