NEW PRESIDENT AND CEO FOR INCAP

Stock Exchange Release on 7 July 2003

Incap Corporation’s Board of Directors and President and CEO Mr Seppo Ropponen have mutually agreed that Seppo Ropponen will as of today leave his duties as President and assume responsibility for special assignments for the Board. Jorma Terentjeff, Chairman of Incap’s Board, wishes to thank Seppo Ropponen for his strong contribution in the integration of Incap and JMC Tools and in streamlining the company’s operations in challenging market situation.
 
Mr Juhani Hanninen, M.Sc. (Eng.), has today been appointed new President and CEO for Incap Corporation. Juhani Hanninen (54) serves currently at the Swiss publicly listed company Sulzer Corporation in the management of its pumps division and as managing director of Sulzer Pumps Finland Ltd. Before that, in 1991 – 2000, Juhani Hanninen held different positions at A. Ahlström Oy: at Ahlström Automation, at Ahlström Machinery as director for the operations in Central Europe and at Ahlström Pumps Ltd as managing director, among others. Before joining Ahlström Juhani Hanninen worked at Siemens Oy, Huhtamäki Oy Evox, Aspo Oy Electronics and Fiskars Oy’s electronics group. Thanks to his multifaceted career Juhani Hanninen has a solid and extensive experience both in Finnish and international electronics and metal industry.
 
Juhani Hanninen will take over his new duties at Incap in September. As temporary president until then will act Ms Rauni Nokela, Vice President Finance and Administration of Incap Corporation.
 
INCAP CORPORATION
Board of Directors
 
Jorma Terentjeff
Chairman of the Board
 
For further information, contact:
Jorma Terentjeff, tel. +358 400 682 112
 
DISTRIBUTION
Helsinki Exchanges
Principal media