*B-WARRANTS OF EXEL OYJ 2001 WARRANT PRO

23.10.2003 08:25 EET
HEX HELSINKI                     SECURITIES EXCHANGE  RELEASE 266/2003
                                 OPTION RIGHTS        October 23, 2003
                                 

B-WARRANTS OF EXEL OYJ 2001 WARRANT PROGRAM LISTED ON OCTOBER 27, 2003
        
Trading in the B-warrants of Exel Oyj 2001 warrant program will start
on the Helsinki Exchanges on Monday, October 27, 2003.

Basic information on Exel Oyj 2001 B-warrants:


Trading code:                    EXL1VEW201
ISIN-code:                       FI0009607683
Round lot:                       200
Listing date:                    October 27, 2003
Subscription ratio:              1 (EXL1VEW201):
                                 1 (EXL1V)
Subscription price:              9,72 EUR / share
Subscription period started:     October 1, 2003
Subscription period will end:    April 30, 2006
Number of warrants:              185 000




HELSINKI EXCHANGES
Pekka Peiponen

Exel Composites Oyj, Vantaa head office, Mäkituvantie 5, FI-01510 Vantaa, Finland