Stock exchange release

Fortum Oyj establishes 4 billion euro Me

11 July 2003, 8:17 EEST

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 Distribution: Helsinki Exchanges Key media Further information: Seppo Viitanen, Group Treasurer, tel. +358 10 45 24477