RS2 Software p.l.c. held first Annual General Meeting on May 12, 2009, at the Westin Dragonara, St Julian's. During the AGM, shareholders were presented with an overview of the company's performance in 2008 and a net final dividend of EUR0.02c2 per share, amounting to EUR825,000, was approved.

RS2 Software Chairman Mr Reinhold Schaffter, during his opening address, outlined the business of the Meeting and thanked the shareholders present for attending the company's first AGM.

RS2 Software CEO Mr Mario Schembri provided the Meeting with the financial highlights for 2008. Mr Schembri pointed out that the company registered total revenue of EUR8,335,549, representing a significant increase of 33% over the previous year's EUR6,260,479. Gross profit for 2008 amounted to EUR3,638,157, yielding a 44% gross profit margin. RS2 further generated a significant increase in total assets from EUR10,275,558 in 2007 to EUR19,534,404 in 2008.

Mr Schembri provided an overview of the company's operations in 2008. During the year, it obtained three new clients from three different regions. 2008 saw the introduction of a new source of revenue - comprehensive packages - client agreements which include a varied combination of licences, maintenance and service fees which require a fixed monthly payment, thereby providing a known and fixed stream of revenue, Mr Schembri stated.

Mr Schembri outlined RS2's achievements in 2008. The company marked twenty years in business, achieved Oracle Certified Partner status and two new software modules were launched. The company was rated within the top ten companies in its industry by an independent research organisation and continued to increase its human resource base. RS2 initiated a five million Euro investment through the purchase of land in Mosta which will serve as its new Malta premises. RS2 continued its expansion plans for the opening of new offices in Jordan and the Philippines.

Following the CEO's address, the resolutions were put to vote. The Meeting approved the financial statements for the year ended 31 December 2008. The payment of a net final dividend of EUR0.02c2 per share, amounting to EUR825,000, was approved. The Meeting also approved the re-appointment of KPMG as Auditors.

Since there were as many nominations for Directors as there were vacancies, pursuant to the Articles of Association, no election took place and the nominees were automatically appointed Directors. The following members were appointed on the Board of Directors until the second AGM: Mr Reinhold Schaffter, Mr Mario Schembri, Dr Robert Tufigno, Mr Maurice Xuereb and Mr Franco Azzopardi.

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