Stock exchange release

FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS

09 December 2004, 16:25 EET

EXCHANGE NOTICE 493/2004, 9 December 2004 SHARES

FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS

A total of 4 355 020 Fortum Corporation's shares have been
subscribed with the Fortum Corporation's 1999 bond with warrant
and a total of 4 514 000 shares have been subscribed with the
Fortum Corporations 1999 option rights and 4 550 100 shares have
been subscribed with the Fortum Corporations 2002A option rights.
The
shares will be traded on the Helsinki Stock Exchange as old shares
as of 10 december 2004.

Identifiers of Fortum Corporation's share:

Trading code:                       FUM1V
ISIN code:                          FI0009007132
Orderbook id:                       24271
Number of shares:                   867 083 905


HELSINKI STOCK EXCHANGE
Janne Seppänen
Vice President Surveillance Finland