Stock exchange release

Fortum shares subscribed for with share warrants

23 January 2009, 12:00 EET

Fortum Corporation Stock exchange announcement 23 January 2009 at 12:00 EET

Fortum shares subscribed for with share warrants                                

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 NASDAQ 
OMX Helsinki starting on 26 January 2009, together with the old shares.         

| Name of scheme                        |  Subscription period |      Quantity |
| Share Option Scheme 2002B for key     |   1 December 2008 -  |       151,250 |
| employees                             |      15 January 2009 |               |

The increase in share capital resulting from the share subscriptions, totalling 
EUR 514,250.00, was entered in the Trade Register on 23 January 2009. Following 
this increase, Fortum Corporation's share capital is EUR 3,044,221,722.00 and   
the total number of shares is 887,789,330. Following the share subscriptions,   
the shareholders' equity of Fortum Corporation increased by a total of EUR      

Identifiers of Fortum Corporation share on 26 January 2009:                     

Trading code: FUM1V                                                             
ISIN code: FI0009007132                                                         
Number of shares: 887,789,330                                                   

The intention is that the next time share subscriptions related to the Fortum   
Share Option Scheme 2002B are registered will be approximately on 24 March 2009,
when the new shares subscribed for by 17 March 2009 will be registered. The     
shares subscribed for with options by 17 March 2009 at the latest are entitled  
to a dividend possibly paid for 2008 during the spring of 2009. The holders of  
these new shares are also entitled to participate in the Annual General Meeting 
in the spring of 2009 under the terms indicated in the notice to the            
shareholders' meeting.                                                          

After March's registration the next time share subscriptions are intended to be 
registered is approximately on 8 May 2009, when the new shares subscribed for by
30 April 2009 will be registered. The subscription period for Share Option      
Scheme 2002B finishes 30 April 2009.        

Fortum Corporation                                                              
Maria Romantschuk                                                               
Senior Vice President, Corporate Communications                                 

Additional information:                                                         
Jouni Huttunen, Head of Treasury Management, +358 10 45 24649                   

NASDAQ OMX Helsinki                                                             
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