Industri Kapital has reduced its shareholding in Oriflame to 11.8 per cent

Not for release, publication or distribution in the United States, Australia, Canada or Japan

Press release       22 February 2006 

Industri Kapital has reduced its shareholding in Oriflame to 11.8 per cent
The Industri Kapital 1997 fund has today, to a number of Swedish and international institutional investors, sold 2,500,000  Swedish Depositary Receipts (“SDRs”) in Oriflame Cosmetics S.A., corresponding to 4.2 per cent of the total number of shares and votes in the company. The SDRs were sold at the price of SEK 235 per SDR.

The Industri Kapital 1997 Fund’s holding thereby decreased from 9,503,333 SDRs to 7,003,333 SDRs, corresponding to a change in ownership from 16.0 per cent to 11.8 per cent.

The sale was managed by Carnegie Investment Bank.

Industri Kapital 1997 Limited
acting as attorney or general partner to the investors in the Industri Kapital 1997 Fund
3rd Floor, Charles Bisson House,
30-32 New Street, St. Helier,
Jersey JE2 3RA , Channel Islands

For more information please contact:
Anne Holm Rannaleet, Partner, Industri Kapital, + 46 8 678 95 50

This announcement is not for distribution directly or indirectly in or into the United States, Australia, Canada or Japan. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire SDRs/ordinary shares in Oriflame Cosmetics S.A. in the United States, Australia, Canada or Japan or any jurisdiction in which such an offer or solicitation is unlawful. The SDRs/ordinary shares in Oriflame Cosmetics S.A. referred to in this announcement have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of securities will be made in the United Kingdom, the United States, Sweden or elsewhere.