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MÜNSTER?S ELECTRICITY UTILITY SOLD ITS S

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ELISA CORPORATION                   STOCK EXCHANGE RELEASE
                                    31 JULY 2003 AT 08.30am


MÜNSTER’S ELECTRICITY UTILITY SOLD ITS STAKE IN TROPOLYS TO ELISA

Münster’s electricity utility has used its right to sell its 4.95 
per cent stake in Tropolys GmbH to Elisa Corporation’s German 
subsidiary Elisa Kommunikation GmbH. Through the transaction 
Elisa Kommunikation’s holding in Tropolys rose to 70.85 per cent.  
The purchase price is included in the maximum of EUR 40 million
investments in 2003 by Germany-based business, as announced earlier
by Elisa.

Münster’s entitlement to sell its stake is based on the agreement
signed during the founding stage of Tropolys GmbH in 2000.

ELISA CORPORATION



Jyrki Antikainen
Vice President, Communications


Additional information:

Mr Hannu Turunen, Executive Vice President +358 50 506 5660
Mr Vesa-Pekka Silaskivi, CFO, +358 10 262 2606

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