5. Freely negotiable shares

All Orkla shares carry equal rights and are freely negotiable.

No special limitations on transactions have been laid down in Orkla’s Articles of Association. Article 3, second paragraph, of the Articles of Association states that “The Board of Directors may entirely or partly refuse to approve the transfer of shares if the company pursuant to statute or to regulations laid down pursuant to statute is given the discretionary right to refuse such approval or to apply other restrictions on sales”. In this connection, it should be noted that the provisions of the Industrial Licensing Act requiring Board consent for acquisitions of shares representing more than 20% of all shares in the company are applicable, due to Orkla’s ownership interests in waterfalls. Transactions in the Orkla share are described in further detail in the article below.