I would say two oh three.
You could also say two zero three, but I don't think that is as common.
September 30, 2019
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If '203' is a room, it would be two-oh-three.
We wouldn't say 'two hundred (and) three' because there are no hundreds involved - it's the third room on the second floor, rather than the two hundred and third room.
September 30, 2019
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Room two zero three
September 30, 2019
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