NOTICE OF EXEL?S ANNUAL GENERAL MEETING

EXEL OYJ STOCK EXCHANGE ANNOUNCEMENT 23.3.2005 at 8.00         1 (4)

NOTICE OF EXEL’S ANNUAL GENERAL MEETING

The shareholders of Exel Oyj are hereby invited to attend the Annual
General Meeting to be held on Wednesday 14 April 2005 at 10.00 a.m. at
the Scandic Marski Hotel’s Gustaf meeting room, Mannerheimintie 10,
Helsinki, Finland.

The following matters will be dealt at the meeting:

1. Matters pertaining to the Annual General Meeting as stated in
Article 13 of the Company’s Articles of Association

2. Proposal of the Board of Directors concerning the split of the
shares, bonus issue and amendment of the article 4 of the Articles of
Association

The Board of Directors proposes to the Annual General Meeting that in
order to facilitate trading and improve share liquidity the number of
shares of the company be increased in proportion to the holdings of
the shareholders by doubling the number of shares, i.e. from 5,615,000
to 11,230,000 shares without increasing the share capital of the
company. As a result of the increase of the number of shares, each
current share with a counter-book value of EUR 0.35 will be split into
two shares with a counter-book value of EUR 0.175.

As a consequence of the split of shares, the counter-book value of the
share is not an exact value in eurocents (EUR 0.175). To change the
counter-book value of the share to be exact, the Board of Directors
proposes that the share capital of the company be increased with a
bonus issue of EUR 56,150. After the increase the share capital of the
Company will be EUR 2,021,400 and the counter-book value of the share
EUR 0.18. The bonus issue will be executed through the transfer of the
relevant amount from the premium fund to the share capital. In the
bonus issue no new shares will be issued.

The increase of the number of shares and the bonus issue shall be
executed within the book-entry system and do not require any action
from the shareholders.

The Board of Directors proposes to the Annual General Meeting that the
article 4 in the Articles of Association be amended to the following:
“The minimum number of the company’s shares is ten million
(10,000,000) shares and the maximum number is forty million
(40,000,000) shares.”

As a consequence of the increase of the number of shares, the number
of shares that can be subscribed for with the option rights attached
to the option scheme approved by the Annual General Meeting on 28
March 2001 is changed in the same ratio as the number of shares will
be increased so that the total counter-book value and the total
subscription price of subscribed shares to be subscribed for remain
unchanged. As a result of this change, each option right holder is
entitled to subscribe for two (2) new shares with one (1) option
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right. The new subscription prices for option rights, adjusted with
the proposed dividend from the year 2004, are:

2001 A: EUR 4.11/share
2001 B: EUR 3.86/share

3.Proposal by the Board of Directors to authorize the Board to resolve
to increase the Company’s share capital under the following terms:

The Board proposes that the Board be authorized to decide to increase
the Company’s share capital by one or more rights issues in such a way
that by virtue of the authorization the Company’s share capital may be
increased at most by EUR 100,000, which amounts to approximately 5% of
the Company´s share capital. The authorization is valid until 14 April
2006.

By virtue of the authorization the Board may decide on who is entitled
to exercise subscription rights in connection with the rights issue,
the subscription price of the shares and on the criteria used to
determine the subscription price and other terms of the rights issue.
The pre-emptive right of shareholders to subscribe for shares may be
deviated provided that from the Company’s perspective important
financial grounds exist, such as the financing, implementation or
enabling of a business acquisition or another cooperative arrangement,
the strengthening or development of the Company’s financial or capital
structure or the implementation of other measures relating to the
development of the Company’s business. No decision may be taken in
favour of anyone belonging to the inner circle of the Company.

By virtue of the authorization the Board is entitled to decide on a
rights issue in such a way that a share subscription may be made in
kind or otherwise under certain terms.

4. Proposal of the Board of Directors to authorize the Board to
resolve to acquire the Company’s own shares

The Board of Directors proposes that the Board be authorised to
acquire the Company's own shares using funds available for
distribution of profits so that the total accounting par value of the
own shares held by the Company or its subsidiary organizations, or the
number of votes they carry after the acquisition, corresponds to no
more than ten (10) per cent of the Company’s total share capital or
the total number of votes they carry.

The shares can be acquired either

(a) through a tender offer made to all the shareholders on equal terms
and for an equal price determined by the Board, or

(b) through public trading in which case the shares will be acquired
in another proportion than that of holdings of the current
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shareholders, and the purchase price is based on the market price of
the Company shares in public trading.

The shares may be acquired in order to finance, implement or carry out
business acquisitions or other cooperative arrangements, to strengthen
or develop the Company’s financial or capital structure, to implement
other measures relating to the development of the Company’s business,
to grant incentives to selected members of the personnel, or in order
to be transferred in other ways or to be cancelled.

Acquisition of the shares will reduce the Company´s distributable
retained earnings.

The authorization is valid until 14 April 2006.

5. Proposal of the Board of Directors to authorize the Board to
resolve to convey the Company’s own shares

The Board proposes that that the Board be authorised to resolve to
convey the Company’s own shares so that the authorization would cover
all such own shares of the Company that are acquired on the basis of
the acquisition authorization granted to the Board of Directors.

The authorization entitles the Board of Directors to decide to whom
and in which order the own shares are conveyed. The Board may resolve
to convey the shares in another proportion than that of the
shareholders’ pre-emptive rights to the Company’s shares, provided
that from the Company’s perspective important financial grounds exist,
such as financing, implementing or carrying out business acquisitions
or other cooperative arrangements, implementation of other measures
relating to the development of the Company’s business or granting
incentives to selected members of the personnel. The shares may also
be conveyed at the public trading on the Helsinki Exchanges.

No decision may be taken in favour of anyone belonging to the inner
circle of the Company.

The authorization comprises the right to decide on the price of the
conveyance and the grounds for price determination and the right to
convey the shares against other compensation than cash or to use the
right of set-off.

The authorization is valid until 14 April 2006.

Availability of the Company’s accounts and the Board’s proposals

Documents relating to the Company’s accounts and the Board’s proposals
described above will be available for inspection by shareholders as
from 29 March 2005 at the Company’s head office at Uutelantie 24 B,
Mäntyharju, Finland. Copies of the said documents will be sent to
shareholders on request.

Right to attend the meeting
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A shareholder is entitled to attend the Annual General Meeting if
registered in the Company’s shareholder register maintained by the
Finnish Central Securities Depository Ltd no later than on 4 April
2005.

Notification of intended attendance in the Annual General Meeting must
be given to the Company by 4.00 pm Finnish time on 5 April 2005 by
letter addressed to Exel Oyj/Soile Parta, PO Box 29, 52701 Mäntyharju,
Finland, by telephone +358 15 3461 233/Soile Parta, by telefax +358 15
3461 215 or be e-mail to soile.parta@exel.fi. Written notifications
must arrive before the deadline stated above. Shareholders are asked
to deliver possible proxies to the aforementioned address in
connection with the notification.

Dividend

The Board of Directors proposes to the AGM that a dividend of EUR 0.70
per share be paid for the financial period that closed on 31 December
2004. Dividend is paid to a shareholder who is registered in the
Company’s shareholder register maintained by the Finnish Central
Securities Depository Ltd on 19 April 2005, the record date for
dividend distribution. The Board proposes to the AGM that dividend be
paid on 26 April 2005.

Election of the Nomination committee

Company’s shareholders, who together represent more than 60 per cent
of the votes conferred by the Company’s shares, propose to Annual
General Meeting that a Nomination Committee is established to prepare
proposals concerning the member of the Board and their remuneration
for the next General Meeting that decides upon the nomination of the
members of the Board. The representatives of four of the largest
shareholders are elected to the Nomination Committee and the Chairman
of the Board of Directors as an expert member. The right to appoint
members representing the shareholders is held by those shareholders
whose proportion of the votes conferred by all the Company’s shares is
the largest on the November 15th prior to the General Meeting. The
Nomination Committee is convened by the Chairman of the Board of
Directors and the Committee elects a chairman from among its members.
The Nomination Committee shall present its proposal to the Company’s
Board of Directors no later than on the February 1st prior to the
Annual General Meeting.


Composition of the Board of Directors

Shareholders representing over 60 % of all of the Company’s votes have
announced that they will propose to the AGM that the number of the
Board members to be set at seven and that the following persons, all
of whom have given their consent, be re-elected to seats on the Board:
Kari Haavisto, Peter Hofvenstam, Vesa Kainu and Ove Mattsson. They
also propose that Esa Karppinen, Matti Virtaala and Torgny Eriksson,
who all have given their consent be elected as new members. They will
also propose that Ove Mattsson be re-elected as Chairman of the Board
the Board of Directors.

Auditors

The Board of Directors proposes that PricewaterhouseCoopers Oy and
Johan Kronberg shall continue as the auditors of the Company.


Helsinki, 23 March 2005

EXEL OYJ

Board of Directors