Fortum Oil Names New CFO

Petri Pentti has been appointed Chief Financial Officer of Fortum's Oil Sector and of the new oil company to be listed on the Helsinki Exchanges. He assumes his new position in August 2004 and will be responsible for the whole economic function, including treasury and investor relations. He will report to Mr. Risto Rinne, President of the Oil Sector.

Petri Pentti is currently Senior Vice President and CFO of Finnair Oyj.

"I am very pleased with this appointment, which was made among a number of very qualified candidates. Petri Pentti is a real professional who has demonstrated in many ways his ability to master the demanding tasks of a CFO. Now we will start preparing for the listing of our oil businesses", says Risto Rinne, the President and CEO of the new oil company.