Elcoteq seeks a listing for 1997- and 2001A-Warrants

The Board of Directors of Elcoteq Network Corporation has decided to apply for a listing on the Main List of Helsinki Exchanges for A-, B- and C-series of 1997 Warrants and series A of 2001-Warrants, so that the trading in options will commence approximately on December 16, 2002. In connection of the listing Warrant series A, B and C of 1997 option plan will be combined into a one warrant series 1997ABC. The change will take place on December 12, 2002. In connection with the listing of warrants Elcoteq Network Corporation has decided that the subscription place with 1997 and 2001A warrants is Evli Bank Plc. The number of outstanding 1997 Warrants is 978,300 and they entitle their holders to subscribe for 978,300 series A shares in Elcoteq Network Corporation. Each 1997 warrant entitles its holder to subscribe for one A share in Elcoteq Network Corporation at the subscription price which presently is EUR 10.04 per share. The amount of dividend distributed after the issue of the bonds with warrants has been and shall be deducted from the share subscription price. However, the share subscription price shall be no less than the nominal value of the share. The share subscription period has commenced on September 1, 2000 for warrant series A, September 1, 2001 for warrants series B, and September 1, 2002 for warrants series C. The subscription period for all 1997 warrants shall end on January 31, 2004. The number of 2001A Warrants is 537,000 and they entitle their holders to subscribe for 537,000 series A shares in Elcoteq Network Corporation. Each warrant entitles its holder to subscribe for one A share in Elcoteq Network Corporation at the subscription price which presently is EUR 9.14 per share. From the share subscription price shall as per the dividend record date be deducted the amount of the cash dividend distributed after the beginning of the period for determination of the subscription price but before the date of the share subscription. The share subscription price shall nevertheless always amount to at least the nominal value equivalent of the share. In total 2001 warrant plan consists of 2,685,000 warrants, divided into series A, B, C, D and E, of each representing 537,000 warrants. The subscription period for warrant 2001A began on April 1, 2002. Subscription period for warrant 2001B shall begin April 1, 2003, for warrant 2001C shall begin on April 1, 2004, for warrant 2001D shall begin on April 1, 2005 and for warrant 2001E shall begin on April 1, 2006. The share subscription period shall, for all warrants, end on April 30, 2007.