Mandatory notification of trade - Reduced hedging of cash bonuses

24.03.2006: Reference is made to previous notices to the Oslo Stock Exchange, the latest dated 28 February 2006, concerning Orkla's derivatives position in connection with hedging of the Group's share price-based cash bonus programme

On 23 March 2006 Orkla reduced its hedge position in financial, cash-settled derivatives linked to the Orkla share price by the equivalent of 70,000 underlying shares. The transaction was effected at a share price of NOK 323.70.
 
After this transaction, Orkla has a hedge position of 280,000 underlying shares linked to the hedging of 267,500 synthetic options in the remaining part of the cash bonus programme.
 
In addition Orkla has a total of 1,621,410 options issued.
Orkla currently holds 1,837,609 own shares.