Fortum increases transparency of its financial reporting

Fortum Corporation STOCK EXCHANGE RELEASE
17 June 2004 1 (2)


FORTUM INCREASES TRANSPARENCY OF ITS FINANCIAL REPORTING

Fortum continues to increase the transparency of its financial
reporting by changing its structure. The new structure means
adding the number of reporting segments from four to eight, thus
bringing more clarity and information on Fortum's individual
businesses. The increase of disclosure is most evident concerning
the oil related businesses.

The following changes to the reporting structure will be made:

Power, Heat and Gas will be split into Power Generation and Heat;

Oil Refining and Marketing will be split into Oil Refining, Oil
Retail, and Shipping and Oil Other;

Markets will include only electricity retail sales, oil sales will
be transferred into Oil Retail.


The new reporting segments include the following business units:

New segment name Business units
Power Generation Generation
Portfolio Management and Trading
Service
Heat Heat
Värme
Distribution Distribution
Markets Markets
Oil Refining Oil Refining
Components
Oil Retail Oil Retail
Shipping and Oil Other Shipping, oil other, incl. SeverTek
Other

The new reporting structure will be introduced in the January-June
Interim Report, to be published July 28th, 2004.

In the attachment, the key figures and some quarterly indicators
of the segments have been calculated for the year 2003 and Q1 in
2004.


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


Further information:
Juha Laaksonen, CFO, tel. +358 10 45 24519
Carola Teir-Lehtinen, Senior Vice President, Corporate
Communications, tel. +358 10 452 4118


Distribution:
Helsinki Exchanges
Key media


Attachment