Internal transfer of the Orkla Group's shares in REC

Orkla ASA and Elkem AS (a wholly-owned subsidiary of Orkla ASA) have today decided to gather the Orkla Group's holding of REC shares, which for historical reasons has been divided between the two companies, in Orkla ASA. This means that Elkem AS is transferring 155 912 989 shares in REC to Orkla ASA at stock market price equivalent to NOK 17.46 per share. In addition, all of the subscription rights issued to Elkem AS in connection with the approved rights issue in REC, which total 77 956 494 subscription rights, are being transferred to Orkla ASA at stock market price equivalent to NOK 5.44 per subscription right.

This transfer does not entail any change in the Orkla Group's aggregate holding of REC shares or subscription rights. The transfer does not give rise to a taxable gain, nor does it have any other real economic consequences for the Orkla Group. The reason for the transfer is that it is considered practical to gather ownership in one company. For further information, reference is made to REC's stock exchange notification (combined disclosure and primary insider notification).

This notification is provided in accordance with the duty of disclosure set out in section 3.3 (1) of the Continuing Obligations.

Orkla ASA,

Oslo, 6 May 2010

Reference:

Rune Helland, SVP Orkla Investor Relations,

Tel.: +4722 544411

Siv Merethe Skorpen Brekke, Orkla Investor Relations,

Tel.: +4722 544455