Orkla's investment in Elkem

Orkla's Board of Directors considered the offer from Alcoa for Elkem at a meeting on 13. February 2002. The Board of Directors decided to reject the offer since underlying values in Elkem are significantly higher than Alcoa's offer of NOK 155 per share. Orkla is also considering underlying values behind each Elkem share to exceed NOK 200.

The Board of Directors gave Orkla's Investment Division the necessary authorities to defend Orkla's financial interests in Elkem.

Orkla's investment in Elkem is an ordinary portfolio investment, which is for sale at the right price as all other investments in the investment portfolio.

Orkla's CEO Finn Jebsen did not participate in the Board's considerations because of his position as Chairman of the Board of Directors in Elkem.