Fortum shares subscribed for with share warrants

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT 13 February 2006

Fortum shares subscribed for with share warrants


The following shares have been subscribed for with Fortum Corporation's share
warrants in January 2006:

Name of scheme Subscription period Quantity
Share Option Scheme 2001A for 1 Jan - 31 Jan 2006 39,500
key employees
Share Option Scheme 2001B for 17 Jan - 31 Jan 2006 50,500
key employees
Share Option Scheme 2002A for 1 Jan - 31 Jan 2006 13,700
key employees

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
Corporation's option schemes are registered will be approximately on 3 March
2006, when new shares subscribed for by 23 February 2006 will be registered. The
shares subscribed for with options by 23 February 2006 are entitled to a
dividend
possibly paid for 2005 during the spring of 2006. The holders of these new
shares
are also entitled to participate in the Annual General Meeting in the spring of
2006 under the terms indicated in the notice to the shareholders' meeting.

After the registration in March 2006, shares subscribed for with the options are
planned to be registered next time on or around 8 June 2006. The shares
subscribed for then will no longer be entitled to the dividend possibly paid for
2005.

The subscription price of the shares subscribed for under the Fortum option
schemes 2001A and 2002A equals the nominal value of the share, 3.40 euros.
Therefore, any dividends paid do not reduce the subscription price since the
terms and conditions of the options state that the subscription price must not
be
less than the nominal value of the share. The subscription price of the shares
subscribed for under the option scheme 2001B is 4.47 euros. The subscription
price will be reduced by the amount of dividends decided before the subscription
so that the changed subscription price will be effective on the record date for
each dividend distribution. However, the subscription price will always be at
least the nominal value of the share, 3.40 euros.

The new shares subscribed for under the option schemes will be listed in the
Helsinki Stock Exchange together with the old shares after the corresponding
increase in share capital has been entered in the trade register.

Fortum Corporation

Carola Teir-Lehtinen
Senior Vice President

For further information, please contact:
Jouni Huttunen, tel. +358 10 452 4649

Distribution:
Helsinki Stock Exchange
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