Fortum shares subscribed for with share warrants

Fortum Corporation Stock exchange announcement 08 December 2006

Fortum shares subscribed for with share warrants

The following Fortum shares, subscribed for with Fortum Corporation's share
warrants and paid to the company, will be traded on the Main List of the
Stock Exchange starting on 11 December 2006, together with the old shares.

Name of scheme Subscription period Quantity
Share Option Scheme 2001A for 11 Sept. - 30 Nov. 2006 181,850
key employees
Share Option Scheme 2001B for 11 Sept. - 30 Nov. 2006 664,753
key employees
Share Option Scheme 2002A for 11 Sept. - 30 Nov. 2006 76,550
key employees
Share Option Scheme 2002B for 2 Oct. - 30 Nov. 2006 4,856,488
key employees

The increase in share capital resulting from the share subscriptions, a total of
EUR 19,650,779.40 was entered in the Trade Register on 8 December 2006. After
this increase, Fortum Corporation's share capital is EUR 3,022,782,396.40 and
total number of shares is 889,053,646. Following the share subscriptions, the
shareholders' equity of Fortum Corporation increased by a total of EUR

Identifiers of Fortum Corporation's share on 11 December 2006:
Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 889,053,646

The final combined amount of Fortum's 2002B options is 10,003,000. These options
may collectively be used to subscribe for a maximum of 10,003,000 shares, and
share capital may increase by a maximum of 34,010,200 euros as a result of the
share subscriptions.

The intention is that the next time share subscriptions related to Fortum share
option schemes are registered will be approximately on 23 January 2007, when the
new shares subscribed for by 15 January 2007 will be registered.

After the registration in January, shares subscribed for with the options are
planned to be registered next time on or around 15 March 2007, when the new
shares subscribed for by 7 March 2007 will be registered. The shares subscribed
for with options by 7 March 2007 are entitled to a dividend possibly paid for
2006 during the spring of 2007. The holders of these new shares are also
to participate in the Annual General Meeting in the spring of 2007 under the
terms indicated in the notice to the shareholders' meeting.

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

Helsinki Stock Exchange