The arbitral tribunal appointed at Fortum’s request to review the redemption right of, and the redemption price offered to, Neste’s minority shareholders determined the redemption price of Neste’s shares to be FIM 168.10 per share in an Arbitral Award rendered on 8 September 1998.
The redemption price is the same price as the one applied in the redemption offer carried out in accordance with the Finnish Securities Markets Act and the Articles of Association of Neste during the period of 30 April - 1 June 1998. The redemption price shall be increased by an amount calculated at the rate of 4,5% as of 28 August 1998 until the decision concerning the redemption price has gained legal force. Fortum gained possession of all the shares in Neste on 28 August 1998, at which time it placed the security for the payment of the redemption price approved by the arbitral tribunal.
Fortum will pay the redemption price to Neste’s shareholders as soon as possible after the Arbitral Award has gained legal force. The Award will be sent to all parties in the arbitration. According to the Finnish Companies Act, a party dissatisfied with the redemption price may submit the matter to the consideration of a court of law within two months from receipt of the Arbitral Award.
Executive Vice President, Communications
The information contained herein is not for publication or distribution to persons in the United States of America. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended. The materials do not constitute an offer of securities for sale in the United States; the securities may not be offered or sold in the United States absent registration or an exemption from registration; and any public offering of securities to be made in the United States will be by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and the management, as well as financial statements.