Correction to the stock exchange release published today at 11 am by Exel

EXEL OYJ   STOCK EXCHANGE RELEASE        3.5.2005 at 17.20    1 (4)

CORRECTION TO THE STOCK EXCHANGE RELEASE PUBLISHED TODAY AT 11 AM BY EXEL

Due to the fact that lines had moved in the stock exchange release published
earlier today we hereby publish the correctly aligned figures regarding
summarised consolidated income statement, balance sheet as well as funds
statement, key financial figures by quarter and Group key figures and ratios.


Mäntyharju, 3 May 2005

EXEL OYJ
Board of Directors



CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Summarised           Q1/2005   Q1/2004   Change, % 2004
consolidated
income statement
EUR 1,000

Net sales            21,738    20,514    6.0       83,857
Other operating
income               50        21        140,1     111
Operating expenses   -18,793   -17,895   5.0       -67,085
Depreciation and
impairment           -791      -720      9.9       -3,181
Operating profit     2,204     1,920     14.8      13,702
Financial income
and expenses         -58       -107      -45.7     -467
Profit before income
taxes                2,146     1,813     18.4      13,236
Income tax charge    -602      -598      0.6       -4,110
Profit for the period1,544     1,215     27.2       9,126

Earnings per share,
EUR                  0.28      0.23      21.9      1.69
Earnings per share,
EUR, diluted         0.27      0.22      22.9      1.59



Summarised           31.3.     31.3.     Change, % 31.12.
Consolidated         2005      2004                2004
balance sheet
EUR 1,000

ASSETS
Non-current assets
Intangible assets    862       436       426       926
Goodwill             3,188     3,188     0         3,188
Tangible assets      13,534    14,225    -691      13,742
Deferred tax assets  734       242       492       310
Other non-current
assets               101       101       0         100

Current assets
Inventories          13,056    10,804    2,252     13,269
                                                              2 (4)

Trade receivables and
other receivables    13,002    13,536    -534      9,568
Cash in hand and
at bank              4,024     3,430     594       5,150

Total assets         48,501    45,962    2,539     46,253

EQUITY AND LIABILITIES
Equity
Share capital        1,965     1,884     81        1,932
Share issue                                        817
Premium fund         4,174     3,149     1,025     3,390
Retained earnings    14,555    12,428    2,127     5,427
Profit for the period1,544     1,215     329       9,126
Total equity         22,238    18,676    3,562     20,692

Non-current liabilities
Non-current interest-
bearing liabilities  7,888     10,739    -2,851    8,456
Deferred tax
liabilities          312       14        298       297

Current liabilities
Current interest-
bearing liabilities  5,880     4,926     954       4,141
Trade payables and
other non-interest-
bearing liabilities  12,183    11,607    576       12,666

Total liabilities    26,263    27,286    -1,023    25,560
Total eqity and
liabilities          48,501    45,962    2,539     46,253


Summarised           Q1/2005   Q1/2004   Change    2004
consolidated funds
statement
EUR 1,000

Cash flow from
business operations
Profit for the
period               1,544     1,215     +329      9,126
Total adjustments    1,485     1,497     -12       7,623
Change in net working
capital              -2,700    1,181     -3,881    1,657
Cash flow from
business operations  329       3,893     -3,564    18,406
Net financial
expenses             -94       -75       -21       -359
Taxes paid           -1,925    -834      -1,091    -2,136
Net cash flow from
business operations  -1,690    2,984     -4,674    15,911

Investment cash flow
Acquisitions                   -7,181    +7,181    -7,181
Investments in tangible
and intangible assets518      -450      -68        -3,187
Capital gains on assets                            44
                                                              3 (4)

Other cash flow from
investments
Net investment cash
flow                 -518      -7,631    +7,113    -10,324

Cash flow from financing
Rights issue                                       1,102
Change in long-term
loans and other liquid
assets               1,082     5,318     -4,236    2,700
Dividend paid                                      -6,998
Net cash flow from
financing            1,082     5,318     -4,236    -3,196

Change in liquid
assets               -1,126    671       -1,797    2,391

Liquid assets at
period-start         5,150     2,759     +2,391    2,759
Change in liquid
assets               -1,126    671       -1,797    2,391
Liquid assets at
period-end           4,024     3,430     +594      5,150

Key financial figures by quarter

EUR 1,000            Q1/2005   Q4/2004   Q3/2004   Q2/2004    Q1/2004  2004

Net sales by segment
Industry             12,509    11,689    11,523    13,408     11,730   48,348
Sport                9,229     8,087     8,864     9,773      8,784    35,509
Total net sales      21,738    19,776    20,387    23,181     20,514   83,857

Operating profit by segment
Industry             1,819     2,327     2,041     2,512      965      7,845
Sport                386       987       1,263     2,653      955      5,858
Total operating
profit               2,204     3,314     3,304     5,165      1,920    13,702

Financial income
and expenses         -58       -131      -138      -91        -107     -467
Profit before income
taxes                2,146     3,182     3,167     5,074      1,813    13,236
13,236
Income tax charge    -602      -922      976       -1,613     598      4,110
Profit for the period          1,544     2,260     2,190      3,461     1,215
9,126

Earnings per share,
EUR                  0.28      0.41      0.41      0.64       0.23     1.69
Earnings per share,
EUR, diluted         0.27      0.37      0.38      0.62       0.22     1.59
Average number of
shares, 1,000        5,615     5,499     5,384     5,383      5,383    5,413
Average number of
shares, 1,000        5,762     5,732     5,634     5,581      5,568    5,732

Average personnel    424       424       456       453        406      441


                                                              4 (4)

GROUP KEY FIGURES AND RATIOS

EUR 1,000            Q1/2005   Q1/2004   Change, % 2004

Net sales            21,738    20,514    +6.0      83,857
Operating profit     2,204     1,920     +14.8     13,702
% of net sales       +10.1     +9.4      +8.4      16.3
Profit before income
taxes                2,146     1,813     +18.4     13,236
% of net sales       9.9       8.8       +11.7     15,8
Profit for the
period               1,544     1,215     +27.2     9,126
% of net sales       7.1       5.9       +19.9     10.9

Equity               22,238    18,676    +19.0     20,692
Interest-bearing
liabilities          13,768    15,666    -12.1     12,597
Liquid assets        4,024     3,430     +17.3     5,150
Net interest-bearing
liabilities          9,744     12,236    -20.4     7,447
Invested capital     36,006    34,342    +4.8      33,290
Return on equity, %  28.8      26.9      +7.1      47.8
Return on investment,
%                    25.6      25.2      +0.4      45.2
Solvency ratio, %    46.0      40.8      +12.7     44.9
Net gearing, %       43.8      65.5      -33.1     36.0

Gross capital
expenditure          518       2,968     -82.5     5,803
% of net sales       2.4       14.5      -16.6     6.9
Research and
development costs    681       612       +11.3     1,956
% of net sales       3.1       3.0       +5.0      2.3

Earnings per share,
EUR                  0.28      0.23      +21.9     1.69
Earnings per share,
EUR, diluted         0.27      0.22      +22.9     1.59
Equity per share,
EUR                  3.96      3.47      +14.2     3.69

Outstanding shares,
Thousands
- undiluted, average 5,615     5,383     +4.3      5,413
- diluted, average   5,762     5,568     +3.5      5,732