ELISA RESOLVED ON AN INCENTIVE PLAN FOR KEY PERSONNEL AND DISTRIBUTION OF SERIES 2007B STOCK OPTIONS

12/22/2008, 2:38 PM (Source: GlobeNewswire)

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The board of directors of Elisa has resolved on a new share-based
incentive plan for the Elisa group key personnel. The aim of the plan
is to combine the objectives of the shareholders and the key
personnel in order to increase the value of the company, to commit
the key personnel to the company, and to offer them a competitive
reward plan based on holding the Elisa shares.

The plan includes three earning periods which are calendar years
2009, 2010 and 2011. The potential reward from the earning period
2009 will be based on the Elisa group's earnings per share (EPS) and
revenue. The potential reward from the earning period 2009 will be
paid partly as the company's shares and partly in cash in 2010. The
proportion to be paid in cash will cover taxes and tax-related costs
arising from the reward. It is prohibited to transfer the shares
during a two year restriction period following the earning period. If
a key person's employment or service ends during the restriction
period, he/she must gratuitously return the shares paid as reward to
the company.

The Plan is directed to approximately 50 people. The rewards to be
paid on the basis of the plan will correspond to the value of a
maximum total of 2.2 million Elisa shares (including shares maximum
1,1 million and the proportion to be paid in cash).

The board of directors of Elisa decided year ago on a stock option
scheme the detailed terms and conditions of which can be found in
Elisa's Annual report 2007 and in the stock exchange bulletin
released on 18 December 2007. The Board of Directors of Elisa has now
decided to distribute 2007B stock options to Elisa's and its
subsidiaries' key personnel. The option program is for approximately
150 key employees who are not part of the above share-based incentive
plan.

600.000 series 2007B stock options were distributed to the key
personnel in Elisa group. The strike price for series 2007B stock
options is EUR 11.89 per share and the subscription period is 1
December 2010 - 31 May 2012. The key persons in Elisa own now
approximately 500.000 series 2007A stock options whose share
subscription time begins 1 December 2009. The strike price for series
2007A options is EUR 19.04.


ELISA

Vesa Sahivirta
Director, IR and Financial Communication
tel. +35850 520 5555

Distribution:

OMX Helsinki Stock Exchange
Major Media
www.elisa.com


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