FORTUM´S BOARD OF DIRECTORS ELECTED

Fortum Corporation STOCK EXCHANGE RELEASE
16 December 2003 1 (1)


FORTUM´S BOARD OF DIRECTORS ELECTED

Fortum´s Supervisory Board has today elected the members of the
company´s Board of Directors.

Mr Peter Fagernäs, Managing Director of Hermitage & Co. Oy, was
elected as a new member and Chairman of the Board. Mr Heikki
Pentti, Chairman of Lemminkäinen Corporation, will continue as
Deputy Chairman. The current Board members, Mrs Birgitta Kantola,
Master of Laws, Mr Erkki Virtanen, Permanent Secretary at the
Ministry of Trade and Industry, Mr Antti Lagerroos, CEO of
Finnlines Plc as well as Mr Lasse Kurkilahti, CEO of Elcoteq
Network Corporation will continue.

In case the extraordinary shareholder´s meeting on December 18th,
2003 approves the changes to the articles of association, a new
Board of Directors will be elected for one year at Fortum´s Annual
General Meeting on March 25th, 2004. On this occasion the
composition of the Board might be strengthened by an international
member.



Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications


Distribution:
Helsinki Exchanges
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