Trade subject to notification

On 24 November 2004, Orkla exercised 20,000 options at a strikeprice of NOK 135. These options were exercised by Managing Director Per A. Sørlie, Borregaard.

Moreover Per A. Sørlie has sold 20,000 shares at NOK 185,36. Sørlie's total holdings after these transactions are 22,500 options and 5,600 shares in Orkla ASA.

A total of 1,827,013 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 part of the cash bonus programme.
 
Orkla currently holds 6,754,679 shares.