AMENDMENT TO EXEL OYJ?S STOCK EXCHANGE A

EXEL OYJ    STOCK EXCHANGE ANNOUNCEMENT   18.12.2003 at 14.05  1 (1)


AMENDMENT TO EXEL OYJ’S STOCK EXCHANGE ANNOUNCEMENT OF DEC 18, 2002

Amendment to Exel’s stock exchange announcement concerning shares
subscribed with warrants

After the previous increase in the share capital registered on 7 March
2003, a total of 43,800 shares in Exel Oyj have been subscribed with
the warrants attached to the warrant programme 1998. The subscription
price was EUR 3.36 as stipulated in the Terms and Conditions of the
warrant programme. The subscription period for the A warrants began on
1 October 2000.

The increase in the share capital, in total EUR 15,330 was registered
in the Finnish Trade Register on 18 December 2003. As a result of the
increase, the share capital of Exel Oyj is now EUR 1,870,085 and the
total number of shares is 5,343,100. Exel received a total of EUR
147,168 as shareholders’ equity (and not EUR 15,330 as stated
earlier).

The holders of the new shares are entitled to all shareholders’ rights
from the registration date. The new shares will be listed on Helsinki
Exchanges main list together with the old shares on 19 December 2003.


Mäntyharju, 18 December 2003

EXEL OYJ


Ari Jokelainen
President & CEO


Further information:
Mr Ari Jokelainen, President, Exel Oyj, tel. +358 50 590 6750



Exel Oyj is a Finnish company specialised in composite technology. The
Group’s operations consist of sporting goods and industrial
applications. Exel’s best-known products include cross-country and
alpine poles, Nordic Walking poles, surfboard masts, floorball clubs
and industrial profiles in general. The Group’s four factories are
located in Finland and Germany. Over 70% of production is exported. In
2002 the Group’s net sales totalled EUR 51.2 million. Exel personnel
numbers 350. Exel’s share is listed on Helsinki Exchanges main list.
Further information: www.exel.net




About Us

Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships. The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.

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