Stock exchange release

NOTICE OF THE ANNUAL GENERAL MEETING OF

24 February 2004, 8:53 EET

Fortum Corporation STOCK EXCHANGE RELEASE
24 February 2004

NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS The shareholders of Fortum Corporation are invited to the Annual General Meeting to be held on Thursday, 25 March 2004 at 1.00 pm, at Finlandia Hall in Finlandia Hall (concert hall), address: Mannerheimintie 13e, Helsinki. Entrance, Mannerheimintie door M4 and Karamzininkatu door K4. Registration of shareholders who have notified the Company of their attendance will begin at 12.00 am. The following items are on the agenda of the Annual General Meeting: 1. Matters to be resolved by the Annual General Meeting pursuant to Article 18 of the Articles of Association 2. A proposal to abolish the Supervisory Board made by the shareholder, Mr. George Jauhiainen. 3. A proposal made by the shareholder, The State of Finland represented by the Ministry of Trade and Industry, that the Annual General Meeting would appoint a Nomination Committee to prepare proposals concerning board members and their emoluments for the following Annual General Meeting. The Nomination Committee would consist of the representatives of a few biggest shareholders and the Executive Chairman of the Board of Directors as an expert member. Those shareholders, whose share of the total votes of all the shares of the company is largest on December 1 preceding the Annual General Meeting, are entitled to appoint the members representing the shareholders. Nomination Committee would be convened by the Executive Chairman of the Board of Directors and the Committee would choose a chairman from among themselves. Composition of the Board of Directors Shareholders, who own more than 60 % of the total votes of all the shares of the Company, have notified to the Board, that they will propose to the Annual General Meeting that the present members of the Board of Directors, executive chairman Peter Fagernäs, vice chairman Heikki Pentti, Birgitta Kantola, Lasse Kurkilahti, Antti Lagerroos and Erkki Virtanen will be re-elected to continue in their office and Bachelor of Arts Birgitta Johansson-Hedberg will be elected as a new member until the end of the following Annual General Meeting. Candidates have given their consents to the election. Birgitta Johansson-Hedberg, born 1947, has experience from the financial sector, from the forest industry and from the publishing business. She was the President and CEO of Foreningssparbanken and before that Resident Director for Scandinavia in the Dutch listed company Wolters Kluwer. She has been a member of the boards of Skandia and Sveaskog and the chairman of Lindex. She is also a member of Aktiemarknadsnämnden. Auditors The Audit Committee of the Board recommends that the current auditor PricewaterhouseCoopers Oy, who has given its consent, will be re-elected to act as an auditor of the Company until the end of the following Annual General Meeting. Documents The documents concerning the Company's financial statements will be available for shareholders’ perusal from 15 March 2004 at Fortum's head office, address Keilaniementie 1, 02150 Espoo. The Company will send copies of these documents on request to shareholders, and they can be ordered by telephone from +358 (0)10 452 9151 or by email from juha [dot] ahonen [at] fortum [dot] com. From 15 March 2004 information on the financial statements can also be read on Fortum Corporation's website (www.fortum.com). Right to attend the Annual General Meeting The shareholders who are registered with the register of shareholders of the Company, maintained by the Finnish Central Securities Depository Ltd, on 15 March 2004, are entitled to attend the Annual General Meeting. Shareholders who hold their shares under the name of a nominee can be temporarily registered with the register of shareholders of the Company on 15 March 2004 to allow attendance at the Annual General Meeting. Shareholders wishing to attend the Annual General Meeting must notify their attendance by 4.00 pm (Finnish time) on 17 March 2004, either - by telephone on +358 (0)10 452 9460, - by fax on +358 (0)10 262 2727, - by email on fortum [dot] yhtiokokous [at] yhteyspalvelut [dot] elisa [dot] fi, or - by letter to Suvi Åkerblom, Fortum Corporation, P.O. Box 1, FIN- 00048 FORTUM, Finland. Written notifications must arrive by 4.00 pm (Finnish time) on 17 March 2004. Powers of attorney Any powers of attorney should be delivered with the notification so that they arrive by 4.00 pm (Finnish time) on 17 March 2004. Payment of dividend The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0,42 per share be paid for the financial year ending 31 December 2003. The dividend will be paid to shareholders who, on the record date for dividend payment, 30 March 2004, are registered with the register of shareholders of the Company, maintained by the Finnish Central Securities Depository Ltd. The Board of Directors proposes to the Annual General Meeting that the dividend be paid on 6 April 2004. Espoo, 19 February 2004 FORTUM CORPORATION The Board of Directors Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Distribution: Helsinki Exchanges Key media