*FORTUM CORPORATION: - SHARES SUBSCRIBED

HEX HELSINKI     SECURITIES EXCHANGE   RELEASE 355/2003
                 SHARES                3 December 2003


FORTUM CORPORATION: - SHARES SUBSCRIBED WITH OPTION RIGHTS

A total of 2 934 700 Fortum Corporation's shares have been
subscribed with the Fortum Corporation's 1999 option rights.
The shares will be traded on the Helsinki Exchanges as old
shares as of 19 December 2003.

Identifiers of Fortum Corporation's share:

Trading code:                       FUM1V
ISIN code:                          FI0009007132
Number of shares:                   848 832 475


HELSINKI EXCHANGES
Pekka Peiponen


About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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