English version - Hexagon Composites ASA

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COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE OVERVIEW OF THE GLOBAL MARKET FOR COMROD RELATED COMPOSITE ANTENNA PRODUCTS Figures per 2005 Company Market share local Market share global Comrod 26 % 8 % Lerc 12 % 4 % Tadiran 21 % 7 % Racal 12 % 4 % Others Europe 28 % 9 % Sum Europe 100% 31 % Shakespeare 21% 9 % RA Miller 20 % 8 % Antenna Products 16 % 7 % Aero Antenna 11 % 5 % Trivec 11 % 5 % Radial Larsen 7 % 3 % Others USA 14 % 6 % Sum USA 100% 42% Other regions 27% Total market size 100% Source: Comrod’s estimates Below is a brief overview of the Company’s main competitors. Shakespeare Shakespeare Electronic Products Group is a US manufacturer of marine and military antennas. The company has a particularly strong focus on broadband technology, and has a fairly diversified product specter. The company has more than a 100 years of history. RA Miller The US company R.A. Miller Industries, Inc. began engineering and manufacturing antenna systems for the US Military in 1956. In addition to marine and military antennas, the company also develops and manufactures antennas for the commercial market, such as automotive and aviation applications. The company has also been involved in the US Space Program. RA Miller mainly operates within the US market. Antenna Products Antenna Products Corporation is a wholly owned subsidiary of the publicly owned US company, Phazar Corp. The company designs, manufactures and markets antenna systems, towers and communication accessories worldwide. The United States government, military and civil agencies, and prime contractors represent Antenna Products Corporation’s principal customers. The company was incorporated in 1984 to continue a business started in 1972. Tadiran Tadiran Communications Ltd. is a listed company with headquarters in Israel. The company has over 40 years of experience in military communications technology. The company utilizes its expertise for civilian applications as well as communications solutions tailored to the government and military markets. Tadiran delivers to customers around the world. 51
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE Comrod’s competitive position Compared to its most important competitors, Comrod is at the high end of the market, and the Company is currently in the process of diversifying. If succeeding in an ongoing development project, the Company sees the opportunity to further strengthen its position in the antenna market. Within the antenna market targeted by Comrod, the Company has the following main competitive advantages: - Antenna performance - Mechanical and radio electrical - High quality, competitive prices - Partnerships and relationships - OEMs - Ministries of Defence and armies in Europe and globally - Product offerings - Capability of combining antenna and mast systems and “smart systems” - Wide range, compatible with all main current and future defence programs - Composite technology - Control of the whole production process - Production, R&D and testing 6.2.2 Masts The market for communication masts targeted by the Company is estimated to approximately NOK 507 million worldwide of which the US market amounts to approx. MNOK 280, Europe comprise approx. MNOK 177 and other regions make up approx. MNOK 50. The mast market is a relatively concentrated market with the four largest manufacturers controlling approximately 75% of this market, with Will-Burt as the most dominant player holding some 39% of the market. The second largest player is Mastsystems, with a market share of approximately 18%. The Company was the fourth largest player in this market segment holding a share of the market of approximately 4% in 2005. The Company is increasing its markets share and is currently estimated to have a 6% market share within the mast segment. The Company’s products are at the high end of the market, and the Company is diversifying. There is an opportunity to further strengthen the Company’s market position through a challenging development project that is currently in process. Competition in the mast market The table below gives a breakdown of the market and competition in Europe and the US (Company estimates) for the segment of the mast market in which the Company competes. 52
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