Increase in Wärtsilä share capital registered

Wärtsilä Corporation, Stock exchange release 23 December 2002 at 10:30 UTC+2

Between 2 January and 30 November 2002 altogether 1,426 new Series A shares and 13,826 new Series B shares have been converted based on the rights attaching to Wärtsilä’s convertible subordinated debentures floated in 1994, representing loan capital totalling EUR 206,871.15.

These conversions have raised Wärtsilä’s share capital by altogether EUR 53.382 and the share capital now totals EUR 208,141,892. There are now altogether 59,469,112 shares divided into 15,415,855 Series A shares and 44,053,257 Series B shares. This share capital increase was registered in the Trade Register today. The new shares carry the same shareholder rights as the existing shares and they may be traded on the Helsinki Stock Exchange along with Wärtsilä’s existing A and B shares with effect from 27 December 2002. The new shares shall be entitled to dividend first time for the year 2002.