Share purchase scheme for key personnel

To encourage key employees of the Group to make a long-term commitment to the Group and the interests of its shareholders, the Board of Directors of Orkla ASA has on 18 October 1999 decided to transfer 89,500 Orkla B shares, which have a share price of NOK 97.50, to these persons free of charge. Each employee must pay the tax to which he/she becomes liable as a result of the transfer.

The shares were transferred subject to the condition that the employees purchased the same number of Orkla B shares (89,500 in total) at the same price (NOK 97.50) from Orkla ASA, and that this is a long-term investment. The same persons have on 18 October 1999 purchased shares according to the conditions here stated.

After the transfer of a total of 179,000 Orkla B shares to key Group personnel, the Orkla Group has an aggregate shareholding of 7,199,508 shares in Orkla ASA (including 80% of the shares owned by Oktav Invest), divided into 5,926,859 A shares and 1,272,649 B shares.