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EXCHANGE OFFER FOR ELISA?S BONDS MATURIN

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ELISA CORPORATION STOCK EXCHANGE RELEASE 1 SEPTEMBER 2004 AT 9.45
a.m.


EXCHANGE OFFER FOR ELISA’S BONDS MATURING IN JANUARY 2006 AND JUNE
2007

Elisa has announced today 1 September 2004 exchange offer, for the
31.1.2006 maturing 300 million euro 6,375 % Notes, issued under
Company’s Euro Medium Term Note –Programme and for the 18.6.2007
maturing 71,5 million euro 4,75 % Notes issued under Company’s
Domestic Medium Term Note- Programme.

The Purpose of the Exchange Offer is to lengthen the Company’s
maturity profile and to create a new liquid long dated benchmark
bond.

Holders of the above mentioned Notes are offered a change to
exchange Notes during 1.9 – 17.9.2004 to new 7 year fixed rate
notes. New Notes will mature in September 2011 and they will be
issued under Company’s current Euro Medium Term Note –Programme.
Application will be made for the listing of the New Notes on the
Luxembourg Stock Exchange. The minimum amount of the New Notes is
200 million euros which can consist of the exchange and the
supplementary new issue.

The Terms of the Exchange Offer including the distribution and
subscription restrictions including the Minimum Tender Amount can
be found in the Exchange Offer Memorandum. Exchange Offer
Memorandum can be obtained from the Exchange, Listing and
Information Agents.

ELISA CORPORATION

VeliPekka Nummikoski
Vice President, Corporate Communications

Additional Information:

Juha Kervinen, Group Treasurer, tel +358 10 262 3625

Dealer Manager
UBS Limited
Liability Management Group
Tel. + 44 207 568 3118

Co-Dealer Manager
OKO Osuuspankkien Keskuspankki Oyj
Debt Capital and Treasury markets
Tel. +358 9 404 797
 
Exchange Agents

JPMorgan Chase Bank
Rachel Owens / Karen Sheridan
Tel. +44 20 7777 5410
 
OKO Osuuspankkien Keskuspankki Oyj
Sinikka Laurila / Maija Hasanen
Tel. +358 9 404 760

JPMorgan Bank Luxemburg S.A.
ITS Operations
Tel. +35 2 46268 5804

Listing Agent

Dexia Banque Internationale à Luxembourg
Transaction Execution Group
Tel. +35 2 4590 1

Information Agent
Bondholder Communications Group
Tel. +44 207 236 0788
www.bondcom.com/elisa

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