Stock exchange release

Fortum shares subscribed for with share warrants

08 November 2006, 8:31 EET

Fortum Corporation Stock Exchange Announcement 8 November 2006

Fortum shares subscribed for with share warrants The following new shares have been subscribed for with Fortum Corporation's share warrants: Name of scheme Subscription period Quantity Share Option Scheme 2001A for 1 Oct - 31 Oct 2006 - key employees Share Option Scheme 2001B for 1 Oct - 31 Oct 2006 - key employees Share Option Scheme 2002A for 1 Oct - 31 Oct 2006 - key employees Share Option Scheme 2002B for 1 Oct - 31 Oct 2006 4,300 key employees The corresponding increase in share capital has not yet been entered in the trade register. The intention is that the share subscriptions related to Fortum Corporation's option schemes will be registered next time on or around 8 December 2006, when new shares subscribed for by 30 November 2006 will be registered. The subscription price of the shares subscribed for under any Fortum option scheme 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. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Further information: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange