Share subscriptions with year 2001 warrants

EXEL OYJ    STOCK EXCHANGE ANNOUNCEMENT   2.2.2006 at 11.15    1 (1)


After the previous increase in the share capital registered on 9
September 2005, a total of 71,000 shares in Exel Oyj have been
subscribed with the A and B warrants attached to the warrant programme
2001. 53,600 shares were subscribed with the A warrants and 17,400
shares with the B warrants. The subscription price of the shares
subscribed with A warrants is EUR 4.11 and EUR 3.86 for B warrants.
The subscription period for the A warrants began on 1 June 2002 and on
1 October 2003 for the B warrants.

The increase in the share capital, in total EUR 12,780 was registered
in the Finnish Trade Register on 9 September 2005. As a result of the
increase, the share capital of Exel Oyj is now EUR 2,082,582 and the
total number of shares is 11,569,900. Exel received a total of EUR
287,460 as shareholders’ equity.

The holders of the new shares are entitled to all shareholders’ rights
from the registration date. The new shares will be listed on Helsinki
Stock Exchange main list together with the old shares on 3 February

Mäntyharju, 2 February 2006


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
Nordic Walking poles, Alpine poles, surfboard masts, floorball clubs
and industrial profiles. The Group’s seven factories are located in
Finland, Germany, Belgium, Austria and Spain. Over 80% of production
is exported. In 2004 the Group’s net sales totalled EUR 83.9 million.
Exel personnel numbers 450. Exel’s share is listed on Helsinki Stock
Exchange main list. Further information:

About Us

Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications. The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations. Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange.