NESTE OIL CORPORATION FINANCIAL PERFORMANCE TARGETS, CAPITAL STRUCTURE TARGETS AND DIVIDEND POLICY

Fortum Corporation STOCK EXCHANGE RELEASE
14 March 2005 1 (2)


NESTE OIL CORPORATION FINANCIAL PERFORMANCE TARGETS, CAPITAL STRUCTURE TARGETS
AND DIVIDEND POLICY

Not for release, publication or distribution in the United States of America.

In connection with the proposed separation of Neste Oil Corporation from Fortum
Corporation and the planned listing of Neste Oil Corporation on the Helsinki
Stock Exchange in April, Fortum Corporation and Neste Oil Corporation announce
the financial performance targets, capital structure targets and dividend policy
that Neste Oil Corporation intends to use going forward as a separately listed
company.

Financial performance targets

Over the longer term, Neste Oil Corporation will measure its performance using a
number of operational and financial metrics. In particular, given the capital
intensive and cyclical nature of its business, Neste Oil Corporation will focus
on its return on average capital employed after tax(ROACE*) under reference
market and operating conditions. Before the completion of the upgrade at the
Porvoo refinery (the Diesel Project), the target is:

- ROACE of at least 13 percent

For the purposes of this financial performance objective, reference market and
operating conditions comprise primarily of:

- Neste Oil Corporation's total refining margin of USD 6.0 to 6.5 per barrel
-Average annual production volumes of approximately 100 million barrels (for
both
the Porvoo and Naantali refineries and excluding the impact of a five and six
year turnaround respectively)
-Exchange rate of USD 1.30 to EUR 1

Capital structure targets

Over the cycle, Neste Oil Corporation's leverage ratio is likely to fluctuate
and
it will be Neste Oil Corporation's objective to maintain its leverage ratio (the
ratio of net debt to net debt plus shareholders equity plus minority interests)
within the range of 25 to 50 percent. However, because of the scheduled upgrade
at the Porvoo refinery to be completed by the end of 2006 (the Diesel Project),
Neste Oil Corporation's leverage ratio at year end 2005 may be higher than the
target leverage ratio of 25 to 50 percent.

Furthermore, Neste Oil's leverage ratio may vary outside this range of 25 to 50
percent to the extent that Neste Oil Corporation identifies investment or
acquisition opportunities where the risk adjusted returns are believed to
justify
increases in leverage for periods of time.

Dividend policy

Based on Neste Oil Corporation's expectations for net income for 2005, it would
expect to recommend a dividend of 25 to 50 percent of its net income for the
year
ending 31 December 2005. Following the year 2005, and assuming reference market
and operating conditions in subsequent years (as outlined above), Neste Oil
Corporation would expect to propose dividends to shareholders annually at levels
consistent with its net results of operations and targeted and actual financial
position.

A teleconference for international analysts and investors will be arranged on
Tuesday, 15 March at 4:00 pm Finnish time (GMT+2). To listen to the call please
dial +44 (0) 1452 568 061.

In connection with the proposed separation of Neste Oil from Fortum Corporation,
a presentation was given to research analysts from a number of institutions.
This
presentation may be found on the Fortum website at www.fortum.com/Investors.


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

Distribution:
Helsinki Stock Exchange

Key media

For further information please contact

Juha Laaksonen, CFO, tel. +358 10 452 4519
Petri Pentti, CFO, Neste Oil Corporation, tel. +358 10 452 4490


*) ROACE =
(Net profit** + Minority interest + Net interest expenses)
_________________________________________________________
Average capital employed***

** Net profit is adjusted for inventory gains or losses (net of tax) and non
recurring items (net of tax)

*** Capital employed is defined as Shareholders equity (including net profit for
the period adjusted for inventory gains or losses (net of tax) and non
recurring
items (net of tax)) + Minority interests + Interest-bearing net debt

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