Fortum and Seabased AB to start construction of a wave power park in Sweden

PRESS RELEASE, 9 December 2011

Fortum and Seabased AB have today signed an agreement on the construction of a
joint wave power park in Sotenäs, Sweden. After completion, the wave power park
will be the world’s largest, full-scale demonstration project of its kind. The
total budget for the project is about 25 million euros, of which Fortum’s share
is about half.

In the first half of 2012, Seabased will start serial production of buoys,
generators, substations and converters at a factory to be established in the
Lysekil municipality in Sweden.

The goal is for marine installation of the first 42 wave power buoys and
related equipment during autumn and winter of 2012. Phase-two installations are
planned to be take place after a research period of about one year. When
completed, the wave power park will consist of 420 buoys, with a total output
of about 10 megawatts, installed in a half a square kilometre area. The plant
is scheduled for completion in 2014-2015.

”Wave power offers globally significant potential for next-generation energy
production. Fortum has got off to an early start in the development of the
technology for commercial use. We have big expectations for the demonstration
project in Sweden,” says Fortum’s Risto Andsten, Vice President, Renewable
Energy.

The technology for the wave power park is based on Uppsala University’s wave
power research in which Fortum has participated since 2007. The Swedish Energy
Agency has decided to grant investment support for the project.

Fortum is also participating in the Finnish Waveroller development project, in
which wave energy is converted into electricity close to the shore. The
project’s goal is to build a 300-kW demonstration plant during 2012 in Peniche,
Portugal, to produce electricity for the grid. Fortum and the French naval
defence and energy company, DCNS, are developing wave power in France. The
companies are launching a joint feasibility study for a wave power
demonstration project.

Wave power projects are part of the solar economy-based energy solutions.
Fortum’s mission is to create energy that improves life for present and future
generations, and to provide sustainable solutions that fulfil the needs for low
emissions, resource efficiency and energy security.

Fortum Corporation
Corporate Communications

Fortum

Fortum's purpose is to create energy that improves life for present and future
generations. We provide sustainable solutions that fulfil the needs for low
emissions, resource efficiency and energy security, and deliver excellent value
to our shareholders. Our activities cover the generation, distribution and
sales of electricity and heat as well as related expert services.

Fortum's operations focus on the Nordic countries, Russia, Poland and Baltic
Rim area. In the future, the integrating European and fast-growing Asian energy
markets provide additional growth opportunities. In 2010, Fortum’s sales
totalled EUR 6.3 billion and comparable operating profit was EUR 1.8 billion.
We employ approximately 10,500 people. Fortum’s shares are quoted on NASDAQ OMX
Helsinki.

Further information: www.fortum.com