Offering of Shares in Neste Oil Corporation

Fortum Corporation STOCK EXCHANGE RELEASE 29 March 2005


Offering of Shares in Neste Oil Corporation

Not for release, publication or distribution in the United States of America.

The Board of Directors of Fortum Corporation has today decided that the offering
of approximately 15 per cent of shares in Neste Oil Corporation (the "Offering")
will commence on 1 April 2005 for Finnish and international institutional
investors (the "Institutional Offering") and 4 April 2005 for retail investors
in Finland (the "Retail Offering"). The commencement of the Offering is conditional
upon the shareholders of Fortum Corporation approving the proposed dividend
distribution of approximately 85 per cent of Neste Oil Corporation shares at
Fortum Corporation's Annual General Meeting on 31 March 2005. The book value of
each Neste Oil Corporation share proposed to be distributed as a dividend in the
balance sheet of Fortum Corporation is approximately EUR 1.11 per Fortum
Corporation share. If approved, the proposed share dividend distribution will
reduce Fortum Corporation's distributable funds by EUR 969 million.

Neste Oil Corporation submitted today to the Helsinki Stock Exchange an
application for listing of its shares on the Pre-List on or about 18 April 2005,
and on the Main List on or about 21 April 2005. The listing of the shares in
Neste Oil Corporation is intended to take place based on the distribution of the
proposed share dividend, irrespective of the Offering taking place or not.

The Institutional Offering will commence on 1 April 2005 and will end no later
than 2:00 PM Finnish Time on 15 April 2005. The Retail Offering will commence on
4 April 2005 and will end no later than 5:00 PM Finnish Time on 14 April 2005.

The initial offer price is EUR 11.00 - 13.00 per share. Fortum Corporation will
make the final decision on the execution of the Offering, the number of shares
to be sold, the offer price and the other terms and conditions after the offering
period in the Institutional Offering has ended, which is expected to be on 15
April 2005.

Neste Oil Corporation's share capital is divided into 256,403,686 shares. The
Offering comprises no more than 38,440,137 shares. The shares offered correspond
to no more than approximately 15 per cent of Neste Oil Corporation's total share
capital and voting rights. The Institutional Offering will initially comprise
34,596,137 shares and the Retail Offering will initially comprise 3,844,000
shares. The number of shares initially offered in the Institutional Offering and
in the Retail Offering may change as shares may be freely transferred between
the Institutional Offering and the Retail Offering.

Morgan Stanley is acting as Global Coordinator and as Joint Bookrunner for the
Offering. ABN AMRO Rothschild, Merrill Lynch International and Nordea are acting
as Joint Bookrunners for the Offering.

Appendix A contains a Current Outlook statement for Neste Oil Corporation.

Fortum Corporation
Carola Teir-Lehtinen

Senior Vice President, Corporate Communications

For further information please contact:
Juha Laaksonen, CFO, Fortum Corporation, tel. +358 10 452 4519


Appendix A: Neste Oil Corporation Current Outlook
During the first quarter of 2005, the operating environment of Neste Oil ("Neste
Oil" or the "Company") has continued to be favorable: Neste Oil's Total Refining
Margin has remained strong and average prices for crude oil and for refined
petroleum products during the quarter have exceeded the average prices during
the fourth quarter of 2004. However, the less attractive U.S. dollar/euro hedge
position of Neste Oil in 2005 relative to 2004 has had a negative effect on its
financial performance partially offsetting the positive effect of these factors.
As a result, based upon currently available information, management believes
that Neste Oil's operating results under IFRS, including estimated inventory gains,
for the first quarter of 2005 will be largely at the same level as or somewhat
higher than for the same period in 2004. In addition, the increasing oil price
environment experienced thus far in 2005 has resulted in increased working
capital requirements for Neste Oil.

The year ended 31 December 2004 was exceptional for Neste Oil in terms of its
results of operations and Neste Oil had particularly strong financial
performance during the last nine months of the year. The financial performance of the
Company during the last nine months of 2005 compared with the same period in 2004 will
be adversely affected by the impact of the planned shutdown of the Porvoo refinery
with an assumed volume loss of approximately 1.4 million tons or approximately
10.3 million barrels during 2005. In addition, a number of other factors may
also have an adverse effect on Neste Oil's financial performance during the remainder
of 2005. Such factors include:

- Possible weakening in the overall refining margin environment;
- Possible weakening in absolute crude oil and refined petroleum product prices
with a consequent adverse impact upon inventory values;
- Possible weakening in the value of the U.S. dollar versus the euro and the
less favorable hedge position of Neste Oil in 2005 relative to 2004; and
- Possible weakening in shipping freight rates based on futures markets
indications and the arrival of new deliveries into the global and regional
shipping fleet.

Based upon currently available information, management expects Neste Oil to have
net interest-bearing debt under IFRS of approximately EUR 1 billion as of 31
March 2005. However, inasmuch as the actual level of the Company's net interest-
bearing debt as of such date and at anytime thereafter is subject to various
factors, including the operating results, cash flows, working capital
requirements and capital expenditures of the Company during the first quarter of
2005 and thereafter, no assurance can be given as to the actual level of net
interest-bearing debt as of 31 March 2005 or at any time thereafter.


In order to facilitate the Offering, Morgan Stanley as the stabilizing manager,
or its agents, on behalf of the Joint Bookrunners may engage in transactions
that stabilize, maintain or otherwise affect the price of the shares for up to 30
days from the commencement of trading. Specifically, the Joint Bookrunners, Fortum
Corporation and Neste Oil Corporation have agreed that the Joint Bookrunners may
accept offers to purchase a greater number of shares than for which they are
obligated to procure purchasers under the Underwriting Agreement (the
"Overallotment Facility"). An exercise of the Overallotment Facility in this
Offering would create an uncovered short position, which the stabilization
manager or its agents may close out by purchasing shares in the open market. Any
uncovered short position resulting from an exercise of the Overallotment
Facility will not exceed an amount equal to 5% of the original number of shares offered.
As an additional means of facilitating the offering, the stabilizing manager or
its agents may effect transactions to stabilize the price of the shares. These
activities may raise or maintain the market price of the shares above
independent market levels or prevent or retard a decline in the market price of the shares.
Such transactions may be effected on the Helsinki Stock Exchange, in the
over-the-counter markets or otherwise. The stabilizing manager and its agents are not
required to engage in any of these activities and, as such, there is no
assurance that these activities will be undertaken; if undertaken, the stabilizing manager
or its agents may end any of these activities at any time and they must be
brought to an end after a limited period. Save as required by law or regulation,
the stabilizing manager does not intend to disclose the extent of any
stabilization transactions under the Offering.

The information contained herein is not for publication or distribution into the
United States. The material set forth herein is for informational purposes only
and is not intended, and should not be construed, as an offer of securities for
sale into the United States. The securities described herein have not been and
will not be registered under the U.S. Securities Act of 1933, as amended, or the
laws of any state, and may not be offered or sold within the United States,
except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable state laws. There
is no intention to register any portion of the offering in the United States or
to conduct a public offering of securities in the United States.

The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration, exemption from registration or
qualification under the securities law of any such jurisdiction.

This document does not constitute an offer of securities to the public in the
United Kingdom. No prospectus has been or will be registered in the United
Kingdom in respect of the shares consequently the shares must not be sold or
offered for sale in the United Kingdom, except to persons whose ordinary
activities involve them in acquiring, holding, managing or disposing of
investments (as principal or agent) for the purposes of their business or whom
it is reasonable to suppose will acquire, hold, manage or dispose of investments
(as principal or agent) for the purposes of their business or otherwise in
circumstances which have not resulted and will not result in an offer to the
public in the United Kingdom within the meaning of the Public Offers of
Securities Regulations of 1995. This communication is made to or is directed at
persons who are (i) outside the United Kingdom or (ii) "investment
professionals" under Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2001 (the "Order") or (iii) "high net worth companies,
unincorporated associations etc." under Article 49(2)(a) to (d) of the Order
(together referred to as "relevant persons"). Any investments or services
referred to in this communication are offered only to relevant persons. This
communication should only be relied on by relevant persons.
Stabilisation / FSA