The Orion shares to be issued as demerger consideration have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered, sold or delivered in the United States or to or for the account or benefit of U.S. persons except to certain persons in offshore transactions in reliance on regulation is under the Securities Act.

These Listing Particulars have been approved by the Finnish Financial Supervision Authority and are required to be published pursuant to the Finnish Securities Market Act and the rules of Helsinki Stock Exchange. These Listing Particulars relate to Securities of Orion which will be listed on the Helsinki Stock Exchange, which is a regulated market for the purposes of Articles 67 and 68 of the UK Financial Services and Markets Act 2000 (Financial Promotion) order 2001.

These Listing Particulars may not be distributed in Canada, Australia or Japan. The circulation and publication of these Listing Particulars may be restricted in certain other jurisdictions and they may not be circulated or published in any jurisdiction or in any circumstances where restricted by applicable law or requiring any action based on law other than that of Finland. Persons who come into possession of these Listing Particulars or to whom these Listing Particulars are passed on are expected to inform themselves of and observed such restrictions.

Listing Particulars 16 June 2006 (470Kb)