Trade subject to notification - options

On 21 December 2004, in connection with Orkla's option programme, 5,000 options were exercised in Orkla shares at a strike price of NOK 135.

A total of 1,923,845 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 6,516,071 own shares.