Trade subject to notification - Terje Andersen

17.11.2005: On 16 November 2005, in connection with Orkla's option programme, 6,000 options were exercised at a strike price of NOK 127.

Terje Andersen, CFO at Orkla ASA, exercised the above-mentioned options and, at the same time, sold 6,000 shares at a price of NOK 244.51.  His new total holding in Orkla is 2,900 shares, 15,700 options in Orkla Shares and 3.000 synthetic options.
 
After the transaction a total of 1,516,975 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 2,071,674 of its own shares.