Share subscriptions with year 2001 warrants

EXEL OYJ STOCK EXCHANGE ANNOUNCEMENT 22.5.2006 at 9.45 SHARE SUBSCRIPTIONS WITH YEAR 2001 WARRANTS After the previous increase in the share capital registered on 5 April 2006, a total of 96,200 shares in Exel Oyj have been subscribed with the A and B warrants attached to the warrant programme 2001. The subscription price of the shares subscribed with A warrants is EUR 3.71 and EUR 3.46 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 subscription period for both warrants ended on 30 April 2006. The increase in the share capital, in total EUR 17,316 was registered in the Finnish Trade Register on 22 May 2006. As a result of the increase, the share capital of Exel Oyj is now EUR 2,141,431 and the total number of shares is 11,896,843. Exel received a total of EUR 345,452 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 Exchanges main list together with the old shares on 23 May 2006. Mäntyharju, 22 May 2006 EXEL OYJ Ari Jokelainen President & CEO Further information: Mr Ari Jokelainen, President, Exel Oyj, tel. +358 50 590 6750 Mr Ilkka Silvanto, CFO, tel. +358 50 598 9553 Exel Oyj is a leading, international Group specialised in composite technology, with a special focus on pultrusion, pull-winding and continuous lamination. The Group’s operations include design, manufacturing and marketing of advanced composite products for industrial applications and consumer goods. Exel’s most well-known consumer products include cross-country, alpine and Nordic Walking poles, floorball sticks, antenna radomes and other industrial applications. In 2005 the Group’s net sales totalled EUR 91 million. Exel personnel averages 600. Exel’s share is listed on Helsinki Stock Exchange’s Main List.