Increase in Wärtsilä share capital registered

Wärtsilä Corporation, Stock exchange release, 24 May 2004 at 15:00 UTC+2

Pursuant to the conversion rights under the convertible subordinated debentures floated by Wärtsilä Corporation in 1994, these notes were converted into shares between 2 January and 19 April 2004 as follows:

Of the loan principal convertible into A and B shares, EUR 7,225,356.48 has been converted into 300,720 A shares and 300,720 B shares. Of the loan principal convertible into B shares only, EUR 17,407,457.92 has been converted into 1,449,000 B shares.

These conversions have raised Wärtsilä’s share capital by altogether EUR 7,176,540 and the share capital now totals EUR 215,951,442. There are now altogether 61,700,412 shares divided into 15,719,725 Series A shares and 45,980,687 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 25 May 2004. The new shares shall be entitled to dividend first time for the year 2004.