NOTIFICATION REFERRED TO IN CHAPTER 2, SECTION 9 OF THE SECURITIES MARKET ACT REGARDING CHANGE IN HOLDING

Fortum Corporation has today received the following announcement from the Ministry of Trade and Industry:
 
As a result of the signing of the Global Institutional Purchase Agreement and the institutional offering of 74,884,467 shares in Fortum Corporation by the Republic of Finland (the “Finnish State”) acting through the Ministry of Trade and Industry to institutional investors within and outside the Republic of Finland, the Finnish State’s holding in Fortum Corporation has decreased from 70.7 % to 61.9 % thus falling below the threshold of two-thirds (2/3) of the voting rights and share capital of Fortum Corporation. After the completion of the offering of further 2,115,533 shares in Fortum Corporation to retail investors in Finland, the Finnish State’s holding in Fortum Corporation will further decrease to 61.6 %. If the over-allotment option pursuant to the Global Institutional Purchase Agreement is exercised in full, the Finnish State’s holding may further decrease to 60.8 %.
 
In accordance with Chapter 2, Section 9 of the Securities Market Act, we hereby notify the Financial Supervision Authority and Fortum Corporation of the following:
 
1. Name of Target Company
 
Fortum Corporation, Business Identity Code 1463611-4. 
 
2. Date of change in holding
 
19 June 2002
 
3. Exact proportion of voting rights and share capital in Fortum Corporation
 
The Finnish State’s holding in Fortum Corporation after the offering:
        
 
 
Number of shares
Proportion of share capital
Proportion of voting rights
After the institutional offering
523,312,139
61.9 %
61.9 %
After the retail offering
521,196,606
61.6 %
61.6 %
After the offering in total
521,196,606
61.6 %
61.6 %
 
 
The registered share capital of Fortum Corporation comprises a total of 845,608,575 shares, said shares entitling to a total of 845,608,575 votes.
 
 
4. Shareholder; complete name and Business Identity Code
 
The Republic of Finland represented by the Ministry of Trade and Industry.
 
 
In Helsinki, on 14 June 2002
 
 
The Republic of Finland
represented by the Ministry of Trade and Industry
 
 
By:   Ilkka Puro, Industrial Counsellor
 
 
 
 
Fortum Corporation
 
 
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications
 
Distribution:
Helsinki Exchanges
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