Arbitrator named in Fortum Espoo Oyj shares redemption procedure

STOCK EXCHANGE RELEASE

The redemption committee of the Central Chamber of Commerce has named Mr. Raimo Seppälä, attorney at law, as the sole arbitrator in the redemption procedure regarding the redemption of the minority shares of Fortum Espoo Oyj (Fortum Espoo). The arbitrator’s task is to solve the possible disagreements concerning the redemption right and redemption price of the Fortum Espoo shares not held by Fortum. On 26 June 2006 Fortum announced that its holding in Fortum Espoo´s shares and voting rights had exceeded 90 per cent and Fortum has thus the right to redeem the Fortum Espoo shares from the minority shareholders of Fortum Espoo in accordance with Chapter 14, Section 19 of the Companies Act. Fortum has on 28 June 2006 notified Fortum Espoo of its decision to use its redemption right. The redemption price offered by Fortum is EUR 68.36 per share. The Arbitration Court will be responsible for informing Fortum Espoo’s minority shareholders of the advancement of the redemption process. FORTUM CORPORATION Carola Teir-Lehtinen SVP, Corporate Communications For more information: SVP, Corporate Communications Carola Teir-Lehtinen, tel. +358 50 45 24118 Distribution: Helsinki Stock Exchange Key media