*SHARES SUBSCRIBED WITH BOND WITH WARRAN

HEX HELSINKI     SECURITIES TRADING    RELEASE 357/2003
                 SHARES                18 December 2003


SHARES SUBSCRIBED WITH BOND WITH WARRANT: EXEL PLC

A total of 43 800 Exel Plc's shares have been subscribed
with the Exel Plc's A/B warrants attached to the bond
with warrants issued in 1998. The shares will be traded
on the Helsinki Exchanges as old shares as of 19 December
2003.

Identifiers of Exel Plc's share:


Trading code:                 EXL1V
ISIN code:                    FI0009007306
Number of shares:             5 343 100

HELSINKI EXCHANGES
Pekka Peiponen



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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