*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, a global technology company headquartered in Finland, is the world’s largest manufacturer of pultruded and pull-wound composite products. Our global manufacturing, R&D, and sales footprint serves customers across a broad range of industries and applications. With 60 years of composites experience and engineering expertise, we work closely with our customers to design and manufacture high quality composite products using carbon fiber, fiberglass, and other high-performance materials. Our composites help reduce weight, improve performance, and decrease total life cycle costs, all while helping increase energy efficiencies and supporting environmental sustainability. Exel Composites employs approximately 650 innovative and customer-focused employees around the world and is listed on the Nasdaq Helsinki exchange. To find out more about our offering and company please visit www.exelcomposites.com.

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