1

Presentation of 1st quarter 2002

2

Highlights Q1 2002

MarketTotal market still decliningSeasonal drop in USA and China3G delayed in Europe

Revenue 230 MNOKOrder entry 228 MNOK - stable from Q4Gross Margin 36.7 %Operating cost reduced by 9 MNOKEBITDA –9 MNOK3G contracts with Hutchinson in UK and SwedenGlobal vendor approval by Motorola

2

3

Key FiguresContinuing operations

Amounts in Mill NOK Whole year2002 2001 Change 2001

Revenue 230.5 511.4 -55 % 1 498.7EBITDA -9.3 72.3 72.9EBIT -17.4 56.2 22.2Profit before tax -21.1 53.0 7.1Net profit, before non-recurring items -17.7 34.4 2.3Goodwill write-down - - -480.0Other non-recurring items - - -139.7Tax on non-recurring items - - 80.9Net profit -17.7 34.4 -536.5

Basic EPS (NOK) before non-recurring items -0.66 1.38 -0.09Cash EPS (NOK) before non-recurring items -0.61 1.84 1.00

1st Quarter

4

216

349

511

230232

463

375

300

543

307370

538

306

0

200

400

600

800

1999 2000 2001 2002Q1 Q2 Q3 Q4

Revenue per quarter

Amounts in Mill NOK

3

5

Global sale 1st quarter

Asia/Pacific25 %

Americas31 %

94174

0100200300

2002 2001

Amounts in Mill NOK

China3 %

72

250

0100200300

2002 2001

57 66

0100200300

2002 2001

7 210

100200300

2002 2001

GR: -71 %

GR: -14 %

GR: -67 %

GR: -46 %

EMEA41 %

6

Order entry per quarter

Amounts in Mill NOK

243

422

506

228274

640

276

360

533

262329

567

226

0

200

400

600

800

1999 2000 2001 2002Q1 Q2 Q3 Q4

4

7

168

302

492

140210

480

324271

469

220230

498

141

0

200

400

600

800

1999 2000 2001 2002Q1 Q2 Q3 Q4

Order backlog per quarter

Amounts in Mill NOK

8

12

39

72

-9

15

72

1

35

68

-5

47

73

4

-10

20

50

80

1999 2000 2001 2002

Q1 Q2 Q3 Q4Excl. non-recurring items in Q2 2001

EBITDA per quarter

Amounts in Mill NOK

5

9

Quarterly gross margin 2000-2002

40.5 % 41.9 %38.9 % 39.6 %

33.9 % 32.5 %35.2 % 36.7 %35.9 %

0 %

10 %

20 %

30 %

40 %

50 %

Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02

10

Quarterly operating cost 2000-2002

94103105

126130136127122

103

0

40

80

120

160

Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02

Amounts in Mill NOK

6

11

Cash flow

Amounts in Mill NOK

Cash flow Q1

Cash earnings, EBITDA + Fin. items -13Net working capital 18Capex -9Other -13Net cash flow -17

31.03.2002 31.12.2001 ChangeCash 116 114 2Overdraft -70 -51 -19Net cash 46 63 -17Overdraft facilities 264 264 0Liquid funds 310 327 -17

12

Balance sheet

Amounts in MNOK

Goodwill

Other fixed assets

Total fixed assets

Inventories

Short term receivables

Cash and cash equivalents

Total current assets

Total assets

Share capital

Other equity

Minority interests

Total equity

Long-term liabilities

Bank overdraft

Short-term liabilities

Total current liabilities

Total equity and liabilities

Equity ratio

31.03.02

59.1

237.9

297.0

261.5

350.0

115.8

727.2

1 024.2

24.5

393.7

22.0

440.1

243.3

69.9

270.9

340.8

1 024.2

43.0 %

31.03.01

546.3

139.1

685.4

362.0

571.5

63.6

997.1

1 682.5

24.5

1 013.4

23.6

1 061.4

138.7

33.8

448.6

482.4

1 682.5

63.1%

31.12.01

61.7

234.2

295.9

286.8

346.5

113.7

747.0

1 042.9

24.5

422.3

24.1

470.8

244.8

51.1

276.3

327.4

1 042.9

45.1 %

7

13

15 largest customers 2002

NextelMotorolaNortelAlcatel Hutchinson 3GMaxis CommunicationsSingTelBellwaterSilcarABBKyivstarCiscoPT WestindioTelenorEnergy Products

Share of total revenue: 47 %

14

New contracts

New 3G contractsSweden

HI3G (Hutchinson)

UKHutchinson

GSM ”break-through”IndiaPakistanRussia

8

15

OEM

Motorola Global Vendor ApprovalEltek approved as a global vendorEltek will supply products to EMEA Hub in Amsterdam

In bidding/evaluation processes with other OEM’s

High volume potential

16

DC Power SystemsUS Market 1990-2001

Source: Skyline Marketing Group

269 294 322 354 389 421 465 512605

896

1 339

828

0

200

400

600

800

1000

1200

1400

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

$ m

illio

ns

CAGR: 13 %

9

17

DC Power SystemsUS Market 2001-2005

Source: Skyline Marketing Group

CAGR: 14 %

828

654

899

1 120

1 305

0

200

400

600

800

1000

1200

1400

2001 2002 2003 2004 2005

$ m

illion

s

18

Market Outlook

Long-term

High growth market

1990-2001 Actual CAGR USA 13 % 1)

2001-2005 Estimated CAGR USA 14 % 1)

Short-term

Decline throughout 1st half

Improving in 2nd half

1) Source: Skyline Marketing Group

10

New Products

20

New Product

Flatpack 1500

Global, flexible, and the most compact in its class!

The perfect building block to power WCDMA infrastructure

11

21

Flatpack 1500 vs SMPS 1000

Flatpack 1500Power density

0.648 W/cm3

10.58W/inch3

SMPS 1000Power density:

0.26 W/cm3

4.23W/inch3

22

Compact systems

=5,6 kW

4 kW

=8,4 kW

6 kW

3U

4U

6U

9U

12

23

Outdoor cabinets

Focus on outdoor cabinets to meet a growing demandSignificantly increase Eltek scope of supplyFlatpack 1500 key to achieve compact integrated solutions

24

Outdoor cabinets

Compact and integrated power solution reduces total size of site:

Less mechanical partsFast installationOccupies less footprint

Lower initial investment and life time cost

13

25

Share performance12 months rolling

as per 27.03.2002

0.00

50.00

100.00

150.00

200.00

250.00

300.00

02.04.01 02.05.01 02.06.01 02.07.01 02.08.01 02.09.01 02.10.01 02.11.01 02.12.01 02.01.02 02.02.02 02.03.02 02.04.02

Eltek ASA OSEBX Information Technology

26

Number of shareholders

761624

2070

3181 3125

0

500

1000

1500

2000

2500

3000

3500

Year end1998

Year end1999

Year end2000

Year end2001

31.03.2002

14

27

Major shareholders per 31 March 2002

Shareholders registered in VPS as at 05.04.2002

Shareholder # of shares % shareSalomon Smith Barney 8 565 805 35.0 %Eltek Holding 4 197 400 17.2 %Credit Agricole Indosuez 1 753 773 7.2 %Aksjefondet Gambak 1 100 000 4.5 %Nordea/Merita Bank 960 200 3.9 %Euroclear Bank S.A./N.V. 704 026 2.9 %Skandinaviska Enskilda Banken 580 600 2.4 %SEB Merchant Banking 480 000 2.0 %Tine Pensjonskasse 444 000 1.8 %Delphi Vekst 190 000 0.8 %Kåre Allum 177 000 0.7 %JP Morgen Chase Bank 150 000 0.6 %Gustav Walter Invest 136 400 0.6 %Storebrand Livsforsikring 135 700 0.6 %Credit Agricole Indosuez 107 400 0.4 %Pictet & Cie Banquiers 104 000 0.4 %