Stock exchange release

Fortum shares subscribed for with share warrants

11 January 2007, 13:20 EET

Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT 11 January 2007

Fortum shares subscribed for with share warrants

The following new shares have been subscribed for with Fortum Corporation's share

 Name of scheme                            Subscription period   Quantity     
 Share Option Scheme 2001A for key         11.12.-31.12.2006      -     
 Share Option Scheme 2001B for key         11.12.-31.12.2006     42 500       
 Share Option Scheme 2002A for key         11.12.-31.12.2006       2 000      
 Share Option Scheme 2002B for key         11.12.-31.12.2006      30 200      

The corresponding increase in share capital has not yet been entered in the trade

The intention is that the next time share subscriptions related to Fortum's
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 Oyj
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

For further information, please contact:
Jouni Huttunen, tel. 010 452 4649

Helsinki Stock Exchange