Corporate Governance

The governance of Elektrobit Corporation (hereinafter "Company") is determined by the Company's Articles of Association, the laws of Finland (such as the Finnish Companies Act and Securities Market Act) and the Company's Corporate Governance Code. The Company's Corporate Governance Code follows to the extent applicable the Finnish Corporate Governance Code 2008 prepared by the Finnish Securities Market Association ("Finnish Governance Code"). The Company has, however, departed from certain individual recommendations of the Finnish Governance Code. These departures are concerning the number of the Audit- and Financial committee members and their independency as well as the gender mix of the Board Composition as explained in further detail below.

The Company has prepared the Corporate Governance Statement for the accouting period 2009 according to recommendation 51 of the Finnish Governance Code and the applicable legislation. The Statement is made separate from the Company's Annual Report and is available below.

The statutory governing bodies of the Company are the Shareholders' meeting, Board of Directors, Chief Executive Officer and the Auditor. Other governing bodies, such as the Corporate Executive Board, support the statutory governing bodies. The Company's domicile is Oulu.

Flagging Notifications and shareholders' agreements

There were no changes in ownership during the past 12 months that would have caused flagging notifications which are obligations for disclosure in accordance with Chapter 2, section 9 of the Securities Market Act. The Company is not aware of any shareholders' agreements.