COURT OF ARBITRATION SET EUR 2,077 REDEM

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ELISA CORPORATION                     STOCK EXCHANGE RELEASE
                                      6 OCTOBER 2003 AT 16:45pm

COURT OF ARBITRATION SET EUR 2,077 REDEMPTION PRICE PER SHARE FOR
RIIHIMÄEN PUHELIN OY’S MINORITY SHARES

A court of arbitration appointed by the Central Chamber of
Commerce decided on 6 October 2003 to set the redemption price of
Elisa Corporation’s subsidiary Riihimäen Puhelin Oy at EUR 2,077
per share. There are some 780 shares in total to be redeemed and
thus the final redemption price will be approximately EUR
1,620,000.

The court of arbitration confirmed on 28 August 2003 the
incontestability of the redemption interest and the interest
payable on the redemption price to be 5.0 per cent. Elisa gave the
security set by the court of arbitration on 3 September 2003, and,
therefore, it has a 100 per cent holding in Riihimäen Puhelin Oy.

The redemption price and the interest will be paid within three
months of the decision, unless the parties appeal to the local
court within two months.

ELISA CORPORATION

Velipekka Nummikoski
Vice President, Corporate Integrated Communications

For further information, please contact:
Mr. Jyrki Arjanne, Senior Corporate Counsel
Tel. +358 102 624 627

Distribution:
Helsinki Exchanges
Major media




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