HEX HELSINKI     SECURITIES TRADING    RELEASE 357/2003
                 SHARES                18 December 2003

SHARES SUBSCRIBED WITH BOND WITH WARRANT: EXEL PLC

A total of 43 800 Exel Plc's shares have been subscribed
with the Exel Plc's A/B warrants attached to the bond
with warrants issued in 1998. The shares will be traded
on the Helsinki Exchanges as old shares as of 19 December
2003.

Identifiers of Exel Plc's share:


Trading code:                 EXL1V
ISIN code:                    FI0009007306
Number of shares:             5 343 100

HELSINKI EXCHANGES
Pekka Peiponen