FORTUM INCREASES TRANSPARENCY OF ITS FIN

Fortum Corporation    STOCK EXCHANGE RELEASE
                    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


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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