Corporate communications, /JJ CHOOSING THE EXCHANGE Sonera viewpoint Jari Jaakkola

Corporate communications, /JJ CHOOSING THE EXCHANGE Company track record Listed on 11/98 in Helsinki with a market capitalisation of 5.5 billion euros Free float 22.2%, Finnish Government largest shareholder Secondary offering on 10/99, free float to 42%, market cap 17.1 billion euros SEC registration, NASDAQ listing 10/99 Current free float 47%, market cap 32 billion euros

Corporate communications, /JJ CHOOSING THE EXCHANGE Key considerations Company strategy Processes Investor requirements Analysis: benefits vs. costs Market place developments

Corporate communications, /JJ CHOOSING THE EXCHANGE Sonera - aiming to be global Helsinki: natural first step Global service businesses launched in the autumn 1999 In fast moving IT- and telecommunications business - US a relevant market Profile raised - high visibility sought

Corporate communications, /JJ CHOOSING THE EXCHANGE NYSE Offers recognition, prestige Market specialist to execute trades Specialist may mitigate volatility in certain instances Reliance on one specialist can be problematic More stringent listing requirements More expensive to obtain and mainatin listing If desired by issues, more difficult to delist securities than on NASDAQ

Corporate communications, /JJ CHOOSING THE EXCHANGE NASDAQ Offers substantially the same liquidity as NYSE for comparable companies Offers substantial number of market makers enhancing effective execution Never halts for order imbalances Less restrictive requirements for listing Less expensive to obtain and maintain listing Potentially increased volatility

Corporate communications, /JJ Choosing the Exchange NYSE vs. NASDAQ Total Market Capitalisation (US$ bn) 1 Number of Listed Companies 1 Top 5 Market Capitalisations 1 Average Market Value per Company (US$ bn) 1 Average Daily Volume (Share) 2 Composite Index Performance YTD 3 10,900 3,114 General Electric($334 bn) Wal-Mart($181 bn) Exxon($178 bn) Merck($176 bn) Pfizer($162 bn) m 31.2% 16.4% 1.2% NYSE NASDAQ 2,600 5,068 Microsoft($346 bn) Intel($198 bn) Cisco Systems($147 bn) MCI Worldcom ($132 bn) Dell Computer ($93 bn) m 22.6% 39.6% 8.3% 1 As of 31 December January to December As of 8 th March

Corporate communications, /JJ CHOOSING THE EXCHANGE NYSE vs. NASDAQ Both could have done the job... Sonera profile suited well to NASDAQ First 200 days: Liquidity ok, US institutions still trade a lot in Helsinki retail investors

Corporate communications, /JJ 19% 13% In State ownership, Government is seeking authorization to sell Foreign investors In State ownership, authorization to sell Sonera´s Ownership Breakdown 34% Finnish State 53% Private Shareholders 47% 34% Domestic institutional and retail

Corporate communications, /JJ IPO April 1999 Global Shareholder Report Investment Orientation Comparison % of Shares Identified Value Growth Index GARP March % 19% 14% 40% 29% 41% 1% 11% 9% 35% 41% 36%

Corporate communications, /JJ Sonera Share Price in HEX

Corporate communications, /JJ CHOOSING THE EXCHANGE Future requirements and trends Liquidity, liquidity and liquidity Multiple listings in one time zone not likely A global company needs to consider 3 zones Will orders flow to the next zone?

Corporate communications, /JJ CHOOSING THE EXCHANGE Future wishes One set of requirements and reporting Global concept, local presence Different market places for different companies