Stock exchange release


17 June 2004, 7:54 EEST

17 June 2004 1 (2)

FORTUM INCREASES TRANSPARENCY OF ITS FINANCIAL REPORTING Fortum continues to increase the transparency of its financial reporting by changing its structure. The new structure means adding the number of reporting segments from four to eight, thus bringing more clarity and information on Fortum's individual businesses. The increase of disclosure is most evident concerning the oil related businesses. The following changes to the reporting structure will be made: Power, Heat and Gas will be split into Power Generation and Heat; Oil Refining and Marketing will be split into Oil Refining, Oil Retail, and Shipping and Oil Other; Markets will include only electricity retail sales, oil sales will be transferred into Oil Retail. The new reporting segments include the following business units: New segment name Business units Power Generation Generation Portfolio Management and Trading Service Heat Heat Värme Distribution Distribution Markets Markets Oil Refining Oil Refining Components Oil Retail Oil Retail Shipping and Oil Other Shipping, oil other, incl. SeverTek Other The new reporting structure will be introduced in the January-June Interim Report, to be published July 28th, 2004. In the attachment, the key figures and some quarterly indicators of the segments have been calculated for the year 2003 and Q1 in 2004. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Further information: Juha Laaksonen, CFO, tel. +358 10 45 24519 Carola Teir-Lehtinen, Senior Vice President, Corporate Communications, tel. +358 10 452 4118 Distribution: Helsinki Exchanges Key media Attachment