SECURITIES AND EXCHANGE COMMISSION ~~Washington, DC 20549~~

Washington, DC 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For Q3 Q4-2002 Results

Nera ASA ~~Kokstadveien 23, P.O. Box 7090~~ ~~N-5020 BERGEN Norway~~

Kokstadveien 23, P.O. Box 7090
N-5020 BERGEN
Norway

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-~~F X~~ F____ Form 40-FF____

Indicate by ~~check~~ckeck mark whether the registrant by furnishing the information continued in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

~~Yes No X~~Yes____ No___X___

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3- 2(b):

TABLE OF CONTENTS

SIGNATURES ~~PRESS RELEASE, October 30, 2002~~ Income Statements Balance Sheets Statements of Cash Flow ~~Nera ASA: Interim report Q3 2002~~

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

Nera ASA By: Name: Title: Bjørn Ove Skjeie (sign.) ~~Name:~~ Bjørn Ove Skjeie ~~Title:~~ President and Chief Operating Officer

Dated: ~~October~~February 3017, ~~2002~~2003

		Nera ASA
		Postal Address P.O. Box 7090, N-5020 BERGEN, Norway,
PRESS RELEASE, October 30, 2002		Office Address Kokstadvn. 23, BERGEN, Norway, Tel.No. +47 55 22 51 00 Fax.No. +47 55 22 52 99
		Head Office Nera ASA, 5020 BERGEN Register of Business Enterprises NO 944 536 949 MVA

Nera ASA: Third quarter 2002 results

Nera ASA (OSE: NER) had after the first nine months operating revenues of MNOK 1,830 compared to, pro forma (including NeraTel, Singapore), MNOK 2,828 in the same period last year. The company’s business volume in the third quarter was somewhat lower than in previous quarters, in part due to seasonal fluctuations and in part to the problems breaking-in new products. Nera gained a positive cash-flow within the third quarter from the parent company in Norway as well as from associated companies internationally. The cost cutting is progressing as planned. Nera management expects a gradual improvement of results, so that the Group will achieve positive operating revenues in 2003, provided a turnover at the level of the current business volume.

• Operating income per Q3: MNOK (115,7) against pro forma MNOK 4,1 in the same period last year • Income before tax per Q3: MNOK (131,7) against pro forma MNOK (140,8) by Q2 2001 • Transmission Networks booked new orders for MNOK 1 008 in the first nine months of the year and had an operating income of MNOK (144,3) in the same period • Satellite communication continues to provide good results in a market characterised by increased competition. • The wireless broadband market is growing and Nera’s market position has had a positive development. • Nera’s balance has been improved in the period. The company had by the end of the third quarter a cash reserve of MNOK 774 and an equity ratio of 64,4 percent

Figures in MNOK	Per Q3-02			Per Q3-01			Q3-02			Q3-01			2001
				(pro forma)						(pro forma)
Orders received		1,943			2,564			546			690			2,277
Operating revenues		1,830			2,828			500			807			2,893
Operating income		(116	)		4			(39	)		(6	)		(168	)
Income before tax		(132	)		(141	)		(33	)		(199	)		(448	)
Earnings per share, NOK		(0,86	)		(1,29	)		(0,25	)		(1,72	)		(3,02	)

• Our third quarter revenues were weak and lower than expected. The reason is in part seasonal fluctuation related to the holiday season, but can also be attributed to an up scaling of the production capacity due to the launch of Interlink earlier this year. On the bright side, our profitability improvement program is developing according to plan. We are cutting costs aggressively, and continuously implementing new initiatives, comments CEO Bjørn Ove Skjeie, and continues.

• For the first nine months sales-and administration costs were down 20 percent compared to the corresponding period last year, while the R&D costs were 30 percent lower. Additional effects of efforts already implemented are expected in Q4 and into 2003, says Skjeie.

• We are also satisfied with Nera being able to strengthen the balance sheet and with a positive operating cash-flow securing the company’s financial flexibility through third quarter, says Skjeie.

Transmission networks

The market for the company’s transmission activities are still subject to a low level of investments in new infrastructure for cellular networks, but the order intake has stabilised and is in the third quarter at the same level as the four preceding quarters. Transmission networks had an order intake of MNOK 1,008 during the first nine months of 2002 compared to a pro forma MNOK 1,543 MNOK in 2001. Despite a low level of investments, Nera is still receiving orders from established clients Scandinavia, Eastern-Europe, Africa, Southeast-Asia and the Caribbean’s are all areas where Nera has been awarded transmission contracts in the last quarter, while Western Europe and South America are still difficult markets.

Operating revenues within Transmission networks amounted to MNOK 989 per 3 quarter against pro forma MNOK 1,728 in the same period last year. The operating income for the first nine months of 2002 was MNOK (144,3) compared to MNOK 138,1 in the corresponding period last year. The negative result and a continued weak market development cause a running evaluation of the business’ level of costs.

Satellite communications

In the market for Satellite communications, increased competition and the entry of other competitors are noticed. It is particularly within speech equipment the competition is noticeable. On the data area, the position of Inmarsat has been strengthened, subsequently strengthening Nera Satellite communications. The business area had an order intake of MNOK 573 per third quarter, compared to MNOK 486 in the same period last year.

Satellite communications had an operating income of MNOK 470 per 3 quarter, MNOK 30 higher than the same period last year. The operating result for the first nine months of this year amounted to MNOK 53,8, compared to MNOK 43,9 in the same period in 2001. Satellite communications continue to improve their margins, and have for the first nine months of 2002 an operating margin of 11,4 percent. Nera is satisfied with this development taking into account the current market situation.

Wireless Broadband Access

The broadband business is experiencing a positive development a market that still is of marginal extent and has as at the end of the 3 quarter an order intake of MNOK 63 in comparison with MNOK 9 in the same period last year. In the Mediterranean as well as in Scandinavia new wireless broadband network contracts are being entered into, and at the same time the interest for Nera’s solution for Broadband Satellite is increasing among other markets in Asia.

Wireless Broadband Access had operating revenues of MNOK 53 during the first nine months of 2002. This represents an improvement of MNOK 22 compared to the same period last year. The operating income was MNOK (35,7) against MNOK (210,3) in the same period last year.

2 (3)

Looking forward

• The situation for the world’s telecom industry remains unchanged, and the global economy is still marked by major uncertainties. A continued strong Norwegian currency has had a negative impact on Nera’s current results as well as its long-term competitive ability, comments Neras CEO Bjørn Ove Skjeie.

• Our overall market-view is that we expect a low level of mobile infrastructure investments carrying through to 2003, mainly due to many operator’s debt situation. However, quite a few projects are coming up in emerging markets where Nera traditionally has a good foothold and where our high capacity solutions are well suited. Going forward, this might result in an improved order situation, even though the overall market situation doesn’t change, says Bjørn Ove Skjeie.

• We anticipate that when summarizing 2002, the second half will be very similar to the first six months. Combined with the profitability improvement programs initiated and under planning, Nera aims at breaking even during 2003. We will still focus very much on keeping a low burn rate until profitability is achieved and we will work hard to strengthen our market position, says Bjørn Ove Skjeie.

For further information:

Informasjonsdirektør Helge Skaar, +47 55 22 58 20 (work), +47 90 14 20 40 (cell phone), or hsk@nera.no

or www.nera.no

Enclosures

3 (3)

Income Statements

(Amounts in NOK mill.)	~~01.01-30.09~~Year		~~01.01-30.09~~Year		~~Year~~Q4		~~3rd quarter~~Q4		~~3rd quarter~~
			2001						2001
			Pro forma*				Pro forma*
	2002		Proforma*2001		~~2001~~2002		~~2002~~2001		Proforma*
Orders received		12 ~~943~~518,26		23 ~~563~~127,52		~~2 277~~575,4		~~546~~563,47		~~690,3~~
Operating revenue		12 ~~830~~444,48		23 ~~828~~635,25		~~2 893~~614,34		~~500~~807,53		~~807,0~~
Operating expenses		-12 ~~703~~255,51		-23 ~~473~~293,43		-~~2 626~~551,6		-~~468~~819,09		~~-706,2~~
Depreciation		-6183,75		-8192,53		-8721,98		-2010,28		~~-28,9~~
Operating income (loss) before R&D		65106,2		~~273~~249,39		~~178~~41,80		12-23,34		~~71,9~~
Research and Development		-~~180~~239,96		-~~269~~346,29		-~~346~~58,97		-5177,27		~~-78,1~~
Operating income (loss) before
Operating income (loss) before restructuring and writedowns		-133,3		-97,0		-17,7		-101,1
restructuring and writedowns		-115,7		4,1		-168,1		-38,9		-6,2
Restructuring and writedowns		-11,1		-264,0		-11,1		-75,5
Restructuring and writedowns		0,0		-188,5		-264,0		0,0		-188,5
Operating income (loss)		-144,5		-361,0		-28,8		-176,6
Operating income (loss)		-115,7		-184,4		-432,1		-38,9		-194,7
Income from investments in associated comp		-23,8		-0,8		3,0		-1,4
Income from investments in associated comp		-26,9		0,6		30,2		-1,1		0,4
Writedown of project financing
Writedown of project financing		0,0		0,0		-106,1		0,0		0,0
Net financial items		6,0		-42,7		-4,9		-85,7
Net financial items		10,9		43,0		59,7		6,8		-4,7
Income before taxes and minority interest		-162,3		-404,5		-30,6		-263,7
Income before taxes and minority interest		-131,7		-140,8		-448,3		-33,2		-199,0
Taxes		33,7		81,3		0,8		100,3
Taxes		32,9		-19,0		81,3		5,3		-13,5
Net income (loss)		-128,6		-323,2		-29,8		-163,4
Net income (loss)		-98,8		-159,8		-367,0		-27,8		-212,5
Minority interest		-16,5		-3,8		-10,1		-3,8
Minority interest		-6,4		0,0		-3,7		-1,8		0,0
Net income (loss) after minority interest		-145,1		-326,9		-39,9		-167,1
Net income (loss) after minority interest		-105,2		-159,8		-370,7		-29,6		-212,5

* ~~Proforma~~Pro forma includes Nera Telecommunications, Singapore

Balance Sheets

(Amounts in NOK mill.)	3031.0912.02		31.12.01
Deferred tax assets		~~195~~174,90		113,5
Goodwill		2018,19		23,7
Property, plant, equipment		~~233~~222,58		268,10
Financial non-current assets		~~149~~164,10		219,9
Non-current assets		~~598~~579,57		625,2
Inventories		~~429~~382,09		534,7
Trade receivables		~~503~~518,6		781,6
Other receivables		~~235~~285,13		375,23
Cash and cash equivalents		~~774~~795,08		899,5
Current assets		1 ~~941~~982,76		2 591,0
TOTAL ASSETS		2 ~~540~~562,23		3 216,2
Shareholder’s equity		1 ~~640~~611,18		1 728,1
Long-term liabilities		6195,3		101,8
Current liabilities		~~838~~855,82		1 386,3
TOTAL EQUITY AND LIABILITIES		2 ~~540~~562,23		3 216,2
Interest bearing current liabilities		14,38		192,3
Interest bearing long-term liabilities		5,4,3		8,4
Minority interest of equity		~~246~~240,02		157,1

Statements of Cash Flow

(Amounts in NOK Mill.)	~~01.01-30.09~~Year		~~01.01-30.09~~Year		~~Year~~
	2002		2001		~~2001~~
Net income (loss)		-98128,86		-~~201~~367,30		~~-367,0~~
Depreciation		6183,75		6887,09		~~87,9~~
Writedowns on goodwill and other non-current assets		~~0,0~~–		~~110~~236,84		~~236,4~~
Change in inventories, account receivables/payables
Change in inventories, account receivables/payables and other working capital items		186,4		-77,9
and other working capital items		228,3		-343,6		-77,9
Other adjustments to operation activities		-111,6		-205,9
Other adjustments to operation activities		-170,4		-41,0		-205,9
Net cash provided by (used in) operating activities		29,7		-326,5
Net cash provided by (used in) operating activities		20,8		-407,1		-326,5
Proceeds from sale of property, plant and equipment		7,9		1,0
Proceeds from sale of property, plant and equipment		5,2		0,7		1,0
Capital expenditures		-61,4		-129,1
Capital expenditures		-48,0		-107,4		-129,1
Other investments and sales		70,1		135,1
Other investments and sales		72,7		-11,9		135,1
Net cash provided by (used in) investing activities		16,6		7,0
Net cash provided by (used in) investing activities		29,9		-118,6		7,0
Proceeds from issuance of shares		37,7		5,2
Proceeds from issuance of shares		39,9		5,3		5,2
Changes, treasury stock		-2,8		-26,8
Changes, treasury stock		-2,9		-26,8		-26,8
Dividends paid		-26,8		-27,1
Dividends paid		-30,5		-27,1		-27,1
Net changes in liabilities		-191,6		-59,6
Net changes in liabilities		-194,0		-42,1		-59,6
Net cash provided by (used in) financing activities		-183,6		-108,3
Net cash provided by (used in) financing activities		-187,5		-90,7		-108,3
Effect of changes in currency exchange rates		33,6		6,9
Effect of changes in currency exchange rates		11,3		-8,4		6,9
Net change in cash and cash equivalents		-103,7		-420,8
Net change in cash and cash equivalents		-125,5		-624,8		-420,8
Cash and cash equivalents at beginning of period		899,5		1 320,3
Cash and cash equivalents at beginning of period		899,5		1 320,3		1 320,3
Cash and cash equivalents at end of period		795,8		899,5
Cash and cash equivalents at end of period		774,0		695,5		899,5

LOGO

Nera ASA: ~~Interim~~PRESS ~~report~~RELEASE, Q3February ~~2002~~ 17, 2003 Postal Address P.O. Box 7090, N-5020 BERGEN, Norway, Office Address Kokstadvn. 23, BERGEN, Norway, Tel.No. +47 55 22 51 00 Fax.No. +47 55 22 52 99 Head Office Nera ASA, 5020 BERGEN Register of Business Enterprises NO 944 536 949 MVA

~~By the end of Q3 of 2002,~~ Nera ~~had~~ASA: ~~accumulated~~Results ~~operating~~per ~~revenue~~4th ofquarter MNOK 1,830, compared to pro forma (i.e. including NeraTel, Singapore) MNOK 2,828 as at 30 September 2001. The company’s business volume in Q3 was somewhat lower than in the previous quarters, partly due to seasonal variations and partly to the problems breaking-in new products. Accumulated operating income after three quarters of 2002 ~~was MNOK (115.7). The Nera Group’s net cash~~ ~~reserves at the~~ end of the quarter were MNOK 774. Even excluding partly owned NeraTel, Singapore, the company had a positive net cash flow. The cost cuts are progressing as planned. The company management expects a gradual improvement of results, so that the Nera Group will achieve positive operating revenue during the course of 2003, provided a turnover at the level of the current business volume.

~~The~~Nera ~~transmission~~ASA ~~market~~(OSE: ~~has~~NER) ~~seen~~had ~~few~~operating ~~investments~~revenues inof ~~new~~MNOK ~~infrastructure~~2,445 for ~~mobile~~2002, compared ~~networks.~~with ~~However~~pro forma (including NeraTel, ~~Nera’s~~ ~~order~~Singapore) ~~intake~~MNOK 3,636 for ~~the~~2001. ~~last~~The ~~four~~company had ~~quarters~~a ~~has~~slightly ~~been~~positive ~~relatively~~development ~~stable.~~in ~~This~~Q4, ~~level thus~~in ~~seems~~spite toof ~~reflect Nera’s~~a ~~position~~difficult market situation, in the ~~current~~transmission ~~market~~networks segment especially. ~~The~~Nera’s ~~company~~turnover increased ~~receives~~from ~~ongoing~~the ~~contracts~~previous ~~with established customers~~quarter. InAt ~~addition,~~the ~~Nera~~close ~~wins~~of a2002, ~~number~~the ofcompany’s financial ~~contracts~~situation is robust, with ~~new~~satisfactory ~~customers~~solidity ~~whose projects~~and ~~are~~a anpositive cash ~~especially~~flow. ~~good~~Competition ~~match~~in ~~with~~ Nera’s ~~core~~major ~~expertise.~~markets Inis ~~the~~still ~~past quarter~~fierce, ~~Nera~~and ~~has~~the ~~been~~corporate ~~awarded~~management ~~interesting transmission~~expects ~~contracts~~the inbusiness ~~Scandinavia,~~volume ~~Eastern~~for ~~Europe,~~2003 ~~Africa,~~to ~~South~~remain ~~East~~at ~~Asia~~2002 ~~and the Carribbean~~level.

~~The~~• ~~satellite~~Operating ~~communication~~income ~~market~~per ~~has~~Q4: ~~seen~~MNOK ~~increased~~(144) ~~competition~~as ~~and~~against pro forma MNOK (361) in the ~~introduction~~ ofsame ~~several~~period ~~new players.~~last ~~This~~year ~~reflects~~• Income before tax per Q4: MNOK (162) as against pro forma MNOK (404) in the ~~increased~~same ~~relevance~~period oflast ~~satellite~~year ~~communication~~• Transmission Networks booked new orders for MNOK 1,243 in 2002, and had an ~~unstable~~ ~~world. Competition~~operating isincome ~~particularly~~of ~~fierce~~MNOK ~~within~~(165) ~~voice~~• ~~equipment.~~Satellite ~~With~~Communications ~~regards~~maintains toits ~~data, Inmarsats~~market position ~~is strengthened.~~and Inachieved aan ~~Nera~~operating ~~context~~income for 2002 of MNOK 68.8 in 2002, ~~this~~as ~~means~~against ~~that~~MNOK ~~the~~66 ~~sale~~in ~~and~~2001 ~~price~~• ofWireless ~~the~~Broadband ~~Nera~~Access ~~World Phone~~saw ~~has~~a ~~gone down~~considerable surge, ~~while~~and booked new orders for MNOK 216 in 2002 including the ~~sale~~ShinSat contract of ~~the~~MNOK 120 • Operating expenses were reduced by MNOK 220 equivalent to 25 percent • Nera’s ~~World~~balance ~~Communicator~~sheet ~~has~~remains ~~shown~~healthy with a ~~positive~~cash ~~development. The~~reserve ~~land-earth station~~of ~~segment~~MNOK ~~has~~796 ~~upheld~~and ~~its~~an ~~position~~equity inratio ~~the~~of ~~Inmarsat~~63 ~~sphere~~percent. Both inventories and accounts receivable were reduced • Board of directors recommend no dividend for 2002

The wireless broadband area has had a favorable development in a still limited market. Nera is pleased to note the contract for a broadband-via-satellite system in DVB-RCS standard with Divona, a wholly- owned Monaco Telecom subsidiary. The EUR 1 million contract includes an land-earth station and terminals for a two-way broadband service in the Mediterranean region. In Scandinavia, new contracts are signed on a regular basis. Meanwhile, the Italian broadband market is opening up for Nera. Each individual contract is, however, of a limited volume. Nera has entered into cooperation with Tandberg Television, through which Nera may include Tandberg equipment in Nera tenders.


Figures in MNOK	Per Q4-02			Per Q4-01			Q4-02			Q4-01
				(pro forma)						(pro forma)
Orders received		2,519			3,127			575			564
Operating revenues		2,445			3,636			614			807
Operating income		(144	)		(361	)		(29	)		(177	)
Income before tax		(162	)		(404	)		(31	)		(264	)
Earnings per share		(1.19	)		(3.02	)		(0.33	)		(1.38	)

~~The~~Bjørn Ove Skjeie, CEO of Nera ~~Group~~ASA, commented: “Nera’s ~~program~~development ~~for~~in ~~cost~~Q4 ~~reductions,~~met ~~with~~our aexpectations ~~MNOK130~~and ~~cost~~the ~~reduction,~~effects isof the program ~~progressing according~~we have implemented to ~~plans.~~improve ~~For~~results ~~the~~continue ~~first~~to ~~nine~~materialise ~~months~~according ofto plan. ~~the~~Although ~~year,~~we ~~the~~cannot ~~sales~~be ~~and administration~~satisfied ~~costs~~with ~~are~~the ~~20 percent lower~~results ~~than~~we ~~for~~present ~~the~~today, ~~same~~we have ~~period~~gained ~~last~~control ~~year.~~of ~~Correspondingly,~~the ~~R&D~~negative ~~costs~~development and are ~~30 percent lower.~~content ~~Further initiatives~~to ~~are~~present ~~under~~a result ~~implementation~~in ~~and~~line ~~effects~~with ~~are~~the ~~expected~~expectations ~~from~~we ~~these~~communicated ~~and~~to ~~already implemented initiatives~~the market in Q4June ~~and~~of last ~~into 2003~~year.

The operations of NeraTel, Singapore outside of telecommunication are experiencing a weaker market development compared to previous years. Yet, the stock exchange introduction of the subsidiary Nera Electronics, including share issue and sale of shares, was effected successfully. The transaction gave the Nera Group total net proceeds of approx. MNOK 100. After the sale, NeraTel owns a 68 percent of the company. The market for electronics components is expected to stay weak throughout 2002.

LOGO

~~INCOME~~The ~~STATEMENTS~~Nera organisation has been severely put to the test in 2002, ~~BALANCE~~but ~~SHEETS~~in spite of the changes, ~~LIQUIDIY~~we ~~AND~~are ~~EQUITY~~content to enter 2003 with the knowledge that we have maintained our position as technology leader, and that Nera’s cash position and solidity have been protected”.

~~Per~~Transmission ~~30 September the Nera Group had accumulated operating revenues of MNOK 1,830,~~Networks ~~compared to pro~~ forma MNOK 2,828 for the same period last year. The business volume for Q3 was lower than for Q2. This is partly due to seasonal variations. However, the problems with the up scaling of new products have also led to a lower production volume than planned for the transmission operations. Operating expenses amounted to MNOK 1,703. The operating income before R&D for Q3 is at the level of Q2 figures.

~~The~~There are still few signs of optimism in the market for the company’s Transmission ~~has~~Networks ~~upheld~~operations. ~~its~~The ~~operating~~prevailing ~~margins~~sentiment ~~during~~is ~~Q3,~~still ~~due~~a reluctance to ~~among~~invest ~~other~~in ~~elements~~new infrastructure for mobile networks. This business area thus still faces major challenges. The order intake in Q4 was MNOK 235, which is down compared to ~~the~~previous ~~success~~quarters. In spite of a generally low level ~~initiatives~~of toinvestment ~~improve~~in ~~product~~transmission ~~costs~~networks, selected markets show a positive development. The company has won important contracts in South-East Asia, Eastern Europe and the Caribbean, while the traditionally strong South American and Western European markets are still weak.

AtOperating ~~the~~revenues ~~end~~for ofTransmission ~~Q3,~~Networks ~~accumulated~~per ~~R&D~~Q4 ~~costs~~2002 were MNOK ~~180.9.~~1,343, ~~R&D~~as against ~~costs~~pro byforma Q3MNOK ~~have~~2,277 ~~been reduced~~for ~~with MNOK~~the ~~88.3~~same ~~compared~~period toof ~~last~~the previous year. Operating ~~R&D~~income ~~costs~~for ~~equal~~the ~~9.9 percent~~year ofwas ~~operating~~MNOK ~~revenues at 30 September 2002~~(165), ~~compared~~as toagainst ~~9.5 percent~~MNOK ~~for~~170 ~~the~~in ~~same period of last year~~2001.

Operating income as at 30 September was MNOK (115.7) compared to pro forma MNOK 4.1 last year. The results for Q3 are at level with the two previous quarters of 2002. At MNOK (144), the transmission operations still generate the bulk of the operating loss, while the loss in broadband access operations is considerably lower than last year at MNOK (35.7). Satellite ~~communications had an~~Communication ~~operating income as~~ ~~at 30 September of MNOK 53.8, which equals an operating margin of 11.4 percent. NeraTel, Singapore yielded a positive contribution to the operating results of MNOK 61,6.~~

~~Net~~Nera ~~financial~~upheld ~~items~~its ~~after~~position ~~three~~as ~~quarters~~the ~~were~~leading ~~MNOK~~supplier ~~(16),~~of ~~compared~~satellite totelephones ~~pro forma 43.6~~ in ~~2001. Income~~the ~~before~~Inmarsat ~~tax~~system ~~were~~throughout ~~MNOK (131~~2002.~~7),~~ ~~compared~~Political toturbulence ~~MNOK~~in ~~(140.8)~~a ~~last~~number ~~year.~~of ~~Last~~regions around ~~year’s~~the ~~figures include~~world ~~write-offs/restructuring~~has ~~costs~~given ofrelief ~~MNOK~~organizations, ~~188.5~~media ~~concerning~~and others the ~~phasing~~impetus to ~~out~~upgrade oftheir ~~the~~communication equipment. Nera’s ~~US broadband operations.~~launches ~~After~~of ~~taxes,~~new products for the ~~company’s~~maritime ~~net~~satellite ~~loss~~communication ~~was~~market ~~MNOK~~have ~~(98.8),~~also ~~compared~~contributed to ~~a pro~~increasing ~~forma~~orders ~~loss~~in ~~of MNOK~~this ~~(159.8)~~business ~~last year~~segment. ~~Minority~~Meanwhile, ~~interests~~the ~~constituted~~company ~~MNOK~~has ~~(6.4).~~maintained ~~Net~~its leading ~~loss~~position ~~after minority~~in ~~interests~~the ~~is thus~~land ~~MNOK~~earth ~~(105~~station market.~~2),~~ ~~compared~~This toresulted in a ~~pro~~total order ~~forma~~intake ~~loss~~ of MNOK ~~(159.8)~~676 ~~last~~per ~~year~~Q4, as against MNOK 628 for 2001.

~~The~~Satellite ~~Nera~~Communication ~~Group’s~~had ~~total~~operating ~~balance~~revenues ~~sheet~~of asMNOK at617 30per ~~September was MNOK 2~~Q4,~~540.~~ ~~This~~as isagainst ~~approx.~~ MNOK ~~100 less~~609 ~~than~~in at2001. ~~the~~The ~~end~~2002 ofoperating ~~Q2,~~income ~~and~~was ~~a marked decline from~~ MNOK ~~3,126 at the outset of 2002~~68. ~~Trade receivables and inventories have been reduced further in Q3~~8, ~~while~~as ~~the~~against ~~cash reserve has increased by~~ MNOK 8566. ~~The transaction involving stock exchange introduction and sale of shares in~~0 ~~Nera~~in ~~Electronics, Singapore has given a liquidity inflow of approx~~2001. ~~MNOK~~With ~~100. As well, disregarding the partly-owned Nera Tel, the company had~~ a ~~positive cash-flow in the 3 quarter of~~ 2002. ~~Taken~~operating ~~into account~~margin ~~the payment~~ of ~~the loan in Nordiske Investeringsbanken~~11.2 percent, ~~the~~Satellite ~~Nera Group’s net cash reserve has~~Communication ~~been~~performed ~~strengthened~~well ~~so far~~above ~~in 2002~~target.

~~The~~Wireless ~~owner’s~~Broadband ~~equity ratio at the end of Q3 was 64.6 percent.~~Access

~~NEW~~The ~~ORDERS~~Wireless ~~AND~~Broadband ~~ORDER~~Access ~~BACKLOG~~segment experienced a considerable surge in Q4. Nera signed a major contract with ShinSat in December and the business segment also won a number of minor contracts. Order intake for Nera Wireless Broadband Access totaled MNOK 216, as against MNOK 4 in 2001.

~~The~~Wireless ~~Nera~~Broadband ~~Group~~Access ~~booked~~had ~~new~~operating ~~orders~~revenues of MNOK ~~1,943~~69 in ~~the first three quarters of~~ 2002, ~~against~~ ~~pro~~as ~~forma~~against MNOK ~~2,563~~22 in 2001. ~~Incoming~~Operating ~~orders~~income ~~for~~was ~~Q3 were less than in the previous quarter, primarily because incoming orders for Satellite Communication in Q2 were affected favorably by the BGAN contract for~~ MNOK ~~135~~(52.4), ~~Satellite communication has booked new orders of MNOK 573~~ as ~~at 30 September,~~ against ~~486~~ ~~in 2001. For the wireless broadband area, accumulated new orders amounted to~~ MNOK ~~63,~~ ~~against MNOK 9~~ (258) in 2001. ~~Transmission Networks has an accumulated order intake as at 30.09.02~~ ~~of MNOK~~ ~~1,008, compared with MNOK 1,543 in the corresponding period last year. The order intake for the third quarter was MNOK 338, on the same level as the three preceding quarters.~~

2Looking ahead

“After two years with only minor new infrastructure investments, the transmission networks market has stabilized somewhat, but we can still not predict with certainty when new growth can be expected in our markets and how strong it will be. We thus base our predictions on the supposition that the size of the total transmission market in 2003 will be comparable to the 2002 market”, said Nera CEO Bjørn Ove Skjeie, who added:

“Due to the low order intake in Q4 we are prepared for a somewhat weaker development of the total business volume in the first part of 2003”.

In the mobile satellite communication market, 2002 trends are expected to prolong. This would imply that the transfer of data becomes more and more important in Inmarsat, while the competition from other systems in the voice market increases. The total volume of the Inmarsat market is not expected to change much, and Nera’s goal is to uphold its position as the leading supplier in the Inmarsat system.

LOGO

~~The~~“In ~~order~~spite ~~backlog~~of ~~increased~~a ~~MNOK~~significant 26decrease in Q3R ~~and~~& ~~amounted~~D tocosts, ~~MNOK~~the ~~957~~Nera atGroup ~~the~~has ~~end~~kept its ofinnovative ~~the~~strength during 2002. To maintain this position will be a goal ~~quarter~~also during 2003”, says Bjørn Ove Skjeie. ~~MNOK~~At ~~418~~the ofsame ~~this~~time ishe ~~due~~underlines tothat bethe ~~invoiced~~company is continuously taking action in Q4all ~~2002~~parts ~~and~~of ~~MNOK~~the ~~280~~business’ value chain in Q1order ~~2003.~~to ~~The~~improve ~~order~~Nera’s ~~platform~~profitability ~~for the~~and ~~outset~~competitive ofstrength. ~~2003~~These isactions ~~somewhat~~will ~~better~~to ~~compared~~a togreat ~~2002~~extent continue independent from market development.

~~PROSPECTS~~“The return to profitable operations is the company’s main goal for 2003. Nera’s corporate management expects to reach this goal during the second half of the year, providing the market develops in line with our anticipations”, said Bjørn Ove Skjeie. He emphasize that it will be a challenge to be able to maintain Nera’s strong cash position during 2003, especially given the large R & D projects that has been initiated.

~~The~~About ~~status in the world’s telecom industry remains relatively unchanged. The global economy is still marked by major uncertainties. The continued strong Norwegian currency has had a negative impact on~~ Nera~~’s current results as well as its long-term competitiveness.~~:

Nera’s ~~management~~is ~~maintains~~a ~~its~~world-leading ~~expectations~~global tosupplier, ~~short~~developing, ~~term~~manufacturing ~~market~~and ~~developments~~selling fixed, wireless and satellite communication equipment and systems. The company designs, ~~thus~~develops, manufactures and market point-to-point and ~~expects~~point-to-multipoint radio link equipment. Satellite terminals and land earth stations for mobile and fixed satellite communications. Nera is a ~~2003~~major supplier ~~business~~to ~~volume~~INMARSAT. The Company is listed on the ~~same~~Oslo ~~level~~Stock asExchange. Nera ASA has an associated company, Nera Telecommunications Ltd., listed in ~~2002~~the Singapore Exchange Ltd. (ticker: Nera Tel).

~~The~~For ~~short~~further ~~term goal is to re-establish profitable operations at the current business volume. The company expects to establish operations in balance during 2003~~information, ~~providing~~please ~~that~~see ~~the company’s business volume remains at the current level~~www.nera.no ~~Nera~~or ~~will uphold a tight focus on cash flow and working~~contact ~~capital.~~

InHelge ~~the long term~~Skaar, ~~the~~Head ~~company~~of ~~expects~~Corporate ~~that~~Communications ~~fresh~~Nera ~~growth in mobile development and~~ASA ~~broadband solutions~~ will bring about new growth in the transmission and broadband areas. In mobile satellite communications the market is expected to remain strong, partly due to a turbulent global situation. However, increasing competition from other satellite systems will require fresh efforts to uphold the market position.

Board of Directors, Nera ASA Bergen, 29 October 2002

	•		Telephone: +47 55 22 58 20 (office), +47 90 14 20 40 (mobile)

	•		E-mail: hsk@nera.no

~~Presentation~~Full ofYear ~~3rd~~Presentation ~~Quarter Results~~ 2002 ~~Oslo, 30 October 2002~~

Oslo, 17 February 2003

(FULL YEAR PRESENTATION 2002)

~~Bjorn~~Bjørn Ove Skjeie Chief Executive Officer

(BJORN OVE SKJEIE CHIEF EXECUTIVE OFFICER)

The Overview Still challenging market conditions Q3 turnover influenced by seasonal factors and upscaling of InterLink production Profitability improvement program according to plan - break-even level coming down Positive operating cash flow and strong balance sheet Break-even on today's revenues to be achieved during 2003

V Some few ray of lights in a still difficult market

V Robust financials — results as previously guided

V Positive operating cash flow — cash position defended

V Solid balance sheet and operation under control

V Planning for similar business level in 2003 — expects break even to be reached during second half of the year

(THE OVERVIEW)

Key Figures * Pro forma includes Nera Telecommunications, Singapore

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma* 2002 2001 2002 2001

Orders received 2519 3127 575 564 Sales revenue 2445 3636 614 807 Operating income before R&D 106 250 41 -23 Operating income before special charges -133 -97 -18 -101 Operating income -144 -361 -29 -177 Income before tax and minority interest -162 -404 -31 -264

* Pro forma includes Nera Telecommunications, Singapore

(KEY FIGURES)

Quarterly Orders received by Business Area Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q2 2002 Q3 2002 Q4 2002

proforma proforma proforma proforma Q1 2002

WBA 2 7 0 -4 36 12 16 152 Other 206 197 121 79 113 102 83 85 Satellite Com. 239 129 119 142 174 289 109 103 Transm. Networks 511 583 450 347 309 361 338 235 TOTAL 958 916 690 564 632 764 546 575

(QUARTERLY ORDERS RECEIVED BY BUSINESS AREA)

~~Book~~Market toView ~~Bill Transmission Networks Q1 - 2000 Q2 - 2000 Q3 - 2000 Q4 - 2000 Q1 - 2001 Q2 - 2001 Q3 - 2001 Q4 - 2001 Q1 - 2002 Q2 - 2002 Q3 - 2002 Orders received/Sales 0.9787~~ (1~~.7837 1.2585 1.0626 0.9014 0.8364 0.6687 0.6239 0.8175 0.9678 1.42 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9 Orders received Sales~~)

V Transmission market: Still a certain weakening of the market conditions in the mobile network markets Some large projects in long-haul infrastructure market Fixed wireless access — growing but still small

Significant geographical variances observed

(MARKET VIEW(1))

~~Orders received by~~ Market ~~Asia~~View ~~31.6%~~ (~~38.8%)* Percentage per region by 30 September 2002 Africa 5.1% (1.~~2%)* Americas 21.8% (24.5%)* Oceania 2.2% (1.1%)* UK 9.4% (3.8%)* Norway 10.6% (11.4%)* Rest of Europe 19.3% (19.2%)* * Figures in brackets are Orders received per 30.09.01

V Satellite market: Inmarsat landmobile and marine market expected to be on level New broadband opportunities continue to emerge

V Others: Contract manufacturing weak IT-network in SEA challenging

(MARKET VIEW (2))

~~Market~~Cost ~~View~~Level ~~Low~~substantially investment in mobile infrastructure likely to continue into 2003 on a global basis Some emerging markets will give opportunities for Transmission Networks Satellite Communications Voice market attacked from other systems Data and marine markets is picking up Continuous interesting development in the wireless broadband marketsdown

V OPEX reduced by 220 MNOK year on year

V Administrative costs down by 28 %

V Sales cost reduced by 15 %

V R & D reduced by 31 % through: External funding Focused programmes Increased efficiency

(COST LEVEL SUBSTANTIALLY DOWN)

~~Cost~~FWA ~~Level~~conquests -in ~~substantially~~Norway ~~down~~Municipalities ~~Break-even~~with ~~level~~FWA ~~coming~~solutions ~~down~~from ~~S&A~~Nera ~~cost-level reduced 20%~~ (~~as per 30.09) Y on Y R&D cost~~Jan-~~level reduced 30% (as per 30.09~~03) ~~Y on Y Capex level more than halved Y on Y Actions implemented and additional planned Sourcing solutions in continuous development~~

Rennebu Ålesund Lom Bjarkøy Meldal Ørsta Lesja Laerdal Orkdal Volda Sjåk Baerum

Skaun Austevoll Sel

MelhusFitjar Dovre

Trondheim Kvam Vågå KvaefjordJondal Rendalen HarstadModalen Ringebu Ballangen Bø Nord Fron

Hemne Sauherad Fusa

Halsa Nome Samnanger Rindal Evenes Hadsel Surnadal Øyer Stokmarknes

(FWA CONQUESTS IN NORWAY)

~~Net~~Innovative ~~Cash~~Strength ~~Position~~creates ~~(Cash~~new -business: ~~interest bearing debt) 4Q~~ Digital-TV ~~1995~~— 4Qopportunities -to 1996 2Q - 1997 4Q - 1997 2Q - 1998 3Q - 1998 4Q - 1998 1Q - 1999 2Q - 1999 3Q - 1999 4Q - 1999 1Q - 2000 2Q - 2000 3Q - 2000 4Q - 2000 1Q - 2001 2Q - 2001 3Q - 2001 4Q - 2001 1Q - 2002 2Q - 2002 MNOK 3Q - 2002Cairns

Phase I Phase II Phase III

Explore Set top-box opportunities Transmission Network On the back of Reference project 18 MUSD, Mobil-TV-project/Singapore NTL i Australia

(INNOVATIVE STRENGTH CREATES NEW BUSINESS: DIGITAL-TV - OPPORTUNITIES)

~~Nera~~Innovative ~~Outlook~~Strength ~~and~~creates Management Focus Year 2002: Unchanged with operating profit second half expected on level with first half Year 2003: Reach break-even with 2002 turnover- level and return to profitability during the year Maintain focus on cash position and working capital Strengthen market positions in core businesses Continue new business ~~development~~: atBroadband ~~same~~via ~~cost level but expecting gradually higher volume~~satellite

Svolvaer

Nittedal Earthstation

2nd Gen ipStar project with ShinSat can Fra HB@ piloten give new major opportunities DVB-RCS now in Commercial sale

(INNOVATIVE STRENGTH CREATES NEW BUSINESS: BROADBAND VS SATELLITE)

~~Bjorn~~Innovative ~~Olafsson~~Strength ~~Chief~~creates ~~Financial~~new ~~Officer~~business : Satellite Communications - Isaiah 65 Project — US$5.3 Million Turnkey solution to Isaiah 65 Philippines Supply of 1 000 (+2 000) Nera WorldCommunicator and VPN

Inmarsat MPDS LES

Nera WorldCommunicator

Internet VPN Appliance ISAI AH Main E-BOS/VPN Offic e

ATM Machine POS PC Remote Sites

(INNOVATIVE STRENGTH CREATES NEW BUSINESS: SATELLITE COMMUNICATIONS)

~~Financial~~Ambitions ~~Items~~going ~~Income statements and profitability Operating income and margins Balance sheets Working capital and Cash flows~~forward

V Reach break-even with 2002 turnover-level during the year V Defend cash position and solidity V Win some big contracts and secure market positions V Keep innovative strength — important for long term competitiveness as well as flexibility short term in regaining profitability V Implement and strengthen profitability improvement programmes, increasing the flexibility in operating

(AMBITIONS GOING FORWARD)

~~Income~~Bjørn ~~Statements~~Olafsson *Chief ~~Proforma~~Financial ~~includes Nera Telecommunications, Singapore~~Officer

(BJORN OLAFSSON CHEIF FINANCIAL OFFICER)

~~Operating~~Income ~~income before special charges by Business Areas * Proforma includes Nera Telecommunications, Singapore~~Statements

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma* 2002 2001 2002 2001

Orders received 2 518,6 3 127,2 575,4 563,7 Operating revenue 2 444,8 3 635,5 614,4 807,3 Operating expenses -2 255,1 -3 293,3 -551,6 -819,9 Depreciation -83,5 -92,3 -21,8 -10,8 Operating income (loss) before R&D 106,2 249,9 41,0 -23,4 Research and Development -239,6 -346,9 -58,7 -77,7 Operating income (loss) before restructuring and writedowns -133,3 -97,0 -17,7 -101,1 Restructuring and writedowns -11,1 -264,0 -11,1 -75,5 Operating income (loss) -144,5 -361,0 -28,8 -176,6 Income from investments in associated comp. -23,8 -0,8 3,0 -1,4 Net financial items 6,0 -42,7 -4,9 -85,7 Income before taxes and minority interest -162,3 -404,5 -30,6 -263,7 Taxes 33,7 81,3 0,8 100,3 Net income (loss) -128,6 -323,2 -29,8 -163,4 Minority interest -16,5 -3,8 -10,1 -3,8 Net income (loss) after minority interest -145,1 -326,9 -39,9 -167,1

* Pro forma includes Nera Telecommunications, Singapore

(INCOME STATEMENTS)

~~Q1 2001 pro-forma Q2 2001 pro-forma Q3 2001 pro-forma Q4 2001 pro-forma Q1 2002 Q2 2002 Q3 2002 Orders received 511 583 450 347 309 361 338~~ Operating ~~revenue~~income ~~564~~before ~~627~~special ~~537~~charges ~~549~~by ~~378~~Business 373 238 Oper. inc. (EBIT) 50.4 49.8 37.9 31.8 -53.5 -47.5 -43.3 Q1 2001 pro- forma Q2 2001 pro- forma Q3 2001 pro- forma Q4 2001 pro- forma Q1 2002 Q2 2002 Q3 2002 Orders received 239 129 119 142 174 289 109 Operating revenue 160 150 131 169 161 156 154 Oper. inc. (EBIT) 16.7 13.8 13.3 21.3 14.4 17 22.5 Orders/Revenue/EBIT Development Transmission/Satellite Transmission SatelliteAreas

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma*

Business Areas 2002 2001 2002 2001 Transmission Networks -165,2 170,0 -21,0 31,8 Satellite Communications 68,8 66,0 15,0 22,1 Wireless Broadband Access -52,4 -258,0 -16,8 -47,7 Other / elimination 15,5 2,0 5,1 -30,3 TOTAL -133,3 -20,0 -17,7 -24,1

* Pro forma includes Nera Telecommunications, Singapore

(OPERATING INCOME BEFORE SPECIAL CHARGES BY BUSINESS AREAS)

1997 1998 1999 2000 2001 Acc. Q3 Gross margin % 33 25 30 30 28 21 Oper. margin % 2.8 4 8.5 8.9 7.3 -14.6 North 45.9 46.9 45 43.9 1997 1998 1999 2000 2001 Acc. Q3 Gross margin % 35 30 33 40 36 35 Oper. margin % 9.1 2 4.9 13.8 10.8 11.4 North 45.9 46.9 45 43.9 Margin Development ~~Transmission/Satellite Transmission Satellite~~

Transmission/Satellite Transmission Satellite

35 45 Acc. Acc.

1997 1998 1999 2000 2001 Acc. 1997 1998 1999 2000 2001 Acc.

Q3 2002 Q3 2002 Gross margin % 33 25 30 30 282121 Gross margin % 35 30 3340363535 Oper. margin % 2,8 4,0 8,5 8,9 7,3 -14,6 -12,3 Oper. margin % 9,1 2,0 4,9 13,8 10,8 11,4 11,2

$(MARGIN DEVELOPMENT TRANSMISSION\SATELLITE)$

~~WBA~~Balance -Sheets ~~Quarterly "fixed" cost level~~ (~~R&D~~Amounts +in ~~Sales~~NOK ~~and Admin~~mill.) ~~Q2-2000 Q3-2000 Q4-2000 Q1-2001 Q2-2001 Q3-2001 Q4-2001 Q1-2002 Q2-2002 Q3-2002 East 20 33 43 58 71 51 45 19 16 17 West 30~~31.~~6 38~~12.602 ~~34.6~~ 31.~~6 North 45~~12.~~9 46.9 45 43.9 MNOK~~01

Deferred tax assets 174,0 113,5 Goodwill 18,9 23,7 Property, plant, equipment 222,8 268,0 Financial non-current assets 164,0 219,9 Non-current assets 579,7 625,2 Inventories 382,9 534,7 Trade receivables 518,6 781,6 Other receivables 285,3 375,3 Cash and cash equivalents 795,8 899,5 Current assets 1 982,6 2591,0 TOTAL ASSETS 2 562,3 3216,2 Shareholder’s equity 1 611,8 1728,1 Long-term liabilities 95,3 101,8 Current liabilities 855,2 1386,3 TOTAL EQUITY AND LIABILITIES 2 562,3 3216,2 Interest bearing current liabilities 4,8 192,3 Interest bearing long-term liabilities 4,3 8,4 Minority interest of equity 240,2 157,1

(BALANCE SHEETS)

~~Balance~~Net ~~Sheets~~Cash Position (Cash — interest bearing debt) MNOK

(NET CASH POSITION)

~~Statements~~Working ~~of Cash Flows~~Capital

MNOK

(WORKING CAPITAL)

~~Working~~Trade ~~Capital~~Receivables/ ~~4Q-1995~~Inventories/Trade ~~4Q-1996~~Payables 2Q-1997 4Q-1997 2Q-1998 3Q-1998 4Q-1998 1Q-1999 2Q-1999 3Q-1999 4Q-1999 1Q-2000 2Q-2000 3Q-2000 4Q-2000 1Q-2001 2Q-2001 3Q-2001 4Q-2001 1Q-2002 2Q-2002 3Q-2002 East 510 739 1028 881 773 573 713 666 556 367 431 190 309 322 331 280 595 664 498 412 379 330 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9 MNOKDays

Days 1st H. Acc. Q3- 1995 1996 1997 1998 1999 2000 2001 2002 2002 2002

Receivables 76 91 102 88 77 111 97 80 74 76 Inventories 82 77 67 51 40 38 67 62 63 56 Payables 41 43 48 48 29 45 53 46 41 46

$(TRADE RECEIVABLES\INVENTORIES\TRADE PAYABLE DAYS)$

~~Working~~Statements ~~Capital in %~~ of ~~annualised~~Cash sales 4Q-1995 4Q-1996 2Q-1997 4Q-1997 2Q-1998 3Q-1998 4Q-1998 1Q-1999 2Q-1999 3Q-1999 4Q-1999 1Q-2000 2Q-2000 3Q-2000 4Q-2000 1Q-2001 2Q-2001 3Q-2001 4Q-2001 1Q-2002 2Q-2002 3Q-2002 East 19 31 34 24 29 20 20 23 20 14 15 8 14 15 10 10 20 26 16 15 15 13.5 West North 45.9 46.9 45 43.9 %Flows

(Amounts in NOK Mill.) Year Year 2002 2001

Net income (loss) -128,6 -367,0 Depreciation 83,5 87,9 Writedowns on goodwill and other non-current assets — 236,4

Change in inventories, account receivables/payables and other working capital items 186,4 -77,9 Other adjustments to operation activities -111,6 -205,9 Net cash provided by (used in) operating activities 29,7 -326,5 Proceeds from sale of property, plant and equipment 7,9 1,0 Capital expenditures -61,4 -129,1 Other investments and sales 70,1 135,1 Net cash provided by (used in) investing activities 16,6 7,0 Proceeds from issuance of shares 37,7 5,2 Changes, treasury stock -2,8 -26,8 Dividends paid -26,8 -27,1 Net changes in liabilities -191,6 -59,6 Net cash provided by (used in) financing activities -183,6 -108,3 Effect of changes in currency exchange rates 33,6 6,9 Net change in cash and cash equivalents -103,7 -420,8 Cash and cash equivalents at beginning of period 899,5 1320,3 Cash and cash equivalents at end of period 795,8 899,5

(STATEMENTS OF CASH FLOWS)

Trade Receivables/ Inventories/Trade Payables Days 1995 1996 1997 1998 1999 2000 2001 1st H. 2002 Acc. 3Q-2002 Receivables 76 91 102 88 77 111 97 80 74 Inventories 82 77 67 51 40 38 67 62 63 Payables 41 43 48 48 29 45 53 46 41 Days

Financial Key Figures

(Amounts in NOK mill.)

2002 2001 2000 1999

2 445 Sales revenue 2893 2550 2766 -145,1 Net income (loss) after minority interest -371 136 208 -1,19 Earnings per share (NOK) -3,02 1,22 2,16 7,50 Share price as at end of period (NOK) 19,40 38,50 37,50 n.a. P/E n.a. 32,0 17,6 1 612 Equity (incl. minority interest) 1728 1977 970 62,9 Equity ratio (%) 53,7 56,9 42,7 240,2 Minority interest 157,0 — - 11,25 Equity per share excl. minority interest (NOK) 12,85 16,09 10,09 0,0 Dividends (NOK) 0,00 0,22 0,20 1 669 Number of employees (end of period) 1820 1340 1406

(FINANCIAL KEY FIGURES)

~~Thank~~Q ~~you~~& A Oslo, 17 February 2003

(Q&A)

Appendix

(APPENDIX)

~~Key~~Orders ~~Figures~~received ~~per~~by 30Business September 2002 30.09.02 30.09.01 (proforma) Operating margin (1) before R&D 3.6% 9.7% R&D in percent of sales revenue 9.9% 9.5% Operating margin(2) = Operating income in percent of sales revenue -6.3% 0.2% Earnings per share NOK -0.86 NOK -1.29Area

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma*

Business Areas 2002 2001 2002 2001 Transmission Networks 1 243 49,4% 1890 60,4% 235 40,8% 347 61,5% Satellite Communications 676 26,8% 628 20,1% 103 17,9% 142 25,2% Wireless Broadband Access 2168,6% 4 0,1% 152 26,5% -4 -0,8% Other Elimination *) 384 15,2% 605 19,4% 85 14,8% 79 14,1% Total 2 519 100 % 3127 100 % 575 100 % 564 100 %

* Pro forma includes Nera Telecommunications, Singapore

(ORDERS RECEIVED BY BUSINESS AREA)

Quarterly Orders received by ~~Business~~Market ~~Area~~Transmission * Proforma includes Nera Telecommunications, SingaporeNetworks

Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 proforma proforma proforma proforma

EMEA 202 227 115 212 145 198 142 89 Asia 193 142 173 37 64 100 80 74 Americas 116 214 162 97 100 63 116 72 TOTAL 511 583 450 346 309 361 338 235

(QUARTERLY ORDERS RECEIVED BY MARKET TRANSMISSION NETWORKS)

Invoicing of Order Backlog* ~~4th Quarter 2002 1st Quarter 2003 Total NOK mill. Rest of 2003 and later 2nd Quarter 2003 * Incl. Nera Telecommunications, Singapore~~

NOK mill.

1st Quarter 2st Quarter 3nd Quarter Rest of 2003 Total 2003 2003 2003 and later

* Incl. Nera Telecommunications, Singapore

(INVOICING OF ORDER BACKLOG)

Operating Revenue by Business Areas * Proforma includes Nera Telecommunications, Singapore

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma*

Business Areas 2002 2001 2002 2001 Transmission Networks 1 343 54,9% 2 277 62,6% 354 57,7% 549 68,0% Satellite Communications 617 25,2% 609 16,7% 146 23,8% 169 20,9% Wireless Broadband Access 692,8% 471,3% 152,5% 161,9% Other Elimination *) 417 17,1% 703 19,4% 98 16,0% 749,2% Total 2 445 100 % 3 636 100 % 614 100 % 807 100 %

* Pro forma includes Nera Telecommunications, Singapore

(OPERATING REVENUE BY BUSINESS AREAS)

Quarterly ~~Orders~~Operating ~~received~~Revenue by Business Area Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q2 2002 Q3 2002 Q4 2002

proforma proforma proforma proforma Q1 2002

Other 264 235 128 74 122 100 96 98 WBA 12 9 11 16 20 21 13 15 Satellite Com. 160 150 131 169 161 155 153 146 Transm. Networks 564 627 537 548 378 373 238 354 TOTAL 1 000 1 021 807 807 681 649 500 614

(QUARTERLY OPERATING REVENUE BY BUSINESS AREA)

~~Quarterly~~Book ~~Operating~~to ~~Revenue~~Bill byTransmission ~~Business~~Networks ~~Area~~Orders received Sales

(BOOK TO BILL TRANSMISSION NETWORKS)

~~Quarterly Operating~~ Orders/Revenue ~~by Business Area~~/EBIT

Development Transmission/Satellite

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4 2001 2001 2001 2001

2001 2001 2001 2001 2002 2002 2002 2002 2002 2002 2002 2002 pro pro pro pro pro pro pro pro

Orders received 511583450347309361338 235 Orders received239129119142 174289 109 103 Operating revenue 564627537549378 373,0 238 354 Operating revenue 160150131169 161 156,0 154 146 Oper. inc. (EBIT) 50,4 49,8 37,9 31,8 -53,5 -47,5 -43,3 -21 Oper. inc. (EBIT) 16,7 13,8 13,3 21,3 14,4 17 22,5 15

$(ORDERS\REVENUE\EBIT DEVELOPMENT TRANSMISSION\SATELLITE)$

~~Orders~~Quarterly ~~Received~~Operating Revenue by Market *Transmission ~~Proforma includes Nera Telecommunications, Singapore~~Networks

Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 proforma proforma proforma proforma

EMEA 235 302 180 254 154 129 137 218 Asia 110 170 175 152 88 142 49 65 Americas 219 155 182 143 136 102 52 71 TOTAL 564 627 537 549 378 373 238 354

(QUARTERLY OPERATING REVENUE BY MARKET TRANSMISSION NETWORKS)

~~Operating~~WBA ~~Revenue~~— byQuarterly ~~Market~~“fixed” *cost ~~Proforma~~level ~~includes~~(R&D ~~Nera~~+ ~~Telecommunications,~~Sales ~~Singapore~~and Admin.) MNOK

(WBA - QUARTERLY FIXED COST LEVEL)

~~Operating~~Orders margins*Received ~~before~~by R&D 1996 1997 1998 1999 2000 2001 Per 30.09 2001 Per 30.09 2002 East 0.139 0.114 0.09 0.142 0.153 0.062 0.097 0.036 MNOK 1996 1997 1998 1999 2000 2001 per quarter 2002 per quarter 3-D Column 193 204 200 216 287 92 79 99 51 78 51 78 (6,6%)* (7,8%)* (6,9%)* Research & Development 347 (12,0%)* * Operating income before R&D as % of sales revenue (1) Adjusted for special charges * R&D as % of sales revenue (11,3%)* (9.9%)*Market

(Amounts in NOK mill.) YearYear Q4 Q4 Pro forma* Pro forma*

Market 2002 2001 2002 2001 Norway 281 11,2% 396 12,7% 76 13,3% 103 18,3% UK 62 2,4% 125 4,0% -122 -21,2% 29 5,1% Rest of Europe 577 22,9%601 19,2% 201 35,0% 108 19,2% America 545 21,6%740 23,7% 121 21,1% 111 19,8% Africa 114 4,5%56 1,8% 14 2,4% 23 4,1% Asia 899 35,7% 1 186 37,9% 286 49,8% 191 33,9% Oceania 41 1,7%24 0,7% -2 -0,3% -2 -0,4% Total *) 2 519 100 % 3 127 100 % 575 100 % 564 100 %

* Pro forma includes Nera Telecommunications, Singapore

(ORDERS RECEIVED BY MARKET)

Orders received by Market

Percentage per region by Norway 11.2% (12.7%)* 31 December 2002 UK

Rest of Europe 2.4% (4.0%)* 22.9% (19.2%)*

Asia 35.7% (37.9%)*

Africa Americas 4.5% (1.8%)* 21.6% (23.7%)* Oceania 1.7% (0.7%)*

* Figures in brackets are Orders received per 31.12.01

(ORDERS RECEIVED BY MARKET CONTINUED)

Operating Revenue by Market

(Amounts in NOK mill.) YearYear Q4 Q4 Pro forma* Pro forma*

Market 20022001 2002 2001 Norway 276 11,3% 288 9,9% 101 16,5% 124 15,3% UK 110 4,5% 202 7,0% 36 5,9% 28 3,4% Rest of Europe 498 20,4%559 19,3% 144 23,4% 179 22,1% America 538 22,0%815 28,2% 114 18,5% 183 22,6% Africa 105 4,3%190 6,6% 27 4,5% 15 1,8% Asia 863 35,3%672 23,2% 182 29,6% 266 33,0% Oceania 55 2,2%169 5,8% 9 1,6% 14 1,8% Total *) 2 445 100 % 2 893 100 % 614 100 % 807 100%

* Pro forma includes Nera Telecommunications, Singapore

(OPERATING REVENUE BY MARKET)

Special Charges in 2002 Restructuring charges/Write backs in 2002

Transmission Networks (NOK mill) Close down of production facilities in UK, write down of inventory for old PDH-product: -23,0 Redundancy provision in Nera Networks, Bergen: -7,7 -30,7 Satellite Communications Write back of redundancy provision charged in 2001: 4,1 Wireless Broadband Access Write back of excessive provision for close down of Dallas operation 2001: 15,5 -11,1

Financial items Hyperinflation accounting P&L adjustment for hyperinflation in Venezuela. Charged as finance cost and credited equity (translation differences) -14,0

(SPECIAL CHARGES IN 2002)

Operating margins* before R&D Research & Development * Operating income before R&D as % of sales revenue * R&D as % of sales revenue (1) Adjusted for special charges

$(OPERATING MARGINS* BEFORE R&D\RESEARCH & DEVELOPMENT)$

Working Capital in % of annualised sales

(WORKING CAPITAL IN % OF ANNUALISED SALES)

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Filing Compare · NERA ASA