Trade subject to notification - exercised options

On 19 November 2004, in connection with Orkla's option programme, 2,000 options were exercised in Orkla shares at a strike price of NOK 132.
A total of 1,728,846 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 6,778,012 own shares.