THE IMPACT OF DIVIDENDS ON THE PRICE OF SHARE SUBSCRIPTIONS MADE VIA FORTUM'S
Fortum Corporation STOCK EXCHANGE RELEASE 1 October 2004 1(2)THE IMPACT OF DIVIDENDS ON THE PRICE OF SHARE SUBSCRIPTIONS MADE VIA FORTUM'SOPTION PROGRAMS In its stock exchange release issued on 14 September 2004, Fortum Corporationannounced its plan to implement the separation of Fortum Oil Oy by distributingapproximately 85 percent of its shares as a dividend to the shareholders ofFortum and by selling the remaining shares to investors in April 2005. Fortum'sAnnual General Meeting will decide on the dividend distribution in spring 2005.If the Annual General Meeting makes the