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 7,228,720.24 has been converted into 300,860 A shares and 300,860 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.
The loan principal remaining unconverted totals EUR 359,919.00 in respect of the notes convertible into A and B shares, and EUR 2,479,082.51 in respect of the notes convertible into B shares. The outstanding unconverted principal, EUR 2,839,001.51, will be repaid in its entirety with interest on 3 May 2004.