Exel's Insider Regulations

Exel Oyj has adopted Helsinki Exchanges' Guidelines for Insiders as its insider regulations together with the following more detailed application instructions.

5 STATUTORY INSIDERS' DUTY TO DECLARE AND MAINTENANCE OF A REGISTER ON INSIDERS

5.2 Statutory insiders

Exel's statutory insiders include the members of the management group and the person in charge of corporate communications and other separately designated persons. Insider status of a person is declared with the attached form by the signing of which the person gives his/her consent to being an insider. Insider register is maintained by the insider registrar.

6 TRADING RESTRICTION

6.1 Trading restriction

Permanent insiders may not trade in securities issued by the company 14 days prior to the publication of interim reports and financial statement bulletins.

Permanent insiders and insiders by definition are to discuss trading with the president of company prior to trading to avoid any unwanted consequences.

6.3 Trading in securities based on an employment relationship or membership of an administrative body

Contrary to the restriction defined in Paragraph 6.1 the selling of securities obtained in virtue of a written plan is allowed.

7 PROJECT SPECIFIC INSIDERS

Project-specific insider registers are drawn up of large or otherwise significant projects. The President of the Group considers case by case whether an issue or arrangement under preparation is defined as a project.

Persons entered into a project-specific insider register are notified with the attached form of the date and time when they have been entered into the register. The form is given to the person in question who will return it after signature to the registrar. The register is maintained by the registrar of project-specific register.

7.5 Restrictions and legal effects relative to projects

It is forbidden to trade in shares of a company when a project aims at the acquisition of the said company.

8 MANAGEMENT OF INSIDER ISSUES

8.1 Written instructions

After the Board of Directors of the Group has adopted these regulations it will be distributed to the Management Group and the person in charge of corporate communications of the Group.

8.2 Training and informing

The person in charge of insider issues is responsible for the training concerning insider matters. The person in charge of insider issues is the Chief Financial Officer of the Group.

The Cashier is in charge of insider register and the person in charge of corporate communications is responsible for project-specific registers.   

9 SUPERVISION

The Group asks the permanent insiders to check the information entered twice a year.

11 ENTRY INTO FORCE

These guidelines will enter into force on 1 March 2000.