Elcoteq - Company Announcement

DECISIONS OF ELCOTEQ SE'S ANNUAL GENERAL MEETING AND THE CONSTITUTIVE BOARD MEETING

Elcoteq SE Stock Exchange Release March 23, 2009 at 3.45 pm (EET)             


DECISIONS OF ELCOTEQ SE'S ANNUAL GENERAL MEETING AND THE CONSTITUTIVE BOARD     
MEETING                                                                         

Elcoteq SE's Annual General Meeting took place today, on March 23, 2009, in     
Luxemburg. The Meeting confirmed the consolidated and parent company's income   
statements and balance sheets for the financial year 2008 and discharged the    
members of the Board of Directors and of the statutory auditor from liability   
for the financial year.                                                         

Composition of the Board of Directors and Fees                                  

The Meeting re-elected the following persons to the Board of Directors:         
President Martti Ahtisaari; Mr. Eero Kasanen, Rector of the Helsinki School of  
Economics; Mr. Heikki Horstia, Vice President, Treasurer, Wärtsilä Corporation; 
Mr. François Pauly, General Manager of Sal. Oppenheim jr. & Cie S.C.A; Mr. Antti
Piippo, principal shareholder of Elcoteq SE; Mr. Henry Sjöman,                  
founder-shareholder of Elcoteq SE; Mr. Juha Toivola, MSc; and Mr. Jorma         
Vanhanen, founder-shareholder of Elcoteq SE. President Ahtisaari, Mr. Horstia,  
Mr. Kasanen, Mr. Pauly and Mr. Toivola are independent Board members, and they  
represent more than half of the Board's members.                                

The Meeting approved the Nomination Committee´s proposal to pay to each member  
of the Board of Directors an annual fee of 60,000 euros, of which 60% will be   
paid in money and 40% in Elcoteq shares that have to be acquired April 30 - May 
15, 2009. The shares are not allowed to be transfered before the next Annual    
General Meeting, unless the person's membership in the Board of Directors ends  prior to that.                                                                  

The Meeting also decided that the Chairman of the Board of Directors will be    
paid a fee of 45,000 euros per month and the Deputy Chairman of the Board of    
Directors will be paid a fee of 10,000 euros per month.                         

Auditor                                                                         

The Meeting approved the proposal of the Audit Committee of the Board of        
Directors to appoint the firm of authorized public accountants KPMG Audit       
S.à.r.l under the supervision of Mr. Philippe Meyer as the Company's auditors   
for the financial year ending on December 31, 2009. The fee of auditors will be 
paid as per the appropriate invoice.                                            

Dividend                                                                        

The Meeting approved the Board's proposal that no dividend will be distributed  
for the financial year January 1 - December 31, 2008.                           

The minutes of the Annual General Meeting will be on display for inspection by  
shareholders at Elcoteq SE's offices in Luxembourg and in Espoo, Finland and on 
company's website latest on Monday, April 6, 2009.                              

The Decisions of the Constitutive Board Meeting                                 

Convening after the Annual General Meeting in Luxembourg, the Board of Directors
elected Mr. Antti Piippo as its Chairman and Mr. Juha Toivola as the Deputy     
Chairman.                                                                       
Mr. Piippo was elected Chairman of the Nomination Committee and the Working     
Committee and Mr. Henry Sjöman, Mr. Juha Toivola and Mr. Jorma Vanhanen as      
members of these committees.                                                    
Mr. Toivola was elected Chairman of the Compensation Committee and the Audit    
Committee and President Martti Ahtisaari, Mr. Heikki Horstia, Mr. Eero Kasanen  
and Mr. Pauly as members of these committees.                                   


ELCOTEQ SE                                                                      

Minna Aila                                                                      
Director, Investor Relations and Corporate Responsibility                       

Further information:                                                            
Markus Kivimäki, SVP, Legal Affairs, tel. +358 10 413 1248                      

About Elcoteq                                                                   
Elcoteq SE is a leading electronics manufacturing services (EMS) company in the 
communications technology field. Elcoteq's global service offering covers the   
entire lifecycle of products, from product development to after market services.
By further combining mechanics expertise into its service offering, Elcoteq's   
vision is to be a leading integrated electronics manufacturing services (IEMS)  
company.                                                                        
Elcoteq provides global end-to-end solutions consisting of product development  
services, supply chain management, NPI, manufacturing, and after market services
for the whole lifecycle of its customers' products. These products include      
Personal Communications products such as mobile phones and their parts, Home    
Communications products such as set-top boxes and flat panel TVs as well as     
Communications Networks products such as base-stations, tower-top amplifiers,   
and microwave systems.                                                          

Elcoteq operates in 15 countries on four continents and employs some 19,000     
people. The Group's consolidated net sales for 2008 totaled 3.4 billion euros.  
Elcoteq SE is listed on the Nasdaq OMX Helsinki Ltd.  For more information visit
the Elcoteq website at www.elcoteq.com.