Fortum Corporation STOCK EXCHANGE ANNOUNCEMENT 23 January 2007 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 Helsinki Stock Exchange starting on 24 January 2007, together with the old shares. Name of scheme Subscription period Quantity Share Option Scheme 2001A for key 11 Dec 2006 - 15 Jan 2007 57,100 employees Share Option Scheme 2001B for key 11 Dec 2006 - 15 Jan 2007 233,202 employees Share Option Scheme 2002A for key 11 Dec 2006 - 15 Jan 2007 13,000 employees Share Option Scheme 2002B for key 11 Dec 2006 - 15 Jan 2007 482,702 employees The increase in share capital resulting from the share subscriptions, a total of EUR 2,672,413.60, was entered in the Trade Register on 23 January 2007. After this increase, Fortum Corporation's share capital is EUR 3,025,454,810.00 and the total number of shares is 888,179,650. Following the share subscriptions, Fortum Corporation's shareholders' equity increased by a total of EUR 2,672,413.60. Identifiers of Fortum Corporation's share on 24 January 2007: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 888,179,650 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 For further information, please contact: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange