Risto Rinne M.Sc.(Eng.) has been appointed President
of Fortum's Oil Sector and member of the Corporate Executive Committee as of January 15, 2004. He will also be President and CEO of the new oil company, which will be listed on the Helsinki Stock Exchange. Rinne, who has held several prominent positions within the oil industry for more than 20 years, has most recently been President of the Oil Refining business unit. The current President of the Oil Sector, Mr Veli-Matti Ropponen, will continue as advisor to the group management regarding the initial public offering
of the new oil company. He will continue to report to the President and CEO of Fortum Oyj.