Subscription of Wärtsilä shares based on 1994 convertible subordinated debentures

Wärtsilä Corporation, Stock exchange release 4 November 2003 at 10:30 UTC+2

Altogether 210 new series A shares and 4,550 new series B shares were subscribed between 1 October and 31 October 2003 in exchange for convertible subordinated debentures floated by Wärtsilä Corporation in 1994, representing altogether EUR 57,183.89 of the loan capital.