Note 5
Equity




At the Extraordinary General Meeting, 10 November 2004, an authorization to buy back 10% of outstanding shares was given to the board. During 2005 a total of 12,059,500 shares were bought back at an average price of NOK 68.23 per share. During the same period a total of 4,243,218 shares were sold at an average share price of NOK 47.76 per share. As of 31 December 2005, 12.34% of the authorization given to the board has not been used. The intention is to use the shares in connection with incentive schemes for employees, acquisitions or to cancel the shares through a capital reduction.

The Board of Directors has proposed a dividend of NOK 0.65 per share for the financial year 2005.

TANDBERG asa had 4,592 shareholders as of 31 December 2005. Foreign shareholders held 68.9% of the shares at year-end. All the shares carry the same rights in the company.

Summary of the largest shareholders as of 31 December 2005.