EXCHANGE NOTICE 375/2005, 9 September 2005  SHARES

EXEL PLC: SHARES SUBSCRIBED WITH WARRANTS

A total of 110 800 Exel Plc's shares have been subscribed
with the Exel Plc's A and B warrants attached to the
warrant programme 2001. The shares will be traded on the
Helsinki Stock Exchange as old shares as of 12 September 2005.

Identifiers of Exel Plc's share:

Trading code:                 EXL1V
ISIN code:                    FI0009007306
Orderbook id:                 24265
Number of shares:             11 340 800


HELSINKI STOCK EXCHANGE
Janne Seppänen
Vice President Surveillance Finland