"2002 has been a good year for Norman. Both business units delivered good growth and solid margins in a difficult market", says Henning Hansen, President & CEO of Norman ASA. "With most IT vendors experiencing poor margins and negative growth, it is particularly impressive that our virus business unit delivered a 24% EBITDA margin and an organic growth of 20% in the fourth quarter".

Norman ASA had net revenues of NOK 245 million in 2002. This is an increase of 22% compared to 2001. The EBITDA was NOK 50.4 million (2001: NOK 30.3 million), a margin of 21% (2001: 15%). The EBIT for 2002 was NOK 38.4 million (2001: NOK 19.4 million) and earnings per share kr 3.08 (2001: - kr 4.96).

Virus control with 20% organic growth and 24% EBITDA margin

Virus control, Norman's largest business unit, had net revenues of NOK 47.6 million in the fourth quarter, an increase of 20% compared to fourth quarter 2001. EBITDA for the quarter was NOK 11.6 million (2001: NOK 6.5 million), a margin of 24% (2001: 17%). It is mainly the European countries outside Norway that have contributed to this growth, and it is expected that this will continue in 2003.

It was particularly at the end of the fourth quarter when new viruses appeared with rapid proliferation capabilities and which created certain challenges for a number of companies. The number of virus-infected e-mails has doubled from 2001 to 2002, and at the start of 2003 there is nothing to suggest that the threat of virus attack will change significantly.

In November, Norman received its nineteenth "100% award" from Virus Bulletin, the independent test organisation. Norman is therefore one of the three best vendors when it comes to awards from this external test organization, and no competitor received more "100% awards" than Norman did during 2002. This is confirmation of the ability of the company's main product to both find and remove computer viruses.

Ibas with 20% growth and 9% EBITDA margin

In the fourth quarter, Ibas had net revenues of NOK 21.1 million, an organic growth of 20% compared to the same period last year. EBITDA for this period was NOK 1.9 million (2001: NOK 2.9 million), a margin of 9% (2001: 16%).

In the fourth quarter, Ibas launched its computer forensic services in the other Nordic countries and experienced a good development within this business segment. ExpertErasure also had a satisfactory quarter, which included a major agreement with a large, global Swedish company for the delivery of ExpertErasure over the next 3 years

Ibas was also given the prestigious assignment of assisting the UN weapon inspectors with their work in Iraq. This assignment is confirmation of the recognised competence and technology that Ibas has in this field.

Ibas has increased its staffing during 2002, especially in France and Singapore as well as within computer forensic. This will improve the capacity of company to take advantage of the increase in orders expected in 2003.

Financial situation

Norman increased its cash balances to NOK 78 million in the fourth quarter 2002 and will continue its strong focus on profitability.

Future expectations

The market for Norman's products and services continues to be good and the company expects continued good profitability and a continuing positive cash flow in 2003.

Enclosed is a summary of the preliminary financial statements for the 4th quarter 2002.

For further information, please contact Svein Ramsay Goli, Chairman of the Board (mobile +47 907 56 757) or Henning Hansen, President & CEO, (office +47 67 10 97 17; mobile +47 908 81 192) / www.norman.com