EXEL OYJ          STOCK EXCHANGE RELEASE     10.4.2003 11.50   1 (2)

DECISIONS OF THE ANNUAL GENERAL MEETING OF EXEL OYJ

In the Annual General Meeting of Exel Oyj held on 10 April, 2003, the
accounts of the Group were approved and the members of the Board of
Directors and the President were discharged from liability for the
financial period and the members of the Board were elected. The
Board’s proposal to increase the share capital was approved. The
proposal to distribute a dividend of EUR 0.20 per share was approved.

Dividend and discharge from liability

The AGM approved the Board’s proposal to distribute a dividend of EUR
0.20 per share. Dividend will be paid on 24 April, 2003 to
shareholders who are registered in the Company’s Shareholder Register
maintained by the Finnish Central Securities Depository Ltd. The
record date for dividend distribution is 15 April, 2003.

The AGM approved Exel’s accounts and discharged the members of the
Board and the President from liability for the financial period 2002.

Election of members to the Board of Directors

According to the decision made in the AGM the number of the members of
the Board of Directors is five. Kari Haavisto, Peter Hofvenstam, Vesa
Kainu and Mika Sulin were re-elected to the Board. Ove Mattsson was
elected as a new member to the Board. Ove Mattsson was elected
Chairman of the Board.

Increase in share capital

The AGM approved the proposal by the Board to increase the Company’s
share capital under the following terms: the Board was authorized to
decide to increase the Company’s share capital by one or more rights
issues in such a way that the Company’s share capital may be increased
at the most by EUR 352,500. The authorization is valid until 10 April,
2004.

In virtue of the authorization the Board may decide on who is entitled
to exercise subscription rights in connection with the rights issue,
the subscription price of the shares and the criteria used to
determine the subscription price and other terms of the rights issue.
The pre-emptive right of shareholders to acquire shares may be
deviated provided that from the Company’s perspective important
financial grounds exist, such as the financing, implementation or
enabling of a business acquisition or another cooperative arrangement,
the strengthening or development of the Company’s financial or capital
structure or the implementation of other measures relative to the
development of the Company’s business. No decision may be taken for
the benefit of the Company’s insiders.

In virtue of the authorization the Board is entitled to decide on a
rights issue in such a way that a share subscription may be made in
kind or otherwise under certain terms.

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Helsinki, 10 April, 2003

EXEL OYJ

Board of Directors

Further information:
Mr. Ari Jokelainen, President & CEO, Exel Oyj, tel. +358 50 590 6750