Sonera Retail Offering Over-Subscribed - Principles of Acceptance Decided

More than 80,000 investors participated in retail offering and they gave purchase commitments for more than 68 million shares, whereas bonus offering was participated by approximately 68,500 investors, who gave purchase commitments for more than 43 million shares. After the Global Offering and Finnish Retail Offering, Sonera is estimated to have approximately 82,000 share holders. The board of directors of Sonera will decide on the Employee Offering and acceptance of the subscriptions.

On the basis of the preliminary information on demand in the retail offering, the Ministry of Transport and Communications has decided to accept the purchase commitments of the retail offering as follows:

- Purchase commitments of those who have bought shares entitling for bonus shares will be accepted up to 800 shares in full. According to a preliminary demand estimate, purchase commitments exceeding 800 shares cannot be accepted. Thus, approximately 74 per cent of those investing in shares that entitle for bonus shares will receive the number of shares they had subscribed.

- Purchase commitments in other retail offering will be accepted up to 800 shares in full. According to a preliminary demand estimate, purchase commitments exceeding 800 shares cannot be accepted. Thus, approximately 55 per cent of those participating in other retail offering will receive the number of shares they had subscribed.

After the final division of subscriptions by size in retail offering has been confirmed, the principles of acceptance will be specified for the part of purchase commitments exceeding 800 shares, if needed.

Altogether 70 per cent of purchase commitments were accepted in full in retail offering.

The shares will be transferred to the investors’ book-entry accounts on Tuesday, 17 November 1998, on which date the trading on the HEX Helsinki Exchanges main list will begin. Prior to this, Sonera shares will be quoted on the pre-list of HEX Helsinki Exchanges.

After the publication of these principles of acceptance, the retail investors have the opportunity to sell the shares, other than those entitling to bonus shares, they have bought in retail offering also on the pre-list. An investor may give a sales commission in the amount of the purchase commitment accepted in retail offering, maximum 800 shares. The number of accepted purchase commitments has to be confirmed from the place of sale. The purchase price of the purchase commitments exceeding the accepted number will be returned to the investors so that they are able to buy shares on the pre-list from 12 November 1998 onwards. Shares subscribed in employee offering cannot be traded on the pre-list.

In retail offering, shares were sold in the bank branches and telephone banks of Merita Bank and OKOBANK Group member banks as well as on the Internet. Purchase commitments could be made on the Internet sites of Merita, OKOBANK Group member banks and EQ Pankkiiriliike Oy. Approximately 10 per cent of retail investors made their purchase commitments through the Internet.

Further Information:
Ministerial Councellor Samuli Haapasalo, +358 9 160 2472
Consultant Councellor Kalevi Alestalo, +358 9 160 2467

This information contained herein is not for publication or distribution in or into the United States of America. This press release does not constitute an offer of securities for sale in the United States; the securities may not be offered or sold in the United States absent registration or an exemption from registration; and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.