Trade subject to notification - options

On 28 January 2005, in connection with Orkla's option programme, 4,000 options were exercised at a strike price of NOK 135.

A total of 1,881,846 options in Orkla 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.
 
Orkla currently holds 6,490,738 own shares.