Trade subject to notification - own shares

21.02.2003: Orkla ASA has after the closing hour of the Oslo Stock Exchange on February 20, 2003 initiated a transaction with the purpose to reduce its exposure in cash settled financial derivative linked to the development in the Orkla share price with the equivalent of 680.000 shares.

The transaction will be cash settled based on the market price of Orkla shares. The derivative position is linked to hedging of Orkla's share price based bonus programme and the transaction is carried out in order to align the hedge of the bonus programme with Orkla's current exposure linked to the bonus programme.
 
Orkla's total shareholding of own shares is 8.105.282. In addition, Orkla has a exposure through cash settled financial derivatives equivalent to 994.400 shares linked to hedging of its share price based bonus programme.