Novator welcomes the proposed new Elisa Board of Directors

Novator welcomes the proposal of Elisa’s new Board of Directors that was announced today and will be put to the Company’s shareholders at the Annual General Meeting on 18 March 2008. The proposal has been reached following constructive discussions between the Company’s largest shareholders and fulfils Novator’s request for shareholder representation.

Commenting, Thor Björgólfsson, the founder and principal of Novator, said:

”This has been a lengthy process, but we have been pleased by the collaborative approach to these Board nominations and we would like to thank everyone involved. Novator continues to believe that Elisa has great untapped potential and looks forward to working closely with the new Board as Elisa strengthens its position as a leading telecommunications business, for the benefit of both its customers and shareholders."