Trade subject to notification

On 30 March 2004, in connection with its option programme, Orkla exercised 65,333 options, at a strike price of NOK 160.

After exercise of options, Orkla's holding of Orkla shares is reduced to 7,548,621.

A total of 2,023,938 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.
 
The following transactions concern primary insiders:
 
Name
Options exercised
Total number of options
Number of shares sold
At share price (NOK)
Total share- holding
Per A Sørlie
40,000
42,500
40,000
194.61
5,500
Tor Aamot
9,333
21,667
8,333
194.16
6,000