Year 2002 warrants subscribed

Wärtsilä Corporation, Stock exchange release, 31 July 2002 at 17:00 UTC+2

Wärtsilä Corporation’s Annual General Meeting on 12 March 2002 decided to issue 800,000 warrants to the key personnel of the Wärtsilä Group. Altogether 37 key persons have subscribed for the warrants offered to them, in addition to which Wärtsilä Technology Oy Ab has subscribed for a small amount of warrants reserved for new key persons to be nominated later. Hence all 800,000 warrants have been subscribed.

The Company’s share capital may be raised, based on these warrants, by at most EUR 2,800,000 through the subscription of at most 800,000 new series B shares. The share subscription with warrants will begin provided that the company will reach the minimum profitability targets set by the Board of Directors for the year 2003. The share subscription time begins on April 1, 2004 and ends on March 31, 2008. The share subscription price is EUR 17.42. Any extra dividends distributed before the subscription for shares will be deducted from the subscription price.