Trade subject to notification - rollover hedgeposition

Orkla has on 28 June 2004, in connection with a maturing contract, closed a new transaction in cash settled financial derivative linked to the development in the Orkla share price with the equivalent of 170,000 shares. The transaction has been closed based on a share price equal to NOK 174.49. The transaction does not change the exposure in cash settled financial derivative in the Orkla share.

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 7 June 2004). 
 
Orkla has on 28 June 2004, in connection with a maturing contract, closed a new transaction in cash settled financial derivative linked to the development in the Orkla share price with the equivalent of 170,000 shares. The transaction has been closed based on a share price equal to NOK 174.49. The transaction does not change the exposure in cash settled financial derivative in the Orkla share.
 
After this transaction Orkla has through cash settled financial derivatives a position equivalent to 450,000 shares linked to hedging of its share price based bonus programme.
 
A total of 1,916,440 options have been issued. Orkla currently holds 7,525,758 shares. The resolution adopted by the Annual General Meeting to amortise 1,607,151 shares is expected to be carried out in August this year. When the amortisation has been implemented, Orkla will hold a total of 5,918,607 of its own shares.