Changes in Wärtsilä's ownership due to combination of share series and directed issue of shares - Notification in accordance with the Finnish Securities Market Act Chapter 2 §9

Wärtsilä Corporation Major shareholder announcements 20.3.2008 at
11.30 a.m. local time

Wärtsilä's Annual General Meeting decided on 19 March 2008 that the
Company's A and B share series be combined. The combination of the
share series involves a directed free share issue for holders of
Series A-shares. Following the combination, the Company will have
only a single class of shares with equal rights, carrying one vote
each. The combination of the shares and the directed share issue will
affect Wärtsilä's ownership structure when the combined and new
shares have been registered in the trade register on 26 March 2008.

Wärtsilä has been informed of the following changes in ownership that
will come to effect when the combined and new shares have been
registered in the trade register:

The Fiskars Group's share of Wärtsilä Corporation's votes will
decrease to less than 1/5 (20%). Following the transaction Fiskars
Corporation's holding of Wärtsilä's shares and votes will be 901,857
or 0.9% of Wärtsilä's share capital and total votes and Avlis AB's
holding of Wärtsilä's shares and votes will be 15,944,444 or 16.2% of
Wärtsilä's share capital and total votes. The Fiskars Group's total
holding of Wärtsilä shares and votes will be 16,846,301 or 17.1% of
Wärtsilä Corporation's share capital and total votes.

Varma Mutual Pension Insurance's share of Wärtsilä Corporation's
shares will increase to more than 1/20 (5%) and the share of the
votes will decrease to less than 1/10 (10%). Following the
transaction Varma's holding of Wärtsilä shares and votes will be
5,130,087 or 5.2% of Wärtsilä's share capital and total votes.

Svenska Litteratursällskapet i Finland r.f's share of Wärtsilä
Corporation's votes will decrease to less than 1/20 (5%). Following
the transaction Svenska Litteratursällskapet's holding of Wärtsilä
shares and votes will be 1,735,506 or 1.76% of Wärtsilä's share
capital and total votes.

Wärtsilä Corporation