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*FORTUM CORPORATION: - SHARES SUBSCRIBED

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HEX HELSINKI     SECURITIES EXCHANGE   RELEASE 121/2003
                 SHARES                5 May 2003


FORTUM CORPORATION: - SHARES SUBSCRIBED WITH OPTION RIGHTS

A total of 72 060 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 6 May 2003.

Identifiers of Fortum Corporation's share as of 6 May 2003:

Trading code:                       FUM1V
ISIN code:                          FI0009007132
Number of shares:                   845 847 615


HELSINKI EXCHANGES
Pekka Peiponen

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