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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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Fortum Corporation        STOCK EXCHANGE ANNOUNCEMENT
                         9 December 2004                          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 10 December 2004, together with the old
shares.

 Name of scheme                  Subscription period  Quantity      
 Bond loan with warrants for     19 October - 30      4,355,020     
 employees 1999                  November 2004                      
 Management share option scheme  19 October - 30      4,514,000     
 1999                            November 2004                      
 Share Option Scheme 2002A for   19 October - 30      4,550,100     
 key employees                   November 2004                      

The increase in the share capital resulting from the share subscriptions, a total
of EUR 45,625,008.00, was entered in the Trade Register on 9 December 2004. After
this increase, Fortum Corporation's share capital is EUR 2,948,085,277.00 and the
total number of shares is 867,083,905. Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 62,699,736.60.

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, 9 December
2004.

Basic data of Fortum Corporation shares on 10 December 2004:

Trading code: FUM1V

ISIN code: FI0009007132

Number of shares: 867,083,905

Subscriptions relating to share warrants made by the end of December 2004 will be
approved in the early part of January 2005, after which time trading with these
shares will begin.
Shares subscribed for during 2005 via Bond loan with warrants for employees 1999
and Management share option scheme 1999 will no longer give entitlement to a
dividend from the year 2004, either in cash or in the form of shares in Fortum
Oil Oy, as stated in the Stock Exchange Release dated 1 October 2004.

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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