Stock exchange release

Fortum shares subscribed for with share warrants

07 March 2007, 16:51 EET

Fortum Corporation Stock exchange announcement 7.3.2007

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 key      |  1-28 February 2007 | 43,600        |
| employees                              |                     |               |
--------------------------------------------------------------------------------
| Share Option Scheme 2001B for key      |  1-28 February 2007 |       136,400 |
| employees                              |                     |               |
--------------------------------------------------------------------------------
| Share Option Scheme 2002A for key      |  1-28 February 2007 |         6,000 |
| employees                              |                     |               |
--------------------------------------------------------------------------------
| Share Option Scheme 2002B for key      |  1-28 February 2007 |       182,130 |
| 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 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                                 

Distribution:                                                                   
Helsinki Stock Exchange                                                         
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