KONGSBERG'S POLICY

KONGSBERG aspires to comply with the 'Norwegian Code of Practice for Corporate Governance' dated 7 December 2004 and most recently revised on 4 December 2007. KONGSBERG's compliance with and deviations, if any, from the Code will be commented upon and made available to stakeholders.

The above decision was adopted by the corporate Board of Directors. The Norwegian State, which owns 50.001 per cent of the Group, also requires that all companies in which the State has stakes comply the Code. Since the Norwegian State owns a stake of 50.001 per cent, the Group also complies with the White Paper No. 13 (2006/2007) – the 'Ownership Report', the State's 10 Principles for Good Corporate Governance and the OECD's Guidelines regarding State Ownership and Corporate Governance. These guidelines can be found on the Group's website at: www.kongsberg.com

The following elements underpin KONGSBERG's Corporate Governance Policy:

• KONGSBERG will maintain open, reliable and relevant communication with the public about its business activities and conditions related to corporate governance.
• KONGSBERG's Board of Directors will be autonomous and independent of the Group's management.
• KONGSBERG will attach importance to avoiding conflicts of interest between the owners, the Board and management.
  KONGSBERG will have a clear division of responsibilities between the Board and management.
• All shareholders will be treated equally.

The Group's Corporate Social Responsibility is considered an integral part of the principles for good corporate governance. This is in line with the State's vision, as expressed in the 'Ownership Report'.