Stock exchange release

*FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS

03 November 2004, 13:02 EET

EXCHANGE NOTICE 426/2004, 3 November 2004 SHARES

FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS A total of 130 291 Fortum Corporation's shares have been subscribed with the Fortum Corporation's 1999 bond with warrant and a total of 1 286 000 shares have been subscribed with the Fortum Corporation’s 1999 option rights and 1 986 600 shares have been subscribed with the Fortum Corporation’s 2002A option rights. The shares will be traded on the Helsinki Stock Exchange as old shares as of 4 November 2004. Identifiers of Fortum Corporation's share: Trading code: FUM1V ISIN code: FI0009007132 Orderbook id: 24271 Number of shares: 853 664 785 HELSINKI STOCK EXCHANGE Janne Seppänen Vice President Surveillance Finland