TROND STABEKK NEW CFO

As previously announced the CFO Erik Magelssen will leave Kongsberg Automotive. His successor will be Trond Stabekk. Stabekk is today employed in Kongsberg Automotive Holding as Director Finance, a position he has held since the autumn 2004. Trond will continue to have the responsibility for Investor Relations. Stabekk holds a Master in Accountancy and Finance from The University of Stirling, Scotland, and a Bachelor in Business Administration from the Norwegian School of Management. He has previously held central positions within the finance organization of Trelleborg-Viking AS, Telenor Mobil AS and Tomra Systems ASA. Stabekk will take over the position as CFO as of 1st of February 2006. Magelssen will complete the annual accounts for 2005 prior to leaving the company. Kongsberg 21.12.2005 Olav Volldal CEO