EXCHANGE NOTICE 518/2004, 20 December 2004  SHARES

EXEL PLC: SHARES SUBSCRIBED WITH WARRANTS

A total of 137 600 Exel Plc's shares have been subscribed
with the Exel Plc's warrants attached to the warrant
programme 1998 and 2001. The shares will be traded on the
Helsinki Stock Exchange as old shares as of 21 December
2004.

Identifiers of Exel Plc's share:


Trading code:                 EXL1V
ISIN code:                    FI0009007306
Orderbook id:                 24265
Number of shares:             5 520 800

HELSINKI STOCK EXCHANGE
Janne Seppänen
Vice President Surveillance Finland