Trade subject to notification

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Trade subject to notification - options
On 21 December 2004, in connection with Orkla's option programme, 5,000 options were exercised in Orkla shares at a strike price of NOK 135.
A total of 1,923,845 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 6,516,071 own shares.
Ref.: Ellen W. Ronæss, Manager, Shareholder Services, Tel.: +47 2254 4430 Date: 20 December 2004
Date: 22. dec 2004 Kl 11.12