Extension of tender offer for Chips

11.02.2005: Orkla ASA's ("Orkla") public tender offer (the "Tender Offer") for all shares in Chips Corporation ("Chips"), which was originally scheduled to expire on 28 January 2005 at 4:00 pm (Finnish time) and subsequently extended until 18 February 2005, will by virtue of the terms and conditions of the Tender Offer be further extended to expire on 4 March 2005 at 4:00 pm (Finnish time).

The transaction is pending in the European Commission by virtue of the EC Merger Regulation. For the purposes of speeding up the process, Orkla has given the Commission an undertaking to terminate a distribution arrangement concerning frozen pizzas, meatballs and steaks if the Tender Offer is completed. Orkla believes that said distribution arrangement represents a very limited portion of Chips' turnover and that the undertaking does not affect the core business of Chips. Orkla does not consider the undertaking to affect Orkla's earlier judgment of the implications of the Tender Offer on the business activities, assets, management or personnel of Chips.
Except for the extension of the offer period, the terms and conditions of the Tender Offer remain unchanged. As provided for in the terms and conditions of the Tender Offer, Orkla retains the right to further extend or discontinue the extended offer period. Thus, also the dates for, inter alia, the announcement of the preliminary and the final result of the Tender Offer, the completion of the Tender Offer, the settlement of the completion trades, and payment of the offer consideration will change accordingly, and such dates will also be announced separately in connection with the preliminary result of the Tender Offer. The Tender Offer document and an information folder as well as additional information for shareholders are also available on the Internet at www.alandsbanken.fi, www.chips.fi, and www.orkla.no.
Bank of Åland Plc is at your disposal in questions relating to the Tender Offer during weekdays between 8.40 a.m. and 4.15 p.m. at the numbers 020 4292 910 (in Swedish) or 020 4292 920 (in Finnish), as well as per e-mail at chips@alandsbanken.fi.