Stock exchange release

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

11 January 2005, 9:43 EET

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT
11 January 2005 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 12 January 2005, together with the old shares. Name of scheme Subscription period Quantity Bond loan with warrants for 1 January - 31 599,593 employees 1999 December 2004 Management share option scheme 1 January - 31 1,348,000 1999 December 2004 Share Option Scheme 2002A for 1 January - 31 717,100 key employees December 2004 The increase in the share capital resulting from the share subscriptions, a total of EUR 9,059,956.20, was entered in the Trade Register on 11 January 2005. After this increase, Fortum Corporation's share capital is EUR 2,957,145,233.20 and the total number of shares is 869,748,598. Following the share subscriptions, Fortum Corporation's shareholders' equity increased by a total of EUR 13,137,856.59. 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, 11 January 2005. Basic data of Fortum Corporation shares on 12 January 2005: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 869,748,598 Subscriptions relating to shares subscribed for via 'Share Option Scheme 2002A for key employees' made by the end of January 2005 will be approved in the early part of February 2005, after which time trading with these shares will begin. Shares subscribed for via 'Bond loan with warrants for employees 1999' and 'Management share option scheme 1999' during 2005 and shares subscribed for with 'Share Option Scheme 2002A for key employees' after January 2005 will be entered in the Trade register after the record date of share distribution in spring 2005. 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