The General Meeting of Lounet Oy and the Board of Elisa Corporation have today accepted a merger plan according to which Lounet will merge with Elisa through the absorption process referred to in the Finnish Companies Act, chapter 16, section 2, paragraph 1, sub-paragraph 1. Before the merger, Elisa Group owns 80.51 per cent of Lounet. According to the merger plan, Lounet shareholders will receive a merger consideration consisting of new Elisa shares. 0.07 Elisa shares will be given in exchange for each Lounet share (for one Lounet share certificate, 70 Elisa shares will be given). The General Meeting of Lounet has also decided to distribute an extra dividend, the amount of which is EUR 150 for each Lounet Oy share certificate. The receipt of share certificates begins at OKO Bank, Nordea and Sampo offices on 9 July 2007 at 9 a.m. The merger shall take effect once the execution of the merger is registered in the trade register. The estimated registration date of the merger is 30 September 2007. The merger consideration shall be paid after the merger has been registered. No merger consideration shall be paid for the 16,148,000 Lounet shares owned by Elisa. There are a total of 3,909,000 shares owned by shareholders other than Elisa (corresponds to 3,909 Lounet share certificates). Consequently, an estimated 273,630 new Elisa shares will be given as merger consideration, which represents approximately 0.17 per cent of the current number of Elisa shares. ELISA CORPORATION Vesa Sahivirta Vice President, IR and Financial Communication For further information, please contact: Mr. Jyrki Arjanne, Tel. +358 102 624 627 Senior Corporate Counsel Distribution: Helsinki Stock Exchange Principal media