Elisa Consumer BusinessAsko Känsälä

Executive Vice President

Contents

1. Financial performance

2. Operational performance

3. Competitive market dynamics

4. On-line services opportunity

5. Strategic and operational priorities

2 15/02/2010

Financial performance

On the threshold of top-line growth…

-9%

-4%

-2%+0%

185

190

195

200

205

210

215

220

225

230

1Q 2Q 3Q 4Q

2008 2009

3

Revenue (EURm) and change yoy

15/02/2010

Financial performance

… with yoy improving margins and operative cash flow

4

EBITDA

EBITDA margin

CAPEX

CAPEX-to-sales

Operating Free Cash Flow

Operating Free Cash Flow margin 3.9%-units

15.9%

-0.7%-units

-9.6%

3.2%-units

6.2%

15/02/2010

Operational performance

Subscription volume growth outpacing ARPU decline…

Mobile subscriptions 2008 2009 Change Change %

Total number of subscriptions 2,257,500 2,601,600 344,100 15%

Subscriptions in Finland 1,979,500 2,308,800 329,300 17%

Subscriptions in Estonia 278,000 292,800 14,800 5%

Average revenue/sub., €/month (Finland) 21.8 20.0 -1.8 - 8%

Fixed subscriptions 2008 2009 Change

Number of subscriptions

Traditional 300,600 258,000 -42,600 - 14%

Broadband 384,100 359,100 -25,000 - 7%

Cable-TV 244,200 249,300 5,100 2%

5 15/02/2010

6

Change yoy FY09 vs FY08

Sales & marketing

Customer Service

Interconnection

Network & IT

Other

Total OPEX/sub ~ -15%

~ -15%

~ -15%

~ -15%

~ -35%

~ 0%

NOTE: OPEX for subscription business; excludes equipment purchases, which would further emphasize the performance

Operational performance

…with OPEX per subscription decreasing

15/02/2010

Operational performance

…and with significant potential for further improvement

15/02/20107

Impact onFocus area How to improve

Quality costs

Sales channel efficiency

Self-service andpaperless billing

CRM andbilling systems

Customer Service, IT, Sales & Marketing

Sales & Marketing

Customer Service, IT

Customer Service, IT

Develop internal processes and tools

Optimizechannel mix

Develop capabilities and enhance usage

Consolidate into fewer platforms

Competitive market dynamics

Performing at-par in the subscriptions market…

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09E

8

Elisa Consumer Business versus consumer marketannualized subscription change

ElisaMobile

MarketMobile

ElisaBroadband

MarketBroadband

Source: FICORA, company information, Elisa estimates

15/02/2010

Competitive market dynamics

…with an exciting opportunity in online services

9

SocialInteractions~€1bn

Learning and Understanding~€1bn

EverydayRoutines

~€2bn

Enjoyment~€2bn

15/02/2010

15/02/201010

Feel the experienceElisa Viihde IPTV service combines the best

qualities of digital TV and superfast broadband.

2007

Online services opportunity

… enriching the Elisa Viihde IPTV service

IPTV service betalaunch• Finnish free-to-airTV-channels• Recording

First ever HD broadcasts

Elisa brandedvideo-on-demand store

WarnerFilm first in Europe and

WarnerTV first in Finland

User groupdiscussion forum Regional

expansion in Finland

Pay-TV channels

Viihde Commercial

launch

2008 2009 2010

15/02/201011

Online services opportunity

Several services about to enter the market

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Strategic and operational priorities

Key management priorities going forward

13

• Keeping market share and stimulating demand

• Striving for world-class efficiency

• Leveraging market position

• Extending services offering

Subscriptions Online services

15/02/2010

Thank you and Q&A

Forward looking statements

Statements made in this document relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Elisa.

15/02/201015

Elisa Consumer Business��ContentsFinancial performance�On the threshold of top-line growth…Financial performance�… with yoy improving margins and operative cash flowOperational performance�Subscription volume growth outpacing ARPU decline…Operational performance�…with OPEX per subscription decreasingOperational performance�…and with significant potential for further improvementCompetitive market dynamics�Performing at-par in the subscriptions market…Competitive market dynamics�…with an exciting opportunity in online servicesSlide Number 10Online services opportunity �… enriching the Elisa Viihde IPTV service Online services opportunity�Several services about to enter the marketStrategic and operational priorities�Key management priorities going forwardSlide Number 14Forward looking statements