PRESS RELEASE
 30 April 2004

Norman ASA had net revenues of NOK 73 million in the first quarter 2004. This is an increase of 17% compared with the first quarter 2003. The EBITDA-result for the quarter was NOK 15 million (2003: NOK 10 million), a margin of 20% (2003: 17%), and the pre-tax profit was NOK 13 million (2003: NOK 9 million), a margin of 17% (2003: 14%).

"Virus control delivered growth of 44% in Europe outside of Norway in the first quarter 2004, and in the last three quarters this region has had an average growth of 35%. This indicates that Norman is taking market share in our most important European markets", says President and CEO, Henning Hansen. “It is also satisfying to see that Ibas has once again delivered profitable double-digit growth ".

Virus control with a strong increase in export share

Norman’s largest business unit, virus control, had net revenues of NOK 53 million in the first quarter 2004. This is 18% more than for the same period last year. The EBITDA-result for the period was NOK 13 million, a margin of 24% (2003: 21%). The share of revenue outside of Norway has now reached 70%, a strong increase from 57% for the same period last year. This is in line with the strategy of making the company less dependent on revenue from Norway.

"The first quarter has been an extremely demanding one with respect to the many, serious virus outbreaks. A ‘virus war’ is raging between three different groups of virus authors - NetSky, Bagle and MyDoom - and at its most intense, Norman was issuing virus definition files to its customers and partners up to three times a day. This level of frequency has not been witnessed before, and placed great demands on the performance of our organization, technology and update infrastructure. This period also proved that the Norman Sandbox Technology is the world’s leading proactive, anti-virus solution, giving immediate protection against the ever-increasing number of new, unknown viruses without needing to wait for updates. The development of this patent-applied technology continues and rates of detection are increasing. Norman’s Sandbox Technology puts the company into a unique position compared to other traditional anti-virus vendors," says Henning Hansen.

Ibas with 15% organic growth and an improved EBITDA-margin

In the first quarter 2004, Ibas had net revenues of NOK 20 million, which is 15% higher than for the same period last year. The EBITDA-result for the period was NOK 2 million, a margin of 10% (2003: 6%).

"It is satisfying to see that Ibas has once again delivered good growth, and in addition to this, that revenue from the European market outside of Norway grew by 27% during the period. Furthermore, while most of this growth has come mainly from the data recovery business, the computer forensic business has also developed positively. An example of this was the contract awarded to Ibas to reconstruct data from the capsized Norwegian cargo ship, MS Rocknes, where technical competence from both data recovery and computer forensics was used. The company is well positioned for further expansion both geographically and within these businesses areas," says Henning Hansen.

Demerger plan

As previously communicated, the board is proposing that Ibas is demerged into a separate, stock exchange listed company. The demerger plan and prospectus have been issued and an extraordinary general meeting will be held on 18 May 2004. It is expected that Ibas Holding will be separately listed in the middle of August 2004.

The demerger will give Ibas a significantly greater opportunity to grow in a fragmented European market where opportunities for consolidation exist. Norman will continue to focus on its security software business.

Financial situation and future expectations

Norman ASA increased its cash balances by NOK 12 million in the first quarter 2004, before taking into account the dividend of NOK 26 million that was paid to shareholders in March 2004.

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