Trade subject to notification - exercised options

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Trade subject to notification - exercised options
24.11.2004: On 23 November 2004, in connection with Orkla's option programme, 3,333 options were exercised in Orkla shares at a strike price of NOK 135.
A total of 1,725,513 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 6,774,679 own shares.
Ref.: Ellen Ronæss, Shareholder Services, Tel.: +47 22 54 44 30 Øysten M. Ore, Investor Relations, Tel.: +47 22 54 44 58
Date: 24. nov 2004 Kl 09.11