Stock exchange release

NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF FORTUM CORPORATION

19 February 2008, 9:31 EET

The shareholders of Fortum Corporation are invited to the Annual General Meeting to be held on Tuesday, 1 April 2008, at 1:00 p.m. at Finlandia Hall, address: Mannerheimintie 13 e, Helsinki. Entrance: Mannerheimintie door M4 and Karamzininkatu door K4. Registration of shareholders who have notified the company of their attendance will begin at 11:45 a.m. The Annual General Meeting will be conducted in Finnish and interpreted simultaneously into Swedish and English. Matters belonging to the Annual General Meeting pursuant to Paragraph 18 of the Articles of Association and Section 3 of Chapter 5 of the Companies Act as well as the other following matters will be on the agenda of the Annual General Meeting: 1. Adoption of the financial statements and the consolidated financial statements 2. Distribution of profit The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 1.35 per share be paid based on the adopted balance sheet for the financial year that ended on 31 December 2007. Of this dividend, EUR 0.77 per share is to be paid from the company's recurring earnings and EUR 0.58 per share as additional dividend in order to steer the company's capital structure towards the target. The dividend will be paid to shareholders registered in the register of shareholders maintained by the Finnish Central Securities Depository Ltd on the record date for dividend payment, 4 April 2008. The dividend will be paid on 11 April 2008. 3. Discharge from liability for the Supervisory Board, the Board of Directors and the Managing Director 4. Compensation for the members of the Supervisory Board and the Board of Directors as well as the Auditor The Shareholders' Nomination Committee proposes to the Annual General Meeting that the Board of Directors receive the following compensation: for the chairman, EUR 66,000 per year; for the deputy chairman, EUR 49,200 per year; and for each member, EUR 35,400 per year. In addition, a fee of EUR 600 for each meeting of the Board of Directors and its committees is proposed. For Board members living outside Finland in Europe the fee for each meeting is proposed to be doubled. 5. The number of the members of the Supervisory Board and election of chairman, deputy chairman and members of the Supervisory Board 6. The number of the members of the Board of Directors and election of chairman, deputy chairman and members of the Board of Directors The Shareholders' Nomination Committee proposes to the Annual General Meeting that the chairman Peter Fagernäs and members Esko Aho, Birgitta Johansson-Hedberg, Marianne Lie and Christian Ramm-Schmidt be re-elected. The Committee proposes that Matti Lehti, currently a member of the Board of Directors, be elected as deputy chairman and that Ilona Ervasti-Vaintola, Group Chief Counsel, be elected as a new member of the Board of Directors. 7. Election of Auditor On the recommendation of the Audit Committee, the Board of Directors proposes that the Annual General Meeting elect Deloitte & Touche Oy, chartered accountants, as the auditor. 8. Proposal of the Board of Directors to amend Paragraph 8 of the Articles of Association The Board of Directors proposes to the Annual General Meeting that Paragraph 8 of the Articles of Association be amended so that the maximum number of members to be elected, in addition to the chairman and deputy chairman, increases from five to six. 9. Proposal of the Board of Directors to authorise the Board of Directors to decide to repurchase the company's own shares The Board of Directors proposes to the Annual General Meeting that the Board of Directors be authorised to decide to repurchase the company's own shares by using non-restricted equity. The authorisation is proposed to be valid until the next Annual General Meeting. The shares will be repurchased in order to steer Fortum's capital structure towards the target. The maximum amount of shares to be repurchased is 15 million shares. In addition, the amount of funds used for the repurchases may not exceed EUR 300 million. The shares will be repurchased through public trading of the securities on OMX Nordic Exchange Helsinki Oy, which means that they will not be purchased in proportion to the holdings of the shareholders. The repurchase price of the shares shall be based on the public trading price of Fortum shares. Shares repurchased by the company shall be cancelled by a separate decision of Board of Directors. 10. Proposal by the State of Finland to appoint a Nomination Committee The State of Finland proposes that the Annual General Meeting resolve to appoint a Nomination Committee to prepare proposals concerning Board members and their remuneration for the following Annual General Meeting. The Nomination Committee will consist of the chairman of the Board of Directors, acting as an expert member, and the representatives of the three main shareholders. The three shareholders whose share of the total votes of all the shares of the company is largest on the 3rd day of November preceding the Annual General Meeting will have the right to appoint the members representing the shareholders. Should a shareholder not wish to use its right to nominate, this right will be passed on to the next biggest shareholder. The largest shareholders will be determined on the basis of the ownership information registered in the book-entry system. In case an owner is required under the Securities Markets Act to report certain changes in ownership (when flagging by shareholder is required), for example when the ownership is distributed among various funds, the ownership will be counted as one holding, if the owner informs the Board in writing of this request no later than on 31 October 2008. The Nomination Committee will be convened by the chairman of the Board of Directors, and the Committee will choose a chairman from among its own members. The Committee shall give its proposal to the Board of Directors of the company at the latest by the 2nd of February preceding the Annual General Meeting. 11. Proposal of shareholder George Jauhiainen to dissolve the Supervisory Board Availability of documents The annual report of Fortum, which includes the financial statements, the operating and financial review and the auditor's report, as well as the proposals mentioned above in sections 8 and 9 will be available to shareholders on Fortum's website (www.fortum.com/agm) at the latest from 14 March 2008 and will be sent to shareholders on request (please send an e-mail to keilaniemi [dot] postitus [at] fortum [dot] com or telephone +358 (0) 10 45 29151 between 10:00 a.m. - 2:00 p.m. (Finnish time) on business days). They are also available at the Annual General Meeting. Right to attend the Annual General Meeting Shareholders who are registered on 20 March 2008 in the register of shareholders of the company, maintained by the Finnish Central Securities Depository Ltd, are entitled to attend the Annual General Meeting. Shareholders who hold their shares under the name of a nominee can be temporarily registered in the register of shareholders of the company on 20 March 2008 to allow attendance at the Annual General Meeting. Shareholders wishing to attend the Annual General Meeting must notify the company of their attendance by 4:00 p.m. (Finnish time) on 25 March 2008 at the latest. You may notify you attendance - at the Fortum website at www.fortum.com/agm - by phone on +358 (0) 10 452 9460 - by fax on +358 (0) 10 262 2727 - by letter to Fortum Corporation, Corporate Legal Affairs/ AGM, P.O. Box 1, 00048 FORTUM. Notifications must arrive by 4:00 p.m. (Finnish time) on 25 March 2008 at the latest. Powers of attorney Any powers of attorney should be delivered so that they arrive by 4:00 p.m. (Finnish time) on 25 March 2008 at the latest. In Espoo, on 30 January 2008 FORTUM CORPORATION Board of Directors Distribution: OMX Nordic Exchanges Helsinki Key media