The board of directors of Norman ASA has decided to propose to its shareholders that the business of its 100% owned subsidiary, Ibas AS, be demerged with effect from 1st January 2004. This transaction model will ensure that the value of the Ibas business is transferred to Norman ASA’s shareholders.

- Ibas 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. As a stand-alone company, Ibas Holding ASA will have direct access to the capital markets, which will provide more flexibility in exploiting and financing future investment opportunities, says Henning Hansen, President & CEO in Norman ASA. - The Ibas business has performed well in the first quarter 2004 and will show a profitable, double-digit increase in revenue, says Hansen.

- Following the demerger, Norman will continue to focus on the further development of its virus control and security software business, continues Hansen.

In reaching its decision, the board of directors has emphasised the greater opportunities that are presented by a separate development of Norman’s two business units. The Virus Control and Ibas businesses operate in different markets where the nature of the customers and the competitive environment differ. The demerger will allow for a better profiling of the two companies and increase the focus on their different strategies, competitive advantages, distribution channels, products and organisations. The demerger will highlight the values of these different businesses and will also pave the way for different ownership structures in the two companies.
When the demerger is completed, each Norman ASA share owned immediately prior to the demerger will entitle the shareholder to one share in Norman ASA and one share in Ibas Holding ASA, the company that will own 100% of the shares in Ibas AS which is the current parent company in the Ibas Group. The board of directors expects that Ibas Holding ASA will be listed on the Oslo Stock Exchange with effect from the completion of the demerger.

In order to approve the demerger, the board of directors will call an extraordinary shareholders meeting in Norman ASA. This is planned to take place in the middle of May and assuming that approval is granted and following the completion of the mandatory creditors notice period, it is expected that Norman ASA and Ibas Holding ASA will be separately listed in the middle of August.

Due to the time constraints introduced by this decision, the board of directors have decided to postpone the presentation of Norman ASA’s first quarter 2004 results until Friday 30th April 2004.