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FORTUM SHARES SUBSCRIBED FOR WITH SHARE

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Fortum Corporation    Stock exchange announcement
                        1 July 2004                  1(1)


FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS RELATING TO
FORTUM’S 1999 WARRANT BOND TO EMPLOYEES AND TO THE 1999 MANAGEMENT
STOCK OPTION SCHEME

Shares, which have been subscribed for and paid to the company
between 1 January and 24 June 2004 based on the share warrants
relating to Fortum Corporation’s 1999 warrant bond to the
employees and Fortum Corporation’s 1999 management stock option
scheme, will be traded on the Main List of the Helsinki Exchanges
starting on 2 July 2004, together with the old shares.

A total of 59,415 Fortum Corporation shares were subscribed for
with the share warrants relating to Fortum Corporation’s 1999
warrant bond to employees, while a total of 389,000 shares were
subscribed for with the share warrants relating to Fortum
Corporation’s 1999 management stock option scheme. The increase in
the share capital resulting from the share subscriptions, a total
of EUR 1,524,611.00, has been entered into the trade register on 1
July 2004. After the increase, Fortum Corporation’s share capital
is EUR 2,890,890,439.60 and the total number of shares is
850,261,894. Following the share subscriptions, Fortum
Corporation’s shareholders’ equity increased by a total of EUR
2,397,966.45.

According to the terms of subscription, the new shares will
entitle to a dividend possibly paid by the company for the
financial period of 2004. Other shareholder rights will become
effective on the date of registration, 1 July 2004.

The subscription price for the shares relating to Fortum’s 1999
warrant bond to the employees has decreased to EUR 3,63 due to the
dividend paid for the financial period of 2003. The subscription
price can decrease at the most to nominal value EUR 3,40.

Basic data of Fortum Corporation share on 1 July 2004:

Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 850,261,894


Fortum Corporation

Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Further information:
Seppo Viitanen, Group Treasurer, tel. +358 10 452 4477

Distribution:
Helsinki Exchanges
www.fortum.com

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