Reference is made to the notice to the Oslo Stock Exchange on 5 November 2008 regarding realised convertible bonds in REC. Orkla has now received the decision by the Tax Office for Large Enterprises (SfS), in line with the draft, whereby SfS maintains full taxation and assesses the value of each REC share at the date of conversion in early March 2006 at NOK 81.50.

 

Orkla disagrees both with the cited basis for tax liability and with the assessed value, and will follow it up with an appeal or legal action.

 

Orkla ASA
Oslo, 22 December 2008

 

Contact:
Rune Helland, SVP Orkla Investor Relations
Tel: +47 22 54 44 11

 

Lars Røsæg, Orkla Investor Relations,
Tel: +47 2254 44 26