Trade in Elkem subject to notification

Orkla's Financial Investments area has on 19 February 2003 sold 100 shares in Elkem ASA at a price of NOK .per share. After this transaction Orkla including subsidiaries owns 19,436,502 Elkem shares, representing 39.44% of the share capital.

The background for the sale is the resolution adopted by the Oslo Stock Exchange Appeals Committee on 18 February 2003, which maintains the resolution adopted by the Board of the Oslo Stock Exchange on 18 December 2002 that the ownership interests in Elkem held by Orkla and Nordstjernen Holding should be treated as a consolidated holding.
 
As stated in a Stock Exchange notification dated 19 December 2002, Orkla does not intend to make a mandatory offer on outstanding shares of Elkem. Orkla has with this sale brought the total shareholding owned by Orkla and Nordstjernen Holding together to less than 40 per cent.