Trade subject to notification

On 23 May 2005, in connection with its option programme, 7,300 options were exercised in Orkla shares at a strike price of NOK 130. A total of 1,685,477 options have currently been issued.

Moreover, Orkla has an exposure through a cash-settled financial derivative of 450,000 underlying shares in the hedge position related to the remaining 430,500 synthetic options of the cash bonus programme.
Orkla currently holds 6,279,413 shares.  The resolution adopted by the Annual General Meeting to amortise 4,016,071 shares is expected to be carried out in August this year.  When the amortisation has been implemented, Orkla will hold a total of 2,263,342 of its own shares.