Trade subject to notification - Uhre

On 1 April 2005, in connection with its option programme, Orkla exercised 5,333 options, at a strike price of NOK 132.

The transaction concern primary insider Portfolio Manager Ola Uhre, Orkla ASA. He bought 566 shares net, as he, at the same time, sold 4.767 shares at a price of NOK 230.89.

Uhre and close relative's new total holding is 6,000 shares and 28,333 options and 5,000 syntetic options in Orkla ASA.
 
After exercise of options, Orkla's holding of Orkla shares is 6,312,712. A total of 1,727,110 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.