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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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Fortum Corporation        STOCK EXCHANGE ANNOUNCEMENT     7 October 2004



FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

A total of 46,775 Fortum Corporation shares were subscribed for between 1
September and 30 September 2004, and a total of 35,295 shares between 2 July and
31 August 2004 based on the share warrants relating to Fortum Corporation's 1999
bond loan with warrants to the employees (Fortum Corp -99 warrant FUM1VEW199).
According to the terms of subscription, the subscription price is EUR 3,63 per
share. The corresponding increase in share capital has not been entered in the
Trade Register.

A total of 4,000 Fortum shares were subscribed for between 1 September and 30
September 2004, and a total of 1,021,000 shares between 2 July and 31 August 2004
based on Fortum Corporation's 1999 management stock option scheme (Fortum Corp.
warrant 2/99 FUM1VEW299). According to the terms of subscription, the
subscription price is EUR 5,61 per share. The corresponding increase in share
capital has not been entered in the Trade Register.

The previous increase in Fortum Corporation´s share capital was made at the
beginning of July 2004 to correspond to the share subscriptions made with
warrants (stock exchange announcement 1 July 2004).

The terms and conditions of the above mentioned option schemes have been
published in previously issued stock exchange releases.


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

Further information:
Jouni Huttunen, tel. +358 (0)10 452 4649


Distribution:
Helsinki Stock Exchange
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