Elisa Oyj

Capital/Financing Update • Mar 18, 2015

Disclosure 322714

Elisa - Company Announcement

Standard & Poor’s upgraded Elisa’s credit rating

ELISA STOCK EXHANGE RELEASE 18 MARCH 2015 AT 5:15 P.M. Standard & Poor's announced today it raised its long-term corporate credit rating of Elisa to ‘BBB+' from ‘BBB'. The outlook is stable. At the same time, Standard & Poor's affirmed its ‘A-2' short-term corporate credit rating on the company. Standard & Poor's justifies the upgrade among other things with Elisa's profitability, cash flow and robust balance sheet. According to CFO Jari Kinnunen the upgrade of credit rating also reflects the determined work on strategy execution and improving competitiveness. Upgrade has no material impact on finance expenses on a short term. Standard & Poor's published today its research update on Elisa's credit ratings. Research update is available on Elisa's website www.elisa.com/investors ELISA CORPORATION Mr. Vesa Sahivirta IR Director tel. +358 10 262 3036 Additional information: Mr. Juha Kervinen Group Treasurer tel. +358 10 262 3625 Distribution: Nasdaq Helsinki Principal media www.elisa.com