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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE “Presentation of the Company”, chapter 7, “Market overview” and chapter 2, “Risk factors” for more information about significant recent trends in the Company’s business and relevant markets. For any governmental, economic, fiscal, monetary or political policies or factors that could materially affect the Company’s future operations please refer to chapter 2, “Risk factors”. Historically, no such events have had any adverse impact on the Company’s operations. 7.14 Statutory Auditor Ernst & Young AS (Ernst & Young) has been the independent auditor for Comrod Communication ASA since its incorporation on 19 September 2006. The auditor’s address is Vassbotnen 11, P.O. Box 815, 4068 Stavanger, Norway. Ernst & Young is a member of the Norwegian Institute of Public Accountants (DnR). Ernst & Young has also been the independent auditor of Comrod AS since 1999. The auditor statements for the last three accounting years have contained no qualifications or disclaimers. Ernst & Young has issued an unqualified auditor’s report (“Report on review of interim condensed financial statements”) for Comrod AS’ 3rd quarter report for 2006, as set forth in their report in Appendix 4. The pro forma adjustments for the income statement for the year ended 31 December 2005 and for the income statement for the nine month period ended 30 September 2006 and the balance sheet for the period ended 30 September 2006, included in section 7.4 of this prospectus (“Independent Assurance Report on Pro Forma Financial Information”), have been examined by Ernst & Young (appendix 5). 87
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 8 BOARD OF DIRECTORS AND MANAGEMENT 8.1 Board of Directors As of the date of this Prospectus, the following persons serve on the Board of Directors of Comrod: Name Board Current position & Business Address: Position Erik Espeset Chairman Group Managing Director of Hexagon Composites ASA, Korsegata 8, P.O. Box 836 Sentrum, 6001 Ålesund, Norway Randi Elin Hognestad Vice chairman Director of investor relations, HitecVision Private Equity AS, Klubbgata 1, P.O. Box 8120, 4068 Stavanger, Norway Niklas Hermansson Board member CEO of Technor ASA (from 1 February 2007) Merete Alnes Mostue Board member HR Manager Coop Møre BA, P.O. Box 10, 6025 Ålesund, Norway 8.2 Management As of the date of this Prospectus, the Company’s senior management consists of the following individuals: Name Position Business Address: Ole Gunnar Fjelde Acting CEO from 1 January 2007 & Fiskåvegen 1, 4120 Tau Operations Manager Kari Duestad Finance Manager Fiskåvegen 1, 4120 Tau Jean Morrey General Manager, Lerc SA 600 chemin des Hamaïdes, BP 10119, Saint Amand les Eaux Cedex, France Arne Risvik Syversen VP Sales & Marketing, Power division Leangbukta, 1392 Vettre 8.2.1 The CEO The CEO as of the date of the Prospectus Mr. Ole Gunnar Fjelde is the Company’s acting CEO. The former CEO resigned on 31 December 2006. The Board has started the search for a new CEO, and expects to complete this some time during the 1 st quarter of 2007. Until a new CEO is in place, the chairman will take a more active role in the day-to-day operations of the Company. 8.3 Background of the Management and Board of Directors Board of Directors Erik Espeset, chairman of the board Mr. Espeset is Group Managing Director of Hexagon Composites ASA. He has an M.Sc. from the Norwegian University of Science and Technology (NTNU) and an MBA from Helsinki School of Economics. He has professional experience in project management, sales and marketing from Kvaerner, Alcatel and Enron. He joined Hexagon in 2001. Randi Elin Hognestad, board member Ms. Hognestad joined HitecVision AS as Director of Investor Relations in January 2007. Her background combines law and communication. She is a qualified lawyer, and has been an associate with the law firms Bugge, Arentz-Hansen & Rasmussen (BA-HR) and Schjødt. Hognestad previously held the position as Director of Investor Relations with Global IP Sound in San Francisco, and has worked as a journalist with Dagens Næringsliv. Her work experience also includes several years as an executive assistant with McKinsey & Company. Niklas Hermansson, board member Mr. Hermansson will join Technor AS as CEO in February 2007. He was CEO of Comrod AS from 2002 till December 2006. Before joining Comrod AS he was Managing Director for the Proserv Group 88
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