Stock exchange release

HSE: FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS

11 January 2005, 13:13 EET

EXCHANGE NOTICE 10/2005, 11 January 2005 SHARES

FORTUM CORPORATION: SHARES SUBSCRIBED WITH OPTION RIGHTS A total of 599 593 Fortum Corporation's shares have been subscribed with the Fortum Corporation's 1999 bond with warrant and a total of 1 348 000 shares have been subscribed with the Fortum Corporation’s 1999 option rights and 717 100 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 12 January 2005. Identifiers of Fortum Corporation's share: Trading code: FUM1V ISIN code: FI0009007132 Orderbook id: 24271 Number of shares: 869 748 598 HELSINKI STOCK EXCHANGE Janne Seppänen Vice President Surveillance Finland