Share subscriptions with year 2001 warrants

EXEL OYJ STOCK EXCHANGE ANNOUNCEMENT 2.2.2006 at 11.15 SHARE SUBSCRIPTIONS WITH YEAR 2001 WARRANTS 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 2006. Mäntyharju, 2 February 2006 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 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: www.exel.net.

About Us

Exel Oyj on komposiittisia urheiluvälineitä ja teollisuusprofiileja suunnitteleva, valmistava ja markkinoiva teknologiayritys. Exelin liiketoiminta muodostuu Sport- ja Teollisuus-liiketoiminnoista. Henkilöstön osaaminen ja korkea teknologian taso ovat avainasemassa Exel Oyj:n toiminnassa. Liiketoiminnan ytimen muodostaa itse kehitetty komposiittiteknologia, siihen perustuva tuotteisto ja valittujen markkinasegmenttien hallinta vahvalla laatu- ja tuotemerkki-imagolla. Jatkuva uusien sovelluskohteiden etsiminen ja kehitys yhteistyössä asiakkaiden kanssa mahdollistavat yrityksen kasvun. Exel panostaa valituille kapeille sektoreille sekä kannattavaan kasvuun. Exel Oyj is a technology company which designs, manufactures and markets composite sports equipment and industrial applications. Exel's operations comprise two divisions: Sport and Industry. The personnel's expertise and high level of technology play a major role in Exel's operations. The core of the operations is based on own, internally developed composite technology, product range based on it and the domination of selected market segments with a strong quality and brand image. The company's growth is based on permanent search of new applications and development in co-operation with customers. Exel concentrates on niche segments and on profitable growth.

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