Fortum Oyj

Share Issue/Capital Change • May 9, 2007

Disclosure 221324

Fortum - Corporate Action

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

The following Fortum shares, subscribed for with Fortum Corporation's share warrants and paid to the company, will be traded on the Main List of the Helsinki Stock Exchange starting on 10 May 2007, together with the old shares. -------------------------------------------------------------------------------- | Name of scheme | Subscription period | Quantity | -------------------------------------------------------------------------------- | Share Option Scheme 2001A for key | 15 March - | 60,720 | | employees | 30 April 2007 | | -------------------------------------------------------------------------------- | Share Option Scheme 2001B for key | 15 March - | 346,120 | | employees | 30 April 2007 | | -------------------------------------------------------------------------------- | Share Option Scheme 2002A for key | 15 March - | 21,900 | | employees | 30 April 2007 | | -------------------------------------------------------------------------------- | Share Option Scheme 2002B for key | 15 March - | 358,064 | | employees | 30 April 2007 | | -------------------------------------------------------------------------------- The increase in share capital resulting from the share subscriptions, a total of EUR 2,675,133.60, was entered in the Trade Register on 9 May 2007. After this increase, Fortum Corporation's share capital is EUR 3,036,648,640.20 and the total number of shares is 891,471,953. Following the share subscriptions, the shareholders' equity of Fortum Corporation increased by a total of EUR 2,675,133.60. Identifiers of Fortum Corporation's share on 10 May 2007: Trading code: FUM1V ISIN code: FI0009007132 Number of shares: 891,471,953 The intention is that the next time share subscriptions related to Fortum Share Option Scheme 2002B are registered will be approximately on 10 September 2007, when the new shares subscribed for by 31 August 2007 will be 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 Key media