Trade subject to notification - exercised options

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Trade subject to notification - exercised options
On 19 November 2004, in connection with Orkla's option programme, 2,000 options were exercised in Orkla shares at a strike price of NOK 132. A total of 1,728,846 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 6,778,012 own shares. The Notice
Ref.: Ellen Ronæss, Shareholder Services, Tel.: +47 22 54 44 30 Øysten M. Ore, Investor Relations, Tel.: +47 22 54 44 58 Date: 22 November 2004
Date: 22. nov 2004 Kl 09.11