Stock exchange release

EXTRAORDINADY GENERAL MEETING OF SHAREHO

18 December 2003, 16:45 EET

Fortum Corporation STOCK EXCHANGE RELEASE
18 December 2003 1 (2)

EXTRAORDINADY GENERAL MEETING OF SHAREHOLDERS OF FORTUM CORPORATION The Extraordinary General Meeting of shareholders was held on 18 December 2003. The Extraordinary General Meeting of Shareholders made amendments to the sections 2, 6, 7, 8, 9, 10, 14 and 18 of the Articles of Association. The main contents of the amendments are as follows: The section 2 regarding the branch of industry was amended so that the company may carry on its business operations also in its subsidiary companies and affiliate companies as well as in joint ventures. The section 7 regarding the duties of the Supervisory Board was amended so that confirming the number of members on the Board of Directors and election of the members of the Board of Directors as well as appointment of the President will be removed from the duties of the Supervisory Board. The section 8 regarding the election and the term of office of the members of the Board of Directors was amended so that the members of the Board of Directors will be elected in the General Meeting of Shareholders and the term of office of the members of the Board of Directors will expire at the end of the first Annual General Meeting of Shareholders following the election. The section 9 regarding the duties of the Board of Directors was amended so, that the mention according to which the selling of shares of the company established in the demerger of Fortum Oil and Gas Oy which carries on the oil business can be decided by the Board of Directors only subject to a prior authorisation from the General Meeting of Shareholders, will be added to the section. The section 9 regarding the duties of the Board of Directors was amended so that the mention regarding assignment and mortgaging of real property will be removed. A mention according to which the Board of Directors appoints the President, will be added to the section 10 regarding the President. The section 14 regarding the notice convening the General Meeting of Shareholders will be amended so that the notice convening the General Meeting of Shareholders will be issued by the Board of Directors. A mention according to which the remuneration for the members of the Board of Directors and the number of members on the Board of Directors will be decided as well as the Chairman, Vice Chairman and the members of the Board of Directors will be elected at the Annual General Meeting of Shareholders, will be added to the section 18 regarding the Annual General Meeting of Shareholders. In addition, wording clarifications, which will not affect the subject matter, were made to sections 6 and 9. Authorisation to sell shares The General Meeting of Shareholders authorised the Board of Directors of the Company to sell the shares of the company practising oil business which company is to be established in the demerger of the current Fortum Oil and Gas Oy. The authorisation concerns a maximum of 51.0% of the shares, however so, that the State of Finland and Fortum Corporation jointly own at least 50.1%. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Distribution: Helsinki Stock Exchanges Key media