Shares subscribed with warrants of Exel's warrant programme

EXEL OYJ    STOCK EXCHANGE ANNOUNCEMENT   1.3.2005 at 10.00    1 (1)

SHARES SUBSCRIBED WITH WARRANTS OF EXEL’S WARRANT PROGRAMME

After the previous increase in the share capital registered on 20
December 2004, a total of 94,200 shares in Exel Oyj have been
subscribed with the A and B warrants attached to the warrant programme
2001. 48,000 shares were subscribed with the A warrants and 46,200
shares with the B warrants. The subscription price of the shares
subscribed with A warrants is EUR 8.92 and EUR 8.42 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 increase in the share capital, in total EUR 32,970 was registered
in the Finnish Trade Register on 1 March 2005. As a result of the
increase, the share capital of Exel Oyj is now EUR 1,965,250 and the
total number of shares is 5,615,000. Exel received a total of EUR
817,164 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 2 March 2005.


Mäntyharju, 1 March 2005

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
2004 the Group’s net sales totalled EUR 83.9 million. Exel personnel
numbers 450. Exel’s share is listed on Helsinki Exchanges main list.
Further information: www.exel.net