Trade subject to notification - Engeland

On 22 March 2005, in connection with its option programme, Orkla exercised 34,666 options, respectively 16,666 options at a strike price of NOK 138 and 18,000 synthetic options at a strike price of NOK 97.05.

The transactions concern primary insider, Executive Vice President Roar Engeland, Orkla ASA. Engeland bought 10,666 shares net, as he, at the same time, sold 6,000 shares at a price of NOK 229.72.   His new total holding in Orkla ASA is 23,768 shares and 113,334 options in Orkla shares and 80,000 synthetic options.
 
After exercise of options, Orkla's holding of Orkla shares is 6,326,345. A total of 1,740,743  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 430,500 synthetic options of the cash bonus programme.