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Information Memorandum in Connection with the Combination of the Soft Alloy Aluminium Profile Businesses Of

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Information Memorandum in Connection with the Combination of the Soft Alloy Aluminium Profile Businesses Of Information Memorandum In connection with the combination of the soft alloy aluminium profile businesses of Orkla ASA and Alcoa Inc. THIS INFORMATION MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES July 6, 2007 Table of Contents 1 IMPORTANT INFORMATION....................................................................................................................... 4 1.1 About this Information Memorandum ................................................................................................ 4 1.2 Incorporation by Reference................................................................................................................. 4 1.3 Documents on Display ........................................................................................................................ 6 1.4 Information sourced from third parties ............................................................................................... 6 2 DEFINITIONS.................................................................................................................................................. 7 3 SUMMARY...................................................................................................................................................... 8 3.1 The Combination................................................................................................................................. 8 3.2 The Company.................................................................................................................................... 11 3.3 Selected Financial Information ......................................................................................................... 13 3.4 Capital Resources.............................................................................................................................. 14 3.5 Working Capital Statement ............................................................................................................... 15 3.6 Documents on Display ...................................................................................................................... 15 4 RISK FACTORS............................................................................................................................................. 16 4.1 Risk Factors relating to the Group .................................................................................................... 16 4.2 Risks related to the Combination ...................................................................................................... 19 4.3 Particular risks related to the Combined Company........................................................................... 20 5 PERSONS RESPONSIBLE............................................................................................................................ 22 6 THE COMBINATION.................................................................................................................................... 23 6.1 Background for the Combination...................................................................................................... 23 6.2 Aluminium Extrusion Industry Overview......................................................................................... 23 6.3 Orkla’s aluminium profile businesses prior to the Combination....................................................... 24 6.4 Alcoa’s aluminium profile businesses prior to the Combination ...................................................... 24 6.5 Structure of the Combination ............................................................................................................ 27 6.6 The Combined Company .................................................................................................................. 28 6.7 Expenses ........................................................................................................................................... 34 7 THE COMPANY............................................................................................................................................ 35 7.1 Incorporation, registered office......................................................................................................... 35 7.2 History............................................................................................................................................... 35 7.3 Company Strategy............................................................................................................................. 38 7.4 Acquisitions and Disposals ............................................................................................................... 40 7.5 Organisation and Principal Subsidiaries............................................................................................ 42 7.6 Orkla Branded Consumer Goods ...................................................................................................... 42 7.7 Orkla Foods....................................................................................................................................... 43 7.8 Orkla Brands ..................................................................................................................................... 45 7.9 Orkla Aluminium Extrusion/Sapa..................................................................................................... 47 7.10 Orkla Materials ................................................................................................................................. 48 7.11 Orkla Associates ............................................................................................................................... 51 7.12 Orkla Financial Investments.............................................................................................................. 53 7.13 Board of Directors, Management and Employees............................................................................. 56 7.14 Other Company Information ............................................................................................................. 63 8 FINANCIAL INFORMATION ...................................................................................................................... 67 8.1 Selected Financial Information ......................................................................................................... 67 8.2 Unaudited pro forma condensed financial information..................................................................... 67 8.3 Trend information since the end of the first quarter 2007................................................................. 72 8.4 Independent Auditors........................................................................................................................ 72 9 CAPITAL RESOURCES................................................................................................................................ 72 2 9.1 Capital Resources and Debt Structure............................................................................................... 72 9.2 Working Capital Statement ............................................................................................................... 73 APPENDICES: Appendix A: Alcoa Custom Extruded Solutions Financial Statements as of and for the years ended December 31, 2006 and 2005 Appendix B: Major subsidiaries contributing in aggregate at least 90% of consolidated EBITDA Appendix C: Ernst & Young AS’ independent assurance report on the compilation of the unaudited pro forma financial information 3 1 IMPORTANT INFORMATION 1.1 About this Information Memorandum This information memorandum (the “Memorandum”) has been prepared by Orkla ASA (“Orkla” or the “Company”) in connection with the combination of the soft alloy aluminium profile operations of Orkla and Alcoa Inc. (“Alcoa”), respectively, and constitutes an information document in relation to section 3.5 of Oslo Børs’ “Continuing Obligations for Listed Companies”. The Oslo Stock Exchange has reviewed this Memorandum, but has not approved or disapproved it pursuant to the provisions of the Norwegian Securities Trading Act concerning prospectuses. Any information about Alcoa and its business in this Memorandum has been based on publicly available information or information otherwise available to Orkla. Consequently, Alcoa has not approved or disapproved this Memorandum, and has no responsibility for its contents. This Memorandum has been prepared to provide a description of Orkla after the Combination. No shares or other securities are being offered or sold in any jurisdiction pursuant to this Memorandum. This Memorandum is prepared solely in the English language. Any reproduction or distribution of this Memorandum, in whole or in part, is prohibited. The distribution of this Memorandum in certain jurisdictions may be restricted by law. Orkla requires persons in possession of this Memorandum to inform themselves about, and to observe, any such restrictions. The contents of this Memorandum are not to be construed as legal, business or tax advice. Each reader of this Memorandum should consult with his or her own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the contents of this Memorandum, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser. Investing in the Company’s
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