The Board of Directors of Norman ASA has today approved the Demerger Plan for the demerger of Norman ASA into its two wholly owned subsidiaries, New Norman ASA (“New Norman") and Ibas Holding ASA (“Ibas Holding"). Following the demerger, New Norman (to be renamed Norman ASA on completion of the demerger) will continue the further development of Norman’s virus control and security software business, while Ibas Holding will own and develop Ibas AS, which is one of the world’s leading companies within the field of data recovery and is well positioned for further growth, especially within the data erasure and computer forensics segments. The New Norman group will have approximately 150 employees and be headquartered at Lysaker, and the Ibas Holding group will have approximately 80 employees and be headquartered at Kongsvinger.

The demerger will be effective for accounting purposes from 1 January 2004, and the transaction will be accounted for on a continuity basis so that the book values of the transferred assets, rights, liabilities and equity in Norman ASA’s balance sheet will be transferred to and maintained in the balance sheets of New Norman and Ibas Holding.

Consolidated pro forma income statements and balance sheets for 2002 and 2003 for the New Norman group and the Ibas Holding group are attached to this stock exchange notice, together with a description of the adjustments made in producing the pro forma information.

The split ratio between New Norman and Ibas Holding has been set to 77/23. At the completion of the demerger, which is expected to take place on or around 20 August 2004, the shareholders of Norman ASA will receive one share in New Norman and one share in Ibas Holding for each share in Norman ASA.

The completion of the demerger is subject to the approval of the Demerger Plan by the Norman ASA general meeting and to the listing of New Norman on the Oslo Stock Exchange following completion of the demerger.

The Demerger Plan (excluding appendices) is attached to this stock exchange notice. The full version of the Demerger Plan (including appendices) will be distributed to the Oslo Stock Exchange and to Norman shareholders on 16 April 2004, and copies of this document will also be available from the offices of Norman ASA and ABG Sundal Collier.

It is expected that a notice of the extraordinary general meeting that shall consider the Demerger Plan will be sent to the shareholders on or around 29 April 2004 together with the Demerger Prospectus. The extraordinary general meeting will be held on or around 18 May 2004.

Norman fisjonsplan (286 kB)