FORTUMS ANNUAL GENERAL MEETING CONFIRMS DIVIDEND TO BE EUR 0.42 PER SHARE Fortum Corporations Annual General Meeting, which was held in Helsinki on 25 March 2004, adopted the income statement and balance sheet of the parent company and the Group for 2003, discharged Fortums Supervisory Board, Board of Directors and the President and CEO from liability for 2003, and decided to pay a dividend of EUR 0.42 per share for 2003, or a total of EUR 357 million. The rest of the distributable equity will be carried over to retained earnings. The record date for dividend payment is 30 March 2004 and the dividend will be paid on 6 April 2004. The proposal by the shareholder George Jauhiainen to abolish the Supervisory Board was not accepted. The number of the members of Fortums Supervisory Board was confirmed to be 12. The following persons were re-elected to the Supervisory Board: Members of Parliament Satu Hassi, Klaus Hellberg, Rakel Hiltunen, Mikko Immonen and Ben Zyskowicz, Industrial Councellor Kimmo Kalela, Director General Jorma Huuhtanen and Chairman of the Town Executive Board Juha Mikkilä. Members of Parliament Lasse Hautala, Timo Kalli, Kimmo Kiljunen and Jari Koskinen were elected as new members. Timo Kalli was elected as Chairman and Klaus Hellberg as Deputy Chairman of the Supervisory Board. The Supervisory Board was elected until the end of the following Annual General Meeting. The Annual General Meeting confirmed the following remunerations for Supervisory Board service: Chairman EUR 1,000/month Deputy Chairman EUR 600/month Members EUR 500/month Meeting fee EUR 200/meeting In addition the members are entitled to travel expense compensation in accordance with the company's travel rules. The following persons were re-elected to the Board of Directors: Peter Fagernäs (Chairman), Heikki Pentti (Deputy Chairman), Birgitta Kantola, Lasse Kurkilahti, Antti Lagerroos and Erkki Virtanen. Birgitta Johansson-Hedberg was elected as new member. The Board of Directors was elected until the end of the following Annual General Meeting. The Annual General Meeting confirmed the following remuneration for Board Service: Chairman EUR 49,500 /year Deputy Chairman EUR 38,500/year Members EUR 27,500/year Meeting fee EUR 500/meeting In addition a meeting fee of EUR 500 is paid for the Board Committee meetings. The members are entitled to travel expense compensation in accordance with the company's travel rules. Authorised Public Accountant PricewaterhouseCoopers Oy was re- elected as auditor with Juha Tuomala, Authorised Public Accountant, having the principal responsibility. The Annual General Meeting appointed a Nomination Committee to prepare proposals concerning board members and their emoluments for the following Annual General Meeting. The Nomination Committee will consist of the representatives of three biggest shareholders and the Chairman of the Board of Directors as an expert member. Those three 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 will be convened by the Chairman of the Board of Directors and the Committee chooses a chairman from among themselves. The Nomination Committee should give its proposal to Fortum's Board of Directors no later than 1 February preceding the Annual General Meeting. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Distribution: Helsinki Exchanges Key media APPENDIX Members of the Board of Directors Fagernäs, Peter, born 1952, Managing Director of Hermitage & Co. Oy. Mr Fagernäs has worked as member of the Board of Directors in Kansallis-Osake-Pankki and Merita Bank, and as Chairman of the Board of Directors in Conventum Oyj and Pohjola Group plc. A member of Board of Directors in Finnlines Plc. He has been Chairman of the Board of Directors since 2004. Johansson-Hedberg, Birgitta, born 1947. 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. New member of the Board of Directors. Kantola, Birgitta Master of Laws, born 1948. Former Executive Vice President (Finance) of Nordic Investment Bank (19911995) and Vice President and CFO of International Finance Corporation, Washington D.C. (19952000). Currently she is a Director of Vasakronan AB, Akademiska Hus AB, Nordea AB and Varma Mutual Pension Insurance Company. She has been member of the Board of Directors since 2001. Kurkilahti, Lasse BSc (Econ), born 1948. President and CEO of Kemira Oyj. Former President and CEO of Elcoteq Network Corporation (20022004), President of Raisio Group (20002001) and President of Nokian Tyres plc (19882000). He is also Chairman of the Boards of Fintra and Fountain Park Oy and a Director of Lassila & Tikanoja plc. He has been member of the Board of Directors since 2002. Lagerroos, Antti Licentiate in Laws, born 1945. Mr Lagerroos is President and CEO of Finnlines Plc, as well as a member of the Board of Directors in the same company. He is Chairman of Wärtsilä Corporation and a member of the Supervisory Board of Ilmarinen Mutual Pension Insurance Company. He has been member of the Board of Directors since 2002. Pentti, Heikki BSc (Econ) MBA, born 1946. Mr Pentti is Chairman of Lemminkäinen Corporation. He is also a Director of Myllykoski Corporation. He has been member of the Board of Directors since 1998. Virtanen, Erkki MSc (Social Sciences), born 1950. Mr Virtanen is Permanent Secretary at the Ministry of Trade and Industry and Deputy Chairman of Sitra, the Finnish National Fund for Research and Development. He has been member of the Board of Directors since 1999.
Stock exchange release
FORTUM?S ANNUAL GENERAL MEETING CONFIRMS
25 March 2004, 16:04 EET
Fortum Corporation Stock Exchange Release 25 March 2004 1(3)