Trade subject to notification - Sørlie

On 22 March 2005, in connection with its option programme, Orkla exercised 8,300 options, at a strike price of NOK 141.

The transactions concern primary insider Executive Vice President Per A. Sørlie, Borregaard, who exercised 5.000 of these options.

Sørlie bought 1.700 shares net, as he, at the same time, sold 3,300 shares at a price of NOK 229.72.   His new total holding is 17,500 options and 7,300 shares in Orkla ASA.
 
After exercise of options, Orkla's holding of Orkla shares is 6,318,045. A total of 1,732,443  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 430,500 synthetic options of the cash bonus programme.