FORTUM SHARES SUBSCRIBED FOR WITH SHARE

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