Mandatory redemption offer to holders of shares and warrants in Sonera

Mandatory redemption offer to holders of shares and warrants in Sonera

Telia AB (SSE:TLSN, formerly TLIA) has today announced the completion of
the exchange offer for shares and warrants in Sonera Corporation
(HEX:SRA, NASDAQ:SNRA). Following the completion of the exchange offer,
Telia changes name to TeliaSonera and TeliaSonera's holding of shares in
Sonera corresponds to approx. 95% of the share capital and votes in
Sonera (fully diluted). Consequently, TeliaSonera is under the statutory
obligation to offer to purchase all outstanding shares, including shares
represented by American Depository Shares ("ADSs"), and warrants in
Sonera pursuant to Chapter 6, Section 6 of the Finnish Securities
Markets Act in a so called mandatory redemption offer.

Mandatory redemption offer
In the mandatory redemption offer, TeliaSonera will offer to purchase
all outstanding shares, including ADSs, and warrants in Sonera for
consideration in the form of TeliaSonera securities, in accordance with
the same exchange ratios as applied in the exchange offer, or
alternatively, for consideration in cash.

Securities offer alternative
TeliaSonera will offer:
· For each Sonera share 1.51440 TeliaSonera shares
· For each Sonera ADS 0.30288 TeliaSonera ADSs. Each Sonera ADS
represents one Sonera share and each TeliaSonera ADS represents five
TeliaSonera shares
· For each Sonera warrant of a certain series issued pursuant to
Sonera's 1999 and 2000 stock option programs one TeliaSonera warrant of
a corresponding series. Each TeliaSonera warrant entitles the holder to
subscribe for 1.5 TeliaSonera shares.

Cash offer alternative
Holders of Sonera shares and warrants participating in the mandatory
redemption offer may choose to receive as payment for Sonera securities
tendered, consideration in cash according to the prices set forth below,
instead of securities under the above mentioned terms.


For each Sonera share/ADS tendered 5.00 euro per share/ADS
For each Sonera warrant 1999A tendered 0.96 euro per warrant
For each Sonera warrant 1999B tendered 0.23 euro per warrant
For each Sonera warrant 2000A1 tendered 0.02 euro per warrant
For each Sonera warrant 2000B1 tendered 0.02 euro per warrant
For each Sonera warrant 2000C1 tendered 0.02 euro per warrant
For each Sonera warrant 2000A2 tendered 0.34 euro per warrant
For each Sonera warrant 2000B2 tendered 0.34 euro per warrant
For each Sonera warrant 2000C2 tendered 0.34 euro per warrant
For each Sonera warrant 2000A3 tendered 1.11 euro per warrant
For each Sonera warrant 2000B3 tendered 1.11 euro per warrant
For each Sonera warrant 2000C3 tendered 1.11 euro per warrant
For each Sonera warrant 2000A4 tendered 1.66 euro per warrant
For each Sonera warrant 2000B4 tendered 1.66 euro per warrant
For each Sonera warrant 2000C4 tendered 1.66 euro per warrant

Acceptance period and delivery of consideration
The mandatory redemption offer will commence as soon as possible after
receipt of relevant regulatory approvals of the mandatory redemption
offer document and be open for at least one month. TeliaSonera expects
the mandatory redemption offer to commence before year-end 2002.

TeliaSonera securities issued as consideration for Sonera securities
tendered in the mandatory redemption offer will be delivered to book-
entry accounts on or about 11 business days following the expiration
date of the mandatory redemption offer. Cash payment for Sonera
securities tendered in the mandatory redemption offer will be made on or
about five business days following TeliaSonera's receipt of acceptance
of the offer.

Compulsory acquisition
Under the Finnish Companies Act, as a result of its acquisition of more
than 90% of all Sonera shares, TeliaSonera has the right to require the
Sonera shareholders to sell their remaining Sonera shares, including
shares in the form of ADSs, to TeliaSonera in a compulsory acquisition
proceeding. TeliaSonera has today initiated such compulsory acquisition
proceeding by notifying Sonera of its redemption claim. TeliaSonera
intends to proceed with the compulsory acquisition as fast as
practically possible and expects to receive title to all remaining
Sonera shares during the second quarter of 2003. TeliaSonera expects
that the shareholders of Sonera, whose shares are acquired in this
proceeding, will receive payment during the third quarter of 2003.
Following completion of the exchange offer, Sonera has become a
subsidiary of TeliaSonera and part of the TeliaSonera group.
The intention is to end the public trading of the Sonera shares and
warrants 1999A and de-list the shares and said warrants from the
Helsinki Exchanges as soon as permitted and practicably possible under
applicable laws and regulations. Quotation of Sonera ADSs on NASDAQ has
ended on December 6, 2002.

For further information journalists can contact:
TeliaSonera's Press Office +46 8 713 58 30

Forward-Looking Statements
This press release may contain forward-looking statements regarding
Telia's exchange offer to Sonera's shareholders and warrantholders.
Statements that are not strictly historical statements, including
statements about Telia's and Sonera's beliefs and expectations,
constitute forward-looking statements. By their nature, forward-looking
statements are subject to risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. Telia
and Sonera are under no obligation to, and expressly disclaim such
obligation to, update or alter their forward-looking statements, whether
as a result of new information, future events or otherwise.
Restrictions on Ability of Certain Persons to Participate in the
Exchange Offer

Due to restrictions under the securities laws of Australia, the Hong
Kong Special Administrative Region of the People's Republic of China,
Italy, Japan, New Zealand and South Africa, the exchange offer will not
be extended to persons with registered addresses in, and who are
residents of, any of Australia, the Hong Kong Special Administrative
Region of the People's Republic of China, Italy, Japan, New Zealand or
South Africa.

Cautionary Disclaimer/Legend
The combination of Sonera and Telia is being implemented through an
exchange offer being made by Telia to all shareholders of Sonera. The
contents of this document are neither an offer to purchase nor a
solicitation of an offer to sell shares of Telia. Any offer in the
United States will only be made through a prospectus, which is part of a
registration statement on Form F-4, which Telia filed with the U.S.
Securities and Exchange Commission (the "SEC") on October 1, 2002.
Sonera shareholders who are U.S. persons or are located in the United
States are urged to carefully review the registration statement on Form
F-4, the prospectus included therein and other documents relating to the
offer that Telia has filed or will file with the SEC because these
documents contain important information relating to the offer. You are
also urged to read the related solicitation/recommendation statement on
Schedule 14D-9 that was filed by Sonera with the SEC on October 1, 2002
regarding the offer. You may obtain a free copy of these documents at
the SEC's web site at www.sec.gov. You may also inspect and copy the
registration statement on Form F-4, as well as any documents
incorporated by reference therein, and the Schedule 14D-9 at the public
reference room maintained by the SEC at 450 Fifth Street, NW,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
further information about the public reference room. These documents may
also be obtained free of charge by contacting Telia AB, Investor
Relations, SE-12386 Farsta, Sweden. Attention: External Communications
or Investor Relations (phone: +46 8 7137143, or Sonora, Teollisuuskatu
15, P.O. Box 106, FIN-00051 SONERA, Finland. Attention: Investor
Relations (phone: +358 20401). YOU SHOULD READ THE PROSPECTUS AND THE
SCHEDULE 14D-9 CAREFULLY BEFORE MAKING A DECISION CONCERNING THE OFFER.

TeliaSonera is the telecommunications leader in the Nordic region. The
Group's home market is the Nordic and Baltic regions. TeliaSonera´s
overall focus is on best serving its customers in its core business and
creating value for its shareholders through stronger profits and cash
flows. TeliaSonera is listed on Stockholmsbörsen, Helsinki Exchanges and
NASDAQ. Pro forma net sales in 2001 amounted to SEK 80.9 billion and the
number of employees as per June 30, 2002 was 34,045.



------------------------------------------------------------
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/12/09/20021206BIT00840/wkr0001.doc
http://www.waymaker.net/bitonline/2002/12/09/20021206BIT00840/wkr0002.pdf