Eltek ASA (OSL:ELT) FINAL RESULT AND COMPLETION OF THE SUBSEQUENT OFFERING

Eltek ASA (OSL:ELT) Reference is made to the press-release dated 7 January 2009 regarding the commencement of the subscription period in the Subsequent Offering of up to 30,000,000 new shares in the Subsequent Offering in Eltek ASA ("Eltek" or the "Company").

The subscription period for the Subsequent Offering expired yesterday on 21 January 2009 at 17:30 hours (CET). A total of 34,760,949 new shares were subscribed for in the Subsequent Offering during the subscription period. In a Board meeting held 22 January 2009, the Board of the Company has approved the list of the final allocation of the new shares, based on the allocation principles as set out in the prospectus dated 30 December 2008. Thus, the Board resolved to increase the share capital with NOK 30,000,000 by the issuance of 30,000,000 new shares, each with a nominal value and subscription price of NOK 1. Following the registration of the new shares, the number of outstanding shares will be increased from 299,205,923 to 329,205,923 shares.

Listing and commencement of trading on Oslo Børs of the new shares issued in the Subsequent Offering will take place as soon as the share capital increase has been registered with the Norwegian Register of Business Enterprises, which is expected to be on or about 6 February 2009.

For full details regarding the Subsequent Offering, reference is made to the press-release dated 23 December 2008 and the prospectus dated 30 December 2008.

The following primary insiders were allocated shares in the Subsequent Offering:

Hanne Cathrine Enger, Deputy Board member, was allocated 9,902 shares. Total holding after the Subsequent Offering will be 11,902 shares and 1,000 options.

Kirsti Johnsen, Deputy Board member, was allocated 9,902 shares. Total holding after the Subsequent Offering will be 11,902 shares and 113 options.

The Subsequent Offering was managed by SEB Enskilda AS.

For further information, please contact: Jan T. Jørgensen, CEO, tel. +47 918 37 759 Pål Skistad, CFO, tel. +47 908 50 378

Important Notices The contents of this announcement have been prepared by and are the sole responsibility of Eltek. SEB Enskilda AS is acting exclusively for Eltek and no one else and will not be responsible to anyone other than Eltek for providing the protections afforded to their respective clients, or for advice in relation to the contemplated private placement and possible subsequent offering, the contents of this announcement or any of the matters referred to herein. The distribution of this announcement and other information in connection with the subsequent offering may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer to sell, or an invitation to purchase, any securities. The subsequent offering will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not an offer to sell or the solicitation of any offer to buy any Eltek shares or other securities of Eltek (the "Securities") in the United States or in any other jurisdiction. The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. Eltek will not make a public offering of Securities in the United States in connection with the subsequent offering. The Eltek shares have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and may not be offered or sold within Australia, Canada or Japan. In the United Kingdom, this announcement is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated. This announcement is directed only at such persons and must not be acted on or relied on by persons in the United Kingdom who are not such persons. Any investment or investment activity to which this announcement relates is available in the United Kingdom only to such persons and will be engaged in only with such persons and no other persons in the United Kingdom should rely or act upon this announcement. All investment is subject to risk. The value of the Eltek shares may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Eltek ASA

http://www.eltek.com

ISIN: NO0003109407

Stock Identifier: XOSL.ELT

US: Other OTC: EEKAF.PK