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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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

 Name of scheme                  Subscription period  Quantity      
 Share Option Scheme 2002A for   1 January - 31       2,105,600     
 key employees                   January 2005                       

The increase in the share capital resulting from the share subscriptions, a total
of EUR 7,159,040.00, was entered in the Trade Register on 9 February 2005. After
this increase, Fortum Corporation's share capital is EUR 2,964,304,273.20 and the
total number of shares is 871,854,198. Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 9,980,544.00.

According to the terms of subscription, the entitlement to a dividend and other
shareholder rights will begin once the increase of share capital has been entered
in the Trade Register. The new shares will entitle shareholders to the same
rights in the company as the shares of Fortum Corporation listed on the Helsinki
Stock Exchange.

Basic data of Fortum Corporation shares on 10 February 2005:

Trading code: FUM1V

ISIN code: FI0009007132

Number of shares: 871,854,198

The next increase in share capital resulting from share subscriptions on the
basis of the listed warrants of Fortum Corporation will only be entered into the
trade register after the record date for dividend payment 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
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