Stock exchange release

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

03 November 2004, 10:16 EET

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT
3 November 2004 1 (1)

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS The following Fortum shares, subscribed for and paid to the company relating to Fortum Corporation's share warrants, will be traded on the Main List of the Helsinki Stock Exchange starting on 4 November 2004, together with the old shares. Name of scheme Subscription period Quantity Bond loan with warrants for 25 June - 18 October 130,291 employees 1999 2004 Management share option scheme 25 June - 18 October 1,286,000 1999 2004 Share Option Scheme 2002A for 1 October - 18 1,986,600 key employees October 2004 The increase in the share capital resulting from the share subscriptions, a total of EUR 11,569,829.40, was entered in the Trade Register on 3 November 2004. After this increase, Fortum Corporation's share capital is EUR 2,902,460,269.00 and the total number of shares is 853,664,785. Following the share subscriptions, Fortum Corporation's shareholders' equity increased by a total of EUR 17,103,900.33. According to the terms of subscription, the new shares subscribed for under the scheme 'Bond loan with warrants for employees 1999' and the scheme 'Management share option 1999' will entitle to a dividend possibly paid by the company for the financial period of 2004. The entitlement to a dividend of shares subscribed for via 'Share Option Scheme 2002A for key employees' will begin once the increase of share capital has been entered in the Trade Register. Other shareholder rights will become effective on the date of registration, 3 November 2004. New subscriptions based on the above-mentioned schemes were not made between 19 October and 31 October, 2004. Basic data of Fortum Corporation shares on 4 November 2004: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 853,664,785 Subscriptions relating to share warrants made by the end of November will be approved in the early part of December, after which time trading with these shares will begin. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Further information: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange Key media