Fortum establishes a SEK 7,000,000,000 medium term note programme

Fortum Oyj Stock exchange release
20 February 2003 at 4.20 p.m. 1(1)


FORTUM ESTABLISHES A SEK 7,000,000,000 MEDIUM TERM NOTE PROGRAMME

Fortum Oyj has on 20 February 2003 established a bond programme
(Medium Term Note Programme) of SEK 7,000,000,000 for the purpose
of enabling the issue of bonds on the Swedish capital markets in
Swedish krona and euro. The terms to maturity of the bonds can
range from one to fifteen years.

Nordea has arranged the programme. The other dealers are: Danske
Bank, Handelsbanken Capital Markets, SEB Merchant Banking, and
Swedbank Markets.

The programme now established by Fortum Oyj replaces the SEK
7,000,000,000 programme in the name of Fortum Power and Heat AB.


Fortum Oyj

Carola Teir-Lehtinen
Senior Vice President, Corporate Communications


Distribution:
Helsinki Exchanges
Key media


Further information:
Seppo Viitanen, Group Treasurer, tel. +358 10 45 24477