Fortum shares subscribed for with share warrants relating to Fortum’s 1999 warrant bond to employees and to the 1999 management stock option scheme

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT
12 February 2004 1 (1)


FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS RELATING TO
FORTUM’S 1999 WARRANT BOND TO EMPLOYEES AND TO THE 1999 MANAGEMENT
STOCK OPTION SCHEME

Shares, which have been subscribed for and paid to the company
between 5 December and 31 December 2003 based on the share
warrants relating to Fortum Corporation’s 1999 warrant bond to the
employees and Fortum Corporation’s 1999 management stock option
scheme, will be traded on the Main List of the Helsinki Exchanges
starting on 13 February 2004, together with the old shares.

A total of 16,004 Fortum Corporation shares were subscribed for
with the share warrants relating to Fortum Corporation’s 1999
warrant bond to employees, while a total of 965,000 shares were
subscribed for with the share warrants relating to Fortum
Corporation’s 1999 management stock option scheme. The increase in
the share capital resulting from the share subscriptions, a total
of EUR 3,335,413.60, has been entered into the trade register on
12 February 2004. After the increase, Fortum Corporation’s share
capital is EUR 2,889,365,828.60 and the total number of shares is
849,813,479. Following the share subscriptions, Fortum
Corporation’s shareholders’ equity increased by a total of EUR
5,478,466.20.

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, 12 February 2004.


Basic data of Fortum Corporation share on 13 February 2004:

Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 849,813,479


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