THE EXCHANGE SPREADS AND THE NEW ISSUE S

ELISA CORPORATION STOCK EXCHANGE RELEASE 10 SEPTEMBER 2004 AT 3.00
p.m.

THE EXCHANGE SPREADS AND THE NEW ISSUE SPREAD FOR ELISA’S EXCHANGE
OFFER

Elisa announced today the Exchange Spreads and the New Issue
Spread for the Exchange Offer published on 1 September 2004.

The Exchange Spread for the 2006 maturing bond is set at 20 bps
over the Benchmark Rate. The Benchmark rate is the BUND 6,00% due
5 January 2006.

The Exchange Spread for the 2007 maturing bond is set at 33 bps
over the Benchmark Rate. The Benchmark rate is the BUND 6,00% due
4 January 2007.

The New Issue Spread is set at 67 bps over the Benchmark Rate. The
Benchmark Rate is 7 Year Mid-Swap rate.

The Exchange Offer will Expire on 17 September 2004 and the
Announcement of Pricing, Acceptance of the Exchange Offer and
Aggregate Principal Amounts will be announced on 20 September
2004.

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


About Us

Elisa is a pioneer in telecommunications and digital services. We serve approximately 2.8 million consumer, corporate and public administration organisation customers, and have over 6.3 million subscriptions in our extensive network. Cooperation with Vodafone and Tele2, among others, enables globally competitive services. Our core markets are Finland and Estonia, and we also provide digital services for international markets. Elisa’s shares are listed on the Nasdaq Helsinki. In 2019, our revenue was EUR 1.84 billion euros, and we employed 4,900 people. As a responsible Finnish market leader, our operations are guided by continuous improvement. We will be a carbon neutral company from 2020 onwards. Further information on www.elisa.com , Facebook (@elisasuomi) and Twitter (@ElisaOyj)

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