FORTUM’S BOARD OF DIRECTORS DECIDED ON THE DISTRIBUTION OF STOCK OPTIONS

Fortum Corporation’s Board of Directors has made a decision on the distribution of the stock options approved by the Annual General Meeting on 26 March 2002 to key personnel of the Fortum Group and to Fortum Corporation’s wholly-owned subsidiary.

 

According to the decision, a total of 11,063,000 stock options 2002A will be distributed to Fortum Group’s key personnel. The remaining 1,437,000 stock options 2002A and all stock options 2002B will be granted to Fortum Assets Oy, Fortum Corporation’s subsidiary, to be distributed later to Fortum Group’s key employees.

 

Stock options 2002A can be used to subscribe for a maximum of 12,500,000 Fortum Corporation’s shares. The share subscription price is the Fortum trade volume weighted average share price on the Helsinki Exchanges between 1 January and 31 March 2002. The share subscription price of stock options shall be deducted by the amount of the dividend decided after the beginning of the period for determination of the share subscription price and before share subscription. The share subscription price shall amount to at least the nominal value of the share. The Fortum trade volume weighted average share price on the Helsinki Exchanges between 1 January and 31 March 2002 was EUR 5.73.

 

The share subscription period for stock options 2002A is 1 October 2004 – 1 May 2007.

 

A decision on the stock options was made by the Annual General meeting held on 26 March 2002, and the terms and conditions of the stock options were published in the form of a stock exchange release on 28 February 2002.

 

Fortum Corporation

 

Carola Teir-Lehtinen

Senior Vice President, Corporate Communications

 

 

Distribution:

Helsinki Exchanges

Key media

 

 

Further information:

Harri Pynnä, Senior Vice President, Corporate Legal Affairs, tel. +358 10 45 24825