Trading of Wärtsilä 2002 warrants begins

Wärtsilä Corporation, Stock exchange release 30 March 2004 at 16:10 UTC+2

Wärtsilä Corporation’s 2002 warrants will be admitted for trading on the Main List of the Helsinki Exchanges on 1 April 2004.

The Annual General Meeting on 12 March 2002 approved the issue of warrants as part of the key personnel incentive scheme. On 4 February 2004 the Board of Directors decided to include the 2002 warrants in the book-entry securities system.

Each warrant entitles its holder to subscribe for one (1) Wärtsilä B share. A total of 800,000 warrants have been issued and they may be exercised to subscribe for altogether 800,000 Wärtsilä B shares starting on 1 April 2004 and ending on 31 March 2008. The annual subscription period is 2 January to 30 November. No certificates have been issued for the warrants. The warrants may be surrendered without restriction. The share subscription price, which has been reduced by the amount of extra dividend as decided by the AGM, is 15.92 euros. Subscriptions based on these warrants may increase the share capital by at most 2,800,000 euros.

The Financial Supervision of Finland has granted Wärtsilä exemption from the obligation to publish a listing prospectus concerning these warrants when listing them for public trading. The conditions of the Wärtsilä Corporation 2002 warrants are attached herewith.