NOTIFICATION IN ACCORDANCE WITH SECTION 2, PARAGRAPH 9 OF THE SECURITIES MARKET ACT

Stock Exchange Announcement on 22 January 2003

Mutual Pension Insurance Company Varma-Sampo (business code 0533297-9), which does not currently own shares of Incap Corporation (business code 0608849-6), subscribed on 21.1.2003 the 702,000 warrants issued by Incap Corporation, following a board decision on 21.1.2003, to be subscribed by Mutual Pension Insurance Company Varma-Sampo. The warrants entitle their holders to subscribe one share of Incap Corporation per warrant during the subscription period 1.6.2003 – 31.12.2005.
 
Incap Corporation’s current share capital consists of 12,180,880 shares, each entitling to one vote. If all of the above-mentioned warrants are subscribed, the number of Incap Corporation’s shares will increase by 702,000 up to 12,882,880 shares. Each share entitles to one vote, which means that the total number of votes conferred by all shares of Incap Corporation would be 12,882,880.
 
In accordance with section 2, paragraph 9 of the Securities Market Act and the notification by Mutual Pension Insurance Company Varma­Sampo, we hereby make it known that, if Varma-Sampo uses the full subscription rights conferred by their warrants during the aforesaid subscription period, the proportion of Mutual Pension Insurance Company Varma-Sampo out of the ownership of Incap Corporation will exceed one twentieth of the company’s votes and share capital. Varma-Sampo’s ownership of Incap Corporation would be as follows:
 
number of shares: 702,000 shares
proportion of share capital and votes: 5.449 %
 
The above proportions of ownership and votes have been calculated based on the assumption that the holders of warrants issued by virtue of other decisions by Incap Corporation will not use their warrants.
 
INCAP CORPORATION
 
Hannele Pöllä
Vice President, Communications
 
DISTRIBUTION
Helsinki Stock Exchange
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