Transcom’s auditors are elected by the AGM for a period of one year. Ernst and Young have been the Company’s auditors since 2001. The next election of the auditor will take place at the 2009 AGM.

The auditors report their findings to shareholders by means of the auditors’ report, which is presented to the AGM. In addition, the auditors report detailed findings at each of the regular meetings of the Audit Committee.

Auditing assignments have involved the examination of the annual report and financial accounts and the administration by the Board and the CEO, other tasks related to the duties of a company auditor and consultation or other services that may result from observations noted during such examination or implementation of such other tasks.

Please see ‘Audit Committee Internal Regulations’ for more detail.