Fortum Oyj

Share Issue/Capital Change • Jan 7, 2008

Disclosure 249142

Fortum - Corporate Action

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 2002B for key | 11.12.-31.12.2007 | 50,000 | | 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 the Fortum Share Option Scheme 2002B are registered will be approximately on 23 January 2008, when the new shares subscribed for by 15 January 2008 will be registered. After the registration in January, shares subscribed for with the options are planned to be registered next time on or around 17 March 2008, when the new shares subscribed for by 10 March 2008 will be registered. The shares subscribed for with options by 10 March 2008 at the latest are entitled to a dividend possibly paid for 2007 during the spring of 2008. The holders of these new shares are also entitled to participate in the Annual General Meeting in the spring of 2008 under the terms indicated in the notice to the shareholders' meeting. Fortum Corporation Maria Romantschuk Senior Vice President, Corporate Communications For further information please contact: Jouni Huttunen, tel. +358 10 452 4649 Distribution: Helsinki Stock Exchange Key media