FORTUM CORPORATION: INTERIM REPORT JANUARY - JUNE 2007

Fortum Corporation
Interim Report January − June 2007

Good performance continued

January-June in brief
- Comparable operating profit EUR 810 (772) million, +5%
- Profit before taxes 962 (779) million, +23%
- Earnings per share EUR 0.85 (0.64), +33%
- Strong cash flow from operating activities EUR 1,070 (786) million
- Improved hedging positions


--------------------------------------------------------------------------------
| Key figures          | II/07 | II/06 |  I-II/07 | I-II/06 |    2006 |   Last |
|                      |       |       |          |         |         |     12 |
|                      |       |       |          |         |         | months |
|                      |       |       |          |         |         |  (LTM) |
--------------------------------------------------------------------------------
| Sales, EUR million   |   959 |   948 |    2,299 |   2,291 |   4,491 |  4,499 |
--------------------------------------------------------------------------------
| Operating profit,    |   327 |   312 |      817 |     784 |   1,455 |  1,488 |
| EUR million          |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Comparable operating |   298 |   286 |      810 |     772 |   1,437 |  1,475 |
| profit, EUR million  |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Profit before taxes, |   301 |   287 |      962 |     779 |   1,421 |  1,604 |
| EUR million          |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Earnings per share,  |  0.26 |  0.25 |     0.85 |    0.64 |    1.22 |   1.42 |
| EUR                  |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Net cash from        |   573 |   483 |    1,070 |     786 |   1,151 |  1,435 |
| operating            |       |       |          |         |         |        |
| activities, EUR      |       |       |          |         |         |        |
| million              |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Shareholders' equity |       |       |     8.68 |    7.83 |    8.91 |        |
| per share, EUR       |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Interest-bearing net |       |       |    4,610 |   4,308 |   4,345 |        |
| debt                 |       |       |          |         |         |        |
| (at end of           |       |       |          |         |         |        |
| period), EUR million |       |       |          |         |         |        |
--------------------------------------------------------------------------------
| Average number of    |       |       |  890,770 | 880,508 | 881,194 |        |
| shares, 1,000s       |       |       |          |         |         |        |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Key financial ratios                            |        2006 |          LTM |
--------------------------------------------------------------------------------
| Return on capital employed, %                   |        13.4 |         14.1 |
--------------------------------------------------------------------------------
| Return on shareholders' equity, %               |        14.4 |         17.3 |
--------------------------------------------------------------------------------
| Net debt/EBITDA, %                              |         2.3 |          2.4 |
--------------------------------------------------------------------------------


The first two quarters of 2007 were characterised by warm weather, which lowered
both power and heat demand. A strong hydrological situation combined with low
carbon dioxide emission allowance prices led to clearly lower Nordic spot
prices. Despite the challenging market conditions, Fortum improved its
performance compared to last year. The company's financial position remained
strong. Net cash from operating activities improved to EUR 1,070 (786) million.

In the second quarter, Fortum Power Generation segment's achieved Nordic power
price was EUR 36.0 (34.7), up by 4% from last year and clearly higher than the
average spot price of electricity in Nord Pool, the Nordic power exchange. The
average spot price of electricity in Nord Pool was EUR 22.5 (44.4) per
megawatt-hour (MWh), approximately 49% lower than the same period last year.

Financial results

April - June

Group sales stood at EUR 959 (948) million.

Group operating profit totalled EUR 327 (312) million. Comparable operating
profit increased by EUR 12 million to EUR 298 (286) million.

The comparable operating profit of the Power Generation segment increased by EUR
10 million, 5% from last year. The comparable operating profits of the Heat
segment and the Distribution segment remained at the same level compared to last
year. The comparable operating profit of the Markets segment turned positive and
increased by one million euros compared to last year.

Sales by segment
--------------------------------------------------------------------------------
| EUR million            | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
|                        |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Power Generation       |   522 |    560 |  1,163 |  1,203 |  2,439 |   2,399 |
--------------------------------------------------------------------------------
| Heat                   |   252 |    229 |    731 |    709 |  1,268 |   1,290 |
--------------------------------------------------------------------------------
| Distribution           |   172 |    162 |    397 |    381 |    753 |     769 |
--------------------------------------------------------------------------------
| Markets                |   351 |    400 |    870 |    947 |  1,912 |   1,835 |
--------------------------------------------------------------------------------
| Other                  |    22 |     20 |     41 |     40 |     78 |      79 |
--------------------------------------------------------------------------------
| Eliminations           |  -360 |   -423 |   -903 |   -989 | -1,959 |  -1,873 |
--------------------------------------------------------------------------------
| Total                  |   959 |    948 |  2,299 |  2,291 |  4,491 |   4,499 |
--------------------------------------------------------------------------------

Comparable operating profit/-loss by segment
--------------------------------------------------------------------------------
| EUR million            | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
|                        |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Power Generation       |   218 |    208 |    546 |    501 |    985 |   1,030 |
--------------------------------------------------------------------------------
| Heat                   |    36 |     35 |    173 |    161 |    253 |     265 |
--------------------------------------------------------------------------------
| Distribution           |    53 |     53 |    131 |    134 |    250 |     247 |
--------------------------------------------------------------------------------
| Markets                |     3 |      2 |    -11 |      2 |     -4 |     -17 |
--------------------------------------------------------------------------------
| Other                  |   -12 |    -12 |    -29 |    -26 |    -47 |     -50 |
--------------------------------------------------------------------------------
| Total                  |   298 |    286 |    810 |    772 |  1,437 |   1,475 |
--------------------------------------------------------------------------------

Operating profit/-loss by segment
--------------------------------------------------------------------------------
| EUR million            | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
|                        |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Power Generation       |   244 |    222 |    542 |    506 |    980 |   1,016 |
--------------------------------------------------------------------------------
| Heat                   |    33 |     41 |    175 |    160 |    264 |     279 |
--------------------------------------------------------------------------------
| Distribution           |    53 |     55 |    132 |    136 |    252 |     248 |
--------------------------------------------------------------------------------
| Markets                |     7 |      3 |     -5 |      6 |     -6 |     -17 |
--------------------------------------------------------------------------------
| Other                  |   -10 |     -9 |    -27 |    -24 |    -35 |     -38 |
--------------------------------------------------------------------------------
| Total                  |   327 |    312 |    817 |    784 |  1,455 |   1,488 |
--------------------------------------------------------------------------------

January - June

Group sales stood at EUR 2,299 (2,291) million.

Group operating profit totalled EUR 817 (784) million. Comparable operating
profit increased by EUR 38 million to EUR 810 (772) million.

The comparable operating profit of the Power Generation segment increased by EUR
45 million, 9% from last year. The comparable operating profit increased 7% in
the Heat segment, while it decreased by 2% in the Distribution segment. The
clear sequential improvement in the second quarter result of the Markets segment
was not enough to turn the first half of the year's comparable operating profit
positive for the segment.

Profit before taxes was EUR 962 (779) million.

The Group's net financial expenses increased to EUR 72 (46) million. The
increase is mainly attributable to a higher average level of debt and a lower
EUR 2 (17) million change in the fair value of derivatives.

The share of profit of associates and joint ventures was EUR 217 (41) million.
The biggest contributor was Hafslund ASA in Norway. In the first quarter,
Hafslund announced that it completed the sale of 35 million shares in Renewable
Energy Corporation (REC) at NOK 138 per share. As a consequence, Fortum has
booked a gain of EUR 180 million, corresponding to EUR 0.20 per share, in its
first-quarter result. After this transaction, Hafslund still owns 70.4 million
shares in REC.

Hafslund ASA is showing the fair value change in the REC shareholding through
the income statement, while Fortum is showing the fair value change in equity.
The cumulative fair value change booked in Fortum's equity and based on the
remaining number of shares reported by Hafslund was approximately EUR 650
million at the end of June 2007.

Fortum received EUR 145 million as dividend from Hafslund in the second quarter.
EUR 123 million of the dividend was due to the sale of REC.

Minority interests accounted for EUR 35 (34) million. The minority interests are
mainly attributable to Fortum Värme Holding, in which the City of Stockholm has
a 50% economic interest.

Taxes for the period totalled EUR 174 (180) million. The tax rate according to
the income statement was 18.1% (23.1%), mainly due to the non-taxable gain of
EUR 180 million from Hafslund's sale of REC shares.

The profit for the period was EUR 788 (599) million. Fortum's earnings per share
were EUR 0.85 (0.64). Return on capital employed was 14.1 for the last twelve
months (13.4% at year-end 2006), and return on shareholders' equity was 17.3%
for the last twelve months (14.4% at year-end 2006).

Market conditions

According to preliminary statistics, the Nordic countries consumed 89 (89) TWh
of electricity during the second quarter of the year. During the first half of
the year, the Nordic countries consumed about 205 (211) TWh, which was down 3%
compared to last year.

The second quarter started with the Nordic water reservoirs being slightly above
the long-term average. At the end of June, the Nordic water reservoirs were 4
TWh above the long-term average and 16 TWh above the corresponding level in
2006.

During the second quarter, the average spot price for power in Nord Pool was EUR
22.5 (44.4) per megawatt-hour or 49% lower than in the corresponding period in
2006 and 16% lower than in the previous quarter. During the first half of the
year, the average spot price for power in Nord Pool was EUR 24.6 (44.9) per
megawatt-hour, or 45% lower than in the corresponding period in 2006. The low
spot price was due to the strong hydrological situation and low CO2 emission
prices.

During the second quarter, the average market price for 2007 CO2 emissions was
EUR 0.4 (18.7) per tonne CO2, or 98% lower than in the corresponding period in
2006. During the first half of the year, the average market price for 2007 CO2
emissions was EUR 1.3 (22.7) per tonne, or 94% lower than in the corresponding
period of the previous year.

In Germany, the average spot price for the second quarter was higher compared to
the Nordic area, resulting in net export from the Nordic area to Germany.

Total power and heat generation figures

Fortum's total power generation during January-June was 27.6 (28.1) TWh, of
which 27.1 (27.5) TWh was in the Nordic countries, representing 13% (13%) of the
total Nordic electricity consumption. During the period, approximately 90% of
the generated power was CO2-free.

Fortum's total power and heat generation figures are presented below. In
addition, the segment reviews include the respective figures by segment.

--------------------------------------------------------------------------------
| Fortum's total power   | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| and heat generation,   |       |        |        |        |        |         |
| TWh                    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Power generation       |  12.4 |   12.8 |   27.6 |   28.1 |   54.4 |    53.9 |
--------------------------------------------------------------------------------
| Heat generation        |   4.6 |    4.9 |   14.4 |   15.1 |   25.8 |    25.1 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's own power     | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| generation by source,  |       |        |        |        |        |         |
| TWh,                   |       |        |        |        |        |         |
| total in the           |       |        |        |        |        |         |
| Nordic countries       |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Hydropower             |   5.0 |    4.6 |   11.4 |   10.4 |   19.8 |    20.8 |
--------------------------------------------------------------------------------
| Nuclear power          |   6.3 |    6.5 |   12.8 |   13.5 |   24.4 |    23.7 |
--------------------------------------------------------------------------------
| Thermal power          |   0.9 |    1.4 |    2.9 |    3.6 |    9.0 |     8.3 |
--------------------------------------------------------------------------------
| Total                  |  12.2 |   12.5 |   27.1 |   27.5 |   53.2 |    52.8 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's own power     | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| generation by source,  |       |        |        |        |        |         |
| %, total in the Nordic |       |        |        |        |        |         |
| countries              |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Hydropower             |    41 |     37 |     42 |     38 |     37 |      39 |
--------------------------------------------------------------------------------
| Nuclear power          |    52 |     52 |     47 |     49 |     46 |      45 |
--------------------------------------------------------------------------------
| Thermal power          |     7 |     11 |     11 |     13 |     17 |      16 |
--------------------------------------------------------------------------------
| Total                  |   100 |    100 |    100 |    100 |    100 |     100 |
--------------------------------------------------------------------------------

Total power and heat sales figures

Fortum's total power sales were 31.7 (31.2) TWh, of which 31.1 (30.5) TWh were
in the Nordic countries. This represents approximately 15% (14%) of Nordic
electricity consumption during January-June. Heat sales in the Nordic countries
amounted to 11.3 (11.8) TWh and in other countries to 3.4 (4.0) TWh.

--------------------------------------------------------------------------------
| Fortum's total         | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| electricity *) and     |       |        |        |        |        |         |
| heat sales, EUR        |       |        |        |        |        |         |
| million                |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Electricity sales      |   515 |    520 |  1,190 |  1,188 |  2,437 |   2,439 |
--------------------------------------------------------------------------------
| Heat sales             |   202 |    192 |    590 |    585 |  1,014 |   1,019 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's total         | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| electricity            |       |        |        |        |        |         |
| sales *) by area, TWh  |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Sweden                 |   6.9 |    6.9 |   15.3 |   15.3 |   28.5 |    28.5 |
--------------------------------------------------------------------------------
| Finland                |   6.6 |    6.3 |   14.8 |   14.0 |   29.6 |    30.4 |
--------------------------------------------------------------------------------
| Other countries        |   0.7 |    0.9 |    1.6 |    1.9 |    3.5 |     3.2 |
--------------------------------------------------------------------------------
| Total                  |  14.2 |   14.1 |   31.7 |   31.2 |   61.6 |    62.1 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's total heat    | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| sales by area, TWh     |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Sweden                 |   1.7 |    1.8 |    5.2 |    6.0 |    9.3 |     8.5 |
--------------------------------------------------------------------------------
| Finland                |   2.0 |    2.1 |    6.0 |    5.7 |   10.7 |    11.0 |
--------------------------------------------------------------------------------
| Other countries**      |   1.0 |    1.0 |    3.5 |    4.1 |    6.8 |     6.2 |
--------------------------------------------------------------------------------
| Total                  |   4.7 |    4.9 |   14.7 |   15.8 |   26.8 |    25.7 |
--------------------------------------------------------------------------------

*) Nord Pool transactions are calculated as a net amount of hourly sales and
purchases at the Group level.
**) Including the UK, which is reported in the Power Generation segment, other
sales.

SEGMENT REVIEWS

Power Generation

The business area comprises power generation and sales in the Nordic countries
and the provision of operation and maintenance services in the Nordic area and
selected international markets. The Power Generation segment sells its
production to Nord Pool. The segment includes the business units Generation,
Portfolio Management and Trading (PMT), and Service.

--------------------------------------------------------------------------------
| EUR million              | II/07 | II/06 | I-II/07 | I-II/06|   2006 |   LTM |
|                          |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| Sales                    |   522 |   560 |   1,163 |  1,203 |  2,439 | 2,399 |
--------------------------------------------------------------------------------
| - power sales            |   441 |   460 |   1,007 |  1,018 |  2,059 | 2,048 |
--------------------------------------------------------------------------------
| - other sales            |    81 |   100 |     156 |    185 |    380 |   351 |
--------------------------------------------------------------------------------
| Operating profit         |   244 |   222 |     542 |    506 |    980 | 1,016 |
--------------------------------------------------------------------------------
| Comparable operating     |   218 |   208 |     546 |    501 |    985 | 1,030 |
| profit                   |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| Net assets (at           |       |       |   6,818 |  6,359 |  6,734 |       |
| period-end)              |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| Return on net assets, %  |       |       |         |        |   16.1 |  18.7 |
--------------------------------------------------------------------------------
| Comparable return on net |       |       |         |        |   16.1 |  16.1 |
| assets,%                 |       |       |         |        |        |       |
--------------------------------------------------------------------------------

The segment's power generation during the second quarter amounted to 11.3 (11.6)
TWh in the Nordic countries.

In January-June, the segment's power generation in the Nordic countries was 24.4
(24.9) TWh, of which about 11.4 (10.4) TWh or 47% (42%) was hydropower-based,
12.8 (13.5) TWh or 52% (54%) nuclear power-based, and 0.2 (1.0) TWh or 1% (4%)
thermal power-based. The increase in hydropower generation was due to a
strengthened hydrological situation. The decrease in nuclear generation was
caused by unplanned shut-downs in the Swedish nuclear power plants mainly in the
first quarter of 2007. Thermal power generation decreased due to the low spot
price.
In January-June, approximately 97% of the segment's power generation was
CO2-free.

--------------------------------------------------------------------------------
| Power generation by    | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| area, TWh              |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Sweden                 |   6.5 |    6.7 |   14.4 |   14.5 |   27.1 |    27.0 |
--------------------------------------------------------------------------------
| Finland                |   4.8 |    4.9 |   10.0 |   10.4 |   21.1 |    20.7 |
--------------------------------------------------------------------------------
| Other countries        |   0.2 |    0.3 |    0.5 |    0.6 |    1.2 |     1.1 |
--------------------------------------------------------------------------------
| Total                  |  11.5 |   11.9 |   24.9 |   25.5 |   49.4 |    48.8 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Nordic sales volume,   |  12.5 |   12.9 |   27.1 |   27.8 |   53.9 |    53.2 |
| TWh                    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| of which pass-through  |   1.4 |    1.1 |    2.8 |    2.4 |    4.5 |     4.9 |
| sales                  |       |        |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Sales price, EUR/MWh   | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
|                        |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Generation's Nordic    |  36.0 |   34.7 |   37.8 |   36.0 |   37.1 |    38.0 |
| power price*           |       |        |        |        |        |         |
--------------------------------------------------------------------------------

*) For the Power Generation segment in the Nordic countries, excluding
pass-through sales.

In the second quarter, the average spot price for power in Nord Pool was 49%
lower than a year ago. Fortum Generation's achieved Nordic power price
(excluding pass-through items) in the second quarter was 4% higher than a year
ago, mainly due to high hedge prices. During the first half of the year, Fortum
Generation's achieved Nordic power price was 5% higher, while the average spot
price in Nord Pool was 45% lower than during the corresponding period in 2006.
The related sales volume was 11.1 (11.8) TWh in the second quarter and 24.3
(25.4) TWh for the first six months of the year.

The comparable operating profit of the Power Generation segment was slightly
higher in the second quarter than in the corresponding period last year. Despite
a 49% lower spot price, the segment's achieved Nordic power price was higher
than last year, due to improved hedge prices. In addition, the positive impact
from increased hydropower generation was somewhat higher than the negative
impact of lower nuclear and thermal power generation volumes.

In January-June, the comparable operating profit was higher than last year. The
segment's achieved Nordic power price was higher due to the higher hedge prices.
The positive impact from increased hydropower generation was offset by lower
nuclear and thermal power generation volumes.

In April, Fortum announced a plan to invest in wind power in Sweden. Fortum,
together with Orsa Besparingsskog, is planning to build a wind park in the Orsa
Finnmark area. Also in April, Fortum cancelled the plan to build a
250-300-megawatt gas turbine reserve power plant in Inkoo, Finland. The decision
was influenced by the power plant's increased construction costs, as well as the
already initially challenging financial basis.

In May, Fortum's associated company Oskarshamns Kraftgrupp AB (OKG) decided to
evaluate the possibility of increasing the capacity of unit 2 by about 180 MW at
the Oskarshamn nuclear power plant in Sweden. Fortum has a 43% interest in OKG.
After the power increase in unit two, Fortum's share of the nuclear power
plant's capacity will increase by approximately 80 megawatts. The power increase
is planned to be completed in 2011.

In June, Fortum launched an Environmental Impact Assessment (EIA) process
regarding a new 1000-1800 MW nuclear power plant possibly to be built in
Loviisa, Finland. In the first phase of the process, the EIA programme was
compiled for submission to the Ministry of Trade and Industry. The EIA process
is required for a possible application for a decision in principle on the new
nuclear power unit.

In November 2006, Fortum submitted an operating license renewal application for
its Loviisa nuclear power plant to the Ministry of Trade and Industry. Operating
license was applied for the Loviisa Unit 1 until the end of 2027, and Unit 2
until the end of 2030. The Radiation and Nuclear Safety Authority (STUK)
supports Fortum's application for lengthening the operating license of the
plant. The Finnish Government will decide on granting the operating license in
the near future.

Heat

The business area comprises heat generation and sales in the Nordic countries
and other parts of the Baltic Rim. Fortum is a leading heat producer in the
Nordic region. The segment also generates power in combined heat and power
plants (CHP) and sells it to end-customers mainly by long-term contracts, as
well as to Nord Pool. The segment includes the units Heat and Värme.

--------------------------------------------------------------------------------
| EUR million              | II/07| II/06 | I-II/07| I-II/06|   2006 |     LTM |
|                          |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Sales                    |  252 |   229 |    731 |    709 |  1,268 |   1,290 |
--------------------------------------------------------------------------------
| - heat sales             |  193 |   179 |    570 |    562 |    976 |     984 |
--------------------------------------------------------------------------------
| - power sales            |   35 |    43 |    110 |    112 |    198 |     196 |
--------------------------------------------------------------------------------
| - other sales            |   24 |     7 |     51 |     35 |     94 |     110 |
--------------------------------------------------------------------------------
| Operating profit         |   33 |    41 |    175 |    160 |    264 |     279 |
--------------------------------------------------------------------------------
| Comparable operating     |   36 |    35 |    173 |    161 |    253 |     265 |
| profit                   |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Net assets (at           |      |       |  3,333 |  3,186 |  3,407 |         |
| period-end)              |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Return on net assets, %  |      |       |        |        |    9.6 |     9.0 |
--------------------------------------------------------------------------------
| Comparable return on net |      |       |        |        |    9.2 |     8.6 |
| assets, %                |      |       |        |        |        |         |
--------------------------------------------------------------------------------

The segment's heat sales during the second quarter amounted to 4.3 (4.5) TWh,
most of which was generated in the Nordic countries. In January-June, heat sales
totalled 13.8 (14.8) TWh. During the same periods, power sales at combined heat
and power plants (CHP) totalled 1.0 (0.8) TWh and 2.7 (2.5) TWh.

The Heat segment's comparable operating profit during the second quarter was at
almost the same level as last year. The comparable operating profit of the Heat
segment in the first half of the year was EUR 12 million higher than last year.
This was mainly attributable to the acquisition of Fortum Espoo (E.ON Finland).

--------------------------------------------------------------------------------
| Heat sales by area,    | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
| TWh                    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Sweden                 |   1.7 |    1.8 |    5.2 |    6.0 |    9.3 |     8.5 |
--------------------------------------------------------------------------------
| Finland                |   2.0 |    2.1 |    6.0 |    5.7 |   10.7 |    11.0 |
--------------------------------------------------------------------------------
| Other countries        |   0.6 |    0.6 |    2.6 |    3.1 |    4.7 |     4.2 |
--------------------------------------------------------------------------------
| Total                  |   4.3 |    4.5 |   13.8 |   14.8 |   24.7 |    23.7 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Power sales, TWh       | II/07 | II/06  | I-II/07| I-II/06|   2006 |     LTM |
|                        |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Total                  |   1.0 |    0.8 |    2.7 |    2.5 |    5.0 |     5.2 |
--------------------------------------------------------------------------------

The acquired heat operations in Pärnu, Estonia and Riga, Latvia have been
integrated to Fortum. The operations were acquired from Vattenfall in late 2006
and transferred to Fortum during January and February, respectively.
The CHP project in Tartu, Estonia is proceeding on schedule. The preparations
continue for the CHP plants in Värtan, Sweden, and in Czestochowa, Poland.

In April, Fortum announced its plans to invest in new CHP plants in Järvenpää,
Finland and in Brista, Sweden. The former will be fuelled by biofuels (80%) and
peat (20%) and the latter by waste. The production capacity of the Järvenpää
plant will be 55 MW heat and 25 MW electricity, and the capacity of Brista
around 57 MW heat and 20 MW electricity.

In May, Fortum decided to invest in a new combined heat and power plant in
Espoo, Finland. The new power plant will use natural gas as fuel and its
production capacity will be 234 MW heat and 214 MW electricity. The preparations
for the construction work have been started and the plant is planned to be ready
by the end of 2009.

Distribution

Fortum owns and operates distribution and regional networks and distributes
electricity to a total of 1.6 million customers in Sweden, Finland, Norway and
Estonia.

--------------------------------------------------------------------------------
| EUR million              | II/07 | II/06 | I-II/07 | I-II/06|   2006 |   LTM |
|                          |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| Sales                    |   172 |   162 |     397 |    381 |    753 |   769 |
--------------------------------------------------------------------------------
| - distribution network   |   144 |   134 |     336 |    322 |    636 |   650 |
| transmission             |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| - regional network       |    18 |    19 |      42 |     43 |     80 |    79 |
| transmission             |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| - other sales            |    10 |     9 |      19 |     16 |     37 |    40 |
--------------------------------------------------------------------------------
| Operating profit         |    53 |    55 |     132 |    136 |    252 |   248 |
--------------------------------------------------------------------------------
| Comparable operating     |    53 |    53 |     131 |    134 |    250 |   247 |
| profit                   |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| Net assets (at           |       |       |   3,351 |  3,275 |  3,412 |       |
| period-end)              |       |       |         |        |        |       |
--------------------------------------------------------------------------------
| Return on net assets, %  |       |       |         |        |    8.4 |   7.9 |
--------------------------------------------------------------------------------
| Comparable return on net |       |       |         |        |    8.3 |   7.9 |
| assets,%                 |       |       |         |        |        |       |
--------------------------------------------------------------------------------

The volume of local and regional transmissions totalled 13.5 (12.8) TWh and 9.3
(9.6) TWh, respectively.

Electricity transmissions via the regional network totalled 7.7 (8.0) TWh in
Sweden and 1.6 (1.6) TWh in Finland.

The comparable operating profit of the Distribution segment was EUR 53 million
in the second quarter, at the same level as last year. The comparable operating
profit of the segment was 131 million for the first half of the year, EUR 3
million lower than last year. The main reason for the decrease is the EUR 13
million cost caused by the storms in the first half of the year. The acquisition
of Fortum Espoo (E.ON Finland) contributed positively to the segment.

--------------------------------------------------------------------------------
| Volume of distributed   | II/07 |  II/06 | I-II/07| I-II/06|   2006 |    LTM |
| electricity in          |       |        |        |        |        |        |
| distribution network,   |       |        |        |        |        |        |
| TWh                     |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Sweden                  |   3.1 |    3.2 |    7.4 |    7.9 |   14.4 |   13.9 |
--------------------------------------------------------------------------------
| Finland                 |   1.9 |    1.3 |    4.8 |    3.5 |    7.7 |    9.0 |
--------------------------------------------------------------------------------
| Norway                  |   0.5 |    0.5 |    1.2 |    1.3 |    2.3 |    2.2 |
--------------------------------------------------------------------------------
| Estonia                 |     0 |      0 |    0.1 |    0.1 |    0.2 |    0.2 |
--------------------------------------------------------------------------------
| Total                   |   5.5 |    5.0 |   13.5 |   12.8 |   24.6 |   25.3 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Number of electricity          |  30 Jun 2007 |  30 Jun 2006 |   31 Dec 2006 |
| distribution customers by      |              |              |               |
| area, thousands                |              |              |               |
--------------------------------------------------------------------------------
| Sweden                         |          870 |          860 |           865 |
--------------------------------------------------------------------------------
| Finland                        |          585 |          410 |           580 |
--------------------------------------------------------------------------------
| Other countries                |          120 |          120 |           120 |
--------------------------------------------------------------------------------
| Total                          |        1,575 |        1,390 |         1,565 |
--------------------------------------------------------------------------------

The installation of automatic meter reading continues in Sweden. By the end of
the year 2007 some fifty per cent of Fortum's customers in Sweden will have new
meters. The Swedish law requires that all distribution customers in Sweden will
have monthly meter reading by mid-2009. This will be implemented by installing
automated meters. The Nordic reliability investment programme, which aims to
reduce weather-related outages, continues.

The new customer and billing system in Sweden is causing extra costs during
2007.

In April, the regulator in Sweden, Energimarknadsinspektionen (EMI), published
the decisions on distribution prices for 2003 concerning Fortum's network areas
in Stockholm and the West Coast. The decisions imply that Fortum had a surplus
income of EUR 27 million in 2003. Fortum, in collaboration with the industry,
opposes the way the authority has conducted the supervision, i.e. by applying
the "Nätnyttomodellen" model. The main objections are that the model is
theoretical and not based on the real network, and that the cost parameters are
too low. If the results of the model are used, it will jeopardise the security
of supply to customers. The decisions have been appealed.

Markets

Markets is responsible for retail sales of electricity to a total of 1.3 million
private and business customers as well as to other electricity retailers in
Sweden, Finland and Norway. Markets buys its electricity through Nord Pool.

--------------------------------------------------------------------------------
| EUR million                | II/07 | II/06 | I-II/ | I-II/ |   2006 |    LTM |
|                            |       |       |    07 |    06 |        |        |
--------------------------------------------------------------------------------
| Sales                      |   351 |   400 |   870 |   947 |  1,912 |  1,835 |
--------------------------------------------------------------------------------
| Operating profit/-loss     |     7 |     3 |    -5 |     6 |     -6 |    -17 |
--------------------------------------------------------------------------------
| Comparable operating       |     3 |     2 |   -11 |     2 |     -4 |    -17 |
| profit                     |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Net assets (at period-end) |       |       |   149 |   244 |    176 |        |
--------------------------------------------------------------------------------
| Return on net assets, %    |       |       |       |       |   -1.6 |   -7.3 |
--------------------------------------------------------------------------------
| Comparable return on net   |       |       |       |       |   -0.8 |   -7.7 |
| assets, %                  |       |       |       |       |        |        |
--------------------------------------------------------------------------------

During the second quarter, Markets electricity sales totalled 9.0 (9.3) TWh with
sales for the first six months of the year amounting to 20.9 (22.0) TWh. The
sales in the second quarter were lower than in the corresponding period last
year, mainly due to warm weather. The customer net flow in the Nordic countries
was slightly negative for Fortum Markets in the first half of the year mainly
due to tight competition in Sweden.

The Nordic electricity retail prices in the second quarter were lower than in
the first quarter of 2007. The decrease, driven by lower Nord Pool prices and
increasing competition, had the biggest effect in Norway and Sweden.

The Markets segment's second quarter operating profit was positive and higher
compared to last year. The improved performance is mainly attributable to lower
procurement prices of electricity. In the first half of the year, the comparable
operating profit of the Markets segment was negative and clearly lower than last
year. The first quarter result was strongly affected by high procurement costs.

The new customer and billing system in Sweden is causing extra costs during
2007.

Capital expenditures and investments in shares

Capital expenditures and investments in shares in January-June totalled EUR 253
(935) million. Investments excluding acquisitions were EUR 236 (174) million.

Financing

Net debt during the second quarter increased by EUR 678 million to EUR 4,610
million from EUR 3,932 million (year-end 2006: EUR 4,345 million) at the end of
last quarter. The increase in net debt is due to the EUR 1,122 million dividend
payment made in early April.

During the second quarter 2007, the parent company raised new long-term
financing of approximately EUR 850 million to primarily finance the dividend
payment and the ongoing investment programme in the Group. The new financing
consisted of a bond transaction of SEK 6.1 billion (EUR 659 million) in the
Swedish debt capital market and two bilateral loan agreements.

At end of the first quarter, cash and marketable securities totalled EUR 879
million. The Group also had access to approximately EUR 1.6 billion of undrawn
committed credit facilities.

The Group's net financial expenses were EUR 72 (46) million. The increase is
attributable to changes in fair values of derivatives of EUR 2 (17) million and
higher average net debt. The net interest expenses were EUR 71 (57) million due
to the approximately EUR 0.8 billion higher average net debt during the second
quarter of 2007 compared to the corresponding quarter last year.

Fortum Corporation's long-term credit rating from Moody's and Standard and
Poor's was A2 (stable) and A- (stable), respectively.

Shares and share capital

In January-June, a total of 497.1 million Fortum Corporation shares totalling
EUR 10,906 million were traded. Fortum's market capitalisation, calculated using
the closing quotation of the last trading day of the quarter, was EUR 20,673
million. The highest quotation of Fortum Corporation shares on the Helsinki
Stock Exchange in the first half of the year was EUR 24.87, the lowest EUR
20.01, and the volume weighted average quotation EUR 21.97. The closing
quotation on the last trading day of the second quarter was EUR 23.19.

A total of 786,804 shares subscribed for based on share option schemes were
entered into the trade register in the second quarter of 2007. After these
subscriptions, the total number of registered shares is 891,471,953.

At quarter end, the Finnish state's holding in Fortum was 50.6%. The proportion
of nominee registrations and direct foreign shareholders was 35.0%.

Currently, the Board of Directors has no unused authorisations from the Annual
General Meeting of Shareholders to issue convertible loans or bonds with
warrants or to issue new shares. Currently, the Board of Directors has an
authorisation from the Annual General Meeting of Shareholders on 28 March 2007
to buy Fortum Corporation's own shares. The authorisation, amounting to EUR 300
million or 20 million shares, is valid until the next Annual General Meeting.
The shares repurchased by Fortum shall be cancelled through a separate decision
made by the Board of Directors of Fortum.

Group personnel

The average number of employees in the Group during the period from January to
June was 8,257 (9,024). The number of employees at the end of the period was
8,541 (9,605).

Appointments in Fortum Management

In June, Fortum announced changes in the management. The changes will become
effective on September 1st.

Fortum Management Team (FMT):

Maria Paatero-Kaarnakari, currently VP Corporate Development, will become SVP,
Corporate Strategy. The position is new and prompted by the strategic
opportunities and challenges facing Fortum going forward. Maria Romantschuk,
currently Head of Press Relations at the office of The President of Finland,
will become SVP, Corporate Communications. The current position holder, Carola
Teir-Lehtinen, will move to a new position. Both SVPs will report to the
President and CEO Mikael Lilius.

Also four out of Fortum's seven Business Units will have a new head:

Matti Ruotsala, currently VP, AGCO Corporation and Managing Director of Valtra
Inc, will become President of Fortum Generation.

Per Langer, currently head of the Portfolio Management and Trading (PMT) unit,
will become President of Fortum Heat.

Kalle Ahlstedt, currently VP Physical Portfolio Management, will become
President of Fortum PMT.

Markku Vauhkonen, who has a long international career within the TetraLaval
Group, will become President of Fortum Service.

Corporate Staff Units:

Carola Teir-Lehtinen, currently SVP Corporate Communications, will become
Corporate VP, Sustainable Development. The position is new and prompted by
Fortum's desire to making sustainability, especially the climate issue, a
success factor for the company. She will continue to report to Mikael Lilius.

Arja Koski, currently Corporate VP Environment, Health and Safety, will become
VP Renewables in the Generation business unit. The position is new and prompted
by Fortum's desire to further increase the share of renewable energy sources in
its generation portfolio.

Russia

Fortum's main holdings in Russia stem from the roughly 1/3 ownership of JSC
Lenenergo, an integrated power and heat company in the St. Petersburg region. In
late 2005, the company's generation assets were spun-off and a regional
generation company, TGC-1, was formed. JSC Lenenergo continued as a regional
distribution company.

TGC-1, of which Fortum owns slightly over 25%, will hold a share offering in the
near future in order to increase its share capital by approximately 32.4 billion
rubles (about 930 million euro). Fortum intends to maintain its current share of
the company. Fortum is thus preparing for the acquisition of the corresponding
number of new shares for a total of approximately EUR 240 million.

Fortum is negotiating the sale of its approximately one third position in JSC
Lenenergo. JSC Lenenergo is a listed distribution company in the St. Petersburg
region. The sale would be in line with Fortum's strategy of focusing on power
generation in Russia.

Fortum is evaluating opportunities to participate in share issues and ownership
restructurings in the Russian power generation sector in order to further
strengthen its position in the Russian wholesale power market.


Outlook

The key market driver influencing Fortum's business performance is the Nordic
wholesale price of electricity. Key drivers behind the wholesale price
development are the Nordic hydrological situation, CO2 emissions allowance
prices and fuel prices. The Swedish krona exchange rate also affects Fortum's
reported result, as results generated by Fortum in Sweden are translated into
euros.

Fortum's financial results are exposed to a number of strategic, financial and
operational risks. For further details of Fortum's risks and risk management,
see Fortum's Operating and Financial Review and Financial Statements 2006.

According to general market information, electricity consumption in the Nordic
countries is predicted to increase by about 1% a year over the next few years.

In mid-July, the Nordic water reservoirs were about 7 TWh above the long-term
average and 22 TWh above the corresponding level of 2006. In mid-July, the
market price for emissions allowances for 2007 was about EUR 0.1 per tonne of
CO2 and for 2008 between EUR 19-21 per tonne of CO2. At the same time, the
electricity forward price for the rest of 2007 was around EUR 30-32 per MWh and
around EUR 43-44 per MWh for 2008.

The first and last quarters of the year are usually the strongest quarters for
the power and heat businesses.

Fortum Power Generation's achieved Nordic power price typically depends on e.g.
the hedge ratio, hedge price, spot price, utilisation and optimisation of
Fortum's flexible production portfolio even on an hourly basis, and currency
fluctuations. If Fortum would not hedge any of its production volumes, a 1
EUR/MWh change in the spot price would result in approximately a EUR 50 million
change in Fortum's annual operating profit.

At the beginning of July, Fortum had hedged approximately 80% of the Power
Generation segment's estimated Nordic electricity sales volume for the rest of
2007 at approximately EUR 40 per MWh. For the calendar year 2008, approximately
50% of the Power Generation segment's estimated Nordic electricity sales volume
was hedged at approximately EUR 43 per MWh. These hedge ratios may vary
significantly depending on Fortum's actions on the electricity derivatives
markets. Hedge prices are also influenced by changes in the SEK/EUR exchange
rates, as part of the hedges are conducted in SEK.

Despite warm weather and low spot prices of electricity during the spring,
Fortum achieved good results in the second quarter. The group's financial
position is strong. With its flexible and climate-benign production portfolio,
Fortum continues to be well positioned for 2007 and 2008.


Espoo, 17 July 2007
Fortum Corporation
Board of Directors


Further information:
Mikael Lilius, President and CEO, tel. +358 10 452 9100
Juha Laaksonen, CFO,
tel. +358 10 452 4519

The interim financial statements have been prepared in accordance with
International Accounting Standard (IAS) 34, Interim Financial Reporting, as
adopted by the EU. The interim financial statements have not been audited.

Publication of results in 2007:
Interim Report January-September will be published on 18 October 2007

Distribution:
Helsinki Stock Exchange
Key media
www.fortum.com

Information on the financial statement release, including detailed quarterly
information, is available on Fortum's website at: www.fortum.com/investors




--------------------------------------------------------------------------------
| FORTUM GROUP                                                                 |
--------------------------------------------------------------------------------
| JANUARY-JUNE 2007                                                            |
--------------------------------------------------------------------------------
| Condensed Interim Financial Statements are unaudited                         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT                                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR|     |   |   | No |    Q2 |     Q2 |  Q1-Q2 | Q1-Q2  |   2006 |    Last |
|     |     |   |   | te |  2007 |   2006 |   2007 |   2006 |        | twelve  |
|     |     |   |   |    |       |        |        |        |        |  months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales     |   |   |  4 |   959 |    948 |  2 299 |  2 291 |  4 491 |   4 499 |
|     |     |   |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Other     |   |   |    |    43 |     20 |     48 |     19 |     80 |     109 |
| income    |   |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Materials and |   |    |  -316 |   -322 |   -802 |   -848 | -1 673 |  -1 627 |
| services      |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Employee      |   |    |  -124 |   -129 |   -250 |   -260 |   -508 |    -498 |
| benefit costs |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Depreciation,     | 4, |  -111 |    -97 |   -223 |   -195 |   -429 |    -457 |
| amortisation and  | 12 |       |        |        |        |        |         |
| impairment        |    |       |        |        |        |        |         |
| charges           |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Other         |   |    |  -124 |   -108 |   -255 |   -223 |   -506 |    -538 |
| expenses      |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Operating     |   |    |   327 |    312 |    817 |    784 |  1 455 |   1 488 |
| profit        |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Share of profit   | 2, |    15 |      6 |    217 |     41 |     69 |     245 |
| of associates and |  4 |       |        |        |        |        |         |
| joint ventures    |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Interest      |   |    |   -55 |    -41 |    -99 |    -81 |   -176 |    -194 |
| expense       |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Interest      |   |    |    16 |     12 |     28 |     24 |     50 |      54 |
| income        |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Fair value gains  |    |     0 |      2 |      2 |     17 |     30 |      15 |
| and losses on     |    |       |        |        |        |        |         |
| financial         |    |       |        |        |        |        |         |
| instruments       |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Other         |   |    |    -2 |     -4 |     -3 |     -6 |     -7 |      -4 |
| financial     |   |    |       |        |        |        |        |         |
| expenses -    |   |    |       |        |        |        |        |         |
| net           |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Finance costs |   |    |   -41 |    -31 |    -72 |    -46 |   -103 |    -129 |
| - net         |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Profit before |   |    |   301 |    287 |    962 |    779 |  1 421 |   1 604 |
| income tax    |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Income tax    |   |    |   -65 |    -60 |   -174 |   -180 |   -301 |    -295 |
| expense       |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Profit for    |   |    |   236 |    227 |    788 |    599 |  1 120 |   1 309 |
| the period    |   |    |       |        |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Attributable to: |                                                           |
--------------------------------------------------------------------------------
| Equity        |     |    |  231 |    219 |    753 |    565 |  1 071 |  1 259 |
| holders of    |     |    |      |        |        |        |        |        |
| the Company   |     |    |      |        |        |        |        |        |
--------------------------------------------------------------------------------
| Minority      |     |    |    5 |      8 |     35 |     34 |     49 |     50 |
| interest      |     |    |      |        |        |        |        |        |
--------------------------------------------------------------------------------
|     |     |   |     |    |  236 |    227 |    788 |    599 |  1 120 |  1 309 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Earnings per share for profit attributable to the       |                    |
| equity                                                  |                    |
| holders of the company during the year (in € per share) |                 10 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Basic            |   0.26 |    0.25 |    0.85 |    0.64 |    1.22 |     1.42 |
--------------------------------------------------------------------------------
| Diluted          |   0.26 |    0.24 |    0.84 |    0.63 |    1.21 |     1.42 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET                                                   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR  |                     |     |     |    Note |   June |   June | Dec 31 |
|    |  |                     |     |     |         |     30 |     30 |   2006 |
|    |  |                     |     |     |         |   2007 |   2006 |        |
--------------------------------------------------------------------------------
| ASSETS      |           |   |               |     |        |        |        |
--------------------------------------------------------------------------------
| Non-current assets          |               |     |        |        |        |
--------------------------------------------------------------------------------
| Intangible assets           |               |  12 |     79 |     93 |     96 |
--------------------------------------------------------------------------------
| Property, plant and         |               |  12 | 11 311 | 11 280 | 11 471 |
| equipment                   |               |     |        |        |        |
--------------------------------------------------------------------------------
| Investments in associates   |               |   4 |  2 471 |  1 961 |  2 197 |
| and joint ventures          |               |     |        |        |        |
--------------------------------------------------------------------------------
| Share in State Nuclear Waste Management     |  15 |    458 |    438 |    450 |
| Fund                                        |     |        |        |        |
--------------------------------------------------------------------------------
| Other long-term investments |               |     |    103 |     63 |    101 |
--------------------------------------------------------------------------------
| Deferred tax assets         |               |     |      4 |    103 |      5 |
--------------------------------------------------------------------------------
| Derivative financial        |               |   6 |    106 |    139 |    103 |
| instruments                 |               |     |        |        |        |
--------------------------------------------------------------------------------
| Long-term interest bearing  |               |     |    695 |    650 |    680 |
| receivables                 |               |     |        |        |        |
--------------------------------------------------------------------------------
| Total non-current assets    |               |     | 15 227 | 14 727 | 15 103 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets              |               |     |        |        |        |
--------------------------------------------------------------------------------
| Inventories |           |   |               |     |    301 |    237 |    329 |
--------------------------------------------------------------------------------
| Derivative financial        |               |   6 |    181 |    193 |    198 |
| instruments                 |               |     |        |        |        |
--------------------------------------------------------------------------------
| Trade and other receivables |               |     |    863 |    895 |  1 052 |
--------------------------------------------------------------------------------
| Cash and cash equivalents   |               |     |    879 |    677 |    157 |
--------------------------------------------------------------------------------
| Total current assets        |               |     |  2 224 |  2 002 |  1 736 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total       |           |   |               |     | 17 451 | 16 729 | 16 839 |
| assets      |           |   |               |     |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY            |     |   |               |     |        |        |        |
--------------------------------------------------------------------------------
| Capital and reserves        |               |     |        |        |        |
| attributable to the         |               |     |        |        |        |
--------------------------------------------------------------------------------
| Company's equity holders    |               |     |        |        |        |
--------------------------------------------------------------------------------
| Share capital           |   |               |  13 |  3 037 |  3 001 |  3 023 |
--------------------------------------------------------------------------------
| Other equity      |     |   |               |     |  4 699 |  3 899 |  4 885 |
--------------------------------------------------------------------------------
| Total             |     |   |               |     |  7 736 |  6 900 |  7 908 |
--------------------------------------------------------------------------------
| Minority interest           |               |     |    278 |    236 |    253 |
--------------------------------------------------------------------------------
| Total equity   |     |      |               |     |  8 014 |  7 136 |  8 161 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| LIABILITIES |   |         |         |      |           |          |          |
--------------------------------------------------------------------------------
| Non-current liabilities   |         |      |           |          |          |
--------------------------------------------------------------------------------
| Interest-bearing          |         |   14 |     4 565 |    4 373 |    4 060 |
| liabilities               |         |      |           |          |          |
--------------------------------------------------------------------------------
| Derivative financial      |         |    6 |       135 |      255 |      134 |
| instruments               |         |      |           |          |          |
--------------------------------------------------------------------------------
| Deferred tax liabilities  |         |      |     1 788 |    1 856 |    1 795 |
--------------------------------------------------------------------------------
| Nuclear provisions        |         |   15 |       458 |      438 |      450 |
--------------------------------------------------------------------------------
| Pension and other         |         |      |       152 |      211 |      186 |
| provisions                |         |      |           |          |          |
--------------------------------------------------------------------------------
| Other liabilities   |     |         |      |       470 |      454 |      485 |
--------------------------------------------------------------------------------
| Total non-current         |         |      |     7 568 |    7 587 |    7 110 |
| liabilities               |         |      |           |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities       |         |      |           |          |          |
--------------------------------------------------------------------------------
| Interest-bearing          |         |   14 |       924 |      612 |      442 |
| liabilities               |         |      |           |          |          |
--------------------------------------------------------------------------------
| Derivative financial      |         |    6 |       142 |      563 |      198 |
| instruments               |         |      |           |          |          |
--------------------------------------------------------------------------------
| Trade and other payables  |         |      |       803 |      831 |      928 |
--------------------------------------------------------------------------------
| Total current liabilities |         |      |     1 869 |    2 006 |    1 568 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total           |         |         |      |     9 437 |    9 593 |    8 678 |
| liabilities     |         |         |      |           |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and          |         |      |    17 451 |   16 729 |   16 839 |
| liabilities               |         |      |           |          |          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR    | Share | Sha | Othe | Fair | Treas | Retain | Attrib | Mino | Total |
|         | capit |  re |    r | valu |   ury |     ed | utable | rity |       |
|         |    al | pre | rest |   e  | share | earnin | to the |      |       |
|         |       | miu | rict |  and |     s |     gs | equity |      |       |
|         |       |   m |   ed | othe |       |        | holder |      |       |
|         |       |     | fund |   r  |       |        |      s |      |       |
|         |       |     |    s | rese |       |        |        |      |       |
|         |       |     |      | rves |       |        |        |      |       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Total   |   3 023 | 73 |   1 |  511 |     - |  4 300 |  7 908 |  253 | 8 161 |
| equity  |         |    |     |      |       |        |        |      |       |
| at      |         |    |     |      |       |        |        |      |       |
| 31.12.2 |         |    |     |      |       |        |        |      |       |
| 006     |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Transla |         |    |     |      |       |    -10 |    -10 |   -6 |   -16 |
| tion    |         |    |     |      |       |        |        |      |       |
| and     |         |    |     |      |       |        |        |      |       |
| other   |         |    |     |      |       |        |        |      |       |
| differe |         |    |     |      |       |        |        |      |       |
| nces    |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Cash    |         |    |     |  -47 |       |        |    -47 |      |   -47 |
| flow    |         |    |     |      |       |        |        |      |       |
| hedges  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Other   |         |    |     |  240 |       |        |    240 |      |   240 |
| fair    |         |    |     |      |       |        |        |      |       |
| value   |         |    |     |      |       |        |        |      |       |
| adjustm |         |    |     |      |       |        |        |      |       |
| ents 1) |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |       - |  - |   - |  193 |     - |    -10 |    183 |   -6 |   177 |
| gains   |         |    |     |      |       |        |        |      |       |
| and     |         |    |     |      |       |        |        |      |       |
| losses  |         |    |     |      |       |        |        |      |       |
| not     |         |    |     |      |       |        |        |      |       |
| recogni |         |    |     |      |       |        |        |      |       |
| sed in  |         |    |     |      |       |        |        |      |       |
| Income  |         |    |     |      |       |        |        |      |       |
| stateme |         |    |     |      |       |        |        |      |       |
| nt      |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Net     |         |    |     |      |       |    753 |    753 |   35 |   788 |
| profit  |         |    |     |      |       |        |        |      |       |
| for the |         |    |     |      |       |        |        |      |       |
| period  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |       - |  - |   - |  193 |     - |    743 |    936 |   29 |   965 |
| recogni |         |    |     |      |       |        |        |      |       |
| sed     |         |    |     |      |       |        |        |      |       |
| income  |         |    |     |      |       |        |        |      |       |
| for the |         |    |     |      |       |        |        |      |       |
| period  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Stock   |      14 |    |     |      |       |        |     14 |      |    14 |
| options |         |    |     |      |       |        |        |      |       |
| excerci |         |    |     |      |       |        |        |      |       |
| sed     |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Cash    |         |    |     |      |       | -1 122 | -1 122 |      | -1 122|
| dividen |         |    |     |      |       |        |        |      |       |
| d 2)    |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Changes |         |    |   4 |      |       |     -4 |      0 |      |     0 |
| between |         |    |     |      |       |        |        |      |       |
| restric |         |    |     |      |       |        |        |      |       |
| ted and |         |    |     |      |       |        |        |      |       |
| unrestr |         |    |     |      |       |        |        |      |       |
| icted   |         |    |     |      |       |        |        |      |       |
| equity  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Changes |         |    |     |      |       |        |      - |   -4 |    -4 |
| in      |         |    |     |      |       |        |        |      |       |
| minorit |         |    |     |      |       |        |        |      |       |
| y       |         |    |     |      |       |        |        |      |       |
| through |         |    |     |      |       |        |        |      |       |
| busines |         |    |     |      |       |        |        |      |       |
| s       |         |    |     |      |       |        |        |      |       |
| combina |         |    |     |      |       |        |        |      |       |
| tions   |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |   3 037 | 73 |   5 |  704 |     - |  3 917 |  7 736 |  278 | 8 014 |
| equity  |         |    |     |      |       |        |        |      |       |
| at      |         |    |     |      |       |        |        |      |       |
| 30.06.2 |         |    |     |      |       |        |        |      |       |
| 007     |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |   2 976 | 70 |   2 | -117 |     - |  4 220 |  7 151 |  260 | 7 411 |
| equity  |         |    |     |      |       |        |        |      |       |
| at      |         |    |     |      |       |        |        |      |       |
| 31.12.2 |         |    |     |      |       |        |        |      |       |
| 005     |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Transla |         |    |     |      |       |     17 |     17 |   -5 |    12 |
| tion    |         |    |     |      |       |        |        |      |       |
| and     |         |    |     |      |       |        |        |      |       |
| other   |         |    |     |      |       |        |        |      |       |
| differe |         |    |     |      |       |        |        |      |       |
| nces    |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Cash    |         |    |     | -185 |       |        |   -185 |   -3 |  -188 |
| flow    |         |    |     |      |       |        |        |      |       |
| hedges  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Other   |         |    |     |  342 |       |        |    342 |      |   342 |
| fair    |         |    |     |      |       |        |        |      |       |
| value   |         |    |     |      |       |        |        |      |       |
| adjustm |         |    |     |      |       |        |        |      |       |
| ents    |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |       - |  - |   - |  157 |     - |     17 |    174 |   -8 |   166 |
| gains   |         |    |     |      |       |        |        |      |       |
| and     |         |    |     |      |       |        |        |      |       |
| losses  |         |    |     |      |       |        |        |      |       |
| not     |         |    |     |      |       |        |        |      |       |
| recogni |         |    |     |      |       |        |        |      |       |
| sed in  |         |    |     |      |       |        |        |      |       |
| Income  |         |    |     |      |       |        |        |      |       |
| stateme |         |    |     |      |       |        |        |      |       |
| nt      |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Net     |         |    |     |      |       |    565 |    565 |   34 |   599 |
| profit  |         |    |     |      |       |        |        |      |       |
| for the |         |    |     |      |       |        |        |      |       |
| period  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |       - |  - |   - |  157 |     - |    582 |    739 |   26 |   765 |
| recogni |         |    |     |      |       |        |        |      |       |
| sed     |         |    |     |      |       |        |        |      |       |
| income  |         |    |     |      |       |        |        |      |       |
| for the |         |    |     |      |       |        |        |      |       |
| period  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Stock   |      25 |  4 |  -2 |      |       |        |     27 |      |    27 |
| options |         |    |     |      |       |        |        |      |       |
| excerci |         |    |     |      |       |        |        |      |       |
| sed     |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Cash    |      |       |     |      |       |   -987 |   -987 |      |  -987 |
| dividen |      |       |     |      |       |        |        |      |       |
| d 2)    |      |       |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Repurch |         |    |     |      |   -30 |        |    -30 |      |   -30 |
| ase of  |         |    |     |      |       |        |        |      |       |
| own     |         |    |     |      |       |        |        |      |       |
| shares  |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Changes |         |    |     |      |       |        |      - |  -50 |   -50 |
| in      |         |    |     |      |       |        |        |      |       |
| minorit |         |    |     |      |       |        |        |      |       |
| y       |         |    |     |      |       |        |        |      |       |
| through |         |    |     |      |       |        |        |      |       |
| busines |         |    |     |      |       |        |        |      |       |
| s       |         |    |     |      |       |        |        |      |       |
| combina |         |    |     |      |       |        |        |      |       |
| tions   |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------
| Total   |   3 001 | 74 |   0 |   40 |   -30 |  3 815 |  6 900 |  236 | 7 136 |
| equity  |         |    |     |      |       |        |        |      |       |
| at      |         |    |     |      |       |        |        |      |       |
| 30.06.2 |         |    |     |      |       |        |        |      |       |
| 006     |         |    |     |      |       |        |        |      |       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Includes the fair value change of Renewable Energy Corporation (REC)      |
| shareholding in Hafslund and the effect of Hafslund's sale of REC shares.    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| See Note 2 Accounting policies.                                              |
--------------------------------------------------------------------------------
| 2) See Note 11 Dividends.                                                    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONDENSED CONSOLIDATED CASH FLOW STATEMENT                                   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |             | Q2 2007 |    Q2 |  Q1-Q2 | Q1-Q2  |   2006 |   Last |
|      |   |             |         |  2006 |   2007 |   2006 |        | twelve |
|      |   |             |         |       |        |        |        | months |
--------------------------------------------------------------------------------
| Cash flow from         |         |       |        |        |        |        |
| operating activities   |         |       |        |        |        |        |
--------------------------------------------------------------------------------
| Operating profit       |     438 |   409 |  1 040 |    979 |  1 884 |  1 945 |
| before depreciations   |         |       |        |        |        |        |
--------------------------------------------------------------------------------
| Non-cash flow items    |      -6 |   -47 |     -5 |    -23 |    -92 |    -74 |
| and divesting          |         |       |        |        |        |        |
| activities             |         |       |        |        |        |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Financial items    |       133 |     -4 |     95 |     22 |    -89 |     -16 |
| and realised       |           |        |        |        |        |         |
| foreign exchange   |           |        |        |        |        |         |
| gains and losses   |           |        |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Taxes          |    -119 |    -56 |  -237 |   -192 |     -374 |     -419 |   |
--------------------------------------------------------------------------------
| Funds from        |     446 |    302 |   893 |     786 |    1 329 |    1 436 |
| operations        |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Change in working |     127 |    181 |   177 |       0 |     -178 |       -1 |
| capital           |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Total net cash    |     573 |    483 | 1 070 |     786 |    1 151 |    1 435 |
| from operating    |         |        |       |         |          |          |
| activities        |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Cash flow from    |         |        |       |         |          |          |
| investing         |         |        |       |         |          |          |
| activities        |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Paid capital      |    -113 |   -103 |  -213 |    -174 |     -485 |     -524 |
| expenditures      |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Acquisition of |          0 |   -705 |    -8 |    -747 |     -754 |      -15 |
| subsidiaries,  |            |        |       |         |          |          |
| net of cash    |            |        |       |         |          |          |
| acquired       |            |        |       |         |          |          |
--------------------------------------------------------------------------------
| Acquisition of    |       0 |      - |     0 |      -1 |     -124 |     -123 |
| associates        |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Acquisition of    |      -2 |     -2 |    -2 |      -2 |      -21 |      -21 |
| other long-term   |         |        |       |         |          |          |
| investments       |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Proceeds from     |       2 |      6 |     9 |       9 |       83 |       83 |
| sales of fixed    |         |        |       |         |          |          |
| assets            |         |        |       |         |          |          |
--------------------------------------------------------------------------------
| Proceeds from  |          0 |      0 |     0 |       0 |       11 |       11 |
| sales of       |            |        |       |         |          |          |
| subsidiaries,  |            |        |       |         |          |          |
| net of cash    |            |        |       |         |          |          |
| disposed       |            |        |       |         |          |          |
--------------------------------------------------------------------------------
| Proceeds from  |          4 |     14 |     4 |      14 |       30 |       20 |
| sales of       |            |        |       |         |          |          |
| associates     |            |        |       |         |          |          |
--------------------------------------------------------------------------------
| Proceeds from  |          0 |      1 |     0 |       1 |        1 |        0 |
| sales of other |            |        |       |         |          |          |
| long-term      |            |        |       |         |          |          |
| investments    |            |        |       |         |          |          |
--------------------------------------------------------------------------------
| Change in      |         -1 |      4 |   -37 |     -15 |      -47 |      -69 |
| interest-beari |            |        |       |         |          |          |
| ng receivables |            |        |       |         |          |          |
--------------------------------------------------------------------------------
| Total net cash |       -110 |   -785 |  -247 |    -915 |   -1 306 |     -638 |
| used in        |            |        |       |         |          |          |
| investing      |            |        |       |         |          |          |
| activities     |            |        |       |         |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow      |        463 |   -302 |   823 |    -129 |     -155 |      797 |
| before         |            |        |       |         |          |          |
| financing      |            |        |       |         |          |          |
| activities     |            |        |       |         |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from |            |        |       |         |          |          |
| financing      |            |        |       |         |          |          |
| activities     |            |        |       |         |          |          |
--------------------------------------------------------------------------------
| Net change in  |        469 |    865 | 1 009 |   1 029 |      492 |      472 |
| loans          |            |        |       |         |          |          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Dividends paid to  |    -1 122 |      - | -1 122 |   -987 |   -987 |  -1 122 |
| the Company´s      |           |        |        |        |        |         |
| equity holders     |           |        |        |        |        |         |
--------------------------------------------------------------------------------
| Repurchase of own  |         0 |    -30 |      0 |    -30 |    -30 |       0 |
| shares             |           |        |        |        |        |         |
--------------------------------------------------------------------------------
| Other financing    |         1 |    -68 |     11 |      3 |     49 |      57 |
| items              |           |        |        |        |        |         |
--------------------------------------------------------------------------------
| Total net cash     |      -652 |    767 |   -102 |     15 |   -476 |    -593 |
| used in financing  |           |        |        |        |        |         |
| activities         |           |        |        |        |        |         |
--------------------------------------------------------------------------------
| Total net increase |           |        |        |        |        |         |
| (+)/decrease (-)   |           |        |        |        |        |         |
| in cash            |           |        |        |        |        |         |
--------------------------------------------------------------------------------
| and marketable     |      -189 |    465 |    721 |   -114 |   -631 |     204 |
| securities         |           |        |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| KEY RATIOS                                                                   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR|     |     |   June | March |  March |   June |   Sept |   Dec |   Last |
|     |     |     |     30 |    31 |     31 |     30 |     30 |    31 | twelve |
|     |     |     |   2007 |  2007 |   2006 |   2006 |   2006 |  2006 | months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA |     |     1 040 |   602 |    570 |    979 |  1 311 | 1 884 |  1 945 |
| , MEUR |     |           |       |        |        |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per |      0.85 |  0.59 |   0.39 |   0.64 |   0.83 |  1.22 |   1.42 |
| share        |           |       |        |        |        |       |        |
| (basic), EUR |           |       |        |        |        |       |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital      | 13 503 | 12 593 | 10 605 | 12 121 | 12 216 | 12 663 |  13 503 |
| employed,    |        |        |        |        |        |        |         |
| MEUR         |        |        |        |        |        |        |         |
--------------------------------------------------------------------------------
| Interest-bea |  4 610 |  3 932 |  3 900 |  4 308 |  4 159 |  4 345 |     N/A |
| ring net     |        |        |        |        |        |        |         |
| debt, MEUR   |        |        |        |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital    |       253 |        115 |   114 |   935 | 1 063 | 1 395 |    713 |
| expenditur |           |            |       |       |       |       |        |
| e and      |           |            |       |       |       |       |        |
| gross      |           |            |       |       |       |       |        |
| investment |           |            |       |       |       |       |        |
| s in       |           |            |       |       |       |       |        |
| shares,    |           |            |       |       |       |       |        |
| MEUR       |           |            |       |       |       |       |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Capital        |  236 |     100 |    71 |    174 |    297 |    485 |     547 |
| expenditure,   |      |         |       |        |        |        |         |
| MEUR           |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on      | 14.8 |    18.0 |  19.4 |   14.6 |   12.5 |   13.4 |    14.1 |
| capital        |      |         |       |        |        |        |         |
| employed, % 1) |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------
| Return on      | 17.2 |    21.1 |  21.4 |   16.3 |   13.7 |   14.4 |    17.3 |
| shareholders'  |      |         |       |        |        |        |         |
| equity, % 1)   |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------
| Net debt /     |  2.2 |     1.6 |   1.7 |    2.2 |    2.4 |    2.3 |     2.4 |
| EBITDA 1)      |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest       | 11.5 |    15.3 |  16.9 |   13.7 |   10.9 |   11.5 |    10.6 |
| coverage       |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------
| Funds from     | 36.1 |    45.5 |  49.6 |   36.5 |   33.9 |   30.6 |    31.2 |
| operations/int |      |         |       |        |        |        |         |
| erest-bearing  |      |         |       |        |        |        |         |
| net debt, %    |      |         |       |        |        |        |         |
| 1)             |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Geari |   |   |    58 |      52 |    60 |     60 |     57 |     53 |     N/A |
| ng, % |   |   |       |         |       |        |        |        |         |
--------------------------------------------------------------------------------
| Equity per    |  8.68 |    8.22 |  7.11 |   7.83 |   7.97 |   8.91 |     N/A |
| share, EUR    |       |         |       |        |        |        |         |
--------------------------------------------------------------------------------
| Equity-to-ass |    46 |      43 |    44 |     43 |     43 |     48 |     N/A |
| ets ratio, %  |       |         |       |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number |8 257 |   8 165 | 8 886 |  9 024 |  9 085 |  8 910 |     N/A |
| of employees   |      |         |       |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Average | 890 770 | 890 263 |880 725| 880 508 | 880 695 | 881 194 |  886 407 |
| number  |         |         |       |         |         |         |          |
| of      |         |         |       |         |         |         |          |
| shares, |         |         |       |         |         |         |          |
| 1 000   |         |         |       |         |         |         |          |
| shares  |         |         |       |         |         |         |          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Diluted |   893 140 | 893 252 |892 406|891 451| 891 217 | 886 929 |  888 772 |
| adjuste |           |         |       |       |         |         |          |
| d       |           |         |       |       |         |         |          |
| average |           |         |       |       |         |         |          |
| number  |           |         |       |       |         |         |          |
| of      |           |         |       |       |         |         |          |
| shares, |           |         |       |       |         |         |          |
| 1 000   |           |         |       |       |         |         |          |
| shares  |           |         |       |       |         |         |          |
--------------------------------------------------------------------------------
| Number  |   |891 472| 890 685 |881 546|882 708| 883 274 | 887 394 |      N/A |
| of      |   |       |         |       |       |         |         |          |
| registe |   |       |         |       |       |         |         |          |
| red     |   |       |         |       |       |         |         |          |
| shares, |   |       |         |       |       |         |         |          |
| 1 000   |   |       |         |       |       |         |         |          |
| shares  |   |       |         |       |       |         |         |          |
--------------------------------------------------------------------------------
| Number  |       N/A |     N/A |   N/A |881 048| 881 614 |     N/A |      N/A |
| of      |           |         |       |       |         |         |          |
| shares  |           |         |       |       |         |         |          |
| excludi |           |         |       |       |         |         |          |
| ng      |           |         |       |       |         |         |          |
| treasur |           |         |       |       |         |         |          |
| y       |           |         |       |       |         |         |          |
| shares, |           |         |       |       |         |         |          |
| 1000    |           |         |       |       |         |         |          |
| shares  |           |         |       |       |         |         |          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Quarterly figures are annualised.                                         |
--------------------------------------------------------------------------------
|    For definitions, see Note 21.                                             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1. BASIS OF        |     |    |     |     |     |       |      |      |      |
| PREPARATION        |     |    |     |     |     |       |      |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The condensed interim financial statements have been prepared in      |      |
| accordance with International Accounting Standard (IAS) 34, Interim   |      |
| Financial Reporting, as adopted by the EU.
--------------------------------------------------------------------------------
| The condensed interim financial report should be read in conjunction with    |
| the annual financial statements for the year ended 31 December 2006.         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 2. ACCOUNTING POLICIES                                                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The accounting policies adopted are consistent with those of the Group's     |
| annual financial statements for the year ended 31 December 2006, except for  |
--------------------------------------------------------------------------------
| changes listed below.

| The following new standards, amendments to standards  |             |        |
| and interpretations that have been considered to be   |             |        |
| relevant for the Group have been adopted by the Group |             |        |
| as of 1 January 2007.                                 |             |        |
--------------------------------------------------------------------------------
| - IFRS 7 Financial instruments: Disclosures and a complementary amendment   |
| to IAS 1, Presentation of Financial statements - Capital disclosures.       |
--------------------------------------------------------------------------------
| IFRS 7 introduces new disclosure requirements relating to financial |        |
| instruments. The standard does not have any impact on the           |        |
| classification or valuation of the Group's financial instruments   |        |
| as such.                                                            |        |
--------------------------------------------------------------------------------
| - IFRIC 9 Reassessment of Embedded derivatives. The interpretation  |        |
| requires the determination of whether the arrangement contains      |        |
| embedded derivatives, which have to be reported separately as       |        |
| derivative instruments.                                             |        |
--------------------------------------------------------------------------------
| - IFRIC 10 Interim Financial Reporting and            |             |        |
| Impairment: IFRIC 10 denies to reverse the impairment |             |        |
| charge reported in interim report at later closing    |             |        |
| dates of the financial year.                          |             |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| These newly adopted standards and interpretations have not had any  |        |
| effect on the reported income statement, balance sheet or           |        |
| disclosures.                                                        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The following interpretations are mandatory for the financial  |    |        |
| year ending 31 December 2007, but not relevant for the Group.  |    |        |
--------------------------------------------------------------------------------
| - IFRIC 7 Applying the Restatement Approach under IAS 29   |   |    |        |
| Financial Reporting in Hyperinflatory Economies.           |   |    |        |
--------------------------------------------------------------------------------
| - IFRIC 8 Scope   |    |     |     |     |                 |   |    |        |
| of IFRS 2.        |    |     |     |     |                 |   |    |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Accounting for the share of profits from Hafslund ASA                        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| According to Fortum Group accounting policies the share of profits  |        |
| from Hafslund has been included in Fortum Group figures based on    |        |
| the previous quarter information since Hafslund's interim reports   |        |
| are published later than Fortum's interim reports. Hafslund will    |        |
| publish January-June 2007 results on 20 July 2007.                  |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| When calculating the share of profits in Hafslund, Fortum has in    |        |
| accordance with Fortum's accounting policies reclassified           |        |
| Hafslund's accounting treatment                                     |        |
--------------------------------------------------------------------------------
| for the shareholding in Renewable Energy Corporation (REC).         |        |
| Hafslund has classified the shareholding in REC as financial assets |        |
| at fair value through profit and loss while Fortum has classified   |        |
| the REC shareholding as available for sale financial assets with    |        |
| fair value changes recorded directly through equity, only when      |        |
| Hafslund divests shares in REC, the cumulative fair value change    |        |
| effects Fortum's income statement.                                  |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Since REC is listed on the Oslo stock exchange as of 9 May 2006, Fortum is   |
| accounting for the fair value change in REC based on the closing price on    |
| the Oslo                                                                     |
--------------------------------------------------------------------------------
| stock exchange at each closing date. The amount of shares is based on the    |
| amount published by Hafslund in the previous quarter if other information is |
| not available.                                                               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Hafslund sold 35 million shares in REC in March 2007. In accordance with |   |
| the accounting policy Fortum recognised approximately EUR 180 million in |   |
| relation                                                                 |   |
--------------------------------------------------------------------------------
| to Hafslund's divestment of REC shares as a part of the share of profits     |
| from associates and joint ventures in Q1 2007. The cumulative fair value     |
| change in Fortum's equity based on the remaining number of shares reported   |
| by Hafslund was approximately EUR 650 million at 30 June 2007.               |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The preparation of Interim financial statements requires management to make  |
| judgements, estimates and assumptions that affect the reported amounts of    |
--------------------------------------------------------------------------------
| assets and liabilities, income and expense. Annual   |   |   |    |     |    |
| results may differ from these estimates.             |   |   |    |     |    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| In preparing these interim financial statements, the significant judgements  |
| made by management in applying the Group´s accounting policies and the key   |
| sources of estimation uncertainty were the same as those that applied to the |
| annual financial statements as at and for the year ended 31 December 2006.   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 4. PRIMARY SEGMENT INFORMATION                                               |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| SALES BY SEGMENT    |         |        |       |        |         |          |
--------------------------------------------------------------------------------
| MEUR |   |          | Q2 2007 |     Q2 | Q1-Q2 |  Q1-Q2 |    2006 |     Last |
|      |   |          |         |   2006 |  2007 |   2006 |         |   twelve |
|      |   |          |         |        |       |        |         |   months |
--------------------------------------------------------------------------------
| Power Generation    |     522 |    560 | 1 163 |  1 203 |   2 439 |    2 399 |
--------------------------------------------------------------------------------
| - of which internal |      92 |    -17 |   248 |    -67 |    -133 |      182 |
--------------------------------------------------------------------------------
| Heat |   |          |     252 |    229 |   731 |    709 |   1 268 |    1 290 |
--------------------------------------------------------------------------------
| - of which internal |      11 |     -7 |    35 |    -15 |     -32 |       18 |
--------------------------------------------------------------------------------
| Distribution        |     172 |    162 |   397 |    381 |     753 |      769 |
--------------------------------------------------------------------------------
| - of which internal |       2 |      2 |     4 |      4 |       8 |        8 |
--------------------------------------------------------------------------------
| Markets             |     351 |    400 |   870 |    947 |   1 912 |    1 835 |
--------------------------------------------------------------------------------
| - of which internal |      32 |     35 |    76 |     76 |     149 |      149 |
--------------------------------------------------------------------------------
| Othe |   |          |      22 |     20 |    41 |     40 |      78 |       79 |
| r    |   |          |         |        |       |        |         |          |
--------------------------------------------------------------------------------
| - of which internal |      19 |     15 |    35 |     30 |      62 |       67 |
--------------------------------------------------------------------------------
| Eliminations 1)     |    -360 |   -423 |  -903 |   -989 |  -1 959 |   -1 873 |
--------------------------------------------------------------------------------
| Total               |     959 |    948 | 2 299 |  2 291 |   4 491 |    4 499 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Eliminations include sales and purchases with Nordpool that is netted on  |
| Group level on an hourly basis and posted either as revenue or cost          |
| depending on if Fortum is a net seller or net buyer during any particular    |
| hour.                                                                        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OPERATING PROFIT BY SEGMENTS                                                 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |               |    Q2 |     Q2 | Q1-Q2 | Q1-Q2 |   2006 |    Last |
|      |   |               |  2007 |   2006 |  2007 |  2006 |        |  twelve |
|      |   |               |       |        |       |       |        |  months |
--------------------------------------------------------------------------------
| Power Generation         |   244 |    222 |   542 |   506 |    980 |   1 016 |
--------------------------------------------------------------------------------
| Heat           |   |     |    33 |     41 |   175 |   160 |    264 |     279 |
--------------------------------------------------------------------------------
| Distribution   |   |     |    53 |     55 |   132 |   136 |    252 |     248 |
--------------------------------------------------------------------------------
| Markets        |   |     |     7 |      3 |    -5 |     6 |     -6 |     -17 |
--------------------------------------------------------------------------------
| Other          |   |     |   -10 |     -9 |   -27 |   -24 |    -35 |     -38 |
--------------------------------------------------------------------------------
| Total          |   |     |   327 |    312 |   817 |   784 |  1 455 |   1 488 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| COMPARABLE OPERATING PROFIT BY SEGMENTS                                      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |             |  Q2 2007 |    Q2 | Q1-Q2 | Q1-Q2 |   2006 |    Last |
|      |   |             |          |  2006 |  2007 |  2006 |        |  twelve |
|      |   |             |          |       |       |       |        |  months |
--------------------------------------------------------------------------------
| Power Generation       |      218 |   208 |   546 |   501 |    985 |   1 030 |
--------------------------------------------------------------------------------
| Heat               |   |   |   36 |    35 |   173 |   161 |    253 |     265 |
--------------------------------------------------------------------------------
| Distribution       |   |   |   53 |    53 |   131 |   134 |    250 |     247 |
--------------------------------------------------------------------------------
| Markets            |   |   |    3 |     2 |   -11 |     2 |     -4 |     -17 |
--------------------------------------------------------------------------------
| Other              |   |   |  -12 |   -12 |   -29 |   -26 |    -47 |     -50 |
--------------------------------------------------------------------------------
| Comparable operating   |      298 |   286 |   810 |   772 |  1 437 |   1 475 |
| profit                 |          |       |       |       |        |         |
--------------------------------------------------------------------------------
| Non-recurring items    |        4 |    15 |     5 |    15 |     61 |      51 |
--------------------------------------------------------------------------------
| Other items effecting  |       25 |    11 |     2 |    -3 |    -43 |     -38 |
| comparability          |          |       |       |       |        |         |
--------------------------------------------------------------------------------
| Operating profit       |   |  327 |   312 |   817 |   784 |  1 455 |   1 488 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NON-RECURRING ITEMS BY    |        |       |       |       |      |          |
| SEGMENTS                  |        |       |       |       |      |          |
--------------------------------------------------------------------------------
| MEUR|   |                 |     Q2 |    Q2 | Q1-Q2 | Q1-Q2 | 2006 |     Last |
|     |   |                 |   2007 |  2006 |  2007 |  2006 |      |   twelve |
|     |   |                 |        |       |       |       |      |   months |
--------------------------------------------------------------------------------
| Power Generation          |      2 |     6 |     2 |     6 |   29 |       25 |
--------------------------------------------------------------------------------
| Heat              |   |   |      1 |     4 |     1 |     5 |   20 |       16 |
--------------------------------------------------------------------------------
| Distribution      |   |   |     -1 |     2 |     0 |     2 |    2 |        0 |
--------------------------------------------------------------------------------
| Markets           |   |   |      0 |     0 |     0 |     0 |    0 |        0 |
--------------------------------------------------------------------------------
| Other             |   |   |      2 |     3 |     2 |     2 |   10 |       10 |
--------------------------------------------------------------------------------
| Total             |   |   |      4 |    15 |     5 |    15 |   61 |       51 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OTHER ITEMS EFFECTING     |         |       |       |       |      |         |
| COMPARABILITY BY SEGMENTS |         |       |       |       |      |         |
--------------------------------------------------------------------------------
| MEUR|  |               |     |   Q2 |    Q2 | Q1-Q2 | Q1-Q2 | 2006 |    Last |
|     |  |               |     | 2007 |  2006 |  2007 |  2006 |      |  twelve |
|     |  |               |     |      |       |       |       |      |  months |
--------------------------------------------------------------------------------
| Power Generation       |     |   24 |     8 |    -6 |    -1 |  -34 |     -39 |
--------------------------------------------------------------------------------
| Heat         |    |    |     |   -4 |     2 |     1 |    -6 |   -9 |      -2 |
--------------------------------------------------------------------------------
| Distribution |    |    |     |    1 |     0 |     1 |     0 |    0 |       1 |
--------------------------------------------------------------------------------
| Markets      |    |    |     |    4 |     1 |     6 |     4 |   -2 |       0 |
--------------------------------------------------------------------------------
| Other        |    |    |     |    0 |     0 |     0 |     0 |    2 |       2 |
--------------------------------------------------------------------------------
| Total        |    |    |     |   25 |    11 |     2 |    -3 |  -43 |     -38 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| DEPRECIATION, AMORTISATION AND IMPAIRMENT CHARGES BY SEGMENTS                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |                |     Q2 |    Q2 | Q1-Q2 | Q1-Q2 | 2006 |     Last |
|      |   |                |   2007 |  2006 |  2007 |  2006 |      |   twelve |
|      |   |                |        |       |       |       |      |   months |
--------------------------------------------------------------------------------
| Power Generation          |     25 |    27 |    51 |    53 |  108 |      106 |
--------------------------------------------------------------------------------
| Heat              |   |   |     40 |    30 |    80 |    60 |  144 |      164 |
--------------------------------------------------------------------------------
| Distribution      |   |   |     40 |    33 |    79 |    68 |  147 |      158 |
--------------------------------------------------------------------------------
| Markets           |   |   |      3 |     5 |     7 |     9 |   19 |       17 |
--------------------------------------------------------------------------------
| Other             |   |   |      3 |     2 |     6 |     5 |   11 |       12 |
--------------------------------------------------------------------------------
| Total             |   |   |    111 |    97 |   223 |   195 |  429 |      457 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| SHARE OF PROFITS IN ASSOCIATES AND JOINT VENTURES BY SEGMENTS                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |                 |     Q2 |    Q2 | Q1-Q2 | Q1-Q2 | 2006 |    Last |
|      |   |                 |   2007 |  2006 |  2007 |  2006 |      |  twelve |
|      |   |                 |        |       |       |       |      |  months |
--------------------------------------------------------------------------------
| Power Generation 1)        |      7 |     2 |   195 |    14 |   30 |     211 |
--------------------------------------------------------------------------------
| Heat             |     |   |      5 |     3 |    12 |    14 |   23 |      21 |
--------------------------------------------------------------------------------
| Distribution     |     |   |      3 |     1 |     9 |    12 |   15 |      12 |
--------------------------------------------------------------------------------
| Markets          |     |   |      0 |     0 |     1 |     1 |    1 |       1 |
--------------------------------------------------------------------------------
| Other            |     |   |      0 |     0 |     0 |     0 |    0 |       0 |
--------------------------------------------------------------------------------
| Total            |     |   |     15 |     6 |   217 |    41 |   69 |     245 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) The main part of the associated companies in Power Generation are power   |
| production companies from which Fortum purchases produced electricity at     |
| production costs including interest costs and income taxes.                  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| INVESTMENTS IN ASSOCIATES AND JOINT VENTURES BY SEGMENTS                     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |                            |        June 30 |   June 30 | Dec 31  |
|      |   |                            |           2007 |      2006 |    2006 |
--------------------------------------------------------------------------------
| Power Generation                      |          2 026 |     1 594 |   1 752 |
--------------------------------------------------------------------------------
| Heat                  |       |       |            146 |       141 |     150 |
--------------------------------------------------------------------------------
| Distribution          |       |       |            290 |       216 |     287 |
--------------------------------------------------------------------------------
| Markets               |       |       |              9 |         8 |       8 |
--------------------------------------------------------------------------------
| Other                 |       |       |              0 |         2 |       0 |
--------------------------------------------------------------------------------
| Total                 |       |       |          2 471 |     1 961 |   2 197 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CAPITAL EXPENDITURE BY SEGMENTS                                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR  |   |                 |  Q2 2007 | Q2 2006 | Q1-Q2 |  Q1-Q2 |     2006 |
|       |   |                 |          |         |  2007 |   2006 |          |
--------------------------------------------------------------------------------
| Power Generation            |       24 |      21 |    40 |     41 |       95 |
--------------------------------------------------------------------------------
| Heat             |     |    |       65 |      34 |   109 |     52 |      184 |
--------------------------------------------------------------------------------
| Distribution     |     |    |       42 |      42 |    78 |     67 |      183 |
--------------------------------------------------------------------------------
| Markets          |     |    |        1 |       2 |     2 |      7 |        8 |
--------------------------------------------------------------------------------
| Other            |     |    |        4 |       4 |     7 |      7 |       15 |
--------------------------------------------------------------------------------
| Total            |     |    |      136 |     103 |   236 |    174 |      485 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| GROSS INVESTMENTS IN SHARES BY SEGMENTS                                      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR  |   |                 |  Q2 2007 | Q2 2006 | Q1-Q2 |  Q1-Q2 |     2006 |
|       |   |                 |          |         |  2007 |   2006 |          |
--------------------------------------------------------------------------------
| Power Generation            |        0 |       4 |     0 |      4 |      145 |
--------------------------------------------------------------------------------
| Heat              |   |     |        0 |     539 |    15 |    582 |      589 |
--------------------------------------------------------------------------------
| Distribution      |   |     |        0 |     130 |     0 |    130 |      130 |
--------------------------------------------------------------------------------
| Markets           |   |     |        0 |       6 |     0 |      6 |        6 |
--------------------------------------------------------------------------------
| Other             |   |     |        2 |      39 |     2 |     39 |       40 |
--------------------------------------------------------------------------------
| Total             |   |     |        2 |     718 |    17 |    761 |      910 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NET ASSETS BY SEGMENTS                                                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |                             |       June 30 | June 30 |    Dec 31 |
|      |   |                             |          2007 |    2006 |      2006 |
--------------------------------------------------------------------------------
| Power Generation                       |         6 818 |   6 359 |     6 734 |
--------------------------------------------------------------------------------
| Heat                    |   |          |         3 333 |   3 186 |     3 407 |
--------------------------------------------------------------------------------
| Distribution            |   |          |         3 351 |   3 275 |     3 412 |
--------------------------------------------------------------------------------
| Markets                 |   |          |           149 |     244 |       176 |
--------------------------------------------------------------------------------
| Other and Eliminations                 |           127 |     140 |        85 |
--------------------------------------------------------------------------------
| Tota |   |                             |        13 778 |  13 204 |    13 814 |
| l    |   |                             |               |         |           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| RETURN ON NET ASSETS BY SEGMENTS                                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| %     |   |                              |    |       Last twelve |   Dec 31 |
|       |   |                              |    |            months |     2006 |
--------------------------------------------------------------------------------
| Power Generation                         |    |              18.7 |     16.1 |
--------------------------------------------------------------------------------
| Heat                  |   |              |    |               9.0 |      9.6 |
--------------------------------------------------------------------------------
| Distribution          |   |              |    |               7.9 |      8.4 |
--------------------------------------------------------------------------------
| Markets               |   |              |    |              -7.3 |     -1.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COMPARABLE RETURN ON NET ASSETS BY SEGMENTS  |                   |          |
--------------------------------------------------------------------------------
| %     |   |                              |    |       Last twelve |   Dec 31 |
|       |   |                              |    |            months |     2006 |
--------------------------------------------------------------------------------
| Power Generation 1)                      |    |              16.1 |     16.1 |
--------------------------------------------------------------------------------
| Heat              |                |     |    |               8.6 |      9.2 |
--------------------------------------------------------------------------------
| Distribution      |                |     |    |               7.9 |      8.3 |
--------------------------------------------------------------------------------
| Markets           |                |     |    |              -7.7 |     -0.8 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Excluding approximately EUR 180 million in relation to Hafslund's         |
| divestment of REC-shares included in the share of profits of associates and  |
| joint ventures.                                                              |
--------------------------------------------------------------------------------
| Return on net assets is calculated by dividing the sum of operating profit   |
| and share of profit of associated companies and joint ventures with average  |
| net assets.                                                                  |
| Average net assets are calculated using the opening balance and end of each  |
| quarter values.                                                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| ASSETS BY SEGMENTS                          |          |          |          |
--------------------------------------------------------------------------------
| MEU |  |                                    |  June 30 |  June 30 |   Dec 31 |
| R   |  |                                    |     2007 |     2006 |     2006 |
--------------------------------------------------------------------------------
| Power Generation                            |    7 327 |    6 890 |    7 131 |
--------------------------------------------------------------------------------
| Heat                        |      |        |    3 686 |    3 593 |    3 870 |
--------------------------------------------------------------------------------
| Distribution                |      |        |    3 798 |    3 744 |    3 911 |
--------------------------------------------------------------------------------
| Markets                     |      |        |      496 |      667 |      618 |
--------------------------------------------------------------------------------
| Other and Eliminations                      |      236 |      226 |      255 |
--------------------------------------------------------------------------------
| Assets included in Net assets               |   15 543 |   15 120 |   15 785 |
--------------------------------------------------------------------------------
| Interest-bearing receivables                |      718 |      650 |      693 |
--------------------------------------------------------------------------------
| Deferred taxes                 |        |   |        4 |      103 |        5 |
--------------------------------------------------------------------------------
| Other assets                   |        |   |      307 |      179 |      199 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                   |      879 |      677 |      157 |
--------------------------------------------------------------------------------
| Total assets             |     |            |   17 451 |   16 729 |   16 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES BY SEGMENTS                     |          |          |          |
--------------------------------------------------------------------------------
| MEUR|  |                                    |  June 30 |  June 30 |   Dec 31 |
|     |  |                                    |     2007 |     2006 |     2006 |
--------------------------------------------------------------------------------
| Power Generation                            |      509 |      531 |      397 |
--------------------------------------------------------------------------------
| Heat           |     |                      |      353 |      407 |      463 |
--------------------------------------------------------------------------------
| Distribution   |     |                      |      447 |      469 |      499 |
--------------------------------------------------------------------------------
| Markets        |     |                      |      347 |      423 |      442 |
--------------------------------------------------------------------------------
| Other and Eliminations                      |      109 |       86 |      170 |
--------------------------------------------------------------------------------
| Liabilities included in Net assets          |    1 765 |    1 916 |    1 971 |
--------------------------------------------------------------------------------
| Deferred tax liabilities                    |    1 788 |    1 856 |    1 795 |
--------------------------------------------------------------------------------
| Other  |                                    |      395 |      836 |      410 |
|     |  |                                    |          |          |          |
--------------------------------------------------------------------------------
| Total liabilities included in Capital       |    3 948 |    4 608 |    4 176 |
| employed                                    |          |          |          |
--------------------------------------------------------------------------------
| Interest-bearing liabilities                |    5 489 |    4 985 |    4 502 |
--------------------------------------------------------------------------------
| Total       |     |                         |    8 014 |    7 136 |    8 161 |
| equity      |     |                         |          |          |          |
--------------------------------------------------------------------------------
| Total equity and liabilities                |   17 451 |   16 729 |   16 839 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 5. QUARTERLY PRIMARY SEGMENT INFORMATION                                     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Extended quarterly information is available on Fortum's website              |
| www.fortum.com/investors/financial information.                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY SALES BY        |           |       |       |       |      |       |
| SEGMENTS                  |           |       |       |       |      |       |
--------------------------------------------------------------------------------
| MEUR |  |                 |        Q2 |    Q1 |    Q4 |    Q3 |   Q2 |    Q1 |
|      |  |                 |      2007 |  2007 |  2006 |  2006 | 2006 |  2006 |
--------------------------------------------------------------------------------
| Power Generation          |       522 |   641 |   667 |   569 |  560 |   643 |
--------------------------------------------------------------------------------
| - of which internal       |        92 |   156 |    36 |  -102 |  -17 |   -50 |
--------------------------------------------------------------------------------
| Heat |  |                 |       252 |   479 |   381 |   178 |  229 |   480 |
--------------------------------------------------------------------------------
| - of which internal       |        11 |    24 |    -5 |   -12 |   -7 |    -8 |
--------------------------------------------------------------------------------
| Distribution|         |       |   172 |   225 |   210 |   162 |  162 |   219 |
|-------------------------------------------------------------------------------
-
| - of which internal       |         2 |     2 |     2 |     2 |    2 |     2 |
--------------------------------------------------------------------------------
| Markets |                 |       351 |   519 |   529 |   436 |  400 |   547 |
|-------------------------------------------------------------------------------
-
| - of which internal       |        32 |    44 |    43 |    30 |   35 |    41 |
--------------------------------------------------------------------------------
| Other|  |                 |        22 |    19 |    19 |    19 |   20 |    20 |
|
--------------------------------------------------------------------------------
| - of which internal       |        19 |    16 |    16 |    16 |   15 |    15 |
--------------------------------------------------------------------------------
| Eliminations    |  |      |      -360 |  -543 |  -552 |  -418 | -423 |  -566 |
--------------------------------------------------------------------------------
| Total           |  |      |       959 | 1 340 | 1 254 |   946 |  948 | 1 343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY OPERATING       |           |       |       |       |      |       |
| PROFIT BY SEGMENTS        |           |       |       |       |      |       |
--------------------------------------------------------------------------------
| MEUR |  |                 |        Q2 |    Q1 |    Q4 |    Q3 |   Q2 |    Q1 |
|      |  |                 |      2007 |  2007 |  2006 |  2006 | 2006 |  2006 |
--------------------------------------------------------------------------------
| Power Generation          |       244 |   298 |   290 |   184 |  222 |   284 |
--------------------------------------------------------------------------------
| Heat        |      |      |        33 |   142 |   119 |   -15 |   41 |   119 |
--------------------------------------------------------------------------------
| Distribution|      |      |        53 |    79 |    74 |    42 |   55 |    81 |
|
--------------------------------------------------------------------------------
| Markets     |      |      |         7 |   -12 |   -18 |     6 |    3 |     3 |
--------------------------------------------------------------------------------
| Other       |      |      |       -10 |   -17 |   -10 |    -1 |   -9 |   -15 |
--------------------------------------------------------------------------------
| Total       |      |      |       327 |   490 |   455 |   216 |  312 |   472 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY COMPARABLE OPERATING PROFIT BY SEGMENTS                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |  |                |      |    Q2 |   Q1 |   Q4 |   Q3 |    Q2 |    Q1 |
|      |  |                |      |  2007 | 2007 | 2006 | 2006 |  2006 |  2006 |
--------------------------------------------------------------------------------
| Power Generation         |      |   218 |  328 |  289 |  195 |   208 |   293 |
--------------------------------------------------------------------------------
| Heat         |    |      |      |    36 |  137 |   95 |   -3 |    35 |   126 |
--------------------------------------------------------------------------------
| Distribution |    |      |      |    53 |   78 |   77 |   39 |    53 |    81 |
--------------------------------------------------------------------------------
| Markets      |    |      |      |     3 |  -14 |   -8 |    2 |     2 |     0 |
--------------------------------------------------------------------------------
| Other        |    |      |      |   -12 |  -17 |  -13 |   -8 |   -12 |   -14 |
--------------------------------------------------------------------------------
| Total        |    |      |      |   298 |  512 |  440 |  225 |   286 |   486 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY NON-RECURRING ITEMS BY SEGMENTS                                    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |  |                |      |    Q2 |   Q1 |   Q4 |   Q3 |    Q2 |    Q1 |
|      |  |                |      |  2007 | 2007 | 2006 | 2006 |  2006 |  2006 |
--------------------------------------------------------------------------------
| Power Generation         |      |     2 |    0 |   22 |    1 |     6 |     0 |
--------------------------------------------------------------------------------
| Heat          |   |      |      |     1 |    0 |   16 |   -1 |     4 |     1 |
--------------------------------------------------------------------------------
| Distribution  |   |      |      |    -1 |    1 |   -1 |    1 |     2 |     0 |
--------------------------------------------------------------------------------
| Markets       |   |      |      |     0 |    0 |    0 |    0 |     0 |     0 |
--------------------------------------------------------------------------------
| Other         |   |      |      |     2 |    0 |    1 |    7 |     3 |    -1 |
--------------------------------------------------------------------------------
| Total         |   |      |      |     4 |    1 |   38 |    8 |    15 |     0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY OTHER ITEMS EFFECTING COMPARABILITY                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |  |                 |     |    Q2 |   Q1 |   Q4 |   Q3 |    Q2 |    Q1 |
|      |  |                 |     |  2007 | 2007 | 2006 | 2006 |  2006 |  2006 |
--------------------------------------------------------------------------------
| Power Generation          |     |    24 |  -30 |  -21 |  -12 |     8 |    -9 |
--------------------------------------------------------------------------------
| Heat          |    |      |     |    -4 |    5 |    8 |  -11 |     2 |    -8 |
--------------------------------------------------------------------------------
| Distribution  |    |      |     |     1 |    0 |   -2 |    2 |     0 |     0 |
--------------------------------------------------------------------------------
| Markets       |    |      |     |     4 |    2 |  -10 |    4 |     1 |     3 |
--------------------------------------------------------------------------------
| Other         |    |      |     |     0 |    0 |    2 |    0 |     0 |     0 |
--------------------------------------------------------------------------------
| Total         |    |      |     |    25 |  -23 |  -23 |  -17 |    11 |   -14 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 6. FINANCIAL RISK MANAGEMENT                                                 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The Group has not made any significant change in policies regarding risk |   |
| management during the period. Aspects of the Group´s financial risk      |   |
| management objectives                                                    |   |
--------------------------------------------------------------------------------
| and policies are consistent with that disclosed in the     |         |       |
| consolidated financial statements as at and for the year   |         |       |
| ended 31 December 2006.                                    |         |       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The tables below disclose the notional values or volumes and net fair values |
| for the Group´s derivatives used in different areas mainly for hedging       |
| purposes.                                                                    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| DERIVATIVES                                                                  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| M |     |                 |      |     June 30 |  June |        | Dec 31 |   |
| E |     |                 |      |        2007 |    30 |        |   2006 |   |
| U |     |                 |      |             |  2006 |        |        |   |
| R |     |                 |      |             |       |        |        |   |
--------------------------------------------------------------------------------
| Interest and currency     | Noti |  Net | Noti |   Net | Notion |    Net |   |
| derivatives               | onal | fair | onal | fair  |     al |  fair  |   |
|                           | valu | valu | valu | value |  value |  value |   |
|                           |    e |    e |    e |       |        |        |   |
--------------------------------------------------------------------------------
| Interest rate swaps       |3 858 |  -45 |3 504 -28 |  3 021 |      3 |   |
|                           |      |      |      |       |        |        |   |
--------------------------------------------------------------------------------
| Forward foreign exchange  |4 701 |    8 |4 420 |    -9 |  5 256 |    -61 |   |
| contracts                 |      |      |      |       |        |        |   |
--------------------------------------------------------------------------------
| Forward rate agreements   |  540 |    0 |    - |     - |      - |      - |   |
--------------------------------------------------------------------------------
| Interest rate and         |2 839 |   -4 |2 577 |   -26 |  2 575 |    -76 |   |
| currency swaps            |      |      |      |       |        |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Electricity derivatives   | Volu |  Net | Volu |   Net | Volume |    Net |   |
|                           |   me | fair |   me | fair  |        |  fair  |   |
|                           |      | valu |      | value |        |  value |   |
|                           |      |    e |      |       |        |        |   |
--------------------------------------------------------------------------------
|               |        |     |  TWh | MEUR |  TWh |   MEUR |    TWh |   MEUR |
--------------------------------------------------------------------------------
| Sales swaps   |        |     |  117 |  -36 |  112 | -1 199 |    134 |    515 |
--------------------------------------------------------------------------------
| Purchase swaps         |     |   88 |   27 |   70 |    781 |    101 |   -426 |
--------------------------------------------------------------------------------
| Purchased options         |    8 |    2 |   14 |   -23 |      0 |      0 |   |
--------------------------------------------------------------------------------
| Written options        |     |   13 |   -5 |   24 |      7 |      3 |      3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Oil derivatives        |     | Volu |  Net | Volu |    Net | Volume |    Net |
|                        |     |   me | fair |   me |  fair  |        |  fair  |
|                        |     |      | valu |      |  value |        |  value |
|                        |     |      |    e |      |        |        |        |
--------------------------------------------------------------------------------
|   |                    |     | 1000 | MEUR | 1000 |   MEUR |   1000 |   MEUR |
|   |                    |     |  bbl |      |  bbl |        |    bbl |        |
--------------------------------------------------------------------------------
| Sales swaps and futures   |  990 |   -3 |  270 |    -2 |    180 |      0 |   |
--------------------------------------------------------------------------------
| Purchase swaps and        |1 325 |    5 |  784 |     8 |    897 |      0 |   |
| futures                   |      |      |      |       |        |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Coal derivatives    |     | Volu |  Net | Volu |   Net | Volume |    Net |   |
|                     |     |   me | fair |   me | fair  |        |  fair  |   |
|                     |     |      | valu |      | value |        |  value |   |
|                     |     |      |    e |      |       |        |        |   |
--------------------------------------------------------------------------------
|                  |  |     |   kt | MEUR |   kt |  MEUR |     kt |   MEUR |   |
--------------------------------------------------------------------------------
| Sold             |  |     |   60 |    0 |    - |     - |      - |      - |   |
--------------------------------------------------------------------------------
| Bought           |  |     |  105 |    0 |    - |     - |      - |      - |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CO2 emission allowance    | Volu |  Net | Volu |   Net | Volume |    Net |   |
| derivatives               |   me | fair |   me | fair  |        |  fair  |   |
|                           |      | valu |      | value |        |  value |   |
|                           |      |    e |      |       |        |        |   |
--------------------------------------------------------------------------------
|      |     |              | ktCO | MEUR | ktCO |  MEUR |  ktCO2 |   MEUR |   |
|      |     |              |    2 |      |    2 |       |        |        |   |
--------------------------------------------------------------------------------
| Sold |     |              |3 038 |    0 |    - |     - |    405 |      0 |   |
|      |     |              |      |      |      |       |        |        |   |
--------------------------------------------------------------------------------
| Boug |     |              |4 090 |   -1 |    - |     - |    418 |      0 |   |
| ht   |     |              |      |      |      |       |        |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share derivatives         | Noti |  Net | Noti |   Net | Notion |    Net |   |
|                           | onal | fair | onal | fair  |     al |  fair  |   |
|                           | valu | valu | valu | value |  value |  value |   |
|                           |    e |    e |    e |       |        |        |   |
--------------------------------------------------------------------------------
|   |     |                 | MEUR | MEUR | MEUR |  MEUR |   MEUR |   MEUR |   |
--------------------------------------------------------------------------------
| Share forwards 1)         |   36 |   51 |   24 |    35 |     24 |     37 |   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Cash-settled share forwards are used as a hedging instrument for Fortum   |
| Group's performance share arrangement.                                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 7. ACQUISITIONS AND DISPOSALS                                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| No acquisitions or disposals which have a material effect on Fortum's income |
| statement and balance sheet has been made during 2007.                       |
--------------------------------------------------------------------------------
| Gross investment in shares (see definition of key     |   |    |     |       |
| figures) amounted to EUR 17 million.                  |   |    |     |       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum acquired in January 2007 100% of the shares in Vattenfall Estonia AS  |
| and Vattenfall Latvia SIA from Vattenfall. The acquired company in Estonia   |
| provides                                                                     |
--------------------------------------------------------------------------------
| district heat and natural gas in the city of Pärnu. Its district heat        |
| network is the fourth biggest in Estonia. The annual heat sales is 190 GWh,  |
| sales EUR 5.4 million                                                        |
--------------------------------------------------------------------------------
| and number of employees 58. The district heat business in Pärnu     |        |
| will be integrated to the current countrywide heat operations of    |        |
| Fortum Termest AS.                                                  |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The acquired company in Latvia provides heat to Riga airport. The annual     |
| heat sales is around 12 GWh and sales around EUR 0.5 million. The            |
| acquisition provides                                                         |
| a platform for Fortum to Latvian heat market.
--------------------------------------------------------------------------------
| Fortum has also acquired additional shares in its subsidiaries in Poland,    |
| Fortum Czestochowa SA 10.85% (total ownership 98.45%), Fortum Wroclaw 0.83%  |
| (total ownership of 99.08%), Fortum Plock SA 0.87% (total ownership of       |
| 98.62%) and Fortum DZT SA 0.08 % (total ownership 99.37%).                   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 8. EXCHANGE RATES                                                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The balance sheet date rate is based on exchange rate published by the       |
| European Central Bank for the closing date. The average exchange rate is     |
| calculated as an average of each months ending rate from the European        |
| Central Bank during the year and ending rate previous year.                  |
| Key exchange rates for Fortum Group applied in the accounts:                 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Avera |   | Curre | June 30 |  March |  Dec 31 |   Sept | June 30 | March 31 |
| ge    |   |   ncy |    2007 |     31 |    2006 |     30 |    2006 |     2006 |
| rate  |   |       |         |   2007 |         |   2006 |         |          |
--------------------------------------------------------------------------------
| Sweden|   |   SEK |  9.2020 | 9.1787 |  9.2637 | 9.3110 |  9.3329 |   9.3798 |
|-------------------------------------------------------------------------------
-
| Norway|   |   NOK |  8.1205 | 8.1563 |  8.0376 | 7.9753 |  7.9396 |   8.0171 |
|
--------------------------------------------------------------------------------
| Poland|   |   PLN |  3.8439 | 3.8858 |  3.8965 | 3.9139 |  3.8991 |   3.8569 |
|
--------------------------------------------------------------------------------
|       |   |       |         |        |         |        |         |          |
--------------------------------------------------------------------------------
| Balance sheet     | June 30 |  March |  Dec 31 |   Sept | June 30 | March 31 |
| date rate         |    2007 |     31 |    2006 |     30 |    2006 |     2006 |
|                   |         |   2007 |         |   2006 |         |          |
--------------------------------------------------------------------------------
| Sweden|   |   SEK |  9.2525 | 9.3462 |  9.0404 | 9.2797 |  9.2385 |   9.4315 |
|
--------------------------------------------------------------------------------
| Norway|   |   NOK |  7.9725 | 8.1190 |  8.2380 | 8.2350 |  7.9360 |   7.9675 |
|-------------------------------------------------------------------------------
-
| Poland|   |   PLN |  3.7677 | 3.8668 |  3.8310 | 3.9713 |  4.0546 |   3.9425 |
|-------------------------------------------------------------------------------
-

--------------------------------------------------------------------------------
| 9. INCOME TAX EXPENSE                    |           |                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Tax rate according to the income statement for the period January to June    |
| 2007 was 18.1% (23.1%). The tax rate for the period is low mainly due to the |
| impact of Hafslund´s                                                         |
--------------------------------------------------------------------------------
| sale of REC shares in March 2007 which impacted the share of profits    |    |
| from associates for the period with approximately EUR 180 million. The  |    |
| tax rate used in the income statement is always impacted by the fact    |    |
| that share of profits of associates and joint ventures is recorded      |    |
| based on Fortum's share of profits after tax.                           |    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 10. EARNINGS PER SHARE                                                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The calculation of basic and diluted earnings per share is based on the      |
| following data:                                                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|      |   |              |     |           |     Q1-Q2 |    Q1-Q2  |     2006 |
|      |   |              |     |           |      2007 |      2006 |          |
--------------------------------------------------------------------------------
| Earnings (MEUR):        |     |           |           |           |          |
--------------------------------------------------------------------------------
| Profit attributable to the equity holders |       753 |       565 |    1 071 |
| of the Company (EUR million)              |           |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares        |           |     |           |           |          |
| (thousands):            |           |     |           |           |          |
--------------------------------------------------------------------------------
| Weighted average number |           |     |           |           |          |
| of shares for the       |           |     |           |           |          |
| purpose of              |           |     |           |           |          |
--------------------------------------------------------------------------------
| basic earnings per      |           |     |   890 770 |   880 508 |  881 194 |
| share                   |           |     |           |           |          |
--------------------------------------------------------------------------------
| Effect of dilutive      |           |     |     2 370 |    10 943 |    5 735 |
| share options           |           |     |           |           |          |
--------------------------------------------------------------------------------
| Weighted average number |           |     |           |           |          |
| of shares for the       |           |     |           |           |          |
| purpose of              |           |     |           |           |          |
--------------------------------------------------------------------------------
| diluted earnings per    |           |     |   893 140 |   891 451 |  886 929 |
| share                   |           |     |           |           |          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 11. DIVIDEND PER   |     |    |     |     |     |       |      |      |      |
| SHARE              |     |    |     |     |     |       |      |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The annual general meeting on 28 March 2007 decided to distribute a   |      |
| dividend of EUR 1.26 per share to the shareholders of which EUR 0.73  |      |
| per share is in                                                       |      |
--------------------------------------------------------------------------------
| accordance with the Group´s dividend policy. An additional dividend of EUR   |
| 0.53 per share was decided to steer Fortum´s capital structure towards       |
| agreed target.                                                               |
--------------------------------------------------------------------------------
| The total dividend amounts to EUR 1,122 million based on the amount   |      |
| of shares registered as of 2 April 2007. The dividend was paid on 11  |      |
| April 2007.                                                           |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| In 2006 the total dividend amounted to EUR 1.12 per share of which EUR 0.54  |
| per share was attributable to the profit from discontinued operations. The   |
| total dividend amounted to EUR 987 million and the dividend was paid on 28   |
| March 2006.                                                                  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 12. CHANGES IN INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |                     |         |     June 30 |    June 30 |     Dec 31 |
|      |                     |         |        2007 |       2006 |       2006 |
--------------------------------------------------------------------------------
| Opening balance            |         |      11 567 |     10 256 |     10 256 |
--------------------------------------------------------------------------------
| Acquisition of subsidiary companies  |          13 |      1 008 |      1 008 |
--------------------------------------------------------------------------------
| Capital expenditures                 |         236 |        174 |        485 |
--------------------------------------------------------------------------------
| Changes of emission rights           |          -8 |          - |          9 |
--------------------------------------------------------------------------------
| Disposals |   |                      |          -7 |         -5 |        -78 |
--------------------------------------------------------------------------------
| Depreciation, amortisation and       |        -223 |       -195 |       -429 |
| impairment                           |             |            |            |
--------------------------------------------------------------------------------
| Translation differences              |        -188 |        135 |        316 |
--------------------------------------------------------------------------------
| Closing balance       |              |      11 390 |     11 373 |     11 567 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 13. SHARE CAPITAL              |               |              |              |
--------------------------------------------------------------------------------
| MEUR  |   |                    |     Number of |        Share |  Share issue |
|       |   |                    |        shares |      capital |              |
--------------------------------------------------------------------------------
| Registered shares at 1 January |   887 393 646 |        3 023 |            - |
| 2007                           |               |              |              |
--------------------------------------------------------------------------------
| Shares subscribed with options |     4 078 307 |           14 |              |
--------------------------------------------------------------------------------
| Registered shares at 30 June   |   891 471 953 |        3 037 |            - |
| 2007                           |               |              |              |
--------------------------------------------------------------------------------
| Unregistered shares            |             - |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR  |   |                    |     Number of |        Share |  Share issue |
|       |   |                    |        shares |      capital |              |
--------------------------------------------------------------------------------
| Registered shares at 1 January |   875 294 025 |        2 976 |            0 |
| 2006                           |               |              |              |
--------------------------------------------------------------------------------
| Shares subscribed with options |     7 413 830 |           25 |              |
--------------------------------------------------------------------------------
| Registered shares at 30 June   |   882 707 855 |        3 001 |            0 |
| 2006                           |               |              |              |
--------------------------------------------------------------------------------
| Unregistered shares            |        10 000 |              |              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 14. INTEREST-BEARING LIABILITIES                                             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| During the second quarter 2007, the parent company raised new long term     |
| financing of approximately EUR 850 million to refinance maturing short-term  |
| commercial papers amounting to approximately EUR 388 million as well as to   |
| finance the ongoing investment program in the Group.                         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The commercial papers were initially raised in Q1 to finance the dividend    |
| payment in early April. Funds were raised in SEK to create a better match in |
| currencies between assets and liabilities in the Group. Two bonds were       |
| issued under EMTN program, a 5 year floating rate note with a nominal amount |
| of SEK 3,5 billion (EUR 378 million) and a 7 year fixed rate note with a     |
| coupon of 4,7% and a nominal amount of SEK 2,6 billion (EUR 281 million). On |
| top of the bond transactions, two bilateral loans were raised from financial |
| institutions, a 10 year loan from Nordiska Investeringsbanken of SEK 750   |
| million (EUR 81 million) and a 5 year loan from Svensk Exportkredit of SEK   |
| 1.000 million (EUR 108 million).                                             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Both loans are on a floating rate bases.                                     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 15. NUCLEAR RELATED ASSETS AND LIABILITIES                                   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |            |     |              |     |   June | June 30 | Dec 31 |
|      |   |            |     |              |     |     30 |    2006 |   2006 |
|      |   |            |     |              |     |   2007 |         |        |
--------------------------------------------------------------------------------
| Liability for nuclear waste management     |     |    685 |     618 |    685 |
| according to the Nuclear Energy Act        |     |        |         |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fortum´s funding target obligation to the State  |    649 |     618 |    649 |
| Nuclear Waste Management Fund                    |        |         |        |
--------------------------------------------------------------------------------
| Fortum´s share of the State Nuclear  |     |     |   -649 |    -618 |   -636 |
| Waste Management Fund                |     |     |        |         |        |
--------------------------------------------------------------------------------
| Difference covered by real      |    |     |     |      0 |       0 |     13 |
| estate mortgages                |    |     |     |        |         |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The legal liability calculated according to the Nuclear Energy Act in        |
| Finland is EUR 685 (618) million as of 30 June 2007 (and 2006 respectively). |
| Discounted liability                                                         |
--------------------------------------------------------------------------------
| in the balance sheet calculated according to IAS 37 is EUR 458      |        |
| (438) million as of 30 June 2007. The main reason for the           |        |
| difference in liability is that the legal liability is not          |        |
| discounted to net present value.                                    |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Funding Target is EUR 649 (618) million as of 30 June 2007 (and 2006         |
| respectively). The difference between the legal liability and the funding    |
| target must be covered by a security, which will be given by the end of June |
| 2007.                                                                        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum contributes to the Nuclear Waste Fund according to the       |        |
| funding target. Fortum's share of the State Nuclear Waste           |        |
| Management Fund as of 30 June                                       |        |
--------------------------------------------------------------------------------
| is EUR 649 (618) million. The carrying value of the fund asset in   |        |
| the balance sheet is EUR 458 (438) million as of 30 June 2007 due   |        |
| to IFRIC Interpretation 5, which states that it can not exceed the  |        |
| carrying value of the related liabilities.                          |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| At year end there is a difference between the funding target and Fortum's    |
| share of the State Nuclear Waste Management Fund due to yearly revised       |
| calculation of the                                                           |
--------------------------------------------------------------------------------
| legal liability. The difference is paid during the first quarter of the      |
| following year. Fortum has given real estate mortgages as security which     |
| also covers the liability in the balance sheet. The real estate mortgages    |
| are included in pledged assets.                                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 16. PLEDGED ASSETS                       |            |           |          |
--------------------------------------------------------------------------------
| MEUR   |        |                        |    June 30 |   June 30 |  Dec 31  |
|        |        |                        |       2007 |      2006 |     2006 |
--------------------------------------------------------------------------------
| On own |        |                        |            |           |          |
| behalf |        |                        |            |           |          |
--------------------------------------------------------------------------------
|        | For debt                        |            |           |          |
--------------------------------------------------------------------------------
|        |   | Pledges                     |        215 |       182 |      176 |
--------------------------------------------------------------------------------
|        |   | Real estate mortgages       |         46 |        49 |       49 |
--------------------------------------------------------------------------------
|        | For other commitments           |            |           |          |
--------------------------------------------------------------------------------
|        |   | Real estate mortgages       |        103 |        63 |       56 |
--------------------------------------------------------------------------------
| On behalf of associated companies and    |            |           |          |
| joint ventures                           |            |           |          |
--------------------------------------------------------------------------------
|        | Pledges and real estate         |          3 |         3 |        3 |
|        | mortgages                       |            |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Finnish participants in the State Nuclear Waste Management Fund are allowed  |
| to borrow from the Fund. Fortum has increased the reborrowing from the Fund  |
| and therefore pledged additional Kemijoki shares as a security.
The total amount of shares pledged have a carrying value of EUR 145 million
(102 million) as of 30 June 2007 (and 31 December 2006 respectively).
                |
--------------------------------------------------------------------------------
| Fortum has given real estate mortgages in Naantali and Inkoo power plants in |
| Finland for a value of EUR 102 million (56 million) as of 30 June 2007 (31   |
| December 2006)                                                               |
--------------------------------------------------------------------------------
| as a security to the State Nuclear Waste Management Fund for the    |        |
| uncovered part of the legal liability and unexpected events.        |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 17. COMMITMENTS                    |               |             |           |
--------------------------------------------------------------------------------
| MEUR  |   |                        |       June 30 |     June 30 |   Dec 31  |
|       |   |                        |          2007 |        2006 |      2006 |
--------------------------------------------------------------------------------
| Operating lease commitments        |               |             |           |
--------------------------------------------------------------------------------
| Due within a year    |             |            18 |          18 |        20 |
--------------------------------------------------------------------------------
| Due after one year and within five |            34 |          39 |        38 |
| years                              |               |             |           |
--------------------------------------------------------------------------------
| Due after five years               |            72 |          85 |        78 |
--------------------------------------------------------------------------------
| Total |   |                        |           124 |         142 |       136 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Capital commitments for the purchase of property, plant and         |        |
| equipment amounts to EUR 383 million as at 30 June 2007 (EUR 266    |        |
| million at year end 2006).                                          |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 18. CONTINGENT LIABILITIES       |               |              |            |
--------------------------------------------------------------------------------
| MEUR   |   |                     |       June 30 |      June 30 |    Dec 31  |
|        |   |                     |          2007 |         2006 |       2006 |
--------------------------------------------------------------------------------
| On own |   |                     |               |              |            |
| behalf |   |                     |               |              |            |
--------------------------------------------------------------------------------
|        | Other contingent        |           162 |          141 |        144 |
|        | liabilities             |               |              |            |
--------------------------------------------------------------------------------
| On behalf of associated          |               |              |            |
| companies and joint ventures     |               |              |            |
--------------------------------------------------------------------------------
|        | Guarantees              |           238 |          192 |        213 |
--------------------------------------------------------------------------------
|        | Other contingent        |           125 |          125 |        125 |
|        | liabilities             |               |              |            |
--------------------------------------------------------------------------------
| On behalf of others              |               |              |            |
--------------------------------------------------------------------------------
|        | Guarantees              |            14 |           17 |         12 |
--------------------------------------------------------------------------------
|        | Other contingent        |             1 |            2 |          1 |
|        | liabilities             |               |              |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Further information on contingent liabilities can be found in Note 42 of the |
| annual financial statemements for the year ended 31 December 2006.           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The Swedish Energy Market Authority, Energimyndigheten, announced on 10      |
| April 2007 the decision concerning pricing at two electricity distribution   |
| areas of                                                                     |
--------------------------------------------------------------------------------
| Fortum in 2003. According to the decision Fortum would have to      |        |
| return about SEK 250 million of the collected distribution charges. |        |
| The authority has                                                   |        |
--------------------------------------------------------------------------------
| previously published respective decisions for 13 distribution companies.     |
| Fortum has appealed against the decision to the County Administrative Court, |
| because                                                                      |
--------------------------------------------------------------------------------
| the theoretical grid model the authority applies as its basis does  |        |
| not correspond to the actual circumstances. All the other           |        |
| distribution companies that got the decision have also appealed.    |        |
| The decisions will not be efficient until the appeal processes have |        |
| been finished. No provision or contingent liability in relation to  |        |
| this decision has been recognised.                                  |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 19. RELATED PARTY TRANSACTIONS                                               |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Related party transactions are described in the annual financial statements  |
| as of the year ended 31 December 2006. No material changes have occurred     |
| during the period.                                                           |
--------------------------------------------------------------------------------
| The Finnish State owned 50.82% of the shares in Fortum 31 December 2006.   |
| At 30 June 2007 the Finnish State ownership has changed to 50.58% due to the |
| diluting effect of the shares subscribed with options during the period.     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| ASSOCIATED COMPANY TRANSACTIONS                                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR |   |                           |     June 30 |     June 30 |   Dec 31  |
|      |   |                           |        2007 |        2006 |      2006 |
--------------------------------------------------------------------------------
| Sales to associated companies        |          74 |          59 |       101 |
--------------------------------------------------------------------------------
| Interest on associated company loan  |          13 |          10 |        20 |
| receivables                          |             |             |           |
--------------------------------------------------------------------------------
| Purchases from associated companies  |         255 |         244 |       487 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSOCIATED COMPANY BALANCES          |             |             |           |
--------------------------------------------------------------------------------
| MEUR |   |                           |     June 30 |     June 30 |   Dec 31  |
|      |   |                           |        2007 |        2006 |      2006 |
--------------------------------------------------------------------------------
| Long-term interest-bearing loan      |         600 |         551 |       575 |
| receivables                          |             |             |           |
--------------------------------------------------------------------------------
| Trade receivables                    |          12 |          14 |        28 |
--------------------------------------------------------------------------------
| Other receivables                    |           8 |           8 |         7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Long-term loan payables              |         172 |         164 |       164 |
--------------------------------------------------------------------------------
| Trade payables          |            |          10 |          -6 |        12 |
--------------------------------------------------------------------------------
| Other payables   |      |            |          20 |          15 |        23 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| TRANSACTIONS AND BALANCES WITH JOINT VENTURES                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Transactions and balances with joint ventures as at and for the period ended |
| 30 June 2007 are not material for the Group.                                 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 20. EVENTS AFTER THE BALANCE SHEET DATE                                      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| No material events have taken place after balance sheet date.                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 21. DEFINITION OF KEY FIGURES                                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| EBITDA (Earnings before | =  | Operating profit +        |      |    |       |
| interest, taxes,        |    | Depreciation,             |      |    |       |
| depreciation            |    | amortisation              |      |    |       |
--------------------------------------------------------------------------------
| and amortisation)       |    | and impairment     |      |      |    |       |
|                         |    | charges            |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comparable operating    | =  | Operating profit - non-recurring      |       |
| profit                  |    | items - other items effecting         |       |
|                         |    | comparability                         |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring items     | =  | Mainly capital     |      |      |    |       |
|                         |    | gains and losses   |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other items effecting   | =  | Includes effects from financial       |       |
| comparability           |    | derivatives hedging future cash-flows |       |
|                         |    | where                                 |       |
--------------------------------------------------------------------------------
|     |     |             |    | hedge accounting is not applied       |       |
|     |     |             |    | according to IAS 39 and effects from  |       |
--------------------------------------------------------------------------------
|     |     |             |    | the accounting of Fortum´s part  |    |       |
|     |     |             |    | of the Finnish Nuclear Waste     |    |       |
|     |     |             |    | Fund                             |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | where the asset in the balance sheet  |       |
|     |     |             |    | cannot exceed the related liabilities |       |
--------------------------------------------------------------------------------
|     |     |             |    | according to IFRIC |      |      |    |       |
|     |     |             |    | interpretation 5.  |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Funds from operations   | =  | Net cash from operating          |    |       |
| (FFO)                   |    | activities before change in      |    |       |
|                         |    | working capital                  |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments in    | =  | Investments in subsidiary shares, shares in   |
| shares                  |    | associated companies and other shares in      |
--------------------------------------------------------------------------------
|     |     |             |    | available for sale financial assets.  |       |
|     |     |             |    | Investments in subsidiary shares are  |       |
|     |     |             |    | net                                   |       |
--------------------------------------------------------------------------------
|     |     |             |    | of cash and grossed with              |       |
|     |     |             |    | interest-bearing liabilities in the   |       |
|     |     |             |    | acquired company.                     |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on shareholders' | =  | Profit for   |     |      |      |    | x 100 |
| equity, %               |    | the year     |     |      |      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Total equity |     |      |      |    |       |
|     |     |             |    | average      |     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on capital       | =  | Profit before taxes + interest   |    | x 100 |
| employed, %             |    | and other financial expenses     |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Capital employed   |      |      |    |       |
|     |     |             |    | average            |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on net assets, % | =  | Operating profit + Share of profit    | x 100 |
|                         |    | (loss) in associated companies and    |       |
|                         |    | joint                                 |       |
|                         |    | ventures                              |       |
--------------------------------------------------------------------------------
|     |     |             |    | Net assets   |     |      |      |    |       |
|     |     |             |    | average      |     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comparable return on    | =  | Comparable operating profit + Share   | x 100 |
| net assets, %           |    | of profit (loss) in associated        |       |
|                         |    | companies                             |       |
--------------------------------------------------------------------------------
|     |     |             |    | and joint ventures (adjusted for IAS  |       |
|     |     |             |    | 39 effects and major sales gains or   |       |
|     |     |             |    | losses)                               |       |
--------------------------------------------------------------------------------
|     |     |             |    | Comparable net     |      |      |    |       |
|     |     |             |    | assets average     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital employed        | =  | Total assets - non-interest      |    |       |
|                         |    | bearing liabilities - deferred   |    |       |
|                         |    | tax liabilities                  |    |       |
--------------------------------------------------------------------------------
|        |      |         |    |       - |    |     |      |      |    |       |
|        |      |         |    | provisi |    |     |      |      |    |       |
|        |      |         |    |     ons |    |     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net    |      |         | =  | Non-interest bearing assets +         |       |
| assets |      |         |    | interest-bearing assets related to    |       |
|        |      |         |    | the Nuclear                           |       |
--------------------------------------------------------------------------------
|        |      |         |    | Waste Fund - non-interest        |    |       |
|        |      |         |    | bearing liabilities - provisions |    |       |
--------------------------------------------------------------------------------
|        |      |         |    | (non-interest bearing assets and      |       |
|        |      |         |    | liabilities do not include finance    |       |
|        |      |         |    | related items,                        |       |
--------------------------------------------------------------------------------
|        |      |         |    | tax and deferred tax and assets  |    |       |
|        |      |         |    | and liabilities from fair        |    |       |
|        |      |         |    | valuations of                    |    |       |
--------------------------------------------------------------------------------
|        |      |         |    | derivatives where hedge   |      |    |       |
|        |      |         |    | accounting is applied)    |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comparable net assets   | =  | Net assets adjusted for          |    |       |
|                         |    | non-interest bearing assets and  |    |       |
|                         |    | liabilities                      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | arising from financial derivatives    |       |
|     |     |             |    | hedging future cash-flows where hedge |       |
--------------------------------------------------------------------------------
|     |     |             |    | accounting is not applied |      |    |       |
|     |     |             |    | according to IAS 39       |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing net    | =  | Interest-bearing liabilities -   |    |       |
| debt                    |    | cash and cash equivalents        |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gearing, %    |   |     | =  | Interest-bea |     |      |      |    | x 100 |
|               |   |     |    | ring net     |     |      |      |    |       |
|               |   |     |    | debt         |     |      |      |    |       |
--------------------------------------------------------------------------------
|               |   |     |    | Tota |       |     |      |      |    |       |
|               |   |     |    | l    |       |     |      |      |    |       |
|               |   |     |    | equi |       |     |      |      |    |       |
|               |   |     |    | ty   |       |     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity-to-assets ratio, | =  | Total equity including    |      |    | x 100 |
| %                       |    | minority interest         |      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Total assets |     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net debt / EBITDA       | =  | Interest-bea |     |      |      |    |       |
|                         |    | ring net     |     |      |      |    |       |
|                         |    | debt         |     |      |      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Operating profit + Depreciation,      |       |
|     |     |             |    | amortisation and impairment charges   |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest coverage       | =  | Operating    |     |      |      |    |       |
|                         |    | profit       |     |      |      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Net interest |     |      |      |    |       |
|     |     |             |    | expenses     |     |      |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share      | =  | Profit for the period -   |      |    |       |
| (EPS)                   |    | minority interest         |      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Average number of shares  |      |    |       |
|     |     |             |    | during the period         |      |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share, EUR   | =  | Shareholder' |     |      |      |    |       |
|                         |    | s equity     |     |      |      |    |       |
--------------------------------------------------------------------------------
|     |     |             |    | Number of shares excluding       |    |       |
|     |     |             |    | treasury shares at the end of    |    |       |
|     |     |             |    | the period                       |    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Last twelve months      | =  | Twelve months preceding   |      |    |       |
|                         |    | the reporting date        |      |    |       |
--------------------------------------------------------------------------------