Stock exchange release

The effect of Neste Oil shares distributed as a dividend on the subscription price of Fortum options

15 April 2005, 18:48 EEST

Fortum Corporation STOCK EXCHANGE RELEASE
15 April 2005 1(1)

The effect of Neste Oil shares distributed as a dividend on the subscription price of Fortum options In Fortum option programs, the dividend correction of the subscription price for Neste Oil Corporation shares distributed as a dividend is calculated by dividing the sales price of the Neste Oil Corporation share by four which results in a decrease of 3.75 euros in the subscription price of Fortum Corporation share. Of the option programs currently listed on the Helsinki Stock Exchange this affects the options of Fortum Corporation's 1999 bond loan with warrants to the employees (Fortum Corp -99 warrant FUM1VEW199) and the share options 2002A for key employees (Fortum Corp -02A warrant FUM1VEW102), and the new subscription price of both is the nominal value of the Fortum Corporation share, that is EUR 3.40. The possibility to subscribe shares based on the share warrants relating to Fortum Corporation's 1999 bond loan with warrants to the employees will end on 17 May 2005. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications For further information please contact: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange Key media