Comrod Communication ASA Q 2 Presentation Stavanger 27

Comrod Communication ASA Q 2 Presentation Stavanger, 27 th. August 2007 Eirik S. Larsen, CEO Kari Duestad, CFO Ole Gunnar Fjelde, EVP and MD Comrod AS

Agenda I. II. Company overview III. Q 2 Financials IV. 2 Key points Summary

Key points Q 2 § Continued growth in turnover § Important new contracts secured: § New contract on antennas to a major NATO country in May § New contract on masts to the US army in May § New contract with US based radio producer on antennas in June § New contract with US based radio producer on antennas in July § Good market development in all business units, high tendering activity § Preparing for higher production capacities in second half of 2007 § Integration process run as planned, positive contribution from all entities 3

Agenda I. II. Company overview III. Q 2 Financials IV. 4 Key points Summary

Comrod Communicaton ASA – Company profile § A previous business division of Hexagon - Public listed company on Oslo Stock Exchange § Headquarter close to Stavanger - Offices and production facilities in Tau, Stavanger, Oslo and St Amand Les Eaux in France. - 170 employees, whereof 86 in France § Comrod develops, manufactures and markets masts, antennas, industrial products and power supplies. Approximately 80% of sales is to the defense communication market § Comrod holds leading global market positions within antennas and masts for the defence market 5

The Business Areas Antennas Masts Industrial products Power supply Products § HF, VHF, UHF, dual band, GPS, multi-band antennas and antenna systems § Telescopic, sleeve, man-pack, manual and motorized versions § Insulating products such as insulators, insulating poles and structural composites which are custom designed products § Battery systems, technology rights acquired from Eltek ASA with exclusive rights in the defense market Key customers § Defense (80 % of sales) and maritime industry (20 % of sales). Key clients include ITT, Harris, Thales and Rhode & Schwarz § In defense market, key clients include Thales, DGA and US Army § Defense (10% of sales) and utility and energy industry (90 % of sales). Key clients include Siemens and SCNF § In the defense market, key clients include Kongsberg Group and FMV Sweden Type of clients § OEM, defense organizations, commercial vessels § OEM, defense organizations § Utilities, industrial companies § Defense organizations Manufacturing § Norway / France § France / Norway Revenues and EBITDA 2006 § NOKm 129, 3 / NOKm 25, 5 § NOKm 27, 2 / NOKm -1, 1 § NOKm 26, 2 / NOKm 2, 1 § Outsourced to plants in Norway, Poland China § NOKm 14, 9 / NOKm 2, 8 Product illustration Source: Comrod Communication 6

Overview of products Business Area – Antennas (58% of revenue) Bowman Vehicle Collection Man-pack VHF 30 -88 MHz Handheld VHF 30 -88 MHz Navy 7 §Product range include HF, VHF, UHF, dual band, GPS, multi-band antennas and antenna systems §Products are manufactured at in-house manufacturing facilities §Key attractive features of products - Superior quality, proven record - Meets the toughest demands - Flexibility Commercial vessels HF 1. 6 -30 MHz, VHF 3088 MHz, UHF 225450 MHZ

Market : Antennas h Comrod has well established leading market positions in most main EU countries and now sells to more than 60 countries h The big new contracts for the US is an important step in becoming a major player also in the US market h Total market is increasing due to new and more advanced radio communication technologies being introduced and applied 8

Overview of products Business Area – Masts (13 % of revenue) Unmanned use Surveillance Omaha Beach LOS (land of sight) 9 §Masts include telescopic, sleeve, man-pack, manual and motorized versions §Products are manufactured at in-house manufacturing facilities §Key attractive features of products - Easy maintenance - Standard as well as tailor made versions - Advanced control for unmanned use Advanced control

Market : Masts h New contract won in June for deliveries of 30 m high tactical masts to the US Army. h Mast segment is increasing due to increasing use of high band width communication where LOS systems are applied 10

Overview of products Product area – Power supply (16 % of revenue) Double Man-pack charger 1 position vehicle charger §Include battery chargers and power supply §Manufacturing outsourced to companies in Norway, Poland China §Key attractive features of products - Demanding applications - Tailor made solutions - Both Ni Cad and Li-Ion batteries Standard power supply 11 Combined charger and power supply

Market: Power Supply h Market openings into the existing sales networks of Comrod and Lerc h High activity on new tenders h Comrod in unique technology position. 12

Overview of products Product area – Industrial products (13 % of revenue) Offshore applications Railroad applications 13 §Include insulating products such as insulators, insulating poles for railroad and utilities, offshore products and custom designed structural components. §Products are manufactured at in-house manufacturing facilities §Key attractive features of products - Tailor-made solutions - Niche markets - Extensively tested and quality assured Foamed pipe Insulators

Market : Industrial Products h Growth within Offshore Application Products, good margins. h Stable market for Other Insulator Products. 14

UMS Norway – Unmanned Systems h Development and sales of UAVs (Unmanned Aerial Vehicles) h First “scaled down” prototype successfully tested from March this year h Full scale prototype to be airborne within this year - 5 m wing span - 5 m fuselage length - Speed: 300 km/h - Flying time: 7 -9 hours h Targeting the rapidly increasing demand for tactical UAVs in the defense and civil markets 15

Agenda I. II. Company overview III. Q 2 Financials IV. 16 Key points Summary

Financial performance Q 2 h Substantial growth in turnover h Growth in EBIT h EBIT margin down h Good development in the Power supply business area h Good development in the Mast business area 17

Q 2 financials 18

Segment Information : Turnover per Business Area 19

Turnover per segment 20

Cash Flow Statement 21

Balance sheet 22

Capital structure h 91 Mill NOK long term bank loan h 10 mill NOK overdraft protection h Lerc: local financing of working capital factoring agreement 23

Agenda I. II. Company overview III. Q 2 Financials IV. 24 Key points Summary

Summary and outlook 2007 h. New contracts strengthening our position with the major radio producers. h. Positive market outlook for all business areas h. Integration process in good progress – positive and dedicated efforts from all organizational units h. Continued growth expected in 2007 and beyond 25

Q&A 26

www. comrod. com 27