Karo Bio’s annual general meeting

KARO BIO’S ANNUAL GENERAL MEETING

Dividend
At Karo Bio’s Annual General Meeting, April 26, 2000, it was decided that
no dividend is to be paid for the fiscal year 1999.

Board

Dana M. Fowlkes new election
Lars Gatenbeck re-election
Bertil Hållsten re-election
Torben Jørgensen new election
Peter Kushner re-election
Lars Ingelmark re-election
Per-Olof Mårtensson re-election
Dan Sten Olsson re-election
Leon E. Rosenberg new election
John D. Baxter deputy, re-election
Jan-Åke Gustafsson deputy, re-election
Per Otteskog deputy, re-election

At the Board Meeting following the Annual Meeting, Per-Olof Mårtensson was
elected Chairman of the Board. Torben Jørgensen took office as President.

Nomination Committee
Dan Sten Olsson, Per-Olof Mårtensson and Kenth Pettersson were elected
Nomination Committee.

Articles of Association
The Annual General Meeting adopted new Articles of Association, implying
that the share capital shall be no less than 30 MSEK and no more than120
MSEK. The Board shall consist of not less than five members and not more
than nine members with up to three deputies.

Decision on increasing the share capital
The Annual General Meeting decided

* To increase the share capital with no more than 11.471.465 SEK through
an issue in kind of maximum 2.294.293 shares directed to the shareholders
of Novalon Pharmaceutical Corporation.

* To issue a convertible debt note with 88.064 detachable warrants as a
component of the Company’s acquisition of Novalon, the share capital can
by that increase by 440.320 SEK.

* To issue a convertible debt note with 85.000 detachable warrants within
the scope of an incentive program to the staff, the share capital can by
that increase by 425.000 SEK.

* To authorize the Board to resolve on an issue of new shares with or
without deviation from the shareholders’ preferential rights of no more
than 600.000 shares, the share capital can by that increase by 3.000.000
SEK.

Huddinge, April 27, 2000

KARO BIO AB (publ)

Information
For further information, please contact Per-Olof Mårtensson, phone +46 8
608 60 20, 0709-415400 or Håkan Hallberg, Vice President Finance &
Administration, phone +46 8 608 60 06, 070-483 38 11

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Please visit https://www.bit.se for further information
The following files are available for download:
https://www.bit.se/bitonline/2000/04/27/20000427BIT00420/bit0001.doc
https://www.bit.se/bitonline/2000/04/27/20000427BIT00420/bit0002.pdf