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COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE OVERVIEW OF THE GLOBAL MARKET FOR COMROD RELATED COMPOSITE MAST PRODUCTS Figures per 2005 Company Market share local Market share global Comrod (Lerc) 17% 6% Mastsystems 51% 18% Wibe 8% 3% Larimart 11% 4% Racal 11% 4% Others 1% 0% Sum Europe 100% 35% Will-Burt 71% 39% The Mast Comp 7% 4% Clark Masts 18% 10% Others 4% 2% Sum USA 100% 55% Other regions 10% Sum masts 100% Source: Comrod’s estimates The main competitors within mast products are Will-Burt, Mastsystems and Clark Masts. In the following is a brief description of these companies. Will-Burt Will-Burt is a US based Company, located in Ohio, and a manufacturer of tactical masts for a variety of worldwide commercial, mobile, industrial and military applications. Most of the turnover is made in the commercial market. Will-Burt has a range of telescopic masts competing against the heavy duty masts of Comrod/Lerc for EW. This is the largest company within the mast area, and holds a very strong market position globally. Mastsystems MastSystems is a Finnish company recently bought by Racal Antennas (UK). MastSystems is specialized in Telescopic Tactical Masts made of composite, mainly dedicated to LOS systems. MastSystems has a strong position in the USA and in the Middle East, and is the company within the mast segment that has had the strongest growth during the past three years. Mastsystems and Comrod have had a similar development over the past few years. Clark Masts Clark Masts is a company located in the UK and Belgium. It competes again Comrod/Lerc in the sleeve masts market and in the light telescopic masts. In the last years, ClarkMast has been mainly concentrating in the lighting supports more than in antenna supports. Clark Masts has been in the market for a long time. They have a similar product range as Lerc, and mainly operates in the UK market. Comrod’s competitive position Comrod’s competitive advantage within the mast segment, is a combination of the following factors: - Performance of the masts - Mechanical performance - Durable products with easy maintenance - Heavy payloads 53
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE - Partnerships and relationships - OEMs - Ministries of Defence and armies in Europe and globally - Product offerings - Designed to meet customer specifications - High quality and tacticity - Composite technology - Mastering of the whole production process - Modeling, calculation and live test capability 6.2.3 Industrial products The Company’s industrial products include i) structural composites and ii) insulating products as described above. The industrial products manufactured by the Company are targeted towards a niche market. The market for these industrial products is relatively fragmented, and there is a lack of official market data. The market size is assumed to be relatively large, but there are no official market data and the Company has no estimates for the total market size and market shares because this is a niche market activity. For insulators the Company, through its subsidiary Lerc, is one of three suppliers that are pre-qualified in the French home market. Structural composite products are meeting a demanding need internationally, especially within the oil and gas sector. Competition For the insulating products market, there are five to six major global players delivering to specific market niches. In the market segment in which the Company operates there are two other main players, one French and one Italian company. Both of these competitors delivers ceramic or porcelain insulators, which differ from the Company’s composite based insulating products. The other main competitors are Chinese and Indian companies. The main competitors are: - Seves (former Sediver): French company bought by an Italian group, and transferred to Brazil - Rebosio: Italian company concentrated in railways applications - Sefag: Swiss manufacturer with good activity in Eastern Europe The Company has obtained certification in accordance with EU standards and also has railways utilities qualifications for its insulating products. The products comply with mechanical and electrical test capabilities, and the Company has a strong R&D focus. The Company’s expertise within composites is also a competitive advantage within this market segment. For structural composites the Company offers design and calculation capabilities. These products are highly engineered and made to comply with customer specifications. Manufacturing is a result of a long research and development phase, and the knowledge of the customers’ operations are important factors to success. The production is characterised by vertical integration combining engineering, composite processes, complementary technology and testing. The Company’s extensive experience from working on classified projects is an important competitive advantage. 54
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