Stock Options Exercised to Subcribe for Elcoteq Shares

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Helsinki, Finland — Options under Elcoteq Network Corp.'s stock option schemes have been exercised to subscribe for altogether 247,500 new Elcoteq Series A shares.

A/B/C warrants under the 1997 bond with warrants have been exercised to subscribe for 246,900 shares and A and B warrants under the 2001 stock option scheme for 600 shares. The share subscription price in the case of the 1997 bond with warrants was EUR 9.64 per share, as stipulated in the bond's conditions, and for the 2001 stock options EUR 8.74 per share. The subscription period for all the 1997 bond warrants ended on January 31, 2004. The subscription period for the A warrants under the 2001 stock option scheme began on April 1, 2002 and for the B warrants on April 1, 2003.

The new 247,500 shares will be recorded in the Trade Register on or about February 11, 2004. Elcoteq's share capital will increase by altogether EUR 99,000 as a result of the subscription, totaling EUR 12,175,210.80 from the date of registration. Following the increase the number of A shares will total 19,861,027.

The new shares will carry dividend rights from the date of registration and Elcoteq will apply for their listing on the Helsinki Exchanges with the company's existing shares. Trading in these shares will start on or about February 12, 2004.

Elcoteq Network Corp. is the leading electronics manufacturing services (EMS) company in the area of communications technology. For more information, visit



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