PARENT COMPANY'S EQUITY

GROUP EQUITY

TANDBERG asa had 6,276 shareholders as at 31.12.03. Foreign shareholders held 50% of the shares at the year-end. All shares carry the same rights in the company.

Summary of the largest shareholders as at 31.12.03:

RESEARCH AND DEVELOPMENT
Costs in connection with applied and basic research and development of NOK 94 million have been expensed as they were incurred during 2003. The corresponding figures for 2002 and 2001 were NOK 87 million and NOK 80 million, respectively.

LOSSES ON RECEIVABLES
The provision for losses on receivables on a group basis totals NOK 13.3 million as at 31.12.03 and is included in the balance sheet item Accounts receivable. As at 31.12.02 the provision for losses on receivables was NOK 19.3 million. Realized losses on accounts receivable amounted to NOK 9.4 million for the group in 2003, against NOK 17.5 million in 2002.

DEVELOPMENT IN THE SHARE CAPITAL

The number of shares outstanding as at 31.12.03 was 131,685,143 of NOK 1 par value.

In March 2003 employees of the group exercised stock options. In total under this issue 2,867,860 shares were issued at prices between NOK 25.75 and NOK 30. Employer’s social security tax relating to the option plan is accrued and expensed on an ongoing basis.

BOARD AUTHORIZATIONS FOR TANDBERG ASA AS AT 31.12.03

All eligible employees participate in the 2003-2004 share option program at prices which are the relevant market prices at the time the individual was included in the plan. The minimum strike price is NOK 28 per share.

CHANGE IN RECEIVABLES / PAYABLES / INVENTORY
Cash flow effects from changes in the balance sheet accounts.