OppenheimerFunds, Inc. Will Not Tender Tandberg ASA Shares

NEW YORK -

OppenheimerFunds, Inc., as investment adviser on behalf of funds and accounts holding 6,478,074 shares or approximately 5.78% of the outstanding shares of Tandberg ASA, has determined the current tender offer proposed by Cisco undervalues the longer term opportunity set for Tandberg ASA both as an independent entity and a merged one. Accordingly, OppenheimerFunds, Inc. does not presently intend to tender shares at the current offer price of NOK 153.50, but remains open to considering offers that better reflect the value creation opportunity by Cisco or other strategic partners.

Source: OppenheimerFunds, Inc.

Bruce Dunbar, +1-212-323-0291, bdunbar at oppenheimerfunds.com