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ELISA REDEEMS THE REMAINING RIIHIMäEN PU

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ELISA COMMUNICATONS CORPORATION     PRESS RELEASE
                                    20 MARCH 2003 AT 3.00pm


ELISA REDEEMS THE REMAINING RIIHIMäEN PUHELIN OY SHARES

Through stock exchange transactions completed today, Elisa
Communications Corporation’s holding in Riihimäen Puhelin Oy has
exceeded 90 per cent. The price per share in the transactions was
EUR 1,525.

In a procedure compliant with the Finnish Companies Act, Elisa
will redeem the remaining Riihimäen Puhelin Oy shares. Information
on the redemption claim will be sent to the shareholders of
Riihimäen Puhelin Oy approximately in a month.

Through an exchange of shares aimed at the company’s shareholders,
RPO became Elisa’s subsidiary in June 2001. As a result of the
share exchange, the Group’s holding in RPO rose close to 90 per
cent.


ELISA COMMUNICATIONS CORPORATION

Jyrki Antikainen
Vice President
Corporate 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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