Trade in Enitel subject to notification

25 April 2001

Trade in Enitel subject to notification
Orkla's Financial Investment Area has today received the results of the share issue in Enitel. Through the issue Orkla has been assigned 1,500,000 shares. Additionally, Orkla has through participation in the guarantee consortium an obligation to buy another 973,218 shares. The issue price is NOK 40. After the issue Orkla will own 3,674,018 shares in Enitel, corresponding to a 9,517% shareholding interest.

Orkla has today also received warrants corresponding to 827,976 shares. The warrants may be exercised in the period from 15 April to 30 April 2002 at a conversion price of NOK 45. Prior to this Orkla held warrants corresponding to 31,530 shares that may be exercised until 26 October 2004 at a conversion price of NOK 188.50. The 859,506 warrants represent 2.226% of the shareholder equity and votes in the company, based on today's shareholder equity. If the warrants are exercised, Orkla can thus obtain a total shareholding of 11.743% of the shareholder equity and votes in the company, based on today's shareholder equity.