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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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


FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

The following Fortum shares, subscribed for and paid to the company relating to
Fortum Corporation's share warrants, will be traded on the Main List of the
Helsinki Stock Exchange starting on 12 January 2005, together with the old
shares.

 Name of scheme                  Subscription period  Quantity      
 Bond loan with warrants for     1 January - 31        599,593      
 employees 1999                  December 2004                      
 Management share option scheme  1 January - 31        1,348,000    
 1999                            December 2004                      
 Share Option Scheme 2002A for   1 January - 31       717,100       
 key employees                   December 2004                      

The increase in the share capital resulting from the share subscriptions, a total
of EUR 9,059,956.20, was entered in the Trade Register on 11 January 2005. After
this increase, Fortum Corporation's share capital is EUR 2,957,145,233.20 and the
total number of shares is 869,748,598. Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 13,137,856.59.

According to the terms of subscription, the new shares subscribed for under the
scheme 'Bond loan with warrants for employees 1999' and the scheme 'Management
share option 1999' will entitle to a dividend possibly paid by the company for
the financial period of 2004. The entitlement to a dividend of shares subscribed
for via 'Share Option Scheme 2002A for key employees' will begin once the
increase of share capital has been entered in the Trade Register. Other
shareholder rights will become effective on the date of registration, 11 January
2005.

Basic data of Fortum Corporation shares on 12 January 2005:

Trading code: FUM1V

ISIN code: FI0009007132

Number of shares: 869,748,598

Subscriptions relating to shares subscribed for via 'Share Option Scheme 2002A
for key employees' made by the end of January 2005 will be approved in the early
part of February 2005, after which time trading with these shares will begin.

Shares subscribed for via 'Bond loan with warrants for employees 1999' and
'Management share option scheme 1999' during 2005 and shares subscribed for with
'Share Option Scheme 2002A for key employees' after January 2005 will be entered
in the Trade register after the record date of share distribution in spring 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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