Trade subject to notification - option exercise

05.03.2004: On 4 March 2004, in connection with its option programme, Orkla exercised 22,329 options at a strike price of NOK 160.
At the same time, Orkla issued 80,000 options at a share price of NOK 216.15, to be exercised no earlier than the day after publication of Orkla's results for 2006 (in February 2007) and no later than 15 December 2009.

After exercise of options, Orkla's holding of Orkla shares is reduced to 7,681,854. A total of 2,082,171 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.
The following of the above transactions concern primary insiders:
Options exercised
Assigned new options
Total number of options
Håkon Chr. Andersen
6 666
13 334
Roar Engeland
40 000
130 000
Dag J. Opedal
40 000
130 000
At the same time Managing Director of Orkla Foods International Håkon Chr. Andersen sold 6,600 shares at a share price of NOK 195.36 *) He now owns 9,268 Orkla shares.