Elisa - Company Announcement

TRADING OF ELISA 2007A STOCK OPTIONS BEGINS

Trading of Elisa's 2007A - stock options begins on the NASDAQ OMX
Helsinki Ltd as 1 December 2009.

Each 2007A stock option entitles its holder to subscribe for one (1)
Elisa share. The present share subscription price with 2007A stock
option is EUR 18.04 per share. Future dividends and capital
repayments will be deducted from the subscription price upon the
ex-date.

The total number of 2007A stock options is 850,000 of which 372 150
pieces are held with Elisa's subsidiary Fonetic, which can't
subscribe for shares with the stock options. Number of Elisa's shares
can be increased by maximum 477.850 shares.

The terms of the 2007A option rights are enclosed.

Basic information for 2007A Stock options:

Trading code: ELI1VEW107
ISIN-code:    FI4000007208

The share subscription period for 2007A stock options will begin on 1
December 2009 and end on 31 May 2011. The offices of Nordea Bank in
Finland act as subscription places. Subscriptions made prior to the
following dates are registered without delay: 16 April 2010, 27
August 2010 and 15 October 2010.

The shares subscribed with the options entitle holders to dividends
and capital repayments after the shares have been registered.

ELISA OYJ

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

Additional information:

Jyrki Arjanne
Senior Corporate Counsel
tel. +358 102 624 627
Distribution:

NASDAQ OMX Helsinki
Keskeiset tiedotusvälineet
www.elisa.com

Appendix       Elisa Corporation Stock Option Terms and Conditions
2007
ELISA CORPORATION STOCK OPTIONS 2007

The Board of Directors of Elisa Corporation (Board of Directors)  has
on 18 December 2007 resolved, by authorization of the Annual  General
Meeting of  Shareholders on  19  March 2007,  that stock  options  be
issued to the key  personnel of Elisa  Corporation (Company) and  its
subsidiaries (jointly Group) and to a wholly owned subsidiary of  the
Company, on the following terms and conditions:

I STOCK OPTION TERMS AND CONDITIONS

1. Number of Stock Options

The maximum total number of stock options issued shall be  2,550,000,
and they entitle  their owners to  subscribe for a  maximum total  of
2,550,000 new shares in  the Company or existing  shares held by  the
Company.

2. Stock Options

Of the stock options, 850,000 shall be marked with the symbol  2007A,
850,000 shall be marked  with the symbol 2007B  and 850,000 shall  be
marked with the symbol 2007C.

The people, to whom  stock options are issued,  shall be notified  in
writing by the Board of Directors  about the offer of stock  options.
The stock options shall be delivered to the recipient when he/she has
accepted the offer of the Board of Directors.

3. Right to Stock Options

The stock  options shall  be  issued gratuitously  to the  Group  key
personnel  and  to   a  wholly  owned   subsidiary  of  the   Company
(Subsidiary). The  Company has  a weighty  financial reason  for  the
issue of stock options, since the stock options are intended to  form
part of the Group's  incentive and commitment  program for the  Group
key personnel. The stock  options shall be  issued to the  Subsidiary
for reserve and for further distribution to the Group key personnel.

4. Distribution of Stock Options

The Board  of Directors  shall decide  upon the  distribution of  the
stock options to the key personnel employed by or to be recruited  by
the Group.  The Subsidiary  shall be  granted stock  options to  such
extent that the stock  options are not distributed  to the Group  key
personnel.

The Board of Directors shall decide upon the further distribution  of
the stock options granted to the Subsidiary or returned later to  the
Subsidiary.

Upon issue, all stock options 2007B and 2007C and those stock options
2007A that are not distributed to the key personnel, shall be granted
to the Subsidiary. The Subsidiary  can distribute stock options  2007
to the key personnel employed by or to be recruited by the Group,  by
the resolution of the Board of Directors.

The stock  options  shall not  constitute  a part  of  employment  or
service contract of a stock option  recipient, and they shall not  be
regarded as salary or fringe  benefit. Stock option recipients  shall
have no right to receive compensation on any grounds, on the basis of
stock options,  during employment  or  service or  thereafter.  Stock
option recipients  shall  be liable  for  all taxes  and  tax-related
consequences arising from receiving or exercising stock options.

5. Transfer and Forfeiture of Stock Options

The Company  shall hold  the stock  options on  behalf of  the  stock
option owner until  the beginning of  the share subscription  period.
The stock options  can freely  be transferred and  pledged, when  the
relevant share subscription period has begun. The Board of  Directors
may, however, permit the transfer  of stock options also before  such
date. Should the stock option  owner transfer his/her stock  options,
such person shall be obliged to inform the Company about the transfer
in writing, without delay.

Should a stock option owner cease to be employed by or in the service
of the Group, for  any reason other than  the death or the  statutory
retirement of a stock option owner, such person shall, without delay,
forfeit to  the Company  or its  order, free  of charge,  such  stock
options for which the share subscription period specified in  Section
II.2 has not begun,  on the last day  of such person's employment  or
service.  The  proceedings  shall  be  similar  if  the  rights   and
obligations arising  from  the  stock option  owner's  employment  or
service are transferred to a new owner or holder upon the  employer's
transfer of business.  The Board  of Directors can,  however, in  the
above-mentioned cases, decide that the stock option owner is entitled
to keep such stock options, or a part of them.

Should the stock options be transferred to the book-entry  securities
system,  the  Company  shall  have  the  right  to  request  and  get
transferred all forfeited stock options from the stock option owner's
book-entry  account  to  the  book-entry  account  appointed  by  the
Company, without the consent of the stock option owner. In  addition,
the Company shall be entitled  to register transfer restrictions  and
other respective  restrictions concerning  the stock  options to  the
stock option owner's book-entry account,  without the consent of  the
stock option owner.

II SHARE SUBSCRIPTION TERMS AND CONDITIONS

1. Right to subscribe for Shares

Each stock option  entitles its owner  to subscribe for  one (1)  new
share in the Company  or an existing share  held by the Company.  The
share  subscription  price   shall  be  recorded   in  the   invested
non-restricted equity fund.
The Subsidiary shall not be entitled  to subscribe for shares in  the
Company on the basis of the stock options.

2. Share Subscription and Payment

The share subscription period shall be

- for stock option 2007A     1 December 2009 - 31 May 2011
- for stock option 2007B     1 December 2010 - 31 May 2012
- for stock option 2007C     1 December 2011 - 31 May 2013.

Share subscriptions  shall  take place  at  the head  office  of  the
Company or possibly at another location and in the manner  determined
later. Upon  subscription, payment  for  the shares  subscribed  for,
shall be made to the bank account appointed by the Company. The Board
of Directors  shall  decide  on all  measures  concerning  the  share
subscription.

3. Share Subscription Price

The share subscription price shall be:

- for stock option 2007A, the trade volume weighted average quotation
of the share on the OMX Nordic Exchange Helsinki during 1 November -
30 November 2007, i.e. EUR 20.84/share

- for stock option 2007B, the trade volume weighted average quotation
of the share on the OMX Nordic Exchange Helsinki during 1 November -
30 November 2008

- for stock option 2007C, the trade volume weighted average quotation
of the share on the OMX Nordic Exchange Helsinki during 1 November -
30 November 2009.
If the dividend ex date falls on the period for determination of  the
share subscription price, such dividend shall be added to the trading
prices of the share trading made  as from the dividend ex date,  when
calculating the trade volume weighted average quotation of the share.
The proceedings shall  be similar, if  the Company distributes  funds
from the non-restricted equity fund  or distributes share capital  to
the shareholders.

The share subscription price of the stock options may be decreased in
certain cases mentioned  in Section 7  below. The share  subscription
price shall, nevertheless, always amount to at least EUR 0.01.

4. Registration of Shares

Shares subscribed  for and  fully  paid shall  be registered  in  the
book-entry account of the subscriber.

5. Shareholder Rights

The dividend rights of  the new shares  and other shareholder  rights
shall commence  when  the  shares  have been  entered  in  the  Trade
Register.

If existing  shares,  held  by  the  Company,  are  conveyed  to  the
subscriber of  shares, the  subscriber shall  be given  the right  to
dividend and  other  shareholder rights  when  the shares  have  been
subscribed and paid and the Board of Directors has recorded the share
subscription made by virtue of a stock option.

6. Share Issues, Stock Options and other special Rights entitling  to
Shares before Share Subscription

If the Company, before the share subscription, decides on an issue of
shares or  an issue  of new  stock options  or other  special  rights
entitling to shares, a stock option  owner shall have the same  right
as, or an equal right to, that of a shareholder. Equality is  reached
in the manner determined by the  Board of Directors by adjusting  the
number of shares available  for subscription, the share  subscription
prices or both of these.

7. Rights in Certain Cases

If the Company distributes dividends or funds from the non-restricted
equity fund, from the share subscription price of the stock  options,
shall be deducted  the amount of  the dividend or  the amount of  the
distributable non-restricted equity  decided after  the beginning  of
the period  for determination  of the  share subscription  price  but
before share subscription,  as per  the dividend record  date or  the
record date of the repayment of equity.

If the  Company  reduces  its share  capital  by  distributing  share
capital to the shareholders, from the share subscription price of the
stock options,  shall be  deducted the  amount of  the  distributable
share  capital  decided  after  the  beginning  of  the  period   for
determination of  the  share  subscription  price  but  before  share
subscription, as  per  the record  date  of the  repayment  of  share
capital.

If  the  Company   is  placed   in  liquidation   before  the   share
subscription, the stock option owner shall be given an opportunity to
exercise his/her share  subscription right, within  a period of  time
determined by the Board of Directors. If the Company is deleted  from
the register, before the share  subscription, the stock option  owner
shall have  the same  right  as, or  an equal  right  to, that  of  a
shareholder.

If the Company resolves  to merge with another  company as a  merging
company or merge with a company to be formed in a combination merger,
or if the Company resolves to be demerged entirely, the stock  option
owners shall, prior to the merger or demerger, be given the right  to
subscribe for shares  with their  stock options, within  a period  of
time determined by the Board  of Directors. Alternatively, the  Board
of Directors can give a stock  option owner the right to convert  the
stock options into stock options issued by the other company, in  the
manner determined in the draft terms of merger or demerger, or in the
manner otherwise determined by the  Board of Directors, or the  right
to sell stock  options prior to  the merger or  demerger. After  such
period, no share subscription right shall exist. The same  proceeding
applies to  cross-border mergers  or demergers,  or if  the  Company,
after having registered itself as  an European Company, or  otherwise
registers a transfer of its domicile from Finland into another member
state. The Board of Directors shall decide on the impact of potential
partial demerger on the stock  options. In the above situations,  the
stock option owners shall have no  right to require that the  Company
redeem the stock options from them at their market value.

Repurchase or redemption of the  Company's own shares or  acquisition
of stock options or  other special rights  entitling to shares  shall
have no  impact on  the status  of  the stock  option owner.  If  the
Company, however, resolves  to repurchase  or redeem  its own  shares
from all  shareholders, the  stock  option owners  shall be  made  an
equivalent offer, or the stock option  owners shall be given a  right
to subscribe for  shares during a  period of time  determined by  the
Board of Directors, prior to the merger or demerger.

If a redemption right and obligation to all of the Company's  shares,
as referred to in Chapter 18 Section 1 of the Finnish Companies  Act,
arises to  any of  the  shareholders, before  the  end of  the  share
subscription period, on the basis  that a shareholder possesses  over
90% of the shares  and the votes  of the shares  of the Company,  the
Company or the Subsidiary shall have the right to redeem from a stock
option owner  such stock  options for  which the  share  subscription
period specified in Section II.2 has not begun. The price to be  paid
for stock  options  shall  be  the  difference  between  the  offered
redemption price and  the share  subscription price and  it shall  be
paid to  a stock  option  owner when  the share  subscription  period
specified in  Section  II.2  begins, provided  that  a  stock  option
owner's employment or service in a corporation belonging to the Group
has not ended. If the Company or the Subsidiary does not exercise its
redemption right mentioned  above in this  paragraph, a stock  option
owner shall be  given a  possibility to  use his/her  right of  share
subscription by virtue of the stock options, within a period of  time
determined by the  Board of  Directors, after which  period no  share
subscription right shall exist, or a stock option owner shall have an
equal obligation to that of  a shareholder to transfer his/her  stock
options to  the redeemer  irrespective  of the  transfer  restriction
defined in Section I.5 above. This also applies to such stock options
of a  stock option  owner  for which  the share  subscription  period
specified in Section II.2 has begun.

If a purchase offer, as referred to in the Securities Market Act,  is
made for the Company's  shares, the Board of  Directors can give  the
stock option owners a right to  subscribe for shares within a  period
of time determined by the Board of Directors.

III OTHER MATTERS

These terms and conditions shall be governed by the laws of  Finland.
Disputes arising in relation to the stock options shall be settled by
arbitration in accordance with the  Arbitration Rules of the  Central
Chamber of Commerce by one single arbitrator.

The Board  of Directors  may  decide on  the  transfer of  the  stock
options to the book-entry  securities system at a  later date and  on
the resulting technical amendments to these terms and conditions,  as
well as on  other amendments  and specifications to  these terms  and
conditions which are not considered essential. Other matters  related
to the stock options shall be decided on by the Board of Directors.

The Company shall  be entitled  to withdraw the  stock options  which
have not  been  transferred,  or  with which  shares  have  not  been
subscribed for,  free  of charge,  if  the stock  option  owner  acts
against these terms and conditions, or against the instructions given
by the Company on the basis of these terms and conditions, or against
applicable law, or against the regulations of the authorities.

The Company can keep stock option owners on register including  stock
option owners' personal data. The Company can send information on the
stock options to the stock option owners by e-mail.

These terms and conditions have been made in Finnish and in  English.
In the case of any discrepancy between the Finnish and English  terms
and conditions, the Finnish terms and conditions shall decide.