Wärtsilä's extraordinary general meeting approves payment of extra 1.50 euro dividend

Wartsila Corporation
  • Stock exchange release
24 November 2006 at 2:01 AM E. Europe Standard Time

Wärtsilä Corporation STOCK EXCHANGE RELEASE 24.11.2006 at 1.45 pm EET

An extraordinary general meeting of Wärtsilä shareholders has approved the Board of Directors’ proposal to pay an extra dividend of 1.50 euros on each Series A and B share for the financial period ended 31 December 2005.

The dividend will be paid to those shareholders who are registered on the record date, 29 November 2006, in the company’s shareholder register maintained by the Finnish Central Securities Depository Ltd. The EGM decided that the dividend payment date would be 7 December 2006. All decisions were taken unanimously.

ENCLOSURE

Proposal of the Board of Directors to the Extraordinary General Meeting

Wärtsilä Corporation APPENDIX TO THE STOCK EXCHANGE RELEASE 24.11.2006

PROPOSAL BY THE BOARD OF DIRECTORS TO WÄRTSILÄ CORPORATION’S EXTRAORDINARY GENERAL MEETING ON 24 NOVEMBER 2006 TO PAY AN EXTRA DIVIDEND

The Board of Directors proposes that an extra dividend of 1.50 euros per share be paid as follows:

The Group’s retained earnings on 31 December 2005 amounted to 625,829,000 euros. Of this total, distributable funds amounted to 553,812,000 euros. The parent company’s net profit for the financial year 1 January – 31 December 2005 totalled 7,291,138.24 euros and retained earnings from previous years totalled 444,607,860.48 euros. Hence distributable funds on 31 December 2005 amounted to 451,898,998.72 euros. After payment of the dividends in 2006, distributable funds total 310,738,324.72 euros.

The Board of Directors proposes to the Extraordinary General Meeting on 24 November 2006 that an extra dividend of 1.50 euros be paid on each A and B share in addition to the dividend (1.50 euros/share) approved by the Annual General Meeting on 15 March 2006 based on the balance sheet confirmed for the financial year ended 31 December 2005.

The extra dividend will reduce the share subscription prices of Wärtsilä Corporation’s 2001 and 2002 stock options as stipulated in the terms and conditions of these schemes.

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