Trade subject to notification - exercised options

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Trade subject to notification - exercised options
On 8 September 2004, in connection with its option programme, Orkla exercised 24,000 options; 10,667 at a strike price of NOK 135 and 13,333 at a strikeprice of NOK 132. A total of 1,841,474 options in Orkla 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. Orkla currently holds 6,843,641 shares. Full and Norwegian version enclosed to www.newsweb.no and www.orkla.no The release in doc-file
Ref.: Ellen W. Ronæss, Shareholder Services, Tel.: +47 2254 4430 Date: 9 September 2004
Date: 09. sep 2004 Kl 09.09