English version - Hexagon Composites ASA

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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE Based on its knowledge of fibre composites, the company began to develop antennas designed for extreme weather conditions. In 1960, Comrod AS started production of whip antennas for the fishing vessels based on technology from the manufacturing of fishing rods. Since the early 1970s the company has focused on the development and manufacturing of sophisticated antennas for the defence, commercial and maritime market. A brief overview of the main products that Comrod AS has produced over the years is listed below: - 1949 Steel fishing rods - 1953 Fiber glass fishing rods - 1960 Marine antennas - 1969 Military antennas - 1970 Ski-poles - 1982 Broadband antennas - 1986 Composite insulators - 1990 Pipe production (continued in the company Compipe AS, acquired by NAT in 1995) - 1997 Combined active GPS / VHF antennas - 2001 INTAS system for vehicles - 2002 AIS combined antennas - 2002 MAS 1 antenna system for pleasure yachts - 2003 VHF / UHF OMNI directional system for Visby Stealth Corvettes - 2004 Development of L1/L2 active GPS antennas - 2006 Power supply, battery chargers, masts and insulation products In the following is an overview of the most important events related to Comrod AS’ development over the past years. In 1988 the company signed its first major defence contract in Sweden. In 1994 Comrod AS became one of the leading suppliers of GMDSS upgrades to merchant vessels. In 1997 Comrod AS entered into its first major international defence contract with Switzerland. In 1997 Comrod AS was sold from Chr. Bjelland & Co Inc. to Norwegian Applied Technology ASA (NAT). In the summer of 1999, Spilka Gruppen became the main owner of Norwegian Applied Technology ASA, and during 1999 and 2000 some of NAT’s operations were liquidated. A new board was elected, and the company headquarters was moved from Stavanger to Ålesund in Norway. At the same time NAT was renamed Hexagon Composites ASA. In June 2000, Hexagon Composites ASA merged with Devold AMT, a company formerly privately held by Spilka Gruppen and others, with Spilka Gruppen as the main shareholder. Comrod AS continued as a subsidiary of Hexagon Composites ASA, and maintained its location in Tau. In 1998 Comrod AS started deliveries for the new MRR radios for the Norwegian Armed Forces. In 2002 Comrod AS signed a contract for the prestigious BOWMAN project involving the delivery of antennas to portable radios, various vehicles and base stations for the British military. In the same year the Company entered into an agreement for the delivery of antennas and an antenna control system to the Swedish navy’s new corvettes (the Visby project). In 2003 the company entered into a 15 year OEM agreement with German radio manufacturer Rohde & Schwarz. In 2004 Comrod AS signed a new defence contract for the delivery of tactical antennas to Switzerland. In addition, the company for the first time secured a defence contract in China. 27
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE In September 2005 Comrod AS entered into a three-year OEM agreement with US radio manufacturer, Harris Corporaton, RF Communication Division. This agreement includes deliveries of tactical communication antennas for use both in the international market as well as the US domestic market. This contract represented a breakthrough for Comrod AS in the US market. In February 2006 the company signed an agreement with Eltek Energy AS to purchase its power supply unit for the defence market. In the beginning of 2006 the company entered into a new business area by winning the contract for delivery of antenna switches to Swedish submarines. In September 2006 Comrod AS acquired Lerc S.A., a world leading French manufacturer of integrated mast and antenna solutions for the defence market, from the Canadian company ECI Composites. On 6 November 2006 an extraordinary general meeting of Hexagon Composites ASA passed a resolution to spin off Comrod AS and its subsidiaries and to seek listing for the new parent company, Comrod Communication ASA, at the Oslo Stock Exchange. The Demerger is expected to become effective on or about 19 January 2007. Following the Demerger, the Company was reorganized into a holding structure, with Comrod Communication ASA as the parent company, and Comrod AS, Fidulerc S.A. and Lerc S.A. as the Company’s wholly owned subsidiaries. For more information about the Company’s current operations, see the following sections. 5.4 Objective and strategy 5.4.1 Objective Comrod’s goal is to strengthen its position as an internationally leading company within development, production and marketing of antennas and antenna systems, masts and mast systems, power supply, battery chargers and insulating products. It is the Company’s overall objective to be a global leader in supplying antennas, antenna systems, power supply, battery chargers and masts to the defence communication market. In addition the Company is in the process of developing from a supplier of standard antennas and masts, to also become a supplier of more advanced and related support systems for tactical communication solutions. The Company also supplies antennas and antenna systems for commercial use as well as industrial composite products for the offshore industry and railroad systems. 5.4.2 Strategy The Company will continue to develop its global market position for masts and marine antennas through existing and new products with the aim to increase its sale of tactical defence antennas, masts, antenna systems, power supplies and battery chargers. Active product development through close cooperation with its customers, is an important part of the Company’s strategy. The Company has a fully integrated production process, which means that the Company controls all the important processes in the development, marketing and sales, as well as the actual production. With the recent acquisitions of Lerc S.A. and the Power operations, the Company is better positioned to increase its share of the global market for communications systems. For the period 2007 to 2009, the Company has the following targets: - to increase the sales volume in the US market (all areas) - to complete at least one acquisition of a competing or related company - become a global supplier for power supplies and battery chargers - increase activities and obtain a new customer base for systems applications 28
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