Trade subject to notification

29.04.2004: On 28 April 2004, in connection with its option programme, Orkla exercised 5,000 options, at a strike price of NOK 157.

After exercise of options, Orkla's holding of Orkla shares is reduced to 7,543,621. A total of 2,018,938 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.