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Fortum shares subscribed for with share warrants

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Fortum Corporation          Stock Exchange Announcement  8 December 2005



Fortum shares subscribed for with share warrants


The following shares subscribed for with Fortum Corporation's share warrants and
paid to the company will be introduced to trading along with old Fortum shares on
the Main List of the Helsinki Stock Exchange on 9 December 2005.

 Name of scheme                 Subscription period           Quantity 
                                9 September 2005-1 October    209,000  
 Management Share Option Scheme 2005                                   
 1999                                                                  
 Share Option Scheme 2001A for  17 October 2005-30 November   1,636,35 
 key employees                  2005                          0        
 Share Option Scheme 2002A for  9 September 2005-30 November  467,700  
 key employees                  2005                                   




The subscription period for share warrants under the Management Share Option
Scheme 1999 ended on 1 October 2005.

The increase in the share capital resulting from the share subscriptions, a total
of EUR 7,864,370, was entered in the Trade Register on 8 December 2005. After
this increase, Fortum Corporation's share capital is EUR 2,975,999,685 and the
total number of shares is 875,294,025. Following the share subscriptions, Fortum
Corporation's shareholders' equity increased by a total of EUR 8,326,260.

According to the terms of subscription, the new shares subscribed for under the
Management Share Option Scheme 1999 will entitle to a dividend possibly paid by
the company for the financial period of 2005 and onwards. New shares subscribed
for via Share Option Schemes 2001A and 2002A for key employees will entitle to a
dividend once the increase in share capital has been entered in the Trade
Register. Other shareholder rights will become effective on the date of
registration, 8 December 2005.

Basic data on Fortum Corporation shares on 9 December 2005:
Trading code: FUM1V
ISIN code: FI0009007132
Number of shares: 875,294,025

The intention is that the next time share subscriptions connected 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. New shares
subscribed for with share warrants by 23 February 2006 will entitle to a dividend
possibly paid in spring 2006 by the company for the financial period of 2005.
Similarly, the holders of such new shares will be entitled to participate in the
spring 2006 shareholders´ meeting under the terms indicated in the notice to the
shareholders' meeting.

After the registration in March 2006, the intention is that the next time shares
subscribed for with share warrants are registered will be approximately on 8 June
2006. Shares registered on that date no longer entitle to a dividend possibly
paid for the financial period of 2005.

The subscription price for shares subscribed for under Fortum's share warrants
2001A and 2002A equals the nominal value of the share, i.e., EUR 3.40. 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 along 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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