Trade subject to notification

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Trade subject to notification
29.04.2004: On 28 April 2004, in connection with its option programme, Orkla exercised 5,000 options, at a strike price of NOK 157.
After exercise of options, Orkla's holding of Orkla shares is reduced to 7,543,621. A total of 2,018,938 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: 29. apr 2004 Kl 10.04