Oslo, 13th. February 2008

Eirik S. Larsen, CEOKari Duestad, CFO

REACHING FURTHERTHROUGH PEOPLE ANDINNOVATION

Comrod Communication ASAQ4 Presentation

Increased profitability and strong growth

AGENDA

I. Q4 highlights and introduction II. Q4 FinancialsIII. Business Areas HighlightsIV. Summary

HIGHLIGHTS Q4

Strong growth during the fourth quarter

• Growth based on market foothold established over the last years.

• Trend confirmed during the first part of Q1 2008.

Significant results improvement

• EBIT of NOK 13.5 million in Q4 and NOK 29.5 million for 2007 in total

• All business areas are again profitable

Successful ramp up of production capabilities increases operational flexibility

Strengthened relations to key customers

Positive market outlook based on leading market position and new product launches

COMROD COMMUNICATION GROUP

No.1 globally on tactical antennas

Leading market positions within defense masts and power supplies

Preferred supplier to the major defense radio communication manufacturers

World wide sales to more than 60 countries.

Headquarter and main factory at Tau, Norway. Factory in France; Power division located in Asker

Current turnover about 300 million NOK and about 230 employees

COMPANY PROFILE

A leading player within the global markets for advanced tactical antennas, masts, power supply and related industrial products

BUSINESS MODEL AND STRATEGIC TARGET

Core competencies • Design and manufacturing of antennas• Antenna systems• Telescopic masts• Power supplies and battery chargers for defense applications

Product development

• Based on the rapid advances in radio communication technology as well as the specific needs of our key customers. Variants within a product concept is normally adapted specifically to the customers need

Key customers • Main defence communication equipment manufacturers

Customer relationships

• Long term• Based on proven track record, technical qualification and

rigorous performance testing

Contracts • Large defense communication programs lay behind most of the contracts

• These programs can be national or multinational and are funded by governmental money through the MODs. Typical timelines are 3-5 years and longer

Growth platform • Established market foothold• Recent successful launch of new products• New products in the pipeline for this year• Total market growing annually by 10 – 15%

Turnover target • NOK 500 million medium term is judged as a realistic target

AGENDA

I. Q4 highlights and introduction II. Q4 FinancialsIII. Business Areas HighlightsIV. Summary

HIGHLIGHTS OF THE FINANCIAL PERFORMANCE IN Q4

Substantial growth in turnover• 53 % in Q4• 47 % as of Q4

Significant growth in EBIT • 31 % in Q4• 52 % as of Q4

Q4 MAIN FINANCIAL RESULTS

  Q4 2007 Q4 2006 D 06 -07

Total Sales 103 588 67 596 53,2 %

EBITDA 16 745 12 224 37,0 %

EBIT 13 577 10 394 30,6 %

EBIT % 13,1% 15,4%

Q4 MAIN FINANCIAL RESULTS

 Q4 2007

YTD Q4 2006 YTD D 06 -07Q4 2006

Proforma YTD

Total Sales 290 138 151 273 91,8 % 197 523

EBITDA 41 404 24 544 68,9 % 29 241

EBIT 29 574 18 858 56,8 % 19 458

EBIT % 10,2% 12,5% 9,9%

SEGMENT INFORMATION: TURNOVER PER BUSINESS AREA

Q4 2007 Q4 2006 Q4 2007 YTD Q4 2006 YTDAntennas Proforma

Turnover 69 308 40 210 170 965 129 289 EBIT 9 957 11 363 18 792 20 816 EBIT % 14 % 28 % 11 % 16 %

MastsTurnover 17 231 14 665 54 398 27 186 EBIT 3 782 (1 576) 6 832 (2 699) EBIT % 22 % -11 % 13 % -10 %

Industrial Products Turnover 10 120 6 760 33 002 26 239 EBIT 771 (264) 2 374 (105) EBIT % 8 % -4 % 7 % 0 %

Power SupplyTurnover 8 544 5 962 33 516 14 809 EBIT 1 395 870 7 548 1 446 EBIT % 16 % 15 % 23 % 10 %

CASH FLOW STATEMENT

  31.12.2007 31.12.2006

Profit before tax 18 153 11 732

Depreciation and write-downs 11 830 5 686

Change in net working capital -26 157 -9 059

Net cash flow from operations 3 826 8 360

Net cash flow from investment activities 11 974 -122 587

Net cash flow from financing activities -9 670 115 733

Net change in cash and cash equivalents 6 130 1 506

Cash and cash equivalents at start of period 3 184 1 678

Cash and cash equivalents at end of period 9 314 3 184

Credit facility 20 000 5 000

BALANCE SHEET

(All figures in 1000 NOK) 31.12.2007 31.12.2006

Total Capital 303 905 270 627

Equity 95 044 18 236

Net interest-bearing liabilities 113 990 183 581

Property, Plant and Equipment 61 981 57 878

Intangible assets 69 722 67 386

AGENDA

I. Q4 highlights and introduction II. Q4 FinancialsIII. Business Areas HighlightsIV. Summary

ANTENNAS – HIGHLIGHTS

Improved financial results driven by growth in turnover and improved efficiency

Increase in deliveries on contract with Harris Corporation in the US • The dominant position of Harris place Comrod in unique position

for further growth

New antenna contracts secured • New contract in October on new multiband antenna to major

NATO country; NOK 12,7 mill.• Contract with Norwegian Army in October on vehicle antennas;

NOK 6,7 million

Ramped up production at Tau factory; output capacity now doubled compared to 2006

Factory in Hungary acquired for added operational flexibility and to secure future profitability

High sales expected also in the first quarters of 2008

BUSINESS AREA

Comrod antennas for the defence/ military market and for civilian/commercial use.

MASTS – HIGHLIGHTS

Business Area Profit improvement through improved operations confirmed by Q4 excellent EBIT margins

New level for annual turnover established; 2007 turnover was twice the turnover of 2006

Agreement with THALES on streamlining supply chain

Increased use of systems related to Battle Field Surveillance and Line Of Sight main driver for the growth in the market for masts

Existing contracts and order book indicates continued good sales in first half of 2008

BUSINESS AREA

Telescopic, sleeve, man-pack, manual and motorized masts.

INDUSTRIAL PRODUCTS – HIGHLIGHTS

Improved profitability through 2007 by successful restructuring of production

Revenue growth related to the offshore application business

Production capacity is substantially increased for capturing on the high demand within offshore application products

Insulator products profitability improvement program started

BUSINESS AREA

Custom designed products for commercial and military applications

POWER SUPPLY – HIGHLIGHTS

Excellent financial results for 2007

First new contract with new customer secured; Contract on new 8 position battery chargers with Harris Corp in the USA.

• Contract value:• Start of deliveries:

Outlook medium term is good; short term reduction in turnover growth in a transition period between contracts may be seen first half of 2008

BUSINESS AREA

Experience from more than 130 OEM projects worldwide.

UMS NORWAY – UNMANNED SYSTEMS

Development and sales of UAVs (Unmanned Aerial Vehicles)

Targeting the rapidly increasing demand for tactical UAVs in the defense and civil markets

Investments to date are limited

Full scale prototype to be airborne within March this year, followed by a period of operational tests

Comrod Communication ASA - 70% of the shares in UMS

AGENDA

I. Q4 highlights and introduction II. Q4 FinancialsIII. Business Areas HighlightsIV. Summary

SUMMARY AND OUTLOOK

Significant improvement in EBIT for Q4 and for the year in total

Strong growth in turnover

Operational improvements achieved as planned and capacity flexibility established

Integration process is in good progress – motivation from achieving real results together

Strong market foothold and total market growth indicates high turnover levels also in 2008

REACHING FURTHER – THROUGH PEOPLE AND INNOVATION

Thank you for your attention, any questions are welcome.

www.comrod.com