FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

Fortum Corporation        Stock exchange announcement
                          13 May 2005        1(1)

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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

 Option program                  Subscription time        pcs           
 Bond loan with warrants for     6 April - 30 April 2005  197,060      
 employees 1999                                                        
 Management share option scheme  6 April - 30 April 2005   12,000       
 1999                                                                  
 Share Option Scheme 2002A for   18 April - 30 April        4,000         
 key employees                   2005                                  

The increase of the share capital corresponding to the subscriptions has not yet
been registered in the trade register. The possibility to subscribe shares based
on the share warrants relating to Fortum Corporation's 1999 bond loan with
warrants for employees will end on 17 May 2005.

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 February 2005 (stock exchange announcement 9 February 2005) and
January 2005 (stock exchange announcement 11 January 2005).

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

For further information please contact:
Jouni Huttunen, tel. +358 10 452 4649

Distribution:
Helsinki Stock Exchange
Key media

About Us

FortumFortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2019, our sales were EUR 5.4 billion and 59% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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