Conversion of 1994 convertible subordinated debentures to Wärtsilä shares during November 2002 and all of 2002

Wartsila Corporation
  • Stock exchange release
4 December 2002 at 2:01 AM E. Europe Standard Time

Wärtsilä Corporation STOCK EXCHANGE ANNOUNCEMENT 4 Dec. 2002

Altogether 744 new Series A shares and 868 new Series B shares were converted between 1 November and 30 November 2002 based on the rights attaching to the convertible subordinated debentures floated by Wärtsilä Corporation in 1994, representing loan capital totalling EUR 21,864.43.

During the period 1 January - 30 November 2002, 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 38,683.22 was converted into 1,426 Series A shares and 1,426 Series B shares.

In respect of the loan convertible into Wärtsilä´s Series B shares, EUR 168,187.93 was converted into 12,400 B shares.

The outstanding non-converted principal is EUR 7,664,323.81 in respect of the loan convertible into Series A and Series B shares and EUR 20,196,006.20 in respect of the loan convertible into Series B shares.