Stock exchange release

Fortum shares subscribed for with share warrants

08 December 2006, 09:48 EET

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 Helsinki
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 the
total number of shares is 889,053,646. Following the share subscriptions, the
shareholders' equity of Fortum Corporation increased by a total of EUR 19,650,779.40.

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 the
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 entitled
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