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*EXEL PLC: SHARES SUBSCRIBED WITH BOND W

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HEX HELSINKI     SECURITIES EXCHANGE   RELEASE 71/2004
                 SHARES                2 March 2004


EXEL PLC: SHARES SUBSCRIBED WITH BOND WITH WARRANT

A total of 40 100 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 3 March
2004.

Identifiers of Exel Plc's share:


Trading code:                 EXL1V
ISIN code:                    FI0009007306
Number of shares:             5 383 200

HELSINKI EXCHANGES
Olli Kukkonen

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