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HPY RESEARCH FOUNDATION?S ENTITLEMENT TO

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ELISA CORPORATION                     STOCK EXCHANGE ANNOUNCEMENT
                                      2 JANUARY 2004 AT 9.30am


HPY RESEARCH FOUNDATION’S ENTITLEMENT TO CONVERT ELISA’S A SHARES
INTO B SHARES BECAME VOID ON 31 DECEMBER 2003

On 31 December 2003, HPY Research Foundation’s entitlement to
convert Elisa Corporation’s A shares into B shares became void in
accordance with a time frame stipulated by the company’s Articles
of Association. Pursuant to the Articles of Association, Elisa
Corporation may only have series A shares after 31 December 2003.

ELISA CORPORATION

Velipekka Nummikoski
Vice President, Corporate Communications

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