MTR Foods Acquisition of Eastern Condiments

India is a highly attractive market well known to Orkla Total Indian spice category (INRm) 215,387 191,596 +13% 162,348 142,576 125,441 118,697 105,165 90,321 CY 12 CY 13 CY 14 CY 15 CY 16 CY 17 CY 18 CY 19 Spices predicted to continue to grow at double digit rate • • Total branded spices category shows consistent double-digit growth Branded and value added spices driving value growth Upper/middle income and high-income segments expected to grow from a quarter of the population to half in the next five years Younger population, rapid urbanisation and busier lifestyles, hence increased demand for value added spices and food products Orkla 5 Source: Nielsen

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