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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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Fortum Corporation        STOCK EXCHANGE ANNOUNCEMENT
                          11 August 2005                      1 (1)


FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

Fortum Corporation's share warrants have been used in July 2005 to subscribe
shares as follows:

 Name of scheme                  Subscription period  Quantity      
 Management share option scheme  1 July - 31 July     35,000        
 1999                            2005                               
 Share Option Scheme 2002A for   1 July - 31 July     36,700        
 key employees                   2005                               

The increase of the share capital corresponding to the subscriptions has not yet
been registered in the trade register.

The next increase in share capital resulting from share subscriptions on the
basis of the listed warrants of Fortum Corporation will be entered into the trade
register in the early part of September, when the trading of shares subscribed
for by the end of August 2005 will commence.

The previous increase in Fortum Corporation's share capital was made according to
the share subscriptions based on the above-mentioned option programs at the
beginning of June 2005 (stock exchange announcement 9 June 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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