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Conditional changes in Orion's Stock Option Plan 2001 due to proposed demerger

According to the terms of the Stock Option Plan 2001, if the Company resolves to be demerged, the option holder shall be given the right to subscribe for the shares before the demerger within the time period determined by the Board of Directors.
The subscription period for options 2001A/B and C, for which it has already begun, will end on 31 May 2006. The subscription period for options 2001D, for which it has not yet begun, will begin on 2 January 2006 and end on 31 May 2006. The last possible trading day with the options on the Helsinki Stock Exchange will be 23 May 2006.
The next subscription window is 30 December 2005. In 2006, the subscription windows are 31 March and 31 May. The share capital increases based on the share subscriptions will be entered in the trade register within one month from the window date. Shareholder rights will commence when the corresponding share capital increase has been entered in the trade register. Share subscriptions made before the said meeting after the Board has decided to convene a general meeting of shareholders, will be handled only after the general meeting and the possibly following next record date for the dividend payment. 
The Stock Option Plan 2001 has been issued to about 100 key persons in the Orion Group, and it includes a total of 1,800,000 options, each entitling to subscribe for two Orion B-shares. Options 2001 A/B and 2001C are already listed and traded on the Helsinki Stock Exchange.
The current subscription price with options 2001A/B is EUR 10.27 per share and it will decrease by future dividends paid per share on each record date for the dividend payment. The share subscription price for options 2001C is EUR 8.835 per share, and that for options 2001D is EUR 8.86 per share. With the current total of options 2001A-D outstanding, the share capital of Orion Corporation can increase by up to EUR 4.1 million and the number of shares by up to 2.4 million new B-shares, representing 1.7% of the total number of Orion shares and for 0.2% of the total number of votes
The terms of the Stock Option Plan 2001 are available on, in the Share Capital and Shares section.
Orion Corporation
Jukka Viinanen                                        Jari Karlson
President and CEO                                  CFO
Contact persons:
Jukka Viinanen, President and CEO, Orion Corporation, phone +358 10 429 3710                   
Jari Karlson, CFO, Orion Group, phone +358 10 429 2883, gsm +358 50 429 2883
Helsinki Exchanges
Orion Corporation
Corporate Administration
Orionintie 1A. 02200 Espoo