Trade subject to notification - option exercise

On 8 March 2004, in connection with its option programme, Orkla exercised 42,634 options, 20,666 of which were exercised at a strike price of 157 and 21,968 at a strike price of 160.

After exercise of options, Orkla's holding of Orkla shares is reduced to 7,639,220. A total of 2,114,537 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.