THE IMPACT OF DIVIDENDS ON THE PRICE OF SHARE SUBSCRIPTIONS MADE VIA FORTUM'S

THE IMPACT OF DIVIDENDS ON THE PRICE OF SHARE SUBSCRIPTIONS MADE VIA FORTUM'S
OPTION PROGRAMS

In its stock exchange release issued on 14 September 2004, Fortum Corporation
announced its plan to implement the separation of Fortum Oil Oy by distributing
approximately 85 percent of its shares as a dividend to the shareholders of
Fortum and by selling the remaining shares to investors in April 2005. Fortum's
Annual General Meeting will decide on the dividend distribution in spring 2005.
If the Annual General Meeting makes the decision to distribute the Fortum Oil Oy
shares as a dividend, the shares will be distributed to the shareholders entered
in Fortum Corporation's shareholder register on the dividend distribution record
day.

The full terms and conditions of the options have been published in previously
issued stock exchange releases, which are available at the company´s web site.

The dividend distribution will affect Fortum´s different option rights as
follows:

Bond loan with warrants for employees 1999 (Fortum Corp. -99 warrant FUM1VEW199)

   - The subscription price of shares which are subscribed for via options is
     currently 3.63 euro. The share subscription price is reduced by the
     dividends for each share paid before share subscription which takes place on
     the basis of options. The rectification of subscription price will be made
     on the record day for each dividend distribution. The subscription price may
     not, however, be reduced below 3.40 euro, which is the nominal value of a
     Fortum Corporation share.

   - According to the subscription terms and conditions, the new shares give
     entitlement to dividend from the financial period during which the shares
     have been subscribed for.

   - Therefore subscriptions made on the basis of options in 2005 will not give
     entitlement to a dividend (in cash or Fortum Oil shares) from 2004. The
     increase in share capital resulting from the subscriptions in 2005 will be
     entered in the trade register after the record date for the spring 2005
     dividend distribution.
   -
   - The opportunity to subscribe for shares on the basis of options will expire
     on 17 May, 2005.

Management share option scheme 1999 (Fortum Corp. warrant 2/99 FUM1VEW299)

   - The subscription price of shares which are subscribed for via options is
     5.61 euro. The share subscription price will not be reduced by dividends
     paid before share subscription which takes place on the basis of options.

   - According to the subscription terms and conditions, the new shares give
     entitlement to dividend from the financial period during which the shares
     have been subscribed for.
      Therefore subscriptions made on the basis of options in 2005 will not
give entitlement to a  dividend (in cash or Fortum  Oil shares) from 2004.
The increase in share capital resulting  from the subscriptions in 2005 will be
entered in the trade register after the record date for  the spring 2005
dividend distribution.

   - The opportunity to subscribe for shares on the basis of options will expire
     on 1 October 2005.


Share Option Scheme 2002A for key employees (Fortum Corp. -02A warrant
FUM1VEW102)

   - The options are traded on the Helsinki Stock Exchange's Main List as of 1
     October 2004. The subscription price for a share on the basis of one of
     these options will be 4.74 euro at the start of listing. The subscription
     price of a share subscribed for by these options will be reduced by the
     amount of dividends decided before share subscription on the record day for
     each dividend distribution. The subscription price may not however be
     reduced below 3.40 euro, which is the nominal value of a Fortum Corporation
     share.

   - The entitlement of shares subscribed for via options to a dividend will
     begin once the increase of share capital has been entered in the trade
     register.
   - The increase of share capital caused by option subscriptions made latest on
     31 January 2005 is intended to be entered into the trade register before the
     record day for the spring 2005 dividend distribution.
   - The opportunity to subscribe for shares on the basis of options will expire
     on 1 May 2007.

The increases of share capital resulting from the option programmes described
above will be entered into the trade register during late 2004 and finally in the
beginning of 2005.

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

For further information:
Jouni Huttunen, tel. +358 (0)10 452 4649

Distribution:
Helsinki Stock Exchange
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