Trade subject to notification - Sørlie

22.11.2005: On 21 November 2005, in connection with Orkla's option programme, 5,000 options were exercised at a strike price of NOK 130.

Managing Director Per A. Sørlie, Borregaard, exercised the above-mentioned options and, at the same time, sold 5,000 shares at a price of NOK 247.16.  His new total holding in Orkla is 7,300 shares and 7,500 options in Orkla shares.
After the transaction a total of 1,511,975 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 420,500 synthetic options of the cash bonus programme.
Orkla holds 2,066,674 of its own shares.