Trade subject to notification - option exercise

On 5 March 2004, as part of his contract of employment, President and Group CEO Finn Jebsen has been awarded 75,000 options at a share price of NOK 116.15. These options may not be exercised until the day after publication of Orkla's results for 2006 (in February 2007) and will expire on 15 December 2009.

Orkla's holding of Orkla shares is 7,681,854. A total of 2,157,171 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.
 Position after award:
Options received
Total options
Total cash bonus
Total shareholding
Finn Jebsen