ORK - Results Second quarter 2002

Enclosed to www.ose.no and www.orkla.com please find quarterly report, spreadsheets and presentation.

Key figures Q2-02 (NOKm, Q2-01 in parentheses):

Revenues 11,173 (11,534)
EBITA excl. other revenues and expenses 1,113 (1,164)
Portfolio gains 41 (264)
Profit before tax 1,078 (1,486)

Highlights

*Currency-adjusted revenues and EBITA +2%
*Mixed picture for Industry division
*Portfolio return YTD –0.7%
*Strong cash flow due to reduced working capital