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FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

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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 10 May 2007, together with the old shares.  


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| Name of scheme                        | Subscription period  |      Quantity |
--------------------------------------------------------------------------------
| Share Option Scheme 2001A for key     |           15 March - |       60,720  |
| employees                             |        30 April 2007 |               |
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| Share Option Scheme 2001B for key     |           15 March - |       346,120 |
| employees                             |        30 April 2007 |               |
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| Share Option Scheme 2002A for key     |           15 March - |        21,900 |
| employees                             |        30 April 2007 |               |
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| Share Option Scheme 2002B for key     |           15 March - |       358,064 |
| employees                             |        30 April 2007 |               |
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The increase in share capital resulting from the share subscriptions, a total of
EUR 2,675,133.60, was entered in the Trade Register on 9 May 2007. After this   
increase, Fortum Corporation's share capital is EUR 3,036,648,640.20 and the    
total number of shares is 891,471,953.  Following the share subscriptions, the  
shareholders' equity of Fortum Corporation increased by a total of EUR          
2,675,133.60.                                                                   

Identifiers of Fortum Corporation's share on 10 May 2007:                       

Trading code: FUM1V                                                             
ISIN code: FI0009007132                                                         
Number of shares: 891,471,953                                                   

The intention is that the next time share subscriptions related to Fortum Share 
Option Scheme 2002B are registered will be approximately on 10 September 2007,  
when the new shares subscribed for by 31 August 2007 will be registered.        

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                                                         
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