FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

Fortum Corporation Stock exchange announcement
13 May 2005 1(1)

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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

Option program Subscription time pcs
Bond loan with warrants for 6 April - 30 April 2005 197,060
employees 1999
Management share option scheme 6 April - 30 April 2005 12,000
1999
Share Option Scheme 2002A for 18 April - 30 April 4,000
key employees 2005

The increase of the share capital corresponding to the subscriptions has not yet
been registered in the trade register. The possibility to subscribe shares based
on the share warrants relating to Fortum Corporation's 1999 bond loan with
warrants for employees will end on 17 May 2005.

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 February 2005 (stock exchange announcement 9 February 2005) and
January 2005 (stock exchange announcement 11 January 2005).

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

For further information please contact:
Jouni Huttunen, tel. +358 10 452 4649

Distribution:
Helsinki Stock Exchange
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