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CITY OF OSLO AND FORTUM WITHDRAW FROM HA

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Fortum Corporation    STOCK EXCHANGE RELEASE
                    18 May 2004     at 6.40 p.m.      1 (1)



CITY OF OSLO AND FORTUM WITHDRAW FROM HAFSLUND AGREEMENT

The City Board of Oslo has concluded that it will not be possible
to obtain a political majority for the agreement signed on May
9th, 2004 regarding the sale of the City´s share in Hafslund ASA.
After informing Fortum about this, the parties have decided not to
present the agreement to the Oslo City Council for approval on May
26th, 2004.

"I regret that it was not possible to conclude the transaction,
which would have given Hafslund the resources needed to develop
into a stronger Norwegian company. The deal would also have
further strengthened Fortum´s Nordic position. We remain committed
to the Norwegian market, however. As a significant shareholder of
Hafslund we will continue to participate in the further
development of the company", said Mikael Lilius, President and CEO
of Fortum.

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


Further information:
Carola Teir-Lehtinen, tel. +358 50 45 24118
Juha Laaksonen, CFO, tel. +358 50 45 24519


Distribution:
Helsinki Exchanges
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