Elisa Oyj — Share Issue/Capital Change 2011

May 17, 2011

THE SUBSCRIPTION PERIOD FOR ELISA 2007A OPTION RIGHTS EXPIRES ON 31 MAY 2011

THE SUBSCRIPTION PERIOD FOR ELISA 2007A OPTION RIGHTS EXPIRES ON 31 MAY 2011

ELISA STOCK EXCHANGE RELEASE 17 MAY 2011 AT 1.45pm

The subscription period for the Elisa 2007A option rights began on 1 December
2009 and shall expire on 31 May 2011. The last trading day for option rights is
24 May 2011. The present share subscription price with 2007A stock option is EUR
15.72 per share. The offices of Nordea Bank in Finland act as subscription
places. The subscriptions made prior to 31 May 2011 are registered in June 2011.

The total number of 2007A stock options is 850,000, of which 372,150 are held
with Elisa's subsidiary Fonetic. Fonetic can not subscribe for shares with the
stock options. Number of Elisa's shares can be increased by maximum 477,850
shares.

ELISA

Vesa Sahivirta
Director, IR and financial communication
+358 10 262 3036

Distribution:

NASDAQ OMX Helsinki
Major Media
www.elisa.com

[HUG#1516491]