PKV:SHARES SUBSCRIBED WITH BOND WITH WAR

HELSINKI EXCHANGES            TRADING NEWS PKV48/2003
Securities Trading            7 March 2003

SHARES SUBSCRIBED WITH BOND WITH WARRANT: EXEL PLC

A total of 4 400 Exel Plc's shares have been subscribed
with the Exel Plc's A warrants attached to the bond with
warrants issued in 1998. The shares will be traded on the
Helsinki Exchanges as old shares as of 10 March 2003.
The increase in the share capital has been entered into
the Trade Register 7 March 2003.

Identifiers of Exel Plc's share as of 10 March 2003:


Trading code:                 EXL1V
ISIN code:                    FI0009007306
Number of shares:             5 299 300