INCAP BOARD ISSUED WARRANTS TO VARMA-SAMPO

Stock Exchange Release 21 January 2003

Incap Corporation’s board, based on authorization by the annual general meeting on 21 March 2002, issued 702,000 warrants to be subscribed by Mutual Pension Insurance Company Varma-Sampo. This decision to issue warrants is related to a financing arrangement of two million euros to improve Incap Corporation’s financial structure.
 
Each warrant entitles its holder to subscribe one share of Incap Corporation between 1 June 2003 and 31 December 2005 at the subscription price equal to the mathematical mean of the daily closing prices of Incap’s shares during the period 3.2.2003 – 30.5.2003. The minimum subscription price, however, shall be 2.50 euros per share.
 
Varma-Sampo has subscribed all of the issued warrants today and Incap Corporation’s board has accepted the subscription.
 
Incap Corporation has a total of 12,180,880 shares. The company has two personnel warrant schemes dating back to the years 1998 and 2000, including a total of 542 000 warrants.
 
The terms and conditions of the special issue and subscription of warrants are enclosed to this release. 
 
INCAP CORPORATION
 
 
Seppo Ropponen
President and CEO
 
 
APPENDIX
Warrants
 
DISTRIBUTION
Helsinki Exchanges
Major media
 



Further information: Rauni Nokela, Vice President, Finance and Administration, tel +358 400 383 904