Orkla ASA — M&A Activity 2022

Nov 1, 2022

Orkla's acquisition of Denali Ingredients completed

Orkla's acquisition of Denali Ingredients completed

In its notification of 3 October 2022, it was announced that Orkla has entered

into an agreement to purchase 84% of the shares in Denali Ingredients, a leading

ice cream ingredients business in the USA.

The transaction has been approved by relevant competition authorities and was

completed today. Denali Ingredients will be consolidated into Orkla's financial

statements as of 1 November 2022.

The stock exchange notification of 3 October 2022 can be found here:

https://investors.orkla.com/English/ir-news/ir-news-details/2022/Orkla-invests

-in-US-ice-cream-ingredients-and-announces-intention-to-seek-a-partner-to

-further-accelerate-growth-of-its-ingredients-business/default.aspx

Orkla ASA

Oslo, 1 November 2022

Ref.:

EVP Communications and Corporate Affairs

Håkon Mageli

Tel.: +47 928 45 828

SVP Investor Relations

Kari Lindtvedt

Tel.: +47 950 75 114

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act