Shares subscribed with warrants of Exel's warrant programmes

EXEL OYJ STOCK EXCHANGE ANNOUNCEMENT 20.12.2004 at 10.15 1 (1) SHARES SUBSCRIBED WITH WARRANTS OF EXEL’S WARRANT PROGRAMMES After the previous increase in the share capital registered on 2 March 2004, a total of 137,500 shares in Exel Oyj have been subscribed with the A and B warrants attached to the warrant programme 1998. Moreover, a total of 100 shares have been subscribed with B warrants attached to the warrant programme 2001. The subscription price of the shares subscribed with A and B warrants of the 1998 warrant programme was EUR 2.56 until 20 September 2004 and EUR 2.06 from 21 September 2004 onwards. The subscription period for the A warrants began on 1 October 2000 and on 1 October 2002 with the B warrants. The subscription period for both A and B warrants of the 1998 warrant programme ended on 31 October 2004. The subscription price of the shares subscribed with B warrants of the 2001 warrant programme is EUR 8.42. The subscription period for the A warrants of the 2001 warrant programme began on 1 June 2002 and on 1 October 2003 for the B warrants. The increase in the share capital, in total EUR 48,160 was registered in the Finnish Trade Register on 20 December 2004. As a result of the increase, the share capital of Exel Oyj is now EUR 1,932,280 and the total number of shares is 5,520,800. Exel received a total of EUR 284,592 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 21 December 2004. Mäntyharju, 20 December 2004 EXEL OYJ Ari Jokelainen President & CEO Further information: Mr Ari Jokelainen, President, Exel Oyj, tel. +358 50 590 6750 Exel Oyj is a Finnish company specialised in composite technology. The Group’s operations consist of sporting goods and industrial applications. Exel’s best-known products include cross-country and alpine poles, Nordic Walking poles, surfboard masts, floorball clubs and industrial profiles in general. The Group’s four factories are located in Finland and Germany. Over 80% of production is exported. In 2003 the Group’s net sales totalled EUR 57.3 million. Exel personnel numbers 450. Exel’s share is listed on Helsinki Exchanges main list. Further information: www.exel.net