SHARES SUBSCRIBED WITH A WARRANTS OF EXE

EXEL OYJ    STOCK EXCHANGE ANNOUNCEMENT   18.12.2003 at 13.30  1 (1)

SHARES SUBSCRIBED WITH A WARRANTS OF EXEL’S 1998 WARRANT PROGRAMME

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
15,330 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
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 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. www.exelcomposites.com

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