CLARIFICATION TO FORTUM'S INTERIM REPORT

Fortum Corporation    STOCK EXCHANGE RELEASE     21 October 2004

CLARIFICATION TO FORTUM'S INTERIM REPORT

The attachment to the Interim Report published today at 9 a.m.
(GMT +2) contained a rounding error compared to the Report.

In the income statement, profit before taxes for the third quarter
2004 is EUR 289 million as stated in the Interim Report and not
EUR 288 million as stated in the attachment.

The deviation does not have any impact on the key figures in the
Interim Report.

The corrected attachment is enclosed in full.

Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Distribution:
Helsinki Exchanges
Key media



FORTUM GROUP
JANUARY-SEPTEMBER 2004
Interim financial statements are unaudited

CONSOLIDATED INCOME STATEMENT
MEUR                                 Q3/04  Q3/03 Q1-Q3/04  Q1-Q3/03  2003    Last
									    twelve
									     months
Net sales                            2 837  2 527   8 490    8 555  11 392  11 327
    Share of profits of associated
    companies                           24      9      51       29      41      63
    Other operating income              16     19      98       95     151     154
    Materials and services          -2 107 -1 883  -5 860   -6 264  -8 054  -7 650
    Personnel expenses                -158   -145    -511     -499    -654    -666
    Depreciation, amortisation and
    write-downs			      -120   -128    -372     -395    -538    -515                                                0
    Other operating expenses          -147   -160    -546     -521    -918    -943
Operating profit                       345    239   1 350    1 000   1 420   1 770
    Financial income and expenses      -56    -54    -199     -189    -236    -246
Profit before taxes                    289    185   1 151      811   1 184   1 524
    Income taxes                       -66    -45    -259     -212    -325    -372
    Minority interests                   5    -10     -15      -57     -90     -48
Net profit for the period              228    130     877      542     769   1 104

Earnings per share, EUR                0.27   0.15    1.03     0.64    0.91   1.30
Fully diluted earnings per share, EUR  0.26   0.15    1.01     0.63    0.90
Average number of shares, 1,000 shares             849 823  845 836 846 831 848 540
Diluted adjusted average number of
shares, 1000 shares                                870 806  857 249 858 732
CONSOLIDATED BALANCE SHEET


MEUR                                  Sep 30  Sep 30   Dec 31 
					2004	2003   2330
ASSETS
Fixed assets and other long-term
investments
    Intangible assets                    112     151      146
    Property, plant and equipment     11 681  11 681   11 632
    Other long-term investments        1 839   1 714    1 762
    Other interest-bearing long-term
    investments		    	         716     643      632
    Total                             14 348  14 189   14 172
Current assets
    Inventories                          705     541      551
    Trade receivables                    875     846      951
    Short-term receivables               341     311      449
    Cash and cash equivalents            222     277      439
    Total                              2 143   1 975    2 390
Total                                 16 491  16 164   16 562

SHAREHOLDERS' EQUITY AND LIABILITIES

Shareholders' equity
    Share capital                      2 891   2 876    2 886
    Other equity                       4 065   3 297    3 520
    Total                              6 956   6 173    6 406
Minority interests                       245   1 449      232
Provisions for liabilities and
charges				         223     187      207
Deferred tax liabilities               1 804   1 803    1 843
Liabilities
    Long term liabilities
         Interest-bearing              4 289   3 504    4 840
         Interest free                   359     340      346
    Short term liabilities
        Interest-bearing               1 162   1 192    1 225
        Interest free                  1 453   1 516    1 463
Total                                 16 491  16 164   16 562

Equity per share, EUR                  8.18    7.30     7.55
Number of shares, 1,000 shares       850 262 845 898  848 832

CHANGE IN SHAREHOLDERS' EQUITY

MEUR                              Jan-Sep 30 Jan-Sep 30   Dec 31 
				        2004       2003     2003

Shareholders' equity, 1 January        6 406      5 897    5 897
Stock options exercised                   14          1       22
Dividend                                -359       -264     -264
Translation differencies                  18         -3      -18
Net earnings for the period              877        542      769
Total                                  6 956      6 173    6 406

CASH FLOW STATEMENT
                                  Jan-Sep 30 Jan-Sep 30   Dec 31 
MEUR				        2004       2003     2003

Net cash from operating activities     1 299      1 381    1 577
    Capital expenditures                -399       -370     -550
    Acquisition of shares               -108       -504     -570
    Proceeds from sales of fixed
    assets                                34        101      142
    Proceeds from sales of shares         16      1 221    1 227
    Change in other investments          -97        -53      -67
Cash flow before financing activitie     745      1 776    1 759
    Net change in loans                 -612     -1 791     -399
    Dividends paid                      -359       -264     -264
    Other financing items *                8        -40   -1 245
Net cash from financing activities      -963     -2 095   -1 908
Net increase (+)/decrease (-) in cash
and marketable securities               -218       -319     -149

* Includes the redemption of Fortum Capital Ltd preference shares -1 200 million
euros in December 2003

KEY RATIOS
                                    Sep 30    Sep 30   Dec 31   Last twelve
				       2004     2003     2003        months

Capital employed, MEUR                12 652  12 773   12 704
Interest-bearing net debt, MEUR*       5 229   4 420    5 626
Investments, MEUR                        507     889    1 136           754
Return on capital employed, %           14.5    10.6     11.4          14.2
Return on shareholders' equity, %*      17.1    10.5     12.3          15.4
Interest coverage                        7.5     5.1      5.8           7.8
FFO / interest-bearing net debt, % 1)   34.4    35.3     26.1
Gearing, % *                              73      58       85
Equity-to-assets ratio, %                 44      47       40
Average number of employees           13 112  13 594   13 343

1)  FFO = Funds from operations
* Figures include the effect of the redemption of Fortum Capital Ltd preference
shares in December 2003.

NET SALES BY SEGMENTS

MEUR                     Q3/04 Q3/03 Q1-Q3/04 Q1-Q3/03   2003 Last twelve
								months
Power Generation           453   524   1 505   2 057    2 681    2 129
Heat                       145   132     701     672      964      993
Distribution               150   143     513     502      688      699
Markets                    287   322   1 009   1 212    1 634    1 431
Oil Refining             1 641 1 349   4 579   4 311    5 693    5 961
Oil Retail                 666   543   1 763   1 650    2 203    2 316
Shipping and other Oil      69    62     248     243      308      313
Other                       23    24      67      68       93       92
Eliminations              -597  -572  -1 895  -2 160   -2 872   -2 607
Total                    2 837 2 527   8 490   8 555   11 392   11 327

OPERATING PROFIT BY SEGMENTS

MEUR                     Q3/04 Q3/03 Q1-Q3/04 Q1-Q3/03   2003 Last twelve
								months
Power Generation           124    82     490     410      603      683
Heat                         8    -6     142      93      173      222
Distribution                55    47     196     189      247      254
Markets                     11    13      26      18       35       43
Oil Refining               131    89     411     224      281      468
Oil Retail                  15    21      41      46       44       39
Shipping and other Oil      16     9      83      55       79      107
Other                      -15   -16     -39     -35      -42      -46
Total                      345   239   1 350   1 000    1 420    1 770

NON-RECURRING ITEMS IN OPERATING PROFIT BY SEGMENTS

MEUR                     Q3/04 Q3/03 Q1-Q3/04 Q1-Q3/03   2003 Last twelve
								months
Power Generation            -2     3      20       2        4       22
Heat                        -     -4      -       -4       -3       -3
Distribution                 1    -1       1      20       20        1
Markets                     -     -       -       -        -        -
Oil Refining                31    14      96      -        14      110
Oil Retail 2)               -1    -        5       1       -9       -5
Shipping and other Oil 2)   -      1       4      -2       10       16
Other                       -2    -5      -2       9       24       15
Total                       27     8     124      26       60      158

2) Split between segments corrected in 2003 figures

DEPRECIATION, AMORTISATION AND WRITE-DOWNS BY SEGMENTS

MEUR                     Q3/04 Q3/03 Q1-Q3/04 Q1-Q3/03   2003 Last twelve
								months
Power Generation            20    27      76      87      116      105
Heat                        30    29      91      85      116      122                          ¨
Distribution                33    35      99     110      143      132
Markets                      4     3      12      10       14       16
Oil Refining                19    20      56      59       80       77
Oil Retail                   7     8      22      23       41       40
Shipping and other Oil       3     4       8      12       14       10
Other                        4     2       8       9       14       13
Total                      120   128     372     395      538      515

INVESTMENTS BY SEGMENTS

MEUR                     Q3/04 Q3/03 Q1-Q3/04 Q1-Q3/03   2003 Last twelve
								months
Power Generation            93    23     155     351      386      190
Heat                        30    37      80     113      158      125
Distribution                25    17      65     241      339      163
Markets                      2    -        4      26       28        6
Oil Refining                44    16     111      60       97      148
Oil Retail                  10     8      21      21       36       36
Shipping and other Oil      21    23      61      64       71       68
Other                        4     4      10      13       21       18
Total                      229   128     507     889    1 136      754

NET ASSETS BY SEGMENTS

MEUR                                  Sep 30  Sep 30   Dec 31
					2004    2003     2003
Power Generation                       6 236   6 391    6 391
Heat                                   2 424   2 342    2 466
Distribution                           3 088   3 089    3 129
Markets                                  139      57       23
Oil Refining                           1 199   1 052    1 003
Oil Retail                               328     329      329
Shipping and other Oil                   184     150      133
Other                                     53      58       45
Eliminations                              -8      -9       -8
Total                                 13 643  13 459   13 511

RETURN ON NET ASSETS  BY SEGMENTS  3)

%                     Sep 30  Sep 30  Sep 30  Sep 30  Dec 31 Dec 31 Last    Last 
			2004  2004*)    2003  2003*)    2003 2003*) twelve  twelve   
								    months months*)
Power Generation        10.5    10.0    8.6     8.5    9.5    9.4     10.9   10.5
Heat                     7.8     7.8    5.3     5.5    7.3    7.5      9.2    9.2
Distribution             8.4     8.4    8.1     7.2    7.9    7.2      8.2    8.2
Markets                 28.0    28.0   32.7    32.7   55.2   55.2     38.9   38.9
Oil Refining            49.6    38.0   27.4    27.4   26.2   24.9     42.8   32.7
Oil Retail              18.0    15.8   19.4    19.0   13.8   16.6     12.6   14.2
Shipping and other Oil  69.5    66.1   52.0    53.9   56.7   49.5     68.0   57.8

*) Non-recurring items deducted from operating profit
2) December 31 2003*) figures changed due to corrections in non-recurring items.
3) Return on net assets, % = Operating profit/average net assets

CONTINGENT LIABILITIES

MEUR  	                                      Sep 30   Sep 30   Dec 31  
						2004     2003     2003
Contingent liabilities
On own behalf
    For debt
      Pledges                                    163      525      149
      Real estate mortgages                       92      237       91
    For other commitments
      Real estate mortgages                       57       54       55
      Pledges, company and other mortgages         1        1       -
    Sale and leaseback                             8        9        8
    Other contingent liabilities                  78       96      101
    Total                                        399      922      404
On behalf of associated companies
    Pledges and real estate mortgages             11       12       12
    Guarantees                                   357      597      562
    Other contingent liabilities                 182      182      182
    Total                                        550      791      756
On behalf of others
    Guarantees                                     4       15       15
    Other contingent liabilities                   6        5        7
    Total                                         10       20       22
Total                                            959    1 733    1 182
Operating lease liabilities
Due within a year                                 66       55       75
Due after a year                                 105      108      103
Total                                            171      163      178

Liability for nuclear waste disposal             570      545      570
Share of reserves in the Nuclear Waste
Disposal Fund					-560     -535     -560
Liabilities in the balance sheet 4)               10       10       10

4) Mortgaged bearer papers as security

In addition to other contingent liabilities  a guarantee has been given on behalf
of Gasum Oy, which covers 75% of the natural gas commitments arising from the
natural gas supply agreement between Gasum and OOO Gazexport.

Derivatives               Sep 30 2004          Sep 30
2003       Dec 31 2003

			   6)     7)    8)     6)     7)    8)     6)    7)    8)
MEUR
Forward rate agreements    221    -1    -1     335     -     -     330    -     -
Interest rate swaps      3 843   -50   -38   5 784     9    16   4 253   -97   -69
Forward foreign exchange
contracts 5)		 7 466   -38    -1   7 866   -54    33   8 396   129    49
Currency swaps             323    -3    -1     347    13     5     333    -3     1
Purchased currency
options			   525    -9    -9      32     4     4      -     -      -
Written currency options   525     3     3      15     -     -      -     -      -

5) Incl. also contracts used for equity hedging

6) Contract or notional value
7) Fair value
8) Not recognised as an income

Oil futures and forward 
instruments
		      Sep 30 2004          Sep 30
2003          Dec 31 2003
		      	
		        9)    10)    11)    9)      10)   11)    9)     10)   11)
                      1000    MEUR  MEUR   1000    MEUR  MEUR   1000   MEUR  MEUR
		      bbl		   bbl			 bbl
Sales contracts       16 010   -19   -19   11 345    -3    -3   22 304  -11   -11
Purchase contracts    59 825    48    48   26 398     7     7   37 239   14    14
Purchased options     13 495     9     9      100     -     -      150    -     -
Written options       13 993    -8    -8      100     -     -      600    -     -

9) Volume
10) Fair value
11) Not recognised as an income

Electricity derivatives
		      Sep 30 2004         Sep 30 2003         Dec 31 2003
		      	
		       9)    10)    11)    9)     10)   11)    9)     10)   11)

                      TWh   MEUR   MEUR    TWh   MEUR   MEUR   TWh   MEUR   MEUR
Sales contracts        74   -93     -11     58   -349   -218    58   -100    -65
Purchase contracts     42   125      39     57    308    176    50    136    101
Purchased options       1    -       -       1     -1     -2     -      -      -
Written options         -     -       -      3     -4     -3     -      -      -


Natural gas derivatives
    		        Sep 30 2004         Sep 30 2003         Dec 31 2003
		      	
		         9)    10)    11)    9)      10)    11)    9)     10)  11)
                        Mill.  MEUR  MEUR   Mill.    MEUR   MEUR  Mill.  MEUR MEUR
			th.		    th.			  th. 
Sales contracts           -     -      -    2 543     36     -      8      -   -
Purchase contracts        -     -      -    2 543    -34     -      8      -   -
Purchased options         -     -      -      709      1     -      -      -   -
Written options           -     -      -      709     -3     -      -      -   -

The fair values of derivative contracts subject to public trading are based on
market prices as of the balance sheet date. The fair values of other derivatives
are based on the present value of cash flows resulting from the contracts, and,
in respect of options, on evaluation models. The amounts also include unsettled
closed positions. Derivative contracts are mainly used to manage the group's
currency, interest rate and price risk.

QUARTERLY NET SALES BY SEGMENTS

MEUR                     Q3/04 Q2/04   Q1/04   Q4/03    Q3/03    Q2/03   Q1/03

Power Generation           453   488     564     624      524      573     960
Heat                       145   195     361     292      132      182     358
Distribution               150   157     206     186      143      160     199
Markets                    287   303     419     422      322      332     558
Oil Refining             1 641 1 635   1 303   1 382    1 349    1 265   1 697
Oil Retail                 666   566     531     553      543      521     586
Shipping and other Oil      69    78     101      65       62       87      94
Other                       23    24      20      25       24       22      22
Eliminations              -597  -616    -682    -712     -572     -707    -881
Total                    2 837 2 830   2 823   2 837    2 527    2 435   3 593

QUARTERLY OPERATING PROFIT BY SEGMENTS

MEUR                     Q3/04 Q2/04   Q1/04   Q4/03    Q3/03    Q2/03   Q1/03
Power Generation           124   138     228     193       82      116     212
Heat                         8    27     107      80       -6       22      77
Distribution                55    54      87      58       47       61      81
Markets                     11     5      10      17       13       12      -7
Oil Refining               131   187      93      57       89       51      84
Oil Retail                  15    20       6      -2       21       10      15
Shipping and other Oil      16    23      44      24        9       19      27
Other                      -15   -11     -13      -7      -16       -5     -14
Total                      345   443     562     420      239      286     475





















































































































































About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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