Fortum shares subscribed for with share warrants

11.01.2005

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 employees 1999

1 January - 31 December 2004

 599,593

Management share option scheme 1999

1 January - 31 December 2004

 1,348,000

Share Option Scheme 2002A for key employees

1 January - 31 December 2004

717,100

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
Key media