1. Results for the 2005 financial year Ari Jokelainen President & CEO 27 February 2006

2. 2005 highlights Goal of becoming the world’s number 1 pultruder achieved Exel to acquire the Australian company Pacific Composites Net sales increased by 8-9% to EUR 91.3 (83.9) million Operating profit EUR 12.4 (13.7) million, down 9.6% Industry Division’s operating profit up 37.8% to EUR 10.8 (7.8) million Proposed dividend EUR 0.40

3. Changes in Exel Group Faserprofil GmbH from Austria acquired in April 2005 –Acquisition increased Industry Division’s net sales by EUR 3.1 million Exel Sports began operations in April 2005 –Marketing, sales, logistics and product development of the Sport Division’s consumer products incorporated into the new company –Mika Sulin appointed Managing Director All finishing, assembly and packaging operations for poles and floorball products to be subcontracted to China –Transfer to take place in phases throughout 2006 –Reduction of some 60-70 positions at Mäntyharju factory One-off costs of about 2 ER million Yearly profit improvement of some 2 million with existing volumes

4. Financial review 2005

5. Consolidated key figures 20052004Change % Net sales91.383.98.9% Operating profit12.413.7-9.6% Profit for the year8.99.1-2.5% Solvency ratio, %50.0%44.9%11.4% Net gearing30.2%36.0%-16.7% Earnings per share (fully diluted), EUR0.760.80-5.0% Equity per share, EUR2.341.8427.2%

6. Consolidated net sales and profit performance In 2005 group net sales grew by 8.9% to EUR 91.3 (83.9) million Net sales in Q4 EUR 21.9 (19.8) million In 2005 operating profit EUR 12.4 (13.7) million, down 9.6% on the previous year –In Q4/2004 a one-time pension provision release, EUR 0.5 million Operating profit in Q4 EUR 2.2 (3.3) million

7. Exel Group, net sales by division Sport 38% Industry 62% Million 2005 2004 Change, % Industry 56.8 48.3 18.0 Sport 34.5 35.5 -3.4 Exel Group 91.3 83.9 8. 9 Net sales 2005 EUR

8. Exel Group, operating profit by division Million 2005 2004 Change, % Industry 10.8 7.8 37.8 Sport 1.6 5.9 - 73.0 Exel Group 12.4 13.7 -9.6 Sport 13% Industry 87% Operating profit 2005 EUR

9. Net sales, M€ 15.1 11.7 29.0% 56.8 48.3 17.5% Oper. profit, M€ 3.2 2.3 39.0% 10.8 7.8 37.8% % of net sales 21.5% 19.9% 19.0% 16.2% Personnel (aver.) 241 218 10.6% 236 224 5.4% Q4/2005 Q4/2004 Change 1-12/05 1-12/04 Change Key figures of the Industry Division

10. Industry Division Net sales increased by 17.5% to EUR 56.8 (48.3) million –Increase in demand for new and existing customer applications –Faserprofil acquisition increased net sales by 3.1 million Operating profit increased by 37.8% to EUR 10.8 (7.8) million –Increased volumes, improved efficiency and stringent cost control New production lines opened in Germany and Austria Preparations for China factory construction finalized

11. Net sales, M€ 6.9 8.1 -15.0% 34.5 35.5 -2.9% Oper. profit, M€ -1.1 1.3 -208.0% 1.6 5.9 -73.0% % of net sales -15.5% 12.2% -4.6% 16.5% Personnel (aver.) 228 206 10.7% 231 217 6.5% Q4/2005 Q4/2004 Change 1-12/05 1-12/04 Change Key figures of the Sport Division

12. Sport Division Net sales fell by 2.9% to EUR 34.5 (35.5) million –Nordic Walking markets weakened and competition intensified during H2 Operating profit fell to EUR 1.6 (5.9) million –Major investments in opening new markets (North America, Far East, new European countries) and strengthening of organization –Selling off of existing stocks by retailers in the main Central European markets during Q4 Significant efforts being made to open new markets in North America, China and new European countries Market for OEM products (windsurfing masts and laminates) is stable Restructuring of pole and floorball assembly –Non-recurring costs EUR 2.0 million, yearly benefit over EUR 2 million

13. 7. Exel’s Financial Performance: Net sales in 1998-2005 MEUR

14. 7. Exel’s Financial Performance, operating profit in 1998- 2005 MEUR

15. Return on equity, %37.3%47.8% ROI, %34.0%45.2% Equity, M€27.020.7 Solvency ratio, %50.0%44.9% Equity/share, EUR0.790.84 Net interest-bearing liabilities, M€8.17.4 Net gearing, %30.2%36.0% Cash flow from business operations, M€7.915.9 2005 2004 Balance sheet

16. Cash flow balance at the end of 2005 EUR 54.6 (46.3) million Austrian acquisition Working capital demand due to the increase in sales volumes Solvency ratio 50.0% (44.9) Cash flow from business operations EUR +7.9 (+15.9) million Exceptionally low net working capital at the turn of the previous year EUR 1.5 million in taxes paid due to good result in 2004

17. Share price 35.7% of shares traded in 2005 Market capitalization EUR 150.1 (127.0) million on 30 Dec. 2005 Highest share price EUR 14.80 (12.00) and lowest EUR 11.35 (5.87) Exel Oyj 3/2005-2/2006

18. Principal shareholders on 30 December 2005 ShareholderNumber of % of shares sharesand votes Nordstjernan AB3 496 50630.40 Ilmarinen Mutual Pension Insurance Company749 4006.51 Varma Mutual Pension Insurance Company513 6004.66 Veikko Laine Oy418 8003,69 Berling Capital Oy412 0003.58 Ulkomarkkinat Oy346 6003.01 OP Suomi Kasvu Investment Fund335 8002.90 Suutarinen Matti294 4002.56 Eläke-Fennia Mutual insurance Comp.226 1001.96 Nordea Pankki Suomi Oyj (adm. reg.)219 1881.90 Aktia Secura Investment Fund201 0001.74 Renkkeli Oy200 0001.73 Fondita Nordic Small Cap Inv. Fund176 4001.53

19. Outlook Main markets for NW products in Central Europe to remain weak during the spring Efforts to open new NW markets continue. New markets expected to increase net sales in the last quarter of 2006 Partial subcontracting of pole and floorball products to the far East will improve Sport Division’s profitability towards the end of the year. One- off costs EUR 2 million, yearly profit improvement EUR 2 million Pacific Composites will significantly increase net sales for the Industry Division. The acquisition strengthens and speed up the growth of business operations in Far East markets. Lack of supply of carbon fibre will continue in 2006 limiting growth opportunities Group net sales expected to increase significantly. Due to major restructuring of sports production and the acquisition of Pacific Composites, the profit will be influenced by a number of major non- recurring items, meaning that the profit before taxes is expected to be slightly lower than 2005.