Trade subject to notification - option exercise

On 29 March 2004, in connection with its option programme, Orkla exercised 3,333 options, at a strike price of 160.

After exercise of options, Orkla's holding of Orkla shares is reduced to 7,613,954.

A total of 2,089,271 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.