MTR Foods Acquisition of Eastern Condiments

Orkla, through its wholly owned subsidiary MTR, doubles its size in India through the acquisition of and subsequent merger with Eastern Indian branded foods market and spice category growing at double digit rates • Spice market growing ~13% CAGR last 7 years • • Positive demand dynamics with increasing purchasing power and more urban lifestyles Eastern, based in the state of Kerala, has strong and complementary portfolio RE AND PER PURE PERFECT MTR SINCE 1924 Orkla has strong track record in India since acquisition of MTR Foods in 2007 MTR has increased sales fivefold since acquisition (sales +13% CAGR since 2007) MTR has built a strong branded vegetarian foods portfolio including spices and ready-to-eat Experienced and stable local management team in place since 2009 MTR and Eastern highly complementary with attractive growth prospects Eastern • • Doubling of Orkla India sales with complementary footprint and product portfolio Both companies have their roots in and deep knowledge of southern Indian cuisines 3 • Continuity in Eastern ensured through partnership with Meeran brothers Orkla

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