PRESS RELEASE 
 9 July 2004

Norman ASA increased net revenues by 18 percent to 69 million kroner in the second quarter 2004, and in so doing has continued the positive development from the first quarter. The most important reason for growth is an increasing market share in the European antivirus software market. Almost two thirds of Norman’s software sales are currently taking place in Europe outside of Norway and the growth in this region was 43 percent.

“The development of our business in the first half year shows that our strategy of building up a position in the important European markets is correct and is delivering results. Norman has a unique technology within the field of antivirus and our Sandbox technology is being acknowledged to an increasing extent in our main markets," says Henning Hansen, President and CEO of Norman ASA.

Both of Norman’s business unit had a positive development both in the first half year as a whole, and in the second quarter alone. Norman’s largest business unit, antivirus, had a revenue growth of 21 percent and an EBITDA margin of 20 percent in the second quarter. In the same period, the Ibas business unit had a revenue growth of 12 percent and an EBITDA margin of 15 percent (before demerger costs).

Norman will now focus even more on its antivirus activities in the European market. During the second quarter, the company has established offices in Frankfurt og Munich, and its activities in Belgium are beginning to show results. In addition, the company has established its own sales organization in Switzerland to develop a stronger distribution network in those European countries where Norman does not have its own subsidiaries.

Norman ASA is a streamlined and focused antivirus company, and alongside a reliance on its own core technology, the company is also entering into strategic alliances with other vendors in order to offer its customers the best possible level of security. This week the company signed an agreement with Lavasoft, one of the leading vendors in its field, which will also enable Norman to offer security solutions against unwanted and hidden surveillance programs that install themselves via the internet, so-called spyware.

Demerger of Ibas from mid August

As previously communicated, the demerger of Ibas was approved at the extraordinary general meeting held on 18 June 2004. It is expected that Ibas Holding ASA will be a separately listed company on 20 August 2004.

The demerger will give Ibas a significantly greater opportunity to grow in a fragmented European market where opportunities for consolidation exist.

Financial situation and future expectations

Norman ASA increased its cash balances by 13 million kroner in the second quarter 2004. The company now has a cash balance of 104 million kroner.

The company will continue its strong focus on profitability and expects continued good profitability and a continuing positive cash flow in 2004.

Enclosed is a summary of the preliminary financial statements for the second quarter 2004.

For further information, contact Henning Hansen, President & CEO, (office + 47 67 10 97 17; mobile + 47 908 81 192)