Fortum shares subscribed for with share warrants relating to Fortum’s 1999 warrant bond to employees

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT
20 February 2003 at 1.15 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 6 December and 31 December 2002 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 21 February 2003, together with the old
shares.

A total of 15,600 Fortum Corporation shares were subscribed for
with the share warrants. The increase in the share capital
resulting from the share subscriptions, a total of EUR 53,040.00,
has been entered into the trade register on 20 February 2003.
After the increase, Fortum Corporation’s share capital is EUR
2,875,636,887.00 and the total number of shares is 845,775,555.
As a result of the share subscriptions, Fortum Corporation’s
shareholders’ equity increased by a total of EUR 68,016.00.

According to the terms of subscription, the new shares will
entitle to a dividend possibly paid by the company for the
financial period of 2002. Other shareholder rights will become
effective on the date of registration, 20 February 2003.

Basic data of Fortum Corporation share on 21 February 2003:

Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 845,775,555


Fortum Corporation

Carola Teir-Lehtinen
Senior Vice President, Corporate Communications


Further information:
Seppo Viitanen, Group Treasurer, tel. +358 10 45 24477


Distribution:
Helsinki Exchanges
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