Sunnyvale, CA, London, UK & Helsinki, Finland - August 6th, 2002 - Yahoo! Inc, (Nasdaq: YHOO) a leading global Internet company, and Sonera zed™ Ltd., a wholly owned subsidiary of Sonera Corporation (HEX: SRA, NASDAQ: SNRA) and a leading provider of entertainment, communications and information services for mobile devices, today announced that Yahoo! has acquired a 15 percent share of zed, and the two companies have entered into a commercial agreement to deliver co-branded mobile services across Europe.

Under the terms of the investment agreement, Yahoo! has made a strategic investment in zed, by acquiring a 15 percent equity interest. Yahoo! has the right to increase its shareholding over the next two years for up to 100 percent ownership, or withdraw from the transaction. In addition, Yahoo! will be entitled to representation on zed's Board of Directors, effective immediately. The financial details of the transaction are not being disclosed.

Under the terms of the commercial agreement, zed and Yahoo! will provide a wide range of co-branded mobile services which will be promoted across Yahoo! Europe, beginning in the UK, Germany, and Italy. The companies also hope to expand their services to additional Yahoo! properties in the future. Initially, Yahoo! and zed will introduce logos, ringtones, picture messages, chat and news. In addition, the commercial partnership will also enable Yahoo! to leverage zed's technological platform to deploy Yahoo! Messenger and Yahoo! Mail to mobile consumers in Europe.

"We see this partnership with Yahoo! as a major endorsement of zed's strategy, business model, and recent performance. We welcome the investment that Yahoo! is committing to", said Juha Varelius, chief executive officer of Sonera zed Ltd. and executive vice president of Sonera Corporation. "zed's customers will be able to experience new and interesting services from zed and Yahoo. In addition, we anticipate that our partnership will enable us to further grow our revenues from our mobile services, which our partner operators would also benefit from."

Zed provides entertainment, communication and information services for mobile devices, mainly by text messaging (SMS) and in some markets by Wireless Application Protocol (WAP), via direct relationships with 17 operators in six countries. As of June 2002, zed had an average of 3 million customers per month, who execute approximately 30 million commercial transactions per month. Zed's suite of products includes ring tones, logos, picture messages, games, chat, sports, directory, stock quotes, traffic reports, pranks, horoscopes, news, finance, movie guides, currency converters, and restaurant guides.

Yahoo!'s investment and commercial agreement with zed reflects its commitment to build deeper consumer relationships and to invest in opportunities that it believes can drive long-term profitable growth. Consumer projected spending for mobile content in Europe is predicted to more than quadruple in revenues in the next four years to more than a 2.9 billion dollar business by 2005 , and is a potentially significant source of consumer pay revenues.


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Yahoo! And Sonera zed™announce strategic and commercial partnership /page 2 of 2

"We have identified the mobile space as a potential key driver of growth for our international operations," said Terry Semel, chairman and chief executive officer, Yahoo! Inc. "By building a relationship with an established Mobile Value Added Service provider, with a top-quality infrastructure, we believe that we will be well positioned to provide services to consumers that they desire, while also creating a consumer pay platform in Europe."

Mark Opzoomer, managing director of Yahoo! Europe, added, "We look forward to working with zed and introducing our loyal and large consumer base to a range of mobile services across our European network. We believe that there are tremendous growth opportunities in consumer pay mobile value added services in Europe and our objective, working co-operatively with key mobile operators, is to become a significant player in this area."

About Yahoo!
Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!'s global network includes 25 World properties and is available in 13 languages.

About Yahoo! Europe
Yahoo! Europe provides communications, commerce and media services across its eight sites in Europe to meet the needs of local consumers. Yahoo! Europe is comprised of the Yahoo! sites for the UK & Ireland (www.yahoo.co.uk), France (www.yahoo.fr), Germany (www.yahoo.de), Italy (www.yahoo.it), Spain (www.yahoo.es), Catalán (www.ct.yahoo.com) and the Nordic region, including Denmark (www.yahoo.dk), Sweden (www.yahoo.se) and Norway (www.yahoo.no). The Yahoo! offices in London, Paris, Munich, Milan, Madrid and Copenhagen are staffed by local nationals and Yahoo! Europe is headquartered in central London.

About Sonera zed Ltd
Sonera zed Ltd is a wholly-owned subsidiary of the Finnish telecommunications group Sonera Corporation (HEX: SRA, NASDAQ: SNRA, http://www.sonera.com). Established in 1999, zed™ is a world leader in mobile phone services providing entertainment, communication and information services via text messaging.
zed is delivered mainly by text messaging (SMS) and, in some markets, by Wireless Application Protocol (WAP). Through existing partnerships with 17 operators in six countries, zed is available to a potential customer base in excess of 150 million mobile phone users.
Further information on zed may be found at www.zed.com
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Yahoo! and the Yahoo! logo are trademarks and/or registered trademarks of Yahoo! Inc.
All other names are trademarks and/or registered trademarks of their respective owners

zed is a trademark and/or registered trademark of Sonera zed Ltd

Media Contacts, for more information, please contact:

Yahoo! Inc. (Sunnyvale, CA)
Joanna Stevens, Tel: (408) 349-7855, joanna@yahoo-inc.com

Yahoo! Europe (London)
Sue Jackson, Tel: (44) 020 7808 4526 suej@uk.yahoo-inc.com

zed™ (Helsinki, Finland)
Pekka Somerto, (358) 40 829 6343 pekka.somerto@sonera.com

Sonera Corporation (Helsinki, Finland)
Jyrki Karasvirta, (358) 40 737 2145 jyrki.karasvirta@sonera.com

Sonera Corporation (New Jersey, USA)
Steve Fleischer, (973) 448 4616 steve.fleischer@sonera.com