Shares subscribed with warrants of Exel's warrant programme
EXEL OYJ STOCK EXCHANGE ANNOUNCEMENT 1.3.2005 at 10.00 1 (1)SHARES SUBSCRIBED WITH WARRANTS OF EXELS WARRANT PROGRAMME After the previous increase in the share capital registered on 20December 2004, a total of 94,200 shares in Exel Oyj have beensubscribed with the A and B warrants attached to the warrant programme2001. 48,000 shares were subscribed with the A warrants and 46,200shares with the B warrants. The subscription price of the sharessubscribed with A warrants is EUR 8.92 and EUR 8.42 for B warrants.The subscription period for the A warrants began on 1 June 2002 and