Stock exchange release

*FORTUM CORPORATION: - SHARES SUBSCRIBED

01 July 2004, 14:06 EEST

HEX HELSINKI CASH MARKET RELEASE 269/2004
SHARES 1 July 2004

FORTUM CORPORATION: - SHARES SUBSCRIBED WITH OPTION RIGHTS A total of 59 415 Fortum Corporation's shares have been subscribed with the Fortum Corporation's 1999 bond with warrant and a total of 389 000 shares have been subscribed with the Fortum Corporation’s 1999 option rights. The shares will be traded on the Helsinki Exchanges as old shares as of 2 July 2004. Identifiers of Fortum Corporation's share: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 850 261 894 HELSINKI EXCHANGES Janne Seppänen