Orkla extends the acceptance period for the offer to the shareholders of Sapa

THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES. THIS PRESS RELEASE MAY NOT BE RELEASED, DISTRIBUTED, FORWARDED OR TRANSMITTED INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. • Sapa shares tendered under Orkla’s public offer and shares held by Elkem represent in aggregate approximately 98.1 per cent of the shares and votes in Sapa Orkla ASA’s (”Orkla”) public offer (the “Offer”) to the shareholders of Sapa AB (publ) (“Sapa”) in accordance with the prospectus dated February 28, 2005 has during the ordinary acceptance period been accepted by shareholders representing 4,779,425 shares, corresponding to approximately 13.1 per cent of the shares and votes in Sapa. At the time of the announcement of the Offer, Orkla’s subsidiary Elkem ASA (“Elkem”) held, through Elkem Sweden AB (“Elkem Sweden”), 27,019,502 shares in Sapa, equivalent to 74.0 per cent of shares and votes. Since the announcement Elkem has, through Elkem Sweden, acquired 4,045,520 shares in Sapa and holds 31,065,022 shares in Sapa, equivalent to 85.1 per cent of the shares and votes. As a result, Orkla holds, directly and through subsidiaries, 35,844,447 shares in Sapa, equivalent to 98.1 per cent of the shares and votes. It is intended that settlement will begin on or about April 1, 2005 to those shareholders who have accepted the Offer during the ordinary acceptance period. To enable those shareholder who have not yet submitted their acceptance to participate in the Offer, Orkla has decided to extend the acceptance period until 5 p.m. CET on April 12, 2005. After the extension, compulsory purchase of the remaining outstanding minority shares in Sapa will be initiated. It is intended that settlement will begin on or about April 21, 2005 to those shareholder who accept the Offer during the extended acceptance period. All other terms and conditions stated in the prospectus apply for the extended offer. Orkla’s intention is that the Sapa share is delisted from the Stockholm Exchange. Orkla may acquire additional Sapa shares in the market. Oslo, March 30, 2005 Orkla ASA Ref.: Rune Helland, Vice President, Investor Relations, Tel: +47 22 54 44 11 Ole Kristian Lunde, SVP Corporate Communications, Tel: +47 22 54 44 31 This announcement does not constitute an offer or invitation to exchange or sell or an offer to exchange or purchase any securities. The Offer is not being made, directly or indirectly, in or into the United States, Australia, Canada or Japan, and it may not be accepted in or from the United States, Australia, Canada or Japan. In addition, the Offer is not directed towards any person, whose participation requires an additional prospectus, registration or other measures than those required by Swedish law. Sapa shareholders are advised to read the offer documentation because it will contain important information relating to the Offer.