Notice of the Annual General Meeting of shareholders and Board of Director's proposals

Fortum Corporation    STOCK EXCHANGE RELEASE  27 February 2007       


Notice of the Annual General Meeting of shareholders and Board of Director's    
proposals                                                                       

- Fortum's Annual General Meeting will be held on 28 March 2007                 
- The Board of Directors proposes that a dividend of EUR 1.26 per share be paid 
- The Board of Directors proposes that the current Articles of Association be   
amended                                                                         
- The Board of Directors proposes that it is authorised to decide to repurchase 
the company's own shares                                                        


NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS                            

The shareholders of Fortum Corporation are invited to the Annual General Meeting
to be held on Wednesday, 28 March 2007, at 3:00 pm at Cable Factory's           
Merikaapelihalli, address: Tammasaarenlaituri, Entrance J, 00180 Helsinki.      
Registration of shareholders who have notified the company of their attendance  
will begin at 2:00 pm. 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 1.26 per share be paid based on the adopted balance sheet for the financial 
year that ended on 31 December 2006. Of this total dividend, EUR 0.73 per share 
is in accordance with the Group's dividend policy and EUR 0.53 per share is     
additional dividend proposed in order to steer Fortum's capital structure       
towards the agreed 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, 2 April 2007. The       
dividend will be paid on 11 April 2007.                                         

3. Discharge from liability for the Supervisory Board, the Board of Directors   
and the Managing Director                                                       

4. Remuneration 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 remuneration: for the         
chairman, EUR 55,000 per year; for the deputy chairman, EUR 42,000 per year; and
for each member, EUR 30,000 per year. In addition, a fee of EUR 500 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, deputy chairman Birgitta Kantola and members  
Esko Aho, Birgitta Johansson-Hedberg, Matti Lehti, Marianne Lie and Christian   
Ramm-Schmidt be re-elected.                                                     

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 or delete Paragraphs 3, 4, 9, 11,
18 and 19-32 of the Articles of Association                                     

The Board of Directors proposes that the current Articles of Association be     
amended to correspond with the provisions of the new Companies Act that came    
into force on 1 September 2006 as follows:                                      

The minimum and maximum capital requirements in Paragraph 3, sub-section 1 of   
the Articles of Association shall be deleted.                                   

Paragraph 4 of the Articles of Association shall be amended so that the         
company's shares belong to the book-entry system in accordance with the         
provisions of the Finnish Act on Book-Entry System and other sections in the    
paragraph shall be deleted.                                                     

Paragraphs 9 and 11 of the Articles of Association shall be amended so that the 
term "representing the company" adopted under the new Finnish Companies Act     
shall be used.                                                                  

Paragraph 18, sub-section 1, point 1 of the Articles of Association shall be    
amended so that at the Annual General Meeting of Shareholders the financial     
statements, which include consolidated financial statements, and the operating  
and financial review shall be presented. Points 4 and 5 of sub-section 1 of the 
same paragraph shall be amended so that at the Annual General Meeting of        
Shareholders the adoption of the financial statements and consolidated financial
statements and the use of the profit shown in the balance sheet shall be decided
on.                                                                             

Paragraphs 19-32 of the Articles of the Association relating to redemption of   
shares shall be deleted.                                                        

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 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 agreed target.                                                      

The maximum amount of shares to be repurchased is 20 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 the  
Helsinki Stock Exchange, which means that they will not be purchased in         
proportion to the holdings of the shareholders. The repurchase price of the     
shares will be based on the public trading price of Fortum shares.              

Shares repurchased by the company shall be cancelled by a separate decision of  
the Board of Directors.                                                         

10. Proposal by the State of Finland to appoint a Nomination Committee          

The State of Finland represented by the Ministry of Trade and Industry, 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 1st 
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 2007.                                                                   

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 1st 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 including the financial statements and the proposals
mentioned above in sections 8 and 9 will be available to shareholders on        
Fortum's website (www.fortum.com/agm) from 13 March 2007 and will be sent to    
shareholders on request (please send e-mail to keilaniemi.postitus@fortum.com or
telephone +358 (0) 10 45 29151 between 10:00 am - 2:00 pm (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 16 March 2007 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 16     
March 2007 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 pm (Finnish time) on 21 March 2007 at the   
latest. The notifications will be accepted starting from 1 March 2007. You may  
notify your 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, Finland.                                                          

Notifications must arrive by 4:00 pm (Finnish time) on 21 March 2007 at the     
latest.                                                                         

Powers of attorney                                                              

Any powers of attorney should be delivered so that they arrive by 4:00 pm       
(Finnish time) on 21 March 2007 at the latest.                                  

Instructions and information to the participants                                

Cable Factory can be reached by the underground (Ruoholahti station), by tram   
number 8 and by several Espoo and Helsinki bus lines going via Ruoholahti.      
Shareholders arriving by car are advised to leave their cars in Ruoholahti      
shopping centre's EuroPark parking hall, where more detailed guidance will be   
available. Tickets for paying the parking fee will be available from the guides.

Transportation from Ruoholahti shopping centre to Cable Factory will be         
organised from 1:45 pm.                                                         

Separate invitations shall not be sent to the shareholders.                     

In Espoo, on 27 February 2007                                                   

Fortum Corporation                                                              
The Board of Directors                                                          


APPENDIX 1:                                                                     

THE BOARD OF DIRECTORS PROPOSES TO THE ANNUAL GENERAL MEETING AN AMENDMENT OF   
THE ARTICLES OF ASSOCIATION                                                     

The Board of Directors of Fortum Corporation proposes to the Annual General     
Meeting of Shareholders to be held on 28 March 2007 that the Annual General     
Meeting would resolve to amend the company's present Articles of Association as 
follows:                                                                        

1. The minimum and maximum capital requirements in Paragraph 3, sub-section 1 of
the Articles of Association shall be deleted.                                   

2. Paragraph 4 of the Articles of Association shall be amended so that the      
company's shares belong to the book-entry system in accordance with the         
provisions of the Finnish Act on Book-Entry System. Other sections in the       
paragraph shall be deleted.                                                     

3. Paragraphs 9 and 11 of the Articles of Association shall be amended so that  
instead of signing for the company the term "representing the company" adopted  
under the new Finnish Companies Act shall be used.                              

4. Paragraph 18, sub-section 1, point 1 of the Articles of Association shall be 
amended so that at the Annual General Meeting of Shareholders the financial     
statements, which include consolidated financial statements and the Operating   
and Financial Review, shall be presented; and points 4 and 5 so that at the     
Annual General Meeting of Shareholders the adoption of the financial statements 
and consolidated financial statements as well as the use of the profit shown in 
the balance sheet shall be decided on.                                          

5. Paragraphs 19-32 of the Articles of the Association relating to redemption of
shares are proposed to be deleted since the Finnish Securities Markets Act      
includes a corresponding mandatory provision.                                   

APPENDIX 2:                                                                     

PROPOSAL TO AUTHORISE THE BOARD OF DIRECTORS TO DECIDE TO REPURCHASE THE        
COMPANY'S OWN SHARES                                                            

The Board of Directors of Fortum Corporation proposes that the Annual General   
Meeting of Shareholders on 28 March 2007 authorise the Board of Directors 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 agreed target.                                                      

The maximum amount of shares to be repurchased is 20 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 the  
Helsinki Stock Exchange, which means that they will not be purchased in         
proportion to the holdings of the shareholders. The repurchase price of the     
shares will be based on the public trading price of Fortum shares. The          
repurchases shall be carried out and settled according to the Rules of the      
Helsinki Stock Exchange and any other applicable rules.                         
                                                                                
Shares repurchased by the company shall be cancelled by a separate decision of  
the Board of Directors.                                                         

The repurchase will not have a material impact on the division of the ownership 
of the shares and the voting rights.                                            


In Espoo on 27 February 2007                                                    

Fortum Corporation                                                              
The Board of Directors                                                          

Distribution:                                                                   
Helsinki Stock Exchange                                                         
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About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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