Orkla ASA: Termination of total return swap agreement

On 26th September 2012, Orkla ASA ("Orkla") sold and entered into a six months total return swap agreement with exposure to 200,000,000 shares in Renewable Energy Corporation ASA ("REC"). At the time of entering into the total return swap agreement, the price was NOK 1.90 per share. Orkla hereby announces that the total return swap agreement has been terminated with 20 March 2013 as termination date. The total return swap has been financially settled with a final price of NOK 1.25 per share. As per 31 December 2012, the book value of the total return swap in Orkla's balance sheet was NOK 1.07 per share, resulting in a book gain of approx. NOK 35 million in Q1.

Orkla's direct ownership in REC, consisting of 329,569,968 shares, representing 15.6% of REC's outstanding shares, will remain unchanged following the termination of the total return swap agreement. Board member in Orkla, Peter A. Ruzicka, is also board member in REC.

Orkla ASA
Oslo, 20 March 2013

For further information, please contact:

Rune Helland, SVP Investor Relations
Tel: +47 97 71 32 50

Håkon Mageli, Executive Vice President, Communication and Corporate Affairs
Tel: +47 928 45 828

This notification is made pursuant to section 4-2 of the Norwegian Securities Trading Act.