Announcement of Mr Steve Killelea's retirement

Directors of Integrated Research Limited (ASX:IRI) announce that Mr Steve Killelea, founder and chief executive officer of the company, has advised the Board of his decision to retire from the role of CEO later this calendar year. A global search for an experienced senior executive, canvassing both internal and external candidates, will be conducted by Spencer Stuart & Associates.

Mr Killelea will continue his close association with the company as a non-executive director and a member of the Board’s Strategy Committee after his retirement, and will remain as Integrated Research’s chief executive officer until the handover to a new CEO is complete. Mr Killelea has stated that it is not his intention to dispose of his beneficial interest in the company, currently 57.5% of IRI’s issued capital.

The Board took the opportunity to express its appreciation to Mr Killelea for the leadership he has provided, and to congratulate him on the successful creation and development of the company from its formation in 1988 through to its position today as a global leader in providing systems and applications management solutions for high-availability computing environments.

“Steve has established a strong company with an experienced management team that will support the new CEO both during the transition and after Steve’s retirement. The Board has every confidence in management’s abilities to deliver on its strategies, and confirms the advice given at the time of the release of first-half results last month that the company expects its second-half performance to be in line with or slightly ahead of first-half numbers,” said Brian Gatfield, Chairman of Integrated Research.

The executive search is expected to be complete by 30th June 2004.

By authority of the Board,
Brian Gatfield
Chairman
Integrated Research Limited
ABN: 76 003 588 449