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Arbitrator named in Fortum Espoo Oyj shares redemption procedure

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FORTUM CORPORATION     STOCK EXCHANGE RELEASE    17 August 2006


Arbitrator named in Fortum Espoo Oyj shares redemption procedure

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
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