Extraordinady General Meeting of shareholders of Fortum Corporation

Fortum Corporation STOCK EXCHANGE RELEASE
18 December 2003 1 (2)


EXTRAORDINADY GENERAL MEETING OF SHAREHOLDERS OF FORTUM
CORPORATION

The Extraordinary General Meeting of shareholders was held on 18
December 2003. The Extraordinary General Meeting of Shareholders
made amendments to the sections 2, 6, 7, 8, 9, 10, 14 and 18 of
the Articles of Association. The main contents of the amendments
are as follows:

The section 2 regarding the branch of industry was amended so that
the company may carry on its business operations also in its
subsidiary companies and affiliate companies as well as in joint
ventures.

The section 7 regarding the duties of the Supervisory Board was
amended so that confirming the number of members on the Board of
Directors and election of the members of the Board of Directors as
well as appointment of the President will be removed from the
duties of the Supervisory Board.

The section 8 regarding the election and the term of office of the
members of the Board of Directors was amended so that the members
of the Board of Directors will be elected in the General Meeting
of Shareholders and the term of office of the members of the Board
of Directors will expire at the end of the first Annual General
Meeting of Shareholders following the election.

The section 9 regarding the duties of the Board of Directors was
amended so, that the mention according to which the selling of
shares of the company established in the demerger of Fortum Oil
and Gas Oy which carries on the oil business can be decided by the
Board of Directors only subject to a prior authorisation from the
General Meeting of Shareholders, will be added to the section.

The section 9 regarding the duties of the Board of Directors was
amended so that the mention regarding assignment and mortgaging of
real property will be removed.

A mention according to which the Board of Directors appoints the
President, will be added to the section 10 regarding the
President.

The section 14 regarding the notice convening the General Meeting
of Shareholders will be amended so that the notice convening the
General Meeting of Shareholders will be issued by the Board of
Directors.

A mention according to which the remuneration for the members of
the Board of Directors and the number of members on the Board of
Directors will be decided as well as the Chairman, Vice Chairman
and the members of the Board of Directors will be elected at the
Annual General Meeting of Shareholders, will be added to the
section 18 regarding the Annual General Meeting of Shareholders.

In addition, wording clarifications, which will not affect the
subject matter, were made to sections 6 and 9.

Authorisation to sell shares

The General Meeting of Shareholders authorised the Board of
Directors of the Company to sell the shares of the company
practising oil business which company is to be established in the
demerger of the current Fortum Oil and Gas Oy. The authorisation
concerns a maximum of 51.0% of the shares, however so, that the
State of Finland and Fortum Corporation jointly own at least
50.1%.


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


Distribution:
Helsinki Stock Exchanges
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