Trade subject to notification

07.06.2004: Reference is made to previous notifications regarding Orkla's derivative position linked to hedging of Orkla's share price based bonus programme (latest notification dated 19 May 2003).

Orkla has on June 4, 2004, in connection with a maturing contract, closed a new transaction in cash settled financial derivative linked to the development in the Orkla share price with the equivalent of 100,000 shares. The transaction has been closed based on a share price equal to NOK 172.10. The transaction does not change the exposure in cash settled financial derivative in the Orkla share.
 
After this transaction Orkla has through cash settled financial derivatives a position equivalent to 450,000 shares linked to hedging of its share price based bonus programme.
 
Orkla currently holds 7,598,756 shares. The resolution adopted by the Annual General Meeting to amortise 1,607,151 shares is expected to be carried out in August this year. When the amortisation has been implemented, Orkla will hold a total of 5,991,605 of its own shares.