Fortum shares subscribed for with share warrants

The following shares have been subscribed for with Fortum Corporation’s share warrants in January 2006: Name of scheme Subscription period Quantity Share Option Scheme 2001A for key employees1 Jan – 31 Jan 200639,500 Share Option Scheme 2001B for key employees17 Jan – 31 Jan 200650,500 Share Option Scheme 2002A for key employees1 Jan – 31 Jan 200613,700 The corresponding increase in share capital has not yet been entered in the trade register. The intention is that the next time share subscriptions related to Fortum Corporation’s option schemes are registered will be approximately on 3 March 2006, when new shares subscribed for by 23 February 2006 will be registered. The shares subscribed for with options by 23 February 2006 are entitled to a dividend possibly paid for 2005 during the spring of 2006. The holders of these new shares are also entitled to participate in the Annual General Meeting in the spring of 2006 under the terms indicated in the notice to the shareholders' meeting. After the registration in March 2006, shares subscribed for with the options are planned to be registered next time on or around 8 June 2006. The shares subscribed for then will no longer be entitled to the dividend possibly paid for 2005. The subscription price of the shares subscribed for under the Fortum option schemes 2001A and 2002A equals the nominal value of the share, 3.40 euros. Therefore, any dividends paid do not reduce the subscription price since the terms and conditions of the options state that the subscription price must not be less than the nominal value of the share. The subscription price of the shares subscribed for under the option scheme 2001B is 4.47 euros. The subscription price will be reduced by the amount of dividends decided before the subscription so that the changed subscription price will be effective on the record date for each dividend distribution. However, the subscription price will always be at least the nominal value of the share, 3.40 euros. The new shares subscribed for under the option schemes will be listed in the Helsinki Stock Exchange together with the old shares after the corresponding increase in share capital has been entered in the trade register. Fortum Corporation Carola Teir-Lehtinen Senior Vice President For further information, please contact: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange Key media ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net