Grant of share options to members of the Board of Management and senior managers

To: 	The Copenhagen Stock Exchange

TRANSLATION	Announcement No. 20 in 2007
November 22, 2007


Grant of share options to members of the Board of Management and senior managers


Summary: The Board of Directors has passed a resolution to grant a total of
29,000 share options to the members of the Board of Management and a number of
senior managers of ALK-Abelló as part of a retention program that was initiated
in 2006. 

The Board of Directors has passed a resolution to grant share options to the
members of the Board of Management and a number of senior managers of
ALK-Abelló as part of a retention program that was initiated in the past
financial year. A total of 29,000 share options will be granted, comprising
11,500 options to members of the Board of Management and 17,500 options to a
group of senior managers. 

The options can be exercised during the period from November 1, 2010 to
November 1, 2014 during the four-week trading windows following the release of
annual and interim reports. If the option holders have not exercised their
options within the period specified, the options will lapse without any
compensation to the holders. The options will lapse on termination of
employment. 

The exercise price of the options has been set at DKK 727 each, corresponding
to an average of the closing prices of the company's shares on the Copenhagen
Stock Exchange during the period November 15 - November 21, 2007 (both days
included). To this should be added annual interest at the rate of 2.5%, which
will be added the first time on November 1, 2008. The exercise price of the
options will be adjusted on payment of dividend, to the effect that DKK 1 of
dividend per share results in a reduction of the exercise price by DKK 1. 

The market value of the adopted option plan of 29,000 options is approximately
DKK 7 million applying the Black & Scholes model for valuation of options. The
determination of the value is based on an assumed exercise price of DKK 802, no
dividend distribution, a volatility rate of 35% p.a. and a risk-free interest
rate of 4.0% p.a. 

Under the international financial reporting standards (IFRS), the option plan
will be recognized in the income statement in the respective functional areas
over the vesting period. 

The grant of share options does not change the company's financial forecast. 

No share options have been granted to members of the Board of Directors.

Hørsholm, November 22, 2007
ALK-Abelló A/S

Jørgen Worning
Chairman



For further information please contact: Jørgen Worning, Chairman of the Board
of Directors, 
tel +45 4576 7405