OFFERING OF SHARES IN FORTUM CORPORATION

The Finnish Ministry of Trade and Industry today announced it will offer for sale a portion of its shares in Fortum Corporation. The offering is directed both to global institutional investors and to retail investors in Finland. Pursuant to these Offerings, the state’s holding in Fortum will be reduced from the current 70.7% to 61.6% or 60.8% if the over-allotment option included in the conditions is exercised in full.

 

The Global Institutional Offering and the Retail Offering are expected to commence on June 3, 2002 and June 4, 2002 respectively, with pricing expected on June 13, 2002.

 

All detailed information about the Offerings and their conditions can be found in the stock exchange release issued by the Ministry of Trade and Industry today.

 

Fortum Corporation

 

Carola Teir-Lehtinen

Senior Vice President, Corporate Communications

 

 

Distribution:

Helsinki Exchanges

Key media

 

 

 

The information contained herein is not for publication or distribution in or into the United States of America. This press release does not constitute an offer of securities for sale in the United States, nor may the securities referred to above be offered or sold in the United States absent registration or an exemption from registration as provided in the Securities Act of 1933 and the rules and regulations thereunder. Any public offering of securities to be made in the United States will be by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements.

(Stabilization/FSA).