Trade subject to notification - Per A. Sørlie and Håkon Chr. Andersen

19.08.2005: On 18 August 2005, in connection with its option programme, Orkla exercised 15,001 options, respectively 11,668 at a strike price of NOK 130 and 3,333 at NOK 142.

The transactions concern the following primary insiders:
-  Managing Director Per A. Sørlie, Borregaard, exercised 5,000 at a price of  NOK 130 and, at the same time, sold 5,000 shares at a price of NOK 261.37.  His new total holding in Orkla is 7,300 shares and 12,500 options in Orkla shares.
 
-  Managing Director Håkon Chr. Andersen, Orkla Food Russia and Ukraine, exercised 6,668 at a price of NOK 130 and, at the same time, sold 4,000 shares at a price of NOK 261.37.  His new total holding in Orkla is 14,302 shares and 4,000 options in Orkla shares.
 
A total of 1,548,541 options 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 448,500 synthetic options of the cash bonus programme.
 
Orkla currently holds 2,119,073 shares.