Decision made to list TurnIT Development AB

Decision made to list TurnIT Development AB At today's Annual General Meeting, TurnIT announced that it intends to publicly list its subsidiary TurnIT Development AB during the autumn of 2000. TurnIT Development's business concept is to invest in IT companies in an early development stage. TurnIT Development invests up to 10 percent of the Group's shareholders' equity in project companies and start-ups with major potential. These investments are short- or medium-term and, for example, may involve portal or software companies in which TurnIT Development's long-term ownership interest should not exceed 20 percent. They may also involve IT companies that are planning to go public. TurnIT intends to own 40 percent of TurnIT Development following its initial public offering and market listing. It is also possible that special projects in TurnIT's business areas may require so much capital and attention that they would be better served by being spun off as separate companies and transferred to TurnIT Development. "The number of exciting investment opportunities has grown dramatically," Peter Enström said during his address to the Annual General Meeting of TurnIT AB. "It would be wrong not to open up TurnIT Development to direct investments from TurnIT's shareholders. In this way, everyone will have the opportunity to share in the major potential of cutting-edge investments. Moreover, TurnIT Development, which is growing quickly, is not part of TurnIT's original business concept." TurnIT Development currently has five holdings. It owns 7 percent of DCM, which will be listed on the OM Stockholm Exchange in 2000, and 10 percent of MiniMax Data AB. In late 1999 and early 2000, it made three additional investments: in 12 percent of BuyOne AB, 15 percent of mitt-liv.nu AB and 2 percent of Gear Management / Digital Media AB. Two more acquisitions are expected to be announced in April. TurnIT Development is expected to be listed in the autumn of 2000. Following the AGM, a project group will be formed to prepare the company for the stock market's requirements and find the most suitable listing form. "We have a large number of investment opportunities to evaluate for TurnIT Development," comments Peter Enström. "Before the end of 2001, I expect the company to have around 15 investments in its portfolio." TurnIT AB Board of Directors For more information, please contact: Peter Enström, President of TurnIT AB, Telephone: +46-8-545 877 30, Mobile:+46-70-574 99 82 Rickard Linderoth, Director of Communications, TurnIT AB, Telephone: +46-8-545 877 45, Mobile: +46-709-65 02 98 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/04/04/20000726BIT00480/bit0001.doc http://www.bit.se/bitonline/2000/04/04/20000726BIT00480/bit0002.pdf