FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS RELATING TO FORTUM’S 1999 WARRANT BOND TO EMPLOYEES

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT
3 September 2003 at 1.00 p.m. 1 (1)




FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS RELATING TO
FORTUM’S 1999 WARRANT BOND TO EMPLOYEES


Shares, which have been subscribed for and paid to the company
between 17 April and 19 August 2003 based on the share warrants
relating to Fortum Corporation’s 1999 warrant bond to the
employees, will be traded on the Main List of the Helsinki
Exchanges starting on 4 September 2003, together with the old
shares.

A total of 50,160 Fortum Corporation shares were subscribed for
with the share warrants. The increase in the share capital
resulting from the share subscriptions, a total of 170,544.00
euro, has been entered into the trade register on 3 September
2003. After the increase, Fortum Corporation’s share capital is
2,876,052,435.00 euro and the total number of shares is
845,897,775. As a result of the share subscriptions, Fortum
Corporation’s shareholders’ equity increased by a total of
203,148.00 euro.

According to the terms of subscription, the new shares will
entitle to a dividend possibly paid by the company for the
financial period of 2003. Other shareholder rights will become
effective on the date of registration, 3 September 2003.

Basic data of Fortum Corporation share on 4 September 2003:

Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 845,897,775


Fortum Corporation

Carola Teir-Lehtinen
Senior Vice President, Corporate Communications


Further information:
Seppo Viitanen, Group Treasurer, tel. +358 10 452 4477


Distribution:
Helsinki Exchanges
www.fortum.com