Stock exchange release

Fortum shares subscribed for with share warrants

23 January 2008, 9:35 EET

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 2008, together with the old

-------------------------------------------------------------------------------- | Name of scheme | Subscription period | Quantity | -------------------------------------------------------------------------------- | Share Option Scheme 2002B for key | 11.12.2007-15.1.2008 | 252,602 | | employees | | | -------------------------------------------------------------------------------- The increase in share capital resulting from the share subscriptions, a total of EUR 858 846.80, was entered in the Trade Register on 23 January 2008. After the increase, Fortum Corporation's share capital is EUR 3 041 319 244.00, and the total number of shares is 886 935 660. Following the share subscriptions, the shareholders' equity of Fortum Corporation increased by a total of EUR 858 846.80. Identifiers of Fortum Corporation's share on 24 January 2008: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 886 935 660 The intention is that the next time share subscriptions related to the Fortum Share Option Scheme 2002B are registered will be approximately on 17 March 2008, when the new shares subscribed for by 10 March 2008 will be registered. The shares subscribed for with options by 10 March 2008 at the latest are entitled to a dividend possibly paid for 2007 during the spring of 2008. The holders of these new shares are also entitled to participate in the Annual General Meeting in the spring of 2008 under the terms indicated in the notice to the shareholders' meeting. Fortum Corporation Maria Romantschuk Senior Vice President, Corporate Communications Distribution: Helsinki Stock Exchange Key media