Trade subject to notification - options

On 5 January 2005, in connection with Orkla's option programme, 6,000 options were exercised in Orkla shares at a strike price of NOK 132.

A total of 1,917,845 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 6,510,071 own shares.