Trade subject to notification - Hagen

Companies closely associated with Stein Erik Hagen, member of the Board of Directors of Orkla ASA, have carried out the following transactions:

On 2 October 2002 a call option was issued to buy 3,600,000 shares in Orkla ASA. An agreement has been entered into today to exercise the options contract upon payment of the option's market value. The option was settled at the underlying share price of NOK 169.
 
1,500,000 shares in Orkla ASA were sold today at a share price of NOK 168, and a contract was entered into that gives the contract holder the right and obligation to buy 1,500,000 shares in Orkla ASA on 8 November 2004 at a share price of NOK 168.
 
After these transactions, Stein Erik Hagen and his close associates own 17,717,021 shares in Orkla ASA and control an additional 1,500,000 shares through the above-mentioned forward contract.