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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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Fortum Corporation        STOCK EXCHANGE ANNOUNCEMENT
                          9 June 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 10 June 2005, together with the old shares.

 Name of scheme                  Subscription period        Quantity   
 Bond loan with warrants for     6 April-17 May 2005        684,777    
 employees 1999                                                        
 Management share option scheme  6 April-31 May 2005        96,000     
 1999                                                                  
 Share Option Scheme 2002A for   18 April-31 May 2005       158,500    
 key employees                                                         


The increase in the share capital resulting from the share subscriptions, a total
of EUR 3,193,541.80, was entered in the Trade Register on 9 June 2005. After this
increase, Fortum Corporation's share capital is EUR 2,967,497,815 and the total
number of shares is 872,793,475. Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 3,405,701.80.

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 2005 and onwards. 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, 9 June
2005.

Basic data of Fortum Corporation shares on 10 June 2005:

Trading code: FUM1V

ISIN code: FI0009007132

Number of shares: 872,793,475

The next time when the share subscriptions connected to the Management share
option scheme (1999) and Share option scheme 2002A for key employees are planned
for approval will be in early September, when the trading of shares subscribed
for by the end of August 2005 will commence. The possibility to subscribe shares
based on the share warrants relating to the Bond loan with warrants for employees
1999 ended on 17 May 2005.

Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Further information:
Jouni Huttunen, tel. +358 10 452 4649

Distribution:
Helsinki Stock Exchange
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