Trade subject to notification

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Trade subject to notification - option exercise
On 29 March 2004, in connection with its option programme, Orkla exercised 3,333 options, at a strike price of 160. After exercise of options, Orkla's holding of Orkla shares is reduced to 7,613,954.
A total of 2,089,271 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 part of the cash bonus programme.
Ref.: Ole Kristian Lunde, SVP Corporate Communications, Tel: +47 22544431 Ellen W. Ronæss, Shareholder Service, Tel.: +47 22544430 Date: 30 March 2004
Date: 30. mar 2004 Kl 10.03