Trade subject to notification

On 2 June 2004, in connection with its option programme, Orkla exercised 10,000 options; 6,000 at a strike price of NOK 132, 4,000 at a strikeprice of NOK 135.

A total of 1,989,438 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 7,598,756 shares. The resolution adopted by the Annul 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.