Trade subject to notification - exercised options

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Trade subject to notification - exercised options
20.10.2004: On 19 October 2004, in connection with Orkla's option programme, 4,000 options were exercised in Orkla shares at a strikeprice of NOK 135.
A total of 1,737,512 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 6,786,678 shares.
Ref.: Øysten M. Ore, Investor Relations, Tel.: +47 22 54 44 58
Date: 20. oct 2004 Kl 09.10