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Fortum shares subscribed for with share warrants

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Fortum Corporation        STOCK EXCHANGE ANNOUNCEMENT   12 January 2006


Fortum shares subscribed for with share warrants

The following shares have been subscribed for with Fortum Corporation's share
warrants in December 2005:

 Name of scheme                       Subscription period   Quantity     
 Share Option Scheme 2001A for key    9.-31.12.2005         426 900      
 employees                                                               
 Share Option Scheme 2002A for key    9.-31.12.2005         56 100       
 employees                                                               

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 share
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 share option
schemes 2001A and 2002A equals the nominal value of the share, 3.40 euros. Hence,
dividends distributed no longer lower the subscription price since the terms of
the option scheme state that the subscription price has to be at the minimum the
nominal value of the share.

New shares subscribed for with share warrants will be listed in the Helsinki
Stock Exchange together with old Fortum shares once the corresponding increase in
share capital has been 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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