Trade subject to notification - exercised options

On 17 September 2004, in connection with Orkla's option programme, 6,000 options were exercised in Orkla shares at a strikeprice of NOK 132.

A total of 1,822,140 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 6,824,307 shares.