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ACCEPTANCE OF SUBSCRIPTION FOR ELISA SHARES ASSOCIATED WITH THE SAUNALAHTI TENDER OFFER

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ELISA CORPORATION STOCK EXCHANGE RELEASE 14 NOVEMBER 2005 AT 10.30am


ACCEPTANCE OF SUBSCRIPTION FOR ELISA SHARES ASSOCIATED WITH THE SAUNALAHTI TENDER
OFFER

Elisa's Board of Directors has accepted the subscribing for new Elisa shares
associated with the consummation of Elisa's public tender offer for all shares
issued by Saunalahti Group Oyj and the related share options of the option
programs 2002 and 2003.  The Saunalahti shares for which the tender offer has
been accepted by Saunalahti shareholders will be transferred to Elisa on 14
November 2005.

The increase in the share capital of Elisa required by the public tender offer
will be recorded in the Trade Register on 15 November 2005. The new Elisa shares
will be entered into the book-entry accounts of the Saunalahti shareholders who
have accepted the tender offer on 16 November 2005. The payment of the cash
consideration to the holders of Saunalahti share options who have accepted the
tender offer will be made on or about 23 November 2005.

As a consequence of consummating the public tender offer, Saunalahti will become
Elisa's subsidiary and the company will be consolidated into Elisa as of 1
December 2005. The consummation of the tender offer will have no direct impact on
Saunalahti's business or shares. Elisa's target is to integrate the business
activities of Elisa and Saunalahti. Elisa has decided to maintain and enhance the
Saunalahti brand.

ELISA CORPORATION

Vesa Sahivirta
Director, IR and Financial Communication

Further information:

Pekka Ekstam
M&A Director, tel. +358 50 5205252

DISTRIBUTION:

Helsinki Stock Exchange
Major media

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