Stock exchange release

Fortum shares subscribed for with share warrants

12 January 2006, 9:28 EET

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT 12 January 2006

Fortum shares subscribed for with share warrants The following shares have been subscribed for with Fortum Corporation's share warrants in December 2005: Name of scheme Subscription period Quantity Share Option Scheme 2001A for key 9.-31.12.2005 426 900 employees Share Option Scheme 2002A for key 9.-31.12.2005 56 100 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 share 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 share option schemes 2001A and 2002A equals the nominal value of the share, 3.40 euros. Hence, dividends distributed no longer lower the subscription price since the terms of the option scheme state that the subscription price has to be at the minimum the nominal value of the share. New shares subscribed for with share warrants will be listed in the Helsinki Stock Exchange together with old Fortum shares once the corresponding increase in share capital has been registered. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications For further information, please contact: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange Key media