Trade subject to notification - exercised options

On 8 September 2004, in connection with its option programme, Orkla exercised 24,000 options; 10,667 at a strike price of NOK 135 and 13,333 at a strikeprice of NOK 132.

A total of 1,841,474 options in Orkla 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 6,843,641 shares.
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