Internal transfer of own shares

Tuesday 29 July 2003 Orkla transferred 708,251 Orkla shares from its 100% owned subsidiary Nordstjernen Holding AS to Orkla ASA at a price of NOK 133.50 per share.

Orkla's total shareholding of own shares is unchanged after this transaction 10,313,533. The Annual General Meeting's decision to redeem (amortize) 2,392,250 shares owned by Orkla ASA is expected to be executed in August this year. After the amortisation, Orkla's total shareholding of own shares will be 7,921,283.
 
In addition, Orkla has a remaining exposure through cash settled financial derivatives equivalent to 494,400 shares linked to hedging of its share price based bonus programme.