Conversion of 1994 convertible subordinated debentures to Wärtsilä shares

Wartsila Corporation
  • Stock exchange release
3 December 2003 at 2:01 AM E. Europe Standard Time

Wärtsilä Corporation STOCK EXCHANGE ANNOUNCEMENT 3 Dec. 2003 at 11.00 am

Altogether 2,940 new Series A shares and 24,360 new Series B shares were converted between 1 November and 30 November 2003 based on the rights attaching to the convertible subordinated debentures floated by Wärtsilä Corporation in 1994, representing loan capital totalling EUR 327,966.46.

During the period 1 January - 30 November 2003, pursuant to the 1994 subordinated debenture issues, the total number of Wärtsilä shares converted was as follows:

In respect of the loan convertible into Wärtsilä´s Series A and Series B shares, EUR 75,684.57 was converted into 3,150 Series A shares and 3,150 Series B shares.

In respect of the loan convertible into Wärtsilä´s Series B shares, EUR 309,465.78 was converted into 25,760 B shares.

The outstanding non-converted principal is EUR 7,588,639.24 in respect of the loan convertible into Series A and Series B shares and EUR 19,886,540.42 in respect of the loan convertible into Series B shares.