Elisa

À           Revenue was EUR 351 million (367)

À           EBITDA excluding non-recurring items was EUR 115 million (111), EBIT EUR 62 million (60) Strong growth in mobile subscriptions
            increased sales costs

À           EBITDA margin increased to 33 per cent (29)

À           Profit before tax amounted to EUR 53 million (52)

À           Earnings per share was EUR 0.26 (0.25)

À           Cash flow after investments was EUR 46 million (66)

À           The number of Elisa’s mobile subscriptions increased by a record 146,000 during the quarter, due in particular to the new 3G and
            2G customers, mobile broadband and prepaid subscriptions

À           Due to strong subscription growth and a lower interconnection fee, ARPU in the mobile business decreased from the previous
            quarter to EUR 24.1 (26.3)

À           Churn increased to 14.0 per cent from the previous quarter (12.0)

À           The number of fixed broadband subscriptions decreased by 6,000 on the previous quarter

À           Net debt / EBITDA was 1.8 (1.7 at the end of 2008) and gearing 104 per cent (93 at the end of 2008)

Key indicators:

Financial position and cash flow:

¹⁾ (interest-bearing debt – financial assets) / (4 previous quarters’ EBITDA exclusive of non-recurring items)

Additional information regarding the Key Performance Indicators is available on www.elisa.com/investors , in the section: Financial info, Financial Statements & Interim Reports: Elisa Quarterly Data.

CEO Veli-Matti Mattila:

"The target of three million mobile subscriptions has been exceeded

Elisa has continued to strengthen its quality of service and competitiveness in a determined manner. Profitability and cash flow for the first quarter were strong. Revenue fell slightly from the previous year, mainly as a result of the lower equipment sales volume and decreased interconnection fees, and roaming revenue. Elisa’s financial position and liquidity are good.

The consumer business continued to enjoy excellent success in the mobile communication market. During the first quarter, our mobile subscription base increased by over 146,000 new subscriptions. At the same time, the rapid growth of the subscription base means that the target of three million subscriptions was exceeded sooner than expected. This has further established our position as the 3G market leader.

Our market position strengthened in the corporate customer business. Collaboration solutions provided by Elisa have proven to be successful in situations where an increasing number of customers are searching for alternatives to improve productivity of operations and work flexibility. Elisa continued to implement its strategy through new bolt-on acquisitions, strengthening its position as a provider of ICT services.

In the first quarter, we continued to invest in the construction of a 3G network enabling mobile broadband. According to the latest results, Elisa’s 3G network has the best coverage and voice quality. Elisa was the first company in Finland to utilize wind power as an electricity source for its network.

A clear improvement in competitiveness has been achieved through our determined operational enhancements and providing an appealing product and service range for new customer groups, now also in the field of mobile marketing.

We will determinedly continue to implement our strategy by developing ?one Elisa?, by improving our profitability and by providing new services. Our strategy execution has resulted in improved profitability and strengthened our market position. Our competitiveness in cost and investment efficiency, combined with good cash flow allows us to further implement this strategy. The prevailing general economic uncertainty makes for a less predictable business environment, and our industry is no exception. However, we are confident and believe that our business will continue to develop favourably in the years to come."

ELISA

Vesa Sahivirta
Director, IR and Financial Communications
tel. +358 50 520 5555

Additional information:

Mr Veli-Matti Mattila, CEO, tel. +358 10 262 2635
Mr Jari Kinnunen, CFO, tel. +358 10 262 9510
Mr Vesa Sahivirta, Director, IR and Financial Communications, tel. +358 50 520 5555

Distribution:

NASDAQ OMX Helsinki
Principal media
www.elisa.com

Elisa's Interim Report January-March 2009