Comment to dividend announcement The unprecedented drop in light vehicle production during the last six months and the severe constraints in the liquidity market have forced many companies in Norma's industry to cut or suspend dividend payments to their shareholders. Even if AS Norma's financial position is significantly better than most of its peers, the drop in vehicle production is even sharper among AS Norma's major customers in Russia and Sweden, and the liquidity crisis is especially severe in Russia and Norma's Russian customers. In addition, there are currently no signs of any improvements in these tough business conditions for Norma. Therefore, there are no possibilities to foresee how long the current challenging times will endure. Under these circumstances, it would be logical and justifiable for Norma to adjust its dividend, consistent with the dividend reductions and dividend suspensions virtually all other companies in Norma's industry have announced. When considering a reduction in AS Norma's dividend to shareholders, the Management and the Supervisory Board have also considered the fact that the conservative and prudent dividend policy AS Norma has applied during previous years has enabled the Company to establish a strong financial position. This will enable the Company to pursue its strategic program also during the recession. Therefore, when taking all facts into account, the Management and the Supervisory Boards of AS Norma have concluded that it is acceptable to maintain the same dividend as for the previous years despite the fact that the automotive industry is presently undergoing its most challenging period since the 1930s. On the balance, the Management and the Supervisory Board have therefore decided to recommend to AGM an unchanged dividend for 2008 of 5 kroons per share. Peep Siimon, Chairman of the Management Board Halvar Jonzon, Chairman of the Supervisory Board Phone: + 372 6500 442