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 20 August and 4 December 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 19 December 2003, together with the old shares. A total of 66,700 Fortum Corporation shares were subscribed for with the share warrants relating to Fortum Corporation’s 1999 warrant bond to employees, while a total of 2,868,000 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 9,977,980.00, has been entered into the trade register on 18 December 2003. After the increase, Fortum Corporation’s share capital is EUR 2,886,030,415.00 and the total number of shares is 848,832,475. Following the share subscriptions, Fortum Corporation’s shareholders’ equity increased by a total of EUR 16,359,615.00. 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, 18 December 2003. Basic data of Fortum Corporation share on 19 December 2003: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 848,832,475 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