Annual General Meeting of Orkla ASA held on Wednesday 7 May 1997

The Annual General Meeting of Orkla ASA was held on Wednesday May 7 1997 in Sarpsborg.

All issues according to the agenda were unanimously approved.

The administration informed the Annual General Meeting that the Board of Orkla ASA in its meeting on May 7 1997 had approved the employees share purchase under the option programme approved by the Annual General Meeting in 1994. According to this programme, approximately 11,000 employees in the group's Norwegian operations have an option to purchase 633,605 B-shares with a subscription price of NOK 25.00. In total approximately 10,000 employees have subscribed 586,152 B-shares.

Orkla ASA has thus a share capital of NOK 1,233,334,825 divided into 49,333,393 shares of NOK 25 fully paid-up. 39,488,961 of the shares are A-shares which carry voting rights and 9,844,432 are B-shares which do not carry voting rights at the General Meeting. The B-shares are in other respects identical with the A-shares.

Ref.: Lisbeth Lindberg, SVP Information and Investor Relations,
tel.: +47 22 54 44 23/22 54 40 00

Orkla Hugin