FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

The following new shares have been subscribed for with Fortum Corporation's
share warrants:

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| Name of scheme                        | Subscription period  |      Quantity |
--------------------------------------------------------------------------------
| Share Option Scheme 2001A for key     |           15 March - |        6,820  |
| employees                             |             31 March |               |
|                                       |                 2007 |               |
--------------------------------------------------------------------------------
| Share Option Scheme 2001B for key     |           15 March - |        25,000 |
| employees                             |             31 March |               |
|                                       |                 2007 |               |
--------------------------------------------------------------------------------
| Share Option Scheme 2002A for key     |           15 March - |             - |
| employees                             |             31 March |               |
|                                       |                 2007 |               |
--------------------------------------------------------------------------------
| Share Option Scheme 2002B for key     |           15 March - |             - |
| employees                             |             31 March |               |
|                                       |                 2007 |               |
--------------------------------------------------------------------------------

The corresponding increase in share capital has not yet been entered in the
trade register.

The intention is that the next time share subscriptions related to Fortum share
option schemes are registered will be approximately on 9 May 2007, when the new
shares subscribed for by 30 April 2007 will be registered. The subscription
period of share option schemes 2001A, 2001B and 2002A will also end on 30 April
2007.

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

Distribution:
Helsinki Stock Exchange
Key media
www.fortum.com