SHARES SUBSCRIBED WITH WARRANTS OF EXEL?
EXEL OYJ STOCK EXCHANGE ANNOUNCEMENT 2.3.2004 at 10.15 1 (1)SHARES SUBSCRIBED WITH WARRANTS OF EXELS 1998 WARRANT PROGRAMME After the previous increase in the share capital registered on 18December 2003, a total of 40,100 shares in Exel Oyj have beensubscribed with the warrants attached to the warrant programme 1998.The subscription price was EUR 3.36 as stipulated in the Terms andConditions of the warrant programme. The subscription period for the Awarrants began on 1 October 2000 and on 1 October 2002 with the Bwarrants. The increase in the share capital, in total EUR 14,