FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT
11 August 2005 1 (1)

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

Fortum Corporation's share warrants have been used in July 2005 to subscribe
shares as follows:

Name of scheme Subscription period Quantity
Management share option scheme 1 July - 31 July 35,000
1999 2005
Share Option Scheme 2002A for 1 July - 31 July 36,700
key employees 2005

The increase of the share capital corresponding to the subscriptions has not yet
been registered in the trade register.

The next increase in share capital resulting from share subscriptions on the
basis of the listed warrants of Fortum Corporation will be entered into the
trade register in the early part of September, when the trading of shares subscribed
for by the end of August 2005 will commence.

The previous increase in Fortum Corporation's share capital was made according
to the share subscriptions based on the above-mentioned option programs at the
beginning of June 2005 (stock exchange announcement 9 June 2005).


Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Further information:
Jouni Huttunen, tel. +358 10 452 4649

Distribution:
Helsinki Stock Exchange
Key media