Elisa has received the following notice in accordance with Chapter 2, Section 9 of the Finnish Securities Market Act: 1. Target company: Elisa Corporation (business identity code:01116510-6) 2. Justification of the flagging announcement: Varma Mutual Pension Insurance Company hold more than 15 per cent of Elisa's shares and votes. 3. Date of change in holdings: 13.October, 2008 +-------------------------------------------------------------------+ | | Number of | Percentage of | Percentage of | | | shares | shares | voting rights | |----------------------+------------+---------------+---------------| | Shareholding before | | | | | the change | 20,304,976 | 12.21 | 12.21 | |----------------------+------------+---------------+---------------| | Shareholding after | | | | | the change | 26,151,976 | 15.73 | 15.73 | +-------------------------------------------------------------------+ Varma owned 12.21 per cent or 20,403,976 Elisa Corporation shares and votes. Varma flagged this ownership earlier today. 4. Exact proportion of the voting rights and total number of shares in Elisa Elisa's total number shares 166,307,586 and each share carries on voting right. An announcement from the Finnish State to Varma The Finnish State has announced that Varma is entitled to oblige the Finnish State to redeem at least 50 per cent of Elisa Corporation shares (purchased by Varma on 13 October 2008) at today's purchase price and to use this right at its discretion once the State has made the necessary financing decisions. ELISA Vesa Sahivirta Director, IR and financial communication +358 50 520 5555 Distribution: Helsinki Exchanges Major Media www.elisa.com