Elkem

Delisting Announcement • Mar 22, 2018

Oslo Børs - Elkem ASA - New security will be listed 22.03.2018

Oslo Børs - Elkem ASA - New security will be listed 22.03.2018

Reference is made to earlier announcements from the

company related to listing of Elkem ASA on Oslo Børs.

New security will be listed 22.03.2018:

Name: Elkem ASA

Ticker: ELK

Instrument ID: 1303941

ISIN: NO0010816093

Segment: OBNW

MIC code: XOSL

Instrument Type: Share (SH)

Country of register: NO - NORWAY

Trading Currency: NOK

Exchange Market Size (EMS): 300

Tick Size Tabell: OBEQ_PT_9000: Range - Average Daily Number of Trades (ADNT) larger than 9000

Face value: NOK 5,00

Number of shares for listing: 581,310,344

Elkem ASA is classified as " 15101050 - Specialty Chemicals" in GICS (Global Industry Classification Standard)

IMPORTANT NOTICE REGARDING THE LISTING OF THE SHARES IN ELKEM ASA ON OSLO BØRS

The listing of the Shares will take place in conjunction with an Offering of new Shares to be issued by Elkem and existing Shares to be offered by Bluestar Elkem International Co., Ltd. S.A. ("Bluestar" or the "Selling Shareholder"). Pricing and allocation of the Offering is expected to take place on 21 March 2018. To facilitate settlement of the Offer Shares, i.e. the Shares issued and sold in the Offering, the Joint Global Coordinators, as representatives of each of the Joint Bookrunners (as defined in the Prospectus) are expected to enter into an underwriting agreement with, inter alia, Elkem and the Selling Shareholder (the "Underwriting Agreement") on or about 21 March 2018.

Under the current time schedule, trading in the Offer Shares on Oslo Børs will commence on an "if issued/if sold" basis (conditional trading) on 22 March 2018. The trading in the Offer Shares will be unconditional from, and including, 09:00 CET on 26 March 2018. During the first two days of trading (i.e. T and T+1), any trading in the Offer Shares will be conditional upon (a) specific "force majeure" events not occurring and resulting in termination of the Underwriting Agreement and/or (b) the Underwriting Agreement not being terminated due to default by one or more of the Joint Bookrunners.

Should the Joint Bookrunners invoke the termination provisions at or prior to 17:00 CET on 23 March 2018, any trades in the Offer Shares (i.e. the pre-issue/pre-sale allotment rights) that are carried out during the period of conditional trading will be cancelled and any such trades will thus not be settled. After 17:00 CET on 23 March 2018, the force majeure clauses and the underwriter default clause stated above have lapsed and cannot be invoked.