Trade subject to notification - exercised options

Date: 17 August 2004

On 16 August 2004, Orkla exercised 5,000 options at a strikeprice of NOK 132.

A total of 1,901,474 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 8,510,792 shares. The resolution adopted by the Annual 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  6,903,641 of its own shares.