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Cobra Electronics CorporationAnnual Meeting

May 9, 2006

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Safe HarborCertain statements in this presentation regarding Cobra’s long-term growth, value creation, and dominance of the relevant market place are forward-looking statements that invoke substantial risks and uncertainties. Actual results may differ materially from those implied by such forward-looking statements as a result of various factors. Listeners and readers are encouraged to review Cobra’s 2005 Annual Report on Form 10-K for other important factors that may cause actual results to differ materially from those implied in these forward-looking statements. This presentation contains certain non-GAAP financial measures. A reconciliation of these financial measures to the comparable GAAP financial measures is contained in the version of this presentation located on Cobra's web site at www.cobra.com

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Cobra Electronics Corporation Annual Meeting

Harnessing Harnessing InnovationInnovation

James R. Bazet

President and CEO

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AgendaIntroduction James Bazet

President & CEO

Marketing & Sales Overview Tony MirabelliSVP, Marketing & Sales

Financial Overview Michael SmithSVP & Chief Financial Officer

Concluding Remarks James Bazet

Q & A

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Harnessing InnovationExtend leadership in legacy categories

Two-way radiosRadar detectionCitizens Band radios

Drive growth in emerging categoriesMobile navigationMarine electronics

Leverage strong marketing and distribution relationshipsImprove financial performanceIncrease shareholder value

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“Cash Cows”Two-Way Radio

Innovator in product design and featuresInnovator in marketing and merchandisingMaintaining leading market share worldwide

Radar DetectionContinued innovation in design, features and performanceExpanding #1 market share

Citizens Band RadioCreative merchandising to drive purchasesContinued leader - in reputation and market share

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“Rising Stars”Mobile Navigation

Three new NAV ONE™ models launched in 2005• GPSM 2750• GPSM 4000• GPSM 4500

Marine ElectronicsMarine VHF radios established market presence and key distribution addedChartplotter introduced in late 2005Expanding domestic and international presence

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A History of Innovation

FRS/GMRS• Smallest high-powered radio• VibrAlert™ silent vibrating alert• Private Call™ voice scrambling

Radar Detection• Voice Alert ™ technology

• 3600 laser detection

• Strobe Alert™ technology

• 6, 9, 10, 11 & 12 Bands

Citizen’s Band Radio• NOAA All Hazards Alert Radio• SoundTracker® noise reduction• NightWatch™ illumination

Mobile Navigation• IR port for address entry from PDA

• Largest screen in category

• Real-time traffic

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Marketing and DistributionStrengthening partnerships with consumer electronics retailersIncreased placement and more product categories in mass merchandisersGrowing presence in marine, sporting goods and outdoor retailersCobra products continue to drive business at travel centers and distributors

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Marketing and DistributionIntroduced new products in Europe leading to broader distributionGrowing presence in other international markets fueled by new product introductions

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Shareholder Value CreationBrand EquityRetail PlacementProduct and Marketing InnovationNew Product CategoriesIntellectual PropertyEmployeesAnnual Dividend

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2005 in ReviewChallenges

Continued pricing pressures and competition in two-way radioImpact of fuel price increases on professional driversNew entrants putting mobile navigation competitive landscape in fluxIncreased seasonality of our business

SuccessesLaunched new and innovative mobile navigation products to critical acclaimExpanded channels for radar detection and Citizens Band radiosAttracted new distribution partners for marine electronicsBroadened Cobra Europe product lines

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Cobra in the News

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CES Innovations AwardsCES Innovations Awards

Introduced in September 2005, the NAV ONE™4500 received an Innovation award at the 2006 International CES

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Cobra Media CoverageNational

USA TodayBusiness WeekC NetCar & DriverMotor WeekStuffMen’s FitnessFortuneEsquireWiredMotor TrendRoad & TrackPC Magazine

RegionalNBC 5 ChicagoDaily HeraldABC News New YorkFOX ChicagoChicago TribuneChicago Sun Time

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Media Quotes

“I preferred the Cobra, mostly for its big, bright 5-inch screen and its built-in radio receiver. (The Garmin receiver is $200 extra and needs to be installed between your car antenna and radio)”

CobraGarminTomTom

Business Week/BW Online, September 12, 2005

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“Signal reliability is awesome…”

“I think I want to own one.”

Daily Herald, October 12, 2005

Media Quotes

“New GPS unit helps dodge traffic jams”“Chicago firm offers first portable device for real-time road info…”Chicago Sun Times, August 22, 2005

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Media Quotes

“Cobra Electronics’ new Nav One 4500 GPS system warns you of delays on your route and helps you find a detour….” Fortune Magazine, October 17, 2005

“The bottom line: Real time traffic updates, highly detailed maps, and a beautiful 5-inch color touch screen give the Cobra NavOne 4500 bragging rights as one of the hottest vehicle-navigation systems around.”c׀net, December 20, 2005

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Chartplotter Media Quotes“For the small boater, one combinationchartplotter/fishfinder combo we liked was manufactured by Cobra Electronics….

…The MC600Ci and MC600Cx are both waterproof and we found them the most intuitive to use of any chartplotter we have seen to date….”-Florida Sportsman, April 2006

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Summary of Marketing and Sales

Tony MirabelliSenior Vice PresidentMarketing & Sales

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Harnessing InnovationPersonal Communications

Two-Way RadiosCitizens Band Radio

MarineVHF RadiosChartplotters

NavigationRadar DetectionMobile Navigation

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Leveraging StrengthsDistribution Channels

Travel CentersConsumer Electronics RetailMass MerchandisersSporting Goods/Outdoor RetailersMarine Retailers and Distributors

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Personal Communications

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22%

34%

3%

3%

18% 20%

CobraUnidenMotorola (Giant)AudiovoxRadio ShackOther

Two-Way RadiosOnly manufacturer with high powered radios at a fraction of the size

Full line of radios from 6 to 17 Miles

2005 Unit Market Shares: U.S.Source: IMR; PTR; CEC estimates

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Two-Way Radios

PR 165PR 165--2 VP2 VP6 MILES6 MILES

PR 255PR 255--2 VP2 VP10 MILES10 MILES

PR 3800PR 3800--2 VP2 VP12 MILES12 MILES

PR 5000PR 5000--2 VP2 VP15 MILES15 MILES

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Innovation in Two-Way Radios-Another First from Cobra:

The World’s SmallestLiON High Powered Compact Radio

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Citizens Band RadiosMarket leaderCreative merchandising spurs replacement purchasesSuccessful limited editions

64%12%

8%

1%

11%4%

CobraUnidenMidlandMaxonRadio ShackOthers

2005 Unit Market Shares: U.S.

Source: IMR; CEC estimates

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Citizens Band RadiosCobra continues to lead this categoryCapturing increased mass merchandiser shelf space

25 LTD25 LTD 29 LTD29 LTD

The Driver’s Choice of CB Radios

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Marine Electronics

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Marine ElectronicsInnovative line of marine radiosEstablished global distributionStrong presence in EuropeChartplotter introduced in late 2005

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Marine ElectronicsPlaced product at key retailers and distributors throughout the world

Teleimpex

Bergsala

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Marine ElectronicsPlacement success has led to significant market share among target usersSimilar success in EuropeGaining shelf space in other global markets

VHF Radio Market ShareBoats < 30 Ft. (USA)

40%

17%

14%

10%

5%

5%

9%Uniden

iCom

Raymarine

Cobra

StandardHorizon

WestMarine

OtherSource: CEC estimates

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Navigation & Detection

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Radar DetectionIncreased market leadershipExpanding distributionInnovative features and design

CobraWhistlerBelRadio ShackOthersEscort

2005 Unit Market Shares: U.S.Source: IMR; PTR; CEC estimates

63%12%

9%

2%

7%7%

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Cobra’s New 2006 Radar Line

12-Band ™ XRS Revolution SeriesHigh Performance

& Ultra Performance Digital Detectors

XRS 9930$219.95

XRS 9830$199.95

XRS 9730$179.95

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Innovation in Radar Detection only from Cobra:

Radar Detection with a video screen

Exclusive FullColor

Video Screen!!

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Mobile NavigationNAV ONE™ 4000/4500 in stores September 2005Offers innovative features unavailable from any other productPositive retail reception52 Million media hits

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Mobile NavigationInnovation continues in 2006The NAV ONETM 2500, with features unavailable from other lower price point products

Ultra-bright touchscreenOn-screen route comparisonAvailable real-time trafficOver 5 million points of interest

AvailableJuly 2006

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Profile Mobile Navigation2005 Unit Market Shares: U.S.

Source: Cobra estimates

35%

25%

25%

10% 5%

Cobra

Garmin

Magellan

TomTom

Other

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Leveraging StrengthsBuild and sustain market leadership

ListenInnovateDifferentiateDesignMerchandise

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Brand Advertising

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Brand Advertising

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Financial Summary

Michael SmithSenior Vice President andChief Financial Officer

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Net Sales 2002 - 2005

$136

$115

$123

$133

$100$105$110$115$120$125$130$135$140

2002 2003 2004 2005

Net Sales (millions)

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Net Sales – 2005Expanding leadership in radar detection, CBTwo-way radio reflects continued maturation of market; pricing and unitsIntroduction of new products

Mobile navigationMarine radios

International salesGMRS approval in CanadaMarine radio in Europe, Caribbean, South Africa and New Zealand

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Net earnings increased by 6.8% in 2005 after a 29.3% increase in 2004

1,720 1,841

2,3812,543

$0

$600

$1,200

$1,800

$2,400

$3,000(000)

2002 2003 2004 2005*

Net Earnings 2002 - 2005

* Note: 2005 results adjusted for nonrecurring events.

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Earnings per Share 2002 - 2005

$0.26$0.28

$0.36$0.38

$0.00$0.05$0.10$0.15$0.20$0.25$0.30$0.35$0.40

2002 2003 2004 2005*

* Note: 2005 results adjusted for nonrecurring events.

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Earnings per Share - 2005Increased due to 8.3% sales increase and lower effective tax rateExcludes non-recurring gains, including $9.2 MM for life insurance proceeds and sale of landSG&A growth driven by regulatory climate

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EBITDA – 2001 - 2005

$6.0 $6.0

$7.4

$8.3

$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0

2002 2003 2004 2005*

EBITDA (millions)

* Note: 2005 results adjusted for nonrecurring events.

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Strong Balance SheetBalance sheet is strong as working capital has been managed tightlyGenerate significant cash from operationsYear-end interest-bearing debt declined from $15.4 million to zero since 2001Cash at year-end was $6.7 million

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Interest-Bearing Debt – 2001 - 2005

$15.4

$0.0 $0.0 $0.0 $0.0$0.0$2.0$4.0$6.0$8.0

$10.0$12.0$14.0$16.0

2001 2002 2003 2004 2005

Zero debt at year-end

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Balance Sheet Highlights

2002 2003 2004 2005*Debt/EBITDA - - - -Debt/Total Capital - - - -Change In Shareholders' Equity 4.3% 3.3% 4.0% 20.2%Return on Average Equity 3.1% 3.2% 4.0% 18.1%

* Includes gains of $9.2 million for life insurance and sale of land

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Sarbanes-Oxley ComplianceSection 404 requires management to file an internal control report verifying that controls are adequateRequires that independent public accountant attest to management’s evaluation of controlsCobra may be required to comply for the year ended December 31, 2006Cobra will be prepared

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Investor Returns 2003 – 2005

Legend

Cobra NASDAQ

S&P 500 Russell 2000

12/31/01 1/6/03 1/5/04 1/3/05 1/2/06

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Concluding Remarks

Jim Bazet

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Questions

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Net Earnings & Earnings Per Share – 2005

Reconciled to Slides 46 & 47

I n th o u s a n d s , e x c e p t p e r s h a r e a m o u n ts

Y e a r E n d e dD e c e m b e r 3 1 ,

2 0 0 5

In c o m e b e f o r e i n c o m e t a x e s $ 1 3 ,5 8 3

L e s s : H o r i z o n s e t t l e m e n t , n e t b e n e f i t t o c o s t o f s a l e s 7 2 4

G a i n o n e x - o f f i c e r ' s l i f e i n s u r a n c e 7 ,2 4 4G a i n o n d e f e r r e d c o m p e n s a t i o n p a y o u t 2 9 9G a i n o n s a l e o f l a n d 1 ,9 1 6

A d j u s t e d i n c o m e b e f o r e t a x e s 3 ,4 0 0T a x p r o vi s i o n , n e t o f i n s u r a n c e b e n e f i t 8 5 7A d j u s t e d n e t e a r n i n g s $ 2 ,5 4 3

A d j u s t e d n e t e a r n i n g s p e r c o m m o n s h a r e

B a s i c $ 0 .3 9 D i l u t e d $ 0 .3 8W e i g h t e d a ve r a g e s h a r e s o u t s t a n d i n g B a s i c 6 ,4 4 8 D i l u t e d 6 ,6 0 9

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EBITDA – 2005

Reconciled to Slide 49

I n th o u s a n d s

Y e a r E n d e dD e c e m b e r 3 1 ,

2 0 0 5

E B IT D A $ 1 8 ,5 1 6L e s s : H o r i z o n s e t t l e m e n t , n e t b e n e f i t t o c o s t o f s a l e s 7 2 4

G a i n o n e x - o f f i c e r ' s l i f e i n s u r a n c e 7 ,2 4 4G a i n o n d e f e r r e d c o m p e n s a t i o n p a y o u t 2 9 9G a i n o n s a l e o f l a n d 1 ,9 1 6

A d j u s t e d E B IT D A $ 8 ,3 3 3