Orkla ASA — Earnings Release 2014

Oct 22, 2014

Orkla ASA: Sapa (joint venture) - Announcement of results for the third quarter 2014

Orkla ASA: Sapa (joint venture) - Announcement of results for the third quarter 2014

Sapa is a 50/50 joint venture between Norsk Hydro and Orkla and is the global

leader in extruded aluminum solutions. The joint venture was established on 1

September 2013 between Norsk Hydro ASA's business area Extruded products and

Orkla ASA's Sapa.

Underlying EBIT for Sapa improved in the third quarter 2014 compared to the

third quarter 2013.

Sapa's restructuring agenda is progressing according to plan and reported EBIT

is affected by related restructuring charges.

Key Figures - Sapa (100%)

+----------------------------+------------------+---------+

| NOK million  |   |   |

| | Proforma Q3 2013 | Q3 2014 |

+----------------------------+------------------+---------+

| Sales volume (1000 tonnes) | 345 | 350 |

+----------------------------+------------------+---------+

| Revenues | 10 798 | 11 603 |

+----------------------------+------------------+---------+

| Underlying EBITDA | 328 | 492 |

+----------------------------+------------------+---------+

| Underlying EBIT | 24 | 201 |

+----------------------------+------------------+---------+

| Reported EBIT | -1 985 | 198 |

+----------------------------+------------------+---------+

Orkla's share of Sapa's net income for the third quarter was NOK 54 million.

Market

Demand for extruded products in North America increased by 7 percent compared to

the same quarter of the previous year, supported by higher activity in both the

automotive and building and construction segments. Demand for extruded products

in Brazil continued to be weak.

In Europe, demand for extruded products improved one percent compared to the

third quarter of 2013, supported by growth within the automotive market segment,

somewhat offset by the continued weak building markets in Southern-Europe.

Global demand for precision tubing continued to be driven by increased demand

from the automotive sector.

Demand for extruded products is expected to decline in the fourth quarter mainly

due to seasonality.

Orkla ASA

Oslo, 22 October 2014

Contacts:

Rune Helland, SVP Investor Relations

Tel.: +47 97 71 32 50

Ane Bryn-Haugland, Investor Relations

Tel.: +47 98 06 81 26

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1864680]