Eltek ASA

The Board of Directors of Eltek unanimously recommends a voluntary cash offer from Delta to acquire all of the shares of Eltek - Seite 2

Shareholders representing 76.6% of the total share capital of Eltek, including Eltek's largest shareholders, Ketlav Invest AS, CC Industries Inc. and Eltek Holding AS, have irrevocably undertaken to accept the Voluntary Offer for their shares in the Company. The members of the Board of Directors and the CEO of Eltek have also irrevocably undertaken to accept the Voluntary Offer in respect of the shares they hold.

After having carefully reviewed and evaluated the terms and conditions of the Voluntary Offer, the Board of Directors of Eltek is of the view that an acceptance of the Voluntary Offer is in the best interest of Eltek's shareholders. The Board of Directors has been assisted by its financial advisers Citigroup Global Markets Limited and Arctic Securities AS in the evaluation of the Offer Price and the Board of Directors has taken into account, amongst other things, such advice to recommend the Voluntary Offer.

The Offer will not be subject to any financing or due diligence conditions. The complete details of the Voluntary Offer, including all terms and conditions, will be contained in an offer document (the "Voluntary Offer Document") to be sent to Eltek's shareholders following review and approval by the Oslo Stock Exchange pursuant to Chapter 6 of the Norwegian Securities Trading Act.

As will be further detailed and specified in the Voluntary Offer Document, the completion of the Voluntary Offer will inter alia be subject to the following conditions being satisfied or waived by Offeror: (i) all approvals required from regulatory authorities for completion of the Voluntary Offer shall have been obtained, (ii) the Board of Directors of Eltek shall not have adversely amended or withdrawn its recommendation of the Voluntary Offer, (iii) no intervention shall have taken place by any court or other governmental or regulatory authority which restrains or prohibits the completion of the Voluntary Offer, and (iv) Eltek shall have complied in all material respects with all its covenants, undertakings and obligations under the transaction agreement between the Offeror and Eltek.

The Offeror is in the process of preparing the Voluntary Offer Document. The Voluntary Offer Document will be sent to Eltek's shareholders as soon as it has been approved by the Oslo Stock Exchange. Such approval is expected on or about 12 January 2015. The offer period for the Voluntary Offer will be 20 US business days from the date of the Voluntary Offer Document being released, unless extended by the Offeror.