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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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Fortum Corporation        STOCK EXCHANGE ANNOUNCEMENT
                          3 November 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 4 November 2004, together with the old
shares.

 Name of scheme                  Subscription period  Quantity      
 Bond loan with warrants for     25 June - 18 October 130,291       
 employees 1999                  2004                               
 Management share option scheme  25 June - 18 October 1,286,000     
 1999                            2004                               
 Share Option Scheme 2002A for   1 October - 18       1,986,600     
 key employees                   October 2004                       

The increase in the share capital resulting from the share subscriptions, a total
of EUR 11,569,829.40, was entered in the Trade Register on 3 November 2004. After
this increase, Fortum Corporation's share capital is EUR 2,902,460,269.00 and the
total number of shares is 853,664,785. Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 17,103,900.33.

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, 3 November
2004.

New subscriptions based on the above-mentioned schemes were not made between 19
October and 31 October, 2004.

Basic data of Fortum Corporation shares on 4 November 2004:

Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 853,664,785

Subscriptions relating to share warrants made by the end of November will be
approved in the early part of December, after which time trading with these
shares will begin.

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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