Fortum to sell its Estonian electricity sales and transmission company to Imatran Seudun Sähkö

PRESS RELEASE 20.12.2011

 

Fortum and Imatran Seudun Sähkö have today signed an agreement according to
which Imatran Seudun Sähkö will purchase Fortum Elekter AS, Fortum’s subsidiary
in Estonia. In conjunction, Fortum will give up its share of Imatran Seudun
Sähkö Oy. The ownership and proprietary rights will transfer from Fortum to
Imatran Seudun Sähkö at the turn of the year.

Fortum Elekter AS has 24,400 electricity transmission and electricity sales
customers in Estonia. The company’s sales were EUR 15 million in 2010, and it
employs 43 people in Haapsalu and Viimsi.

"The investment in Fortum Elekter offers us a strong foothold in Estonia’s
liberalising electricity market," says Jorma Tapaninen, Managing Director,
Imatran Seudun Sähkö. "Combining our know-how and experience optimises our
opportunities to develop the business of both companies and offer reliable
electricity distribution and modern services to our customers in both
countries."

"Fortum Elekter is a company with good local management, solid know-how and a
high level of customer satisfaction," notes Ari Koponen, Vice President, Fortum
Distribution. "However, in our 2010 renewed strategy, we have decided to focus
on electricity distribution in the Nordic countries and that is why we are
divesting Fortum Elekter."

Fortum Corporation
Corporate Communications

Additional information:
Jorma Tapaninen, Managing Director, Imatran Seudun Sähkö Oy, tel. +358 (0)50
505 2324
Ari Koponen, Vice President, Fortum Distribution, tel. +358 (0)50 453 1254
Märt Jemmer, Managing Director, Fortum Elekter AS, +372 606 1833

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

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

Imatran Seudun Sähkö
Imatran Seudun Sähkö Oy is a financially solvent energy Group focusing on
electricity production, transmission and sales. Its competitiveness is based on
self-sufficient electricity production, high-quality service, and on taking
environmental, energy-efficiency and occupational health and safety matters
into consideration. All of the Group’s functions have received ISO 9001, ISO
14001 and OHSAS 18001 certificates.

Imatran Seudun Sähkö Oy is privately owned by about 2,300 shareholders. ISS
Group’s sales are about 35 million euros and the Group employs directly about
65 people. ISS Group consists of e.g. Imatran Energia Oy and Kaakon Energia Oy,
through which ISS participates in many energy production coalitions and
projects.