Stock exchange release

Fortum shares subscribed for with share warrants

23 January 2007, 10:08 EET

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT 23 January 2007

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 24 January 2007, together with the old shares.

 Name of scheme                    Subscription period          Quantity    
 Share Option Scheme 2001A for key 11 Dec 2006 - 15 Jan 2007    57,100      
 Share Option Scheme 2001B for key 11 Dec 2006 - 15 Jan 2007    233,202     
 Share Option Scheme 2002A for key 11 Dec 2006 - 15 Jan 2007    13,000      
 Share Option Scheme 2002B for key 11 Dec 2006 - 15 Jan 2007    482,702     

The increase in share capital resulting from the share subscriptions, a total of
EUR 2,672,413.60, was entered in the Trade Register on 23 January 2007. After
this increase, Fortum Corporation's share capital is EUR 3,025,454,810.00 and the
total number of shares is 888,179,650.  Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 2,672,413.60.

Identifiers of Fortum Corporation's share on 24 January 2007:

Trading code: FUM1V
ISIN code: FI0009007132
Number of shares:  888,179,650

The intention is that the next time share subscriptions related to Fortum  share
option schemes  are  registered will be approximately  on 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.

Since the subscription price of the shares subscribed for under any Fortum option
scheme equals the nominal value of the share (EUR 3.40), any dividends paid do
not reduce the subscription price.

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

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

Helsinki Stock Exchange