*FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS

EXCHANGE NOTICE 426/2004, 3 November 2004 SHARES

FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS

A total of 130 291 Fortum Corporation's shares have been
subscribed with the Fortum Corporation's 1999 bond with warrant
and a total of 1 286 000 shares have been subscribed with the
Fortum Corporation’s 1999 option rights and 1 986 600 shares have
been subscribed with the Fortum Corporation’s 2002A option rights.
The
shares will be traded on the Helsinki Stock Exchange as old shares
as of 4 November 2004.

Identifiers of Fortum Corporation's share:

Trading code: FUM1V
ISIN code: FI0009007132
Orderbook id: 24271
Number of shares: 853 664 785


HELSINKI STOCK EXCHANGE
Janne Seppänen
Vice President Surveillance Finland