Modified M-timed Petri nets are Petri nets with exponentially distributed firing time8 and with generalized inhibitor arcs to interrupt firing transitions. It is shown that the behavior of modified freechoice Mtimed Petri nets can be represented by probabilistic state graphs, stationary probabilities of states can thus be obtained by standard techniques used for analysis of continuous-time homogeneous Markov chains. An immediate application of such a model is performance analysis of queueing systems with exponentially distributed service and interarrival times, and with priority and/or preemptive scheduling disciplines. Simple models of computer systems with different scheduling strategies are used as an illustration of modelling and performance analysis.