Finans

Repayment of convertible loan

Eltek’s Board of Directors has appointed Rune Finne (46) as CEO of
Eltek ASA (Eltek). Mr. Finne will assume his position as soon as
practicable.

Mr. Finne is currently President of ABB Norway and responsible for
its largest business unit, Process Automation. Rune Finne holds a BSc
in engineering from Bergen University College and has held various
management positions in ABB since 1991. He has been President of ABB
Norway since January 1, 2007.

Eltek’s current CEO, Jan T. J?rgensen, has been on sick leave since
August 2009, and will resign from the position of CEO as of November
30, 2009. Acting CEO J?rgen Larsen will resume his position as EVP
Business Development when Mr. Finne takes up his position.

The Board of Directors would like to thank Mr. J?rgensen for his
valuable contributions to the company during his time of tenure.

For further information, please contact Bengt Thuresson, Chairman of
the Board, +47 464 32 061.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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