Trade subject to notification - own shares

19.05.2003: Reference is made to previous notifications regarding Orkla's derivative position linked to hedging of Orkla's share price based bonus programme (latest notification dated February 28, 2003).

Orkla has on May 16, 2003 closed a transaction with the purpose to increase its exposure in cash settled financial derivative linked to the development in the Orkla share price with the equivalent of 180,000 shares. The transaction has been closed based on a share price equal to NOK 125.60. The transaction has been carried out in order to align the hedge of the bonus programme with Orkla's current exposure linked to the bonus programme.
 
After this transaction Orkla has through cash settled financial derivatives a position equivalent to 494,400 shares linked to hedging of its share price based bonus programme.
 
Moreover, Orkla has a total shareholding of own shares of 9,605,282. It is expected that the adoption of the Annual General Meeting to amortise 2,392,250 shares will be carried out in August this year. When the amortisation has been implemented Orkla's total shareholding of own shares will be 7,213,032.