Elkem

Share Issue/Capital Change • Oct 27, 2022

Elkem ASA - Exercise of share options under share incentive programme

Elkem ASA - Exercise of share options under share incentive programme

Oslo, 27 October 2022

Option holders under Elkem ASA's ("Elkem" or the "Company", OSE ticker code:

"ELK") share incentive programme have today exercised a total of 770,665

options, of which 320,277 options have an exercise price of NOK 19.10 per share,

217,496 options have an exercise price of NOK 23.53 per share, and 232,892

options have an exercise price of NOK 31.20 per share. The exercised options

will be settled by delivery of Elkem's shareholding of own shares. Following the

transfer, the Company will hold 5,319,393 own shares.

The primary insiders listed below have transferred their rights to receive the

new shares to a third party in return for a net sales proceed which will be

finally determined on the basis of the market price subsequently obtained by the

third party.

The results of the sales process will be announced in a separate stock exchange

notice.

· Morten Viga (CFO), exercised 16,760 options, of which 8,380 options had an

exercise price of NOK 19.10 per share and 8,380 options had an exercise price of

NOK 23.53, following which he holds 408,380 options and 46,896 shares in the

Company.

· Frédéric Jacquin (SVP Strategy & Business Development), exercised 42,844

options at an exercise price of NOK 23.53 per share, following which he holds

508,380 options and 31,551 shares in the Company.

· Asbjørn Søvik (SVP Green Ventures & Digital), exercised 208,380 options, of

which 100,000 options had an exercise price of NOK 19.10 per share, 8,380

options had an exercise price of NOK 23.53 per share, and 100,000 options had an

exercise price of NOK 31.20 per share, following which he holds 400,000 and

10,000 shares in the Company

· Katja Lehland (SVP HR), exercised 25,140 options, of which 8,380 options had

an exercise price of NOK 19.10 per share, 8,380 options had an exercise price of

NOK 23.53 per share, and 8,380 options had an exercise price of NOK 31.20 per

share, following which she holds 400,000 options and 0 shares in the Company.

· Luiz Simao (SVP Carbon Solutions), exercised 20,015 options, of which 7,445

options had an exercise price of NOK 19.10 per share, 4,190 options had an

exercise price of NOK 23.53 per share, and 8,380 options had an exercise price

of NOK 31.20 per share, following which he holds 350,000 options and 10,000

shares in the Company.

· Larry Zhang (SVP Silicones), exercised 23,694 options, of which 7,898

options had an exercise price of NOK 19.10 per share, 7,898 options had an

exercise price of NOK 23.53 per share, and 7,898 options had an exercise price

of NOK 31.20 per share, following which he holds 250,000 options and 0 shares in

the Company.

All the exercised options have been granted in accordance with the Company's

share option programme described in the Company's latest annual financial

statement.

Further details of the primary insider transactions pursuant to the market abuse

regulation article 19 are attached.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Odd-Geir Lyngstad

VP Finance and Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.no

About Elkem

Elkem is one of the world's leading providers of advanced material solutions

shaping a better and more sustainable future. The company develops silicones,

silicon products and carbon solutions by combining natural raw materials,

renewable energy and human ingenuity. Elkem helps its customers create and

improve essential innovations like electric mobility, digital communications,

health and personal care as well as smarter and more sustainable cities. With a

strong track record since 1904, its global team of more than 7,000 people has a

joint commitment to stakeholders: Delivering your potential. In 2022, Elkem

obtained a Platinum score from EcoVadis, which rated the company among the

world's top 1% on sustainability transparency, and the company achieved an

operating income of NOK 33.7 billion. Elkem is listed on the Oslo Stock Exchange

(ticker: ELK). www.elkem.com