Stock exchange release

CITY OF OSLO AND FORTUM WITHDRAW FROM HA

18 May 2004, 17:40 EEST

Fortum Corporation STOCK EXCHANGE RELEASE
18 May 2004 at 6.40 p.m. 1 (1)

CITY OF OSLO AND FORTUM WITHDRAW FROM HAFSLUND AGREEMENT The City Board of Oslo has concluded that it will not be possible to obtain a political majority for the agreement signed on May 9th, 2004 regarding the sale of the City´s share in Hafslund ASA. After informing Fortum about this, the parties have decided not to present the agreement to the Oslo City Council for approval on May 26th, 2004. "I regret that it was not possible to conclude the transaction, which would have given Hafslund the resources needed to develop into a stronger Norwegian company. The deal would also have further strengthened Fortum´s Nordic position. We remain committed to the Norwegian market, however. As a significant shareholder of Hafslund we will continue to participate in the further development of the company", said Mikael Lilius, President and CEO of Fortum. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Further information: Carola Teir-Lehtinen, tel. +358 50 45 24118 Juha Laaksonen, CFO, tel. +358 50 45 24519 Distribution: Helsinki Exchanges Key media