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Correction: Information Memorandum


February 22, 2011 - London

Reference is made to Eltek ASA's ("Eltek" or the "Company") stock exchange notice dated 15 February 2011 regarding publication of the Information Memorandum prepared in connection with the sale of all the shares in Nera Networks AS by Eltek's wholly owned subsidiary Networks Holding AS to Ceragon (UK) Limited, a wholly owned subsidiary of Ceragon Networks Limited.

The Company has discovered an error in two of the financial tables as set out in Section 8.4 "Unaudited pro forma financial information" of the Information Memorandum. For the sake of good order, please find enclosed an updated version of the Information Memorandum, reflecting the following corrections being made in Section 8.4 "Unaudited pro forma financial information" of the Information Memorandum:

In the "Unaudited pro forma statement of income for 2009" table (page 44), the pro forma adjustment under the column "Reclassification of intercompany items" is underreported by NOK 98 million for the items "Revenue" and "Cost of sales", and should read NOK 128.7 million and NOK -128.7 million, respectively. As a result, the items "Revenue" and "Cost of sale" under the "Pro forma Eltek ASA" column should read NOK 4,034.8 million and NOK 3,032.4 million, respectively. The changes have no impact on profits in the period.

In the "Unaudited pro forma statement of income for the nine months ended 30 September 2010" table (page 45), the pro forma adjustment under the column "Reclassification of intercompany items" is underreported by NOK 59.4 million for the items "Revenue" and "Cost of sales", and should read NOK 83.4 million and NOK -83.4 million, respectively. As a result, the items "Revenue" and "Cost of sale" under the "Pro forma Eltek ASA" column should read NOK 2,791.4 million and NOK 2,074.7 million, respectively. The changes have no impact on profits in the period.

An updated version of the Information Memorandum is also available on the Company's web pages (www.eltek.com).

For further information, please contact:
Pål Skistad, CFO Eltek ASA, tel. +47 908 50 378


About Eltek ASA:

Eltek is a strategic technology partner within power solutions and microwave radio transmission, through its two business units Eltek Valere and Nera
Telecommunications (NeraTel).The Company reported revenue of NOK 5.8 billion in 2009, and had close to 3,300 employees in more than 50 countries at the end of 2009.Following the divestment of Nera Networks, Eltek is focused on its core business in telecom power and power electronics solutions for industrial applications and renewable energy markets such as solar power and electric vehicles.Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Eltek ASA via Thomson Reuters ONE

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