Stock exchange release

FORTUM SHARES SUBSCRIBED FOR WITH SHARE

05 May 2003, 10:30 EEST

Fortum Corporation Stock exchange announcement
5 May 2003 at 11.30 a.m. 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 1 January and 16 April 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 6 May 2003, together with the old shares. A total of 27,060 Fortum Corporation shares were subscribed for with the share warrants relating to Fortum Corporation’s 1999 warrant bond to employees, while a total of 45,000 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 245,004.00, has been entered into the trade register on 5 May 2003. After the increase, Fortum Corporation’s share capital is EUR 2,875,881,891.00 and the total number of shares is 845,847,615. Following the share subscriptions, Fortum Corporation’s shareholders’ equity increased by a total of EUR 362,043.00. According to the terms of subscription, the new shares will entitle to a dividend possibly paid by the company for the financial period of 2003. Other shareholder rights will become effective on the date of registration, 5 May 2003. The subscription price for the shares relating to Fortum’s 1999 warrant bond to the employees has decreased to EUR 4,05 due to the dividend paid for the financial period of 2002. Basic data of Fortum Corporation share on 6 May 2003: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 845,847,615 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