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29.03.2001

AGREEMENT ON INTEGRATION WITH FORENEDE ØKONOMER AS



The boards of directors of Visma ASA (“Visma”) and Forenede Økonomer AS (”Forenede Økonomer”) have today entered into an agreement regarding integration of the companies. In terms of the agreement, the parties will initiate closing negotiations with the aim of adopting a joint plan for the merger of Forenede Økonomer and a new subsidiary of Visma Services ASA (”Visma Services”). When the agreement is implemented, Forenede Økonomer's shareholders will receive 1,070,000 shares in Visma and NOK 16,050 million in cash as the merger payment.

Forenede Økonomer has a leading position in the outsourcing of financial services in the Oslo area. The company has established leading expertise in providing temporary accounting personnel to customers, in addition to offering traditional accounting-firm services. Together with Økonomipartner's Oslo office, Forenede Økonomer will be a driving force for Visma Services’ commitment to large customers and international markets. With the acquisition of Forenede Økonomer, Visma has achieved its goals for 2001 in the consolidation of the Norwegian market for financial services and outsourcing. At the same time, it has created a solid foundation for further expansion in the Nordic countries.

Forenede Økonomer currently has 125 employees including temporary accounting personnel, and more than 500 customers. In recent years the company has shown vigorous growth, and it expects sales of about NOK 75 million in 2001, with an operating profit of about NOK 10 million. After the integration with Forenede Økonomer, the companies in Visma Services anticipate combined sales of approximately NOK 440 million in 2001, with 600 employees. Visma is planning further growth in outsourcing, and forecasts sales on a pro forma basis of more than NOK 500 million in this sector in Norway in 2001.

Visma will initiate due diligence of Forenede Økonomer. For capacity reasons, the due diligence will start after Easter. The intention is that the boards of directors of the respective companies will sign the merger plan in May 2001. It is expected that the merger plan will be presented to the general meetings of the respective companies for consideration in May/June 2001, and that, if the plan is approved, it will be possible to undertake the merger in August 2001. Of the shareholders in Forenede Økonomer, 95% have made a commitment to vote for the merger at the company's general meeting. When the parties enter into the final merger plan, they will present a more comprehensive picture of the combined company.


Contacts:

Visma ASA
Øystein Moan, CEO,
or Tore Bjerkan, Financial Director,
telephone (+47) 6752 5500

Forenede Økonomer AS
Chairman of the Board
Edvard Bakkejord,
telephone (+47) 2247 2000