Trade subject to notification - exercised options

24.11.2004: On 23 November 2004, in connection with Orkla's option programme, 3,333 options were exercised in Orkla shares at a strike price of NOK 135.

A total of 1,725,513 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 6,774,679 own shares.