Report from the Annual General Meeting

Report from the Annual General Meeting The Annual General Meeting on April 4, 2000 elected Mariana Burenstam-Linder as a new member of the Board of Directors, authorized the issue of shares for acquisitions and employee options, and approved a new share issue in IAR Systems AB prior to a stock market listing in June 2000. The proceedings of the meeting were held at Scandic Hotell, in Slussen, and followed the agenda outlined in the notice of the meeting. According to the recommendation of the Nominating Committee, all the members of the Board were reelected with the exception of Gunnar Mårtensson, who declined nomination. Mariana Burenstam-Linder was elected as a new member. The auditors were reelected to a four-year term. Authorization to issue new shares The Annual General Meeting authorized the Board to implement new issues of not more than 1,500,000 Class B shares, which would increase the share capital by not more than SEK 7,500,000, to use in acquisitions or for subscription by institutional investors in connection with acquisitions. Decision on employee option program The Annual General Meeting approved the Board's proposal to establish an employee option program with the following terms. The company will issue not more than 350,000 employee options, the exercise of which is tied to employment on the exercise date. The program will not dilute the interests of shareholders, since the Board has been authorized to repurchase shares up to a maximum of 10 percent of the number of shares outstanding. The purpose of the repurchase is in part to achieve a cost-effective hedge against the financial exposure caused by the option program and in part to continuously adjust the company's capital structure or distribute capital to shareholders. Exercise of the employee options will lead to the transfer of not more than 467,000 shares. Approval of new share issue in IAR Systems AB Prior to the impending listing of IAR Systems AB on the OM Stockholm Exchange, the Annual General Meeting of IAR on March 28, 2000 approved a new share issue in accordance with an earlier press release (no. 00/009). Today's decision supports the decision made by the AGM of IAR Systems AB. New phase In his address to the meeting, President Peter Enström stated that TurnIT is now entering a new phase in its strategy, where operating profit will be generated by the earnings of subsidiaries and by realizing the appreciation in value of the Group's companies. Operating profit is likely to be established at a completely new level. 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/2000/04/04/20000726BIT00470/bit0001.doc http://www.bit.se/bitonline/2000/04/04/20000726BIT00470/bit0002.pdf