Trade subject to notification - exercised options

On 1 July 2004, Orkla exercised 3,300 options at a strikeprice of NOK 135.

A total of 1,909,807 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 7,519,125 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  5,911,974 of its own shares.
 
Full and Norwegian version enclosed to www.newsweb.no and www.orkla.no