Mandatory notification of trade - options

On 15 December 2008, under its option programme for executive management, 101,665 Orkla options were exercised at a strike price of NOK 27.20.
 
In addition, 90,000 options under the cash bonus programme were exercised at a strike price of NOK 20.20 and 37,500 cash bonus options were exercised at a strike price of NOK 20.51.
 
On the last day of the exercise period, 15 December 2008, President and CEO Dag J Opedal exercised 90,000 options under the cash bonus programme at a strike price of NOK 20.20. After this transaction, Mr Opedal and related parties hold 1,300,000 options and 260,000 synthetic options (cash bonus), as well as 307,899 shares in Orkla ASA.
 
On the last day of the exercise period, 15 December 2008, Executive Vice President Torkild Nordberg exercised 66,665 options at an exercise price of NOK 27.20, of which 48,665 options were settled by Orkla in cash. Mr Nordberg has kept 18,000 shares with an average share price of NOK 40.60 per share. On the last day of the exercise period, 15 December 2008, Mr Nordberg also exercised 37,500 options under the cash bonus programme at an exercise price of NOK 20.51. After this transaction, Mr Nordberg and related parties hold 307,500 options and 0 synthetic options (cash bonus), as well as 45 551 shares in Orkla ASA.
 
Orkla has also cancelled 188,500 options with an average strike price of NOK 74.14 which were awarded to employees who have now left the Group.
 
Consequently, the total number of options issued in Orkla shares is now 10,277,000. Orkla also has exposure through a cash-settled financial derivative of 1,400,000 underlying shares in the hedge position related to 459,000 synthetic options in the remaining part of the cash bonus programme.
 
Orkla currently holds 11,870,107 treasury shares.  
 
Orkla ASA,
Oslo, 16 December 2008
 
Contact points:
Rune Helland, SVP Investor Relations,
Tel.: +47 22 54 44 11
 
Lars Røsæg, Orkla Investor Relations
Tel.: +47 22 54 44 26