Amounts in MNOK	31 Dec 07	31 Dec 06
Available-for-sale shares
Listed shares	250	165
Unlisted shares (OTC list)	39	78
Shares valued on the basis of transaction price/issue price	38	5
Other shares	29	15
Available-for-sale shares	356	263

Available-for-sale shares are recognised at fair value. Listed shares at 31 Dec. 2007 consisted of shares in Kitron ASA (19 per cent), Roxar ASA and Wavefield Inseis ASA. The shares are recognised at market price. In 2007, shares quoted on the OTC list consisted of Remora ASA. As a percentage of total market value, listed and unlisted (OTC) shares accounted for 81 per cent of the available-for-sale shares.

Changes in fair value are recognised directly in equity. The overall excess value for all shares totalled MNOK 90 for 2007 and MNOK 115 for 2006. Other shares have no observable market value, and it is not possible to calculate their fair value reliably. Consequently, these shares are recognised at cost. In 2006, the impairment on available-for-sale shares came to MNOK 5.

As regards the 19 per cent stake in Kitron, KONGSBERG has considered whether or not significant influence exists even though its stake is below the 20 per cent limit. The assumption that such influence exists is made with a stake of 20 per cent or more. Where significant influence exists, the investment is to be recognised as an associate based on the equity method. Even though KONGSBERG has a seat on the Kitron Board of Directors and Kitron is a supplier to KONGSBERG, this is not considered sufficient to demonstrate clearly that significant influence exists.

Fair value of shares

The shares are valuated at fair value on the date of balance sheet recognition.
The fair value is calculated as follows:
1) Latest traded price on the stock exchange or final traded price on the OTC list (The Norwegian Securities Dealers Association's Over The Counter List).
2) The price of the final share transactions for the sale/purchase or issue of
unlisted shares.
3) Valuation based on the discounted cash flow.
4) Cost of acquisition as an estimate of market value. This refers to investments that are not of significant value.

Sensitivity analysis on investments in shares

A change in the market prices of the listed shares and the OTC-listed shares of 10 per cent will lead to an increase/decrease in the added value of MNOK 29 which was recognised directly in equity at 31 December 2007 (MNOK 24 based on balance sheet values at 31 Dec. 2006)..

	31 Dec 07			31 Dec 06
Amounts in MNOK	Stake	Carrying amount	Market value	Stake	Carrying amount	Market value
Kitron ASA (available-for-sale shares)	19%	119	119	19%	165	165
Kongsberg Terotech AS (available-for-sale shares)	50%	3	3	50%	3	3