Stock exchange release

Fortum shares subscribed for with share warrants

23 January 2008, 09:35 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 shares.

| 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                                 

Helsinki Stock Exchange                                                         
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