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ELISA GROUP SUBSIDIARIES TO BE MERGED IN

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ELISA CORPORATION  STOCK EXCHANGE RELEASE 28 OCTOBER 2003 at
                                                     8:10 am


ELISA GROUP SUBSIDIARIES TO BE MERGED INTO ELISA CORPORATION

Elisa Corporation’s Board of Directors has signed merger plans,
according to which the company’s wholly-owned subsidiaries Oy
Radiolinja Ab, ElisaCom Ltd, Elisa Networks Ltd, Riihimäen Puhelin
Oy and Soon Net Ltd will merge into Elisa Corporation. The aim is
to carry out the mergers by 1 July 2004. The mergers are
subsidiary mergers, so no new Elisa Corporation shares will be
issued as merger consideration.

Furthermore, Radiolinja Suomi Oy, Radiolinja Origo Oy, Radiolinja
Aava Oy, Witem Oy, Soon Com Ltd, Elisa Solutions Ltd, Elisa
Internet Ltd, Invoicia Ltd and RPOCom Oy will be merged into their
parent companies. Thus, the respective companies will also be part
of Elisa Corporation after the mergers.

The mergers will simplify the Elisa Group’s corporate structure
which will facilitate a more effective management and
administrative structure.

ELISA CORPORATION

Velipekka Nummikoski
Vice President, Corporate Communications


Additional information:

Mr Jyrki Arjanne, Senior Corporate Counsel
tel. +358 10 262 4 627

Distribution:
Helsinki Exchanges
Major media

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