Kongsberg Automotive – Statement from the Board of Directors, 30 November 2015

Reference is made to the statement from the Nomination Committee dated 30 November, 2015.

The Board of Directors acknowledges and appreciates the continued focus on ensuring that principles for good corporate governance are followed. The Board of Directors has an open and constructive dialogue with the Nomination Committee with regards to what competences the members should encompass in order to support the Company’s strategy going forward.

The Board of Directors is of the strong opinion that to continue to deliver on the long term strategy of the Company is consistent with maximizing shareholder values. The Board of Directors has supported the Company’s management and long term strategy over several years and are pleased with the overall performance that has resulted in a share price increase of close to 300% over the last three years. In particular, the substantial decrease in leverage has allowed the Company to reposition and focus, creating a strong platform for growth opportunities. The Company’s plan to focus and secure further growth will be presented in detail by management at the upcoming Capital Markets Day on Wednesday 2 December, 2015 (to be hosted at Kongsberg Automotive’s offices at Lysaker). The Board of Directors recommend all shareholders to attend the upcoming Capital Markets Day.

After having been elected by the AGM in May 2015, the Board of Directors would like to fulfil its current mandate and believes that it is the interest of all shareholders that the Nomination Committee should be given the opportunity to continue its work in order to be in a position to recommend members of the Board of Directors at the upcoming 2016 AGM.

The proposal to replace all shareholder elected representatives is surprising to the Board of Directors. The Board of Directors supports the Nomination Committee’s recommendation to postpone any changes to the Board of Directors until the 2016 AGM, which is to be accelerated from May to March 2016.

Kongsberg Automotive has engaged Swedbank as financial advisor.

Ulla-Britt Fräjdin-Hellqvist

Chairwoman of the Board of Directors

Mobile: +46 70-345 61 16