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FORTUM'S DEFERRED TAX LIABILITIES WILL D

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Fortum Corporation    STOCK EXCHANGE RELEASE
                    20 July 2004 at 11.25 am      1(1)


FORTUM'S DEFERRED TAX LIABILITIES WILL DECREASE BY EUR 43 MILLION

On June 30, 2004, the Finnish Parliament passed new tax laws that
include, among other things, a reduction in the Finnish corporate
income tax rate from 29 percent to 26 percent from the beginning
of tax year 2005.

As a result, the deferred tax liabilities of Fortum will decrease
by approximately EUR 43 million net, based on preliminary
analysis. The exact effect of the change in tax rate for 2004 can
only be calculated at the end of the year. Fortum will book this
preliminary amount in Q2 of 2004 as a tax reduction in the Income
Statement and correspondingly as a reduction of deferred tax
liabilities in the Balance Sheet. The change in deferred tax
liabilities does not have any immediate cash flow effect.



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

Further information:
Marianne Aapro, Corporate Financial Controller,
tel.  +358 10 452 4838, gsm +358 50 452 4838


Distribution:
Helsinki Exchanges
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