Stock exchange release

Fortum Oyj establishes 4 billion euro Me

11 July 2003, 08:17 EEST

Fortum Corporation STOCK EXCHANGE RELEASE 11 July 2003 IMMEDIATELY 1 (1)

Fortum Oyj establishes 4 billion euro Medium Term Note Programme.

On 10 July 2003 Fortum Oyj has established a debt programme (Euro
Medium Term Note Programme) of Euro 4,000,000,000 in order to
enable the issue of bonds on the international capital markets.
The programme is rated BBB+ (stable outlook) from Standard and
Poor’s and Baa2 (positive outlook) from Moody’s.

The programme was arranged by Citigroup, with ABN Amro, BNP
Paribas, Morgan Stanley, Barclays, Deutsche Bank, Nordea and SEB
as the other dealers.

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

Helsinki Exchanges
Key media

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