Fortum Oyj

Share Issue/Capital Change • Mar 7, 2007

Disclosure 177631

Fortum - Company Announcement

Fortum shares subscribed for with share warrants

Fortum Corporation Stock exchange announcement 7.3.2007 Fortum shares subscribed for with share warrants The following new shares have been subscribed for with Fortum Corporation's share warrants: -------------------------------------------------------------------------------- | Name of scheme | Subscription period | Quantity | -------------------------------------------------------------------------------- | Share Option Scheme 2001A for key | 1-28 February 2007 | 43,600 | | employees | | | -------------------------------------------------------------------------------- | Share Option Scheme 2001B for key | 1-28 February 2007 | 136,400 | | employees | | | -------------------------------------------------------------------------------- | Share Option Scheme 2002A for key | 1-28 February 2007 | 6,000 | | employees | | | -------------------------------------------------------------------------------- | Share Option Scheme 2002B for key | 1-28 February 2007 | 182,130 | | 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 15 March 2007, when the new shares subscribed for by 7 March 2007 will be registered. The shares subscribed for with options by 7 March 2007 are entitled to a dividend possibly paid for 2006 during the spring of 2007. The holders of these new shares are also entitled to participate in the Annual General Meeting in the spring of 2007 under the terms indicated in the notice to the shareholders' meeting. Since the subscription price of the shares subscribed for under any Fortum option scheme equals the nominal value of the share, EUR 3.40, any dividends paid do not reduce the subscription price. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Distribution: Helsinki Stock Exchange Key media