INTERIM REPORT JANUARY - MARCH 2007

Solid performance continued
­
January - March in brief
- Comparable operating profit EUR 512 million, +5 %
- Profit before taxes EUR 661 (492) million, +34%
- Earnings per share EUR 0.59 (0.39), +51%
- Strong cash flow from operating activities EUR 497 (303) million
- Fortum booked a gain of EUR 180 million from the Hafslund sale of REC shares
as profit from associated companies. This corresponds to EUR 0.20 per share in
Fortum's first-quarter result.


--------------------------------------------------------------------------------
| Key figures                |      I/07 |      I/06 |      2006 | Last twelve |
|                            |           |           |           |      months |
|                            |           |           |           |       (LTM) |
--------------------------------------------------------------------------------
| Sales, EUR million         |     1,340 |     1,343 |     4,491 |       4,488 |
--------------------------------------------------------------------------------
| Operating profit, EUR      |       490 |       472 |     1,455 |       1,473 |
| million                    |           |           |           |             |
--------------------------------------------------------------------------------
| Comparable operating       |       512 |       486 |     1,437 |       1,463 |
| profit, EUR million        |           |           |           |             |
--------------------------------------------------------------------------------
| Profit before taxes, EUR   |       661 |       492 |     1,421 |       1,590 |
| million                    |           |           |           |             |
--------------------------------------------------------------------------------
| Earnings per share, EUR    |      0.59 |      0.39 |      1.22 |        1.41 |
--------------------------------------------------------------------------------
| Net cash from operating    |       497 |       303 |     1,151 |       1,345 |
| activities, EUR million    |           |           |           |             |
--------------------------------------------------------------------------------
| Shareholders' equity per   |      8.22 |      7.11 |      8.91 |             |
| share, EUR                 |           |           |           |             |
--------------------------------------------------------------------------------
| Interest-bearing net debt  |     3,932 |     3,900 |     4,345 |             |
| (at end of period),        |           |           |           |             |
| EUR million                |           |           |           |             |
--------------------------------------------------------------------------------
| Average number of shares,  |   890,263 |   880,725 |   881,194 |     885,484 |
| 1,000s                     |           |           |           |             |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Key financial ratios                           |         2006 |          LTM |
--------------------------------------------------------------------------------
| Return on capital employed, %                  |         13.4 |         15.3 |
--------------------------------------------------------------------------------
| Return on shareholders' equity, %              |         14.4 |         18.4 |
--------------------------------------------------------------------------------
| Net debt/EBITDA                                |          2.3 |          2.1 |
--------------------------------------------------------------------------------

The first quarter of 2007 was characterised by warm weather which lowered both
power and heat demand. An abundance of water and snow combined with low carbon
dioxide emission allowance prices led to clearly lower Nordic spot prices.
Despite the challenging power market conditions, Fortum's hedging positions
enabled it to improve its performance compared to last year and to reach its
highest ever quarterly result. The company's financial position remained strong.
Net cash from operating activities improved to EUR 497 (303) million.

Fortum Power Generation segment's achieved Nordic power price was EUR 39.2
(37.1), up by 6% 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 26.7 (45.4) per megawatt-hour (MWh),
approximately 41% lower than same time last year.

Hafslund ASA, owned 34.09% by Fortum, sold 35 million shares in Renewable Energy
Corporation (REC) at NOK 138 per share. Fortum booked a gain of approximately
EUR 180 million, corresponding to EUR 0.20 per share, in its first-quarter
result.

Hafslund also announced it will propose a special dividend of NOK 15 per share
to be distributed subject to an AGM decision in May. Fortum's share of the
proposed special dividend would be approximately EUR 120 million.
In March, Fortum decided to commence an environmental impact assessment (EIA)
process for a possible new nuclear power plant unit at Loviisa, Finland.

Financial results

January-March

Group sales stood at EUR 1,340 (1,343) million.

Group operating profit totalled EUR 490 (472) million. Comparable operating
profit increased by EUR 26 million to EUR 512 (486) million.

The comparable operating profit of the Power Generation segment increased by 12%
from a year ago. The comparable operating profit increased by 9% in the Heat
segment, while it decreased by 4% in the Distribution segment. The Markets
segment reported a comparable operating loss of EUR 14 million.

Sales by segment

--------------------------------------------------------------------------------
| EUR million              |       I/07 |       I/06 |       2006 |        LTM |
--------------------------------------------------------------------------------
| Power Generation         |        641 |        643 |      2,439 |      2,437 |
--------------------------------------------------------------------------------
| Heat                     |        479 |        480 |      1,268 |      1,267 |
--------------------------------------------------------------------------------
| Distribution             |        225 |        219 |        753 |        759 |
--------------------------------------------------------------------------------
| Markets                  |        519 |        547 |      1,912 |      1,884 |
--------------------------------------------------------------------------------
| Other                    |         19 |         20 |         78 |         77 |
--------------------------------------------------------------------------------
| Eliminations             |       -543 |       -566 |     -1,959 |     -1,936 |
--------------------------------------------------------------------------------
| Total                    |      1,340 |      1,343 |      4,491 |      4,488 |
--------------------------------------------------------------------------------

Comparable operating profit/-loss by segment

--------------------------------------------------------------------------------
| EUR million              |       I/07 |       I/06 |       2006 |        LTM |
--------------------------------------------------------------------------------
| Power Generation         |        328 |        293 |        985 |      1,020 |
--------------------------------------------------------------------------------
| Heat                     |        137 |        126 |        253 |        264 |
--------------------------------------------------------------------------------
| Distribution             |         78 |         81 |        250 |        247 |
--------------------------------------------------------------------------------
| Markets                  |        -14 |          0 |         -4 |        -18 |
--------------------------------------------------------------------------------
| Other                    |        -17 |        -14 |        -47 |        -50 |
--------------------------------------------------------------------------------
| Total                    |        512 |        486 |      1,437 |      1,463 |
--------------------------------------------------------------------------------

Operating profit/-loss by segment

--------------------------------------------------------------------------------
| EUR million              |       I/07 |       I/06 |       2006 |        LTM |
--------------------------------------------------------------------------------
| Power Generation         |        298 |        284 |        980 |        994 |
--------------------------------------------------------------------------------
| Heat                     |        142 |        119 |        264 |        287 |
--------------------------------------------------------------------------------
| Distribution             |         79 |         81 |        252 |        250 |
--------------------------------------------------------------------------------
| Markets                  |        -12 |          3 |         -6 |        -21 |
--------------------------------------------------------------------------------
| Other                    |        -17 |        -15 |        -35 |        -37 |
--------------------------------------------------------------------------------
| Total                    |        490 |        472 |      1,455 |      1,473 |
--------------------------------------------------------------------------------

Profit before taxes was EUR 661 (492) million.

The Group's net financial expenses amounted to EUR 31 (15) million. The increase
is mainly attributable to lower fair value gains on financial instruments of
EUR 2 (15) million. The net interest expenses were EUR 32 (28) million, due to
higher average debt during the first quarter 2007 compared to the corresponding
quarter last year.

The share of profit of associates and joint ventures was EUR 202 (35) 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. After this transaction, Hafslund
still owns 70.4 million shares in REC. As a consequence, Fortum booked a gain of
approximately EUR 180 million, corresponding to EUR 0.20 per share, in its
first-quarter result.

Hafslund ASA is showing the fair value change in the Renewable Energy
Corporation ASA (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 360 million at the end of March 2007.

Taxes for the first quarter totalled EUR 109 (120) million. The tax rate
according to the income statement was low at 16.5% (24.4%), mainly due to the
non-taxable gain of EUR 180 million from Hafslund's sale of REC shares.

Minority interests increased to EUR 30 (26) million. The minority interests are
mainly attributable to Fortum Värme Holding, in which the City of Stockholm has
a 50% economic interest.

The profit for the quarter was EUR 552 (372) million. Fortum's earnings per
share were EUR 0.59 (0.39). Return on capital employed was 15.3% for the last
twelve months (13.4% at year-end 2006), and return on shareholders' equity was
18.4% for the last twelve months (14.4% at year-end 2006).

The Group's net cash from operating activities increased to EUR 497 (303)
million. The increase was mainly due to the change in working capital.


Market conditions

According to preliminary statistics, the Nordic countries consumed 115 (122)
terawatt-hours (TWh) of electricity in the first quarter of 2007, 6% less than
the year before. The decrease was due to warm weather.

The year 2007 started with the Nordic water reservoirs being at the same level
as the long-term average. At the end of March, the Nordic water reservoirs were
2 TWh above the long-term average and 4 TWh above the corresponding level in
2006.

During the first quarter, the average spot price for power in Nord Pool was EUR
26.7 (45.4) per MWh or 41% lower than in the corresponding period in 2006. This
was due to lower CO2 prices and wet and warm weather conditions. After the steep
decline in the end of 2006, the quotations on the Nordic forward market
stabilised.

In Germany, the average spot price for the first quarter was somewhat higher
than in the Nordic area and resulted in a net export from the Nordic area to
Germany.

During the first quarter, the CO2 price for 2007 declined from EUR 4-6 to EUR
1-1.4 per tonne CO2, the average market price for CO2 emissions being EUR 2.1
(26.2) per tonne CO2, or 92% lower than during the corresponding period in 2006.


Total power and heat generation figures

Fortum's total power generation during the first quarter 2007 was 15.2 (15.3)
TWh, of which 14.9 (15.0) TWh was in the Nordic countries. This corresponds to
13% (12%) of the total Nordic electricity consumption.

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 and heat    |    I/07  |     I/06 |     2006 |      LTM |
| generation, TWh                  |          |          |          |          |
--------------------------------------------------------------------------------
| Power generation                 |     15.2 |     15.3 |     54.4 |     54.3 |
--------------------------------------------------------------------------------
| Heat generation                  |      9.8 |     10.2 |     25.8 |     25.4 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's own power generation by |    I/07  |     I/06 |     2006 |      LTM |
| source, TWh, total in the Nordic |          |          |          |          |
| countries                        |          |          |          |          |
--------------------------------------------------------------------------------
| Hydropower                       |      6.4 |      5.8 |     19.8 |     20.4 |
--------------------------------------------------------------------------------
| Nuclear power                    |      6.5 |      7.0 |     24.4 |     23.9 |
--------------------------------------------------------------------------------
| Thermal power                    |      2.0 |      2.2 |      9.0 |      8.8 |
--------------------------------------------------------------------------------
| Total                            |     14.9 |     15.0 |     53.2 |     53.1 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's own power generation by |    I/07  |     I/06 |     2006 |      LTM |
| source, %, total in the Nordic   |          |          |          |          |
| countries                        |          |          |          |          |
--------------------------------------------------------------------------------
| Hydropower                       |       43 |       38 |       37 |       38 |
--------------------------------------------------------------------------------
| Nuclear power                    |       44 |       47 |       46 |       45 |
--------------------------------------------------------------------------------
| Thermal power                    |       13 |       15 |       17 |       17 |
--------------------------------------------------------------------------------
| Total                            |      100 |      100 |      100 |      100 |
--------------------------------------------------------------------------------

Total power and heat sales figures

Fortum's total power sales were 17.5 (17.1) TWh, of which 17.2 (16.8) TWh were
in the Nordic countries. This represented approximately 15% (14%) of the
region's total consumption. Heat sales in the Nordic countries amounted to 7.6
(7.9) TWh and in other countries to 2.4 (3.0) TWh.


--------------------------------------------------------------------------------
| Fortum's total electricity *)    |    I/07  |     I/06 |     2006 |      LTM |
| and heat sales, EUR million      |          |          |          |          |
--------------------------------------------------------------------------------
| Electricity sales                |      675 |      668 |    2,437 |    2,444 |
--------------------------------------------------------------------------------
| Heat sales                       |      388 |      393 |    1,014 |    1,009 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's total electricity       |    I/07  |     I/06 |     2006 |      LTM |
| sales*) by area, TWh             |          |          |          |          |
--------------------------------------------------------------------------------
| Sweden                           |      8.4 |      8.4 |     28.5 |     28.5 |
--------------------------------------------------------------------------------
| Finland                          |      8.2 |      7.7 |     29.6 |     30.1 |
--------------------------------------------------------------------------------
| Other countries                  |      0.9 |      1.0 |      3.5 |      3.4 |
--------------------------------------------------------------------------------
| Total                            |     17.5 |     17.1 |     61.6 |     62.0 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's total heat sales by     |    I/07  |     I/06 |     2006 |      LTM |
| area, TWh                        |          |          |          |          |
--------------------------------------------------------------------------------
| Sweden                           |      3.5 |      4.2 |      9.3 |      8.6 |
--------------------------------------------------------------------------------
| Finland                          |      4.0 |      3.6 |     10.7 |     11.1 |
--------------------------------------------------------------------------------
| Other countries**)               |      2.5 |      3.1 |      6.8 |      6.2 |
--------------------------------------------------------------------------------
| Total                            |     10.0 |     10.9 |     26.8 |     25.9 |
--------------------------------------------------------------------------------

*) 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                    |    I/07  |     I/06 |      2006 |       LTM |
--------------------------------------------------------------------------------
| Sales                          |      641 |      643 |     2,439 |     2,437 |
--------------------------------------------------------------------------------
| - power sales                  |      566 |      558 |     2,059 |     2,067 |
--------------------------------------------------------------------------------
| - other sales                  |       75 |       85 |       380 |       370 |
--------------------------------------------------------------------------------
| Operating profit               |      298 |      284 |       980 |       994 |
--------------------------------------------------------------------------------
| Comparable operating profit    |      328 |      293 |       985 |     1,020 |
--------------------------------------------------------------------------------
| Net assets (at period-end)     |    6,607 |    5,913 |     6,734 |           |
--------------------------------------------------------------------------------
| Return on net assets, %        |          |          |      16.1 |      18.8 |
--------------------------------------------------------------------------------
| Comparable return on net       |          |          |      16.1 |      16.3 |
| assets, %                      |          |          |           |           |
--------------------------------------------------------------------------------

In the first quarter 2007, the segment's power generation in the Nordic
countries was 13.1 (13.3) TWh, of which about 6.4 (5.8) TWh or 49% (43%) was
hydropower-based, 6.5 (7.0) TWh or 50% (53%) nuclear power-based, and 0.2 (0.5)
TWh or 1% (4%) thermal power-based. The increase in hydro power 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. Thermal
power generation decreased due to the low spot price.


--------------------------------------------------------------------------------
| Power generation by area, TWh   |    I/07  |     I/06 |     2006 |       LTM |
--------------------------------------------------------------------------------
| Sweden                          |      7.9 |      7.8 |     27.1 |      27.2 |
--------------------------------------------------------------------------------
| Finland                         |      5.2 |      5.5 |     21.1 |      20.8 |
--------------------------------------------------------------------------------
| Other countries                 |      0.3 |      0.3 |      1.2 |       1.2 |
--------------------------------------------------------------------------------
| Total                           |     13.4 |     13.6 |     49.4 |      49.2 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Nordic sales volume, TWh        |     14.6 |     14.9 |     53.9 |      53.6 |
--------------------------------------------------------------------------------
|  of which pass-through sales    |      1.4 |      1.3 |      4.5 |       4.6 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Sales price, EUR/MWh            |    I/07  |     I/06 |     2006 |       LTM |
--------------------------------------------------------------------------------
| Generation's Nordic power       |     39.2 |     37.1 |     37.1 |      37.7 |
| price*                          |          |          |          |           |
--------------------------------------------------------------------------------

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


During the first quarter, the average price of electricity in Nord Pool was EUR
26.7 (45.4) per megawatt-hour, or 41% lower than during the corresponding period
in 2006. The Power Generation segment's achieved Nordic power price EUR 39.2
(37.1) per megawatt-hour was 6% higher.

The comparable operating profit of the Power Generation segment was higher than
last year. Despite the lower spot price, the segment's achieved Nordic power
price was higher, thanks to improved hedging prices. The positive impact from
higher hydro power generation was offset by lower nuclear and thermal power
generation volumes.

The lost volume due to unplanned shut-downs in Swedish nuclear power plants was
approximately 0.5 TWh in the first quarter. By the end of the first quarter, all
units in the Swedish Oskarshamn and Forsmark nuclear power plants had returned
to normal operation.

In late March, Fortum decided to commence an environmental impact assessment
(EIA) process at its Loviisa nuclear power plant for a new nuclear power unit
possibly to be built adjacent to the existing two units. With the EIA process,
Fortum raises its preparedness for a new nuclear power unit in Loviisa. However,
the company has not made any decisions on its intentions beyond the EIA.

In Sweden, Fortum Service was involved in storm-related maintenance work because
of the storm 'Per' and provided service not only to Fortum but to other
distribution companies as well.


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 through long-term contracts
as well as to Nord Pool. The segment includes the business units Värme,
operating in Sweden, and Heat, operating in other markets.


--------------------------------------------------------------------------------
| EUR million                    |    I/07  |     I/06 |      2006 |       LTM |
--------------------------------------------------------------------------------
| Sales                          |      479 |      480 |     1,268 |     1,267 |
--------------------------------------------------------------------------------
| - heat sales                   |      377 |      383 |       976 |       970 |
--------------------------------------------------------------------------------
| - power sales                  |       75 |       69 |       198 |       204 |
--------------------------------------------------------------------------------
| - other sales                  |       27 |       28 |        94 |        93 |
--------------------------------------------------------------------------------
| Operating profit               |      142 |      119 |       264 |       287 |
--------------------------------------------------------------------------------
| Comparable operating profit    |      137 |      126 |       253 |       264 |
--------------------------------------------------------------------------------
| Net assets (at period-end)     |    3,444 |    2,513 |     3,407 |           |
--------------------------------------------------------------------------------
| Return on net assets, %        |          |          |       9.6 |       9.7 |
--------------------------------------------------------------------------------
| Comparable return on net       |          |          |       9.2 |       8.9 |
| assets, %                      |          |          |           |           |
--------------------------------------------------------------------------------

The segment's heat sales during the first quarter amounted to 9.5 (10.3) TWh.
Warm weather was the reason behind the decrease in heat sales. Due to the
seasonality of district heating demand, the first and last quarters of the year
are most important to the segment's results.

Power generation at combined heat and power plants (CHP) was 1.7 (1.7) TWh
during the first quarter.

The comparable operating profit of the Heat segment increased and was EUR 137
(126) million. This was mainly due to the contribution from the acquisition of
Fortum Espoo.


--------------------------------------------------------------------------------
| Heat sales by area, TWh        |    I/07  |     I/06 |      2006 |       LTM |
--------------------------------------------------------------------------------
| Sweden                         |      3.5 |      4.2 |       9.3 |       8.6 |
--------------------------------------------------------------------------------
| Finland                        |      4.0 |      3.6 |      10.7 |      11.1 |
--------------------------------------------------------------------------------
| Other countries                |      2.0 |      2.5 |       4.7 |       4.2 |
--------------------------------------------------------------------------------
| Total                          |      9.5 |     10.3 |      24.7 |      23.9 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Power sales, TWh               |    I/07  |     I/06 |      2006 |       LTM |
--------------------------------------------------------------------------------
| Total                          |      1.7 |      1.7 |       5.0 |       5.0 |
--------------------------------------------------------------------------------

In January, Fortum announced an investment in a new CHP plant in Estonia, in the
city of Tartu. The size of the investment is around EUR 60 million. Fortum owns
60% of the company.

The ownership of Vattenfall's heat operations in Pärnu, Estonia, and Riga,
Latvia, were acquired by Fortum during January and February, respectively.
Fortum and Vattenfall signed an agreement on the heat operations in late
December 2006.

The planning of the new CHP plant in Czestochowa, Poland, has been started.


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                   |    I/07  |      I/06 |      2006 |       LTM |
--------------------------------------------------------------------------------
| Sales                         |      225 |       219 |       753 |       759 |
--------------------------------------------------------------------------------
| - distribution network        |      192 |       188 |       636 |       640 |
| transmission                  |          |           |           |           |
--------------------------------------------------------------------------------
| - regional network            |       24 |        24 |        80 |        80 |
| transmission                  |          |           |           |           |
--------------------------------------------------------------------------------
| - other sales                 |        9 |         7 |        37 |        39 |
--------------------------------------------------------------------------------
| Operating profit              |       79 |        81 |       252 |       250 |
--------------------------------------------------------------------------------
| Comparable operating profit   |       78 |        81 |       250 |       247 |
--------------------------------------------------------------------------------
| Net assets (at period-end)    |    3,314 |     3,030 |     3,412 |           |
--------------------------------------------------------------------------------
| Return on net assets, %       |          |           |       8.4 |       8.0 |
--------------------------------------------------------------------------------
| Comparable return on net      |          |           |       8.3 |       7.9 |
| assets,%                      |          |           |           |           |
--------------------------------------------------------------------------------


The volumes of distribution and regional network transmissions totalled 8.0
(7.8) TWh and 5.2 (5.4) TWh respectively. Electricity transmissions via the
regional distribution network totalled 4.3 (4.5) TWh in Sweden and 0.9 (0.9) TWh
in Finland.

The Distribution segment's comparable operating profit of EUR 78 million in the
first quarter was EUR 3 million lower than last year. The main reason for the
decrease is the EUR 11 million cost caused by the storm "Per" in January. Fortum
Espoo's contribution to the segment's first-quarter results was positive.

"Per", the worst storm since "Gudrun" in 2005, hit the southern parts of Sweden
and Norway on 14 January. Around 100,000 Fortum customers were out of
electricity during the storm, and more than 27,000 customers in Sweden
experienced outages for more than 12 hours, thus entitling them to compensation.


--------------------------------------------------------------------------------
| Volume of distributed         |    I/07  |      I/06 |      2006 |       LTM |
| electricity in distribution   |          |           |           |           |
| network, TWh                  |          |           |           |           |
--------------------------------------------------------------------------------
| Sweden                        |      4.3 |       4.7 |      14.4 |      14.0 |
--------------------------------------------------------------------------------
| Finland                       |      2.9 |       2.2 |       7.7 |       8.4 |
--------------------------------------------------------------------------------
| Norway                        |      0.7 |       0.8 |       2.3 |       2.2 |
--------------------------------------------------------------------------------
| Estonia                       |      0.1 |       0.1 |       0.2 |       0.2 |
--------------------------------------------------------------------------------
| Total                         |      8.0 |       7.8 |      24.6 |      24.8 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Number of electricity            |         31 Mar 2007 |         31 Mar 2006 |
| distribution customers by area,  |                     |                     |
| thousands                        |                     |                     |
--------------------------------------------------------------------------------
| Sweden                           |                 865 |                 860 |
--------------------------------------------------------------------------------
| Finland                          |                 585 |                 410 |
--------------------------------------------------------------------------------
| Norway                           |                  97 |                  97 |
--------------------------------------------------------------------------------
| Estonia                          |                  23 |                  23 |
--------------------------------------------------------------------------------
| Total                            |               1,570 |               1,390 |
--------------------------------------------------------------------------------


The development and implementation of a new customer and billing system in
Sweden continued to generate additional costs and quality deviations in customer
service for Distribution.

The AMM project (Automatic Meter Management) is proceeding with pilot
installations of meters in Lidingö, Sweden.


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                   |    I/07  |      I/06 |      2006 |       LTM |
--------------------------------------------------------------------------------
| Sales                         |      519 |       547 |     1,912 |     1,884 |
--------------------------------------------------------------------------------
| Operating profit/-loss        |      -12 |         3 |        -6 |       -21 |
--------------------------------------------------------------------------------
| Comparable operating          |      -14 |         0 |        -4 |       -18 |
| profit/-loss                  |          |           |           |           |
--------------------------------------------------------------------------------
| Net assets (at period-end)    |      140 |       356 |       176 |           |
--------------------------------------------------------------------------------
| Return on net assets, %       |          |           |      -1.6 |      -7.7 |
--------------------------------------------------------------------------------
| Comparable return on net      |          |           |      -0.8 |      -6.7 |
| assets, %                     |          |           |           |           |
--------------------------------------------------------------------------------

Markets' electricity sales totalled 11.9 (12.7) TWh in the first quarter. The
sales in the first quarter were lower than in the corresponding period last
year, mainly due to warm weather leading to decreased electricity consumption
for heating purposes. To some extent, this sales decrease was offset by the
increased number of customers from Fortum Espoo. Tight competition in Sweden
resulted in a slight dip in the total number of Markets' customers in the first
quarter. The customer switching rate in the Nordic countries increased during
the first quarter of 2007.

The Markets segment's first-quarter comparable operating profit was negative and
clearly lower compared to last year. Markets suffered from high procurement
prices, caused by hedging contracts from 2006. At the same time, decreasing
wholesale prices and intense competition lead to lower retail prices.

The development and implementation of a new customer and billing system in
Sweden continued to generate additional costs and quality deviations in customer
service for Markets.


Capital expenditures, investments and divestments of shares

Capital expenditures and investments in shares in the first quarter 2007
totalled EUR 115 (114) million. Investments excluding acquisitions were EUR 100
(71) million.


Financing

During the first quarter, Fortum's net debt decreased by EUR 413 million. At the
end of the quarter, the interest-bearing net debt stood at EUR 3,932 million
(EUR 4,345 million at year-end 2006). Net debt to EBITDA for the last twelve
months was 2.1 (2.3 at year-end 2006). A decrease in net debt is primarily
linked to good cash flow from operations.

The Group's net financial expenses were EUR 31 (15) million. The increase is
mainly attributable to lower fair value gains on financial instruments of EUR 2
(15) million. The net interest expenses were EUR 32 (28) million due to higher
average debt during the first quarter 2007 compared to the corresponding quarter
last year.

Group liquidity at the end of the quarter was high due to the dividend payment
in the beginning of April. At the end of the first quarter, cash and marketable
securities totalled EUR 1,067 million. The Group also had access to
approximately EUR 1.3 billion of undrawn committed credit facilities.

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


Shares and share capital

During the first quarter 2007, a total of 281.0 (238.0) million Fortum shares,
amounting to EUR 5,957 million, were traded. Fortum's market capitalisation,
calculated using the closing quotation on the last trading day of the quarter,
was EUR 19,444 million. The highest quotation of Fortum Corporation's shares on
the Helsinki Stock Exchange in the first quarter was EUR 23.15, the lowest EUR
20.01, and the average quotation EUR 21.19. The closing quotation on the last
trading day of the quarter was EUR 21.83.
At the end of the first quarter 2007, Fortum Corporation did not own its own
shares.

A total of 3,291,503 shares subscribed for based on the share option schemes
were entered into the trade register in the first quarter of 2007. After these
subscriptions, the total number of Fortum's registered shares is 890,685,149.

At quarter end, the Finnish State's holding in Fortum was 50.6% (51.1%). The
proportion of nominee registrations and direct foreign shareholders increased to
34.7% (34.0%).

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
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

In the first quarter, Fortum Group employed an average of 8,165 (8,886) people.
The number of employees at the end of the period was 8,190 (8,900).


Events after the period under review

On 10 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 will be appealed.

In April, Fortum announced that it is planning to invest in a new biofuel-based
CHP plant in the city of Järvenpää in Finland. The value of the investment is
about EUR 60 million. The production capacity of the plant would be around 55 MW
of heat and 25 MW of electricity. Fortum has started to prepare an application
for an environmental permit for the plant.

In April, Fortum announced that it is planning a wind power investment in
Sweden. Fortum, together with the land and forest cooperative Orsa
Besparingsskog, is planning to build a wind park in the Orsa Finnmark area in
the Dalarna province of Sweden. The plan consists of up to eight 2-3 megawatt
wind power plants. The investment's estimated value is EUR 22-33 million,
depending on its final size. Fortum and Orsa Besparingsskog both have a 50 per
cent interest in the project.

Annual General Meeting

Fortum Corporation's Annual General Meeting, which was held in Helsinki on 28
March 2007, adopted the financial statements of the parent company and the Group
for 2006, discharged Fortum's Supervisory Board, Board of Directors and the
President and CEO from liability for 2006, and decided to pay a dividend of EUR
1.26 per share for 2006. Of this total dividend, EUR 0.73 per share was in
accordance with the Group's dividend policy and EUR 0.53 per share was
additional dividend proposed in order to steer Fortum's capital structure
towards the agreed target level. The dividend payment date was 11 April 2007.
The Board of Directors and auditors as well as the Supervisory Board, excluding
Mr Kimmo Kalela, were re-elected.

The Annual General Meeting authorised the Board of Directors to repurchase the
company's own shares with funds available for distribution of profit. The
authorisation is valid until the next Annual General Meeting. The shares will be
acquired in order to direct the capital structure of the company towards the
agreed target level. The maximum amount of shares to be repurchased is 20
million. In addition, the amount of consideration used for the acquisitions may
not exceed EUR 300 million. Shares repurchased by the company shall be cancelled
through a separate decision made by the Board of Directors.


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-April, the Nordic water reservoirs were about 3 TWh above the long-term
average and 6 TWh above the corresponding level of 2006. The combined snow and
water reservoir level is generally estimated to be clearly higher than the
average. In mid-April, the market price for emissions allowances for 2007 was
between EUR 0.6-0.8 per tonne of CO2 and for 2008 between EUR 17-18 per tonne of
CO2. At the same time, the electricity forward price for the rest of 2007 was
around EUR 28-29 per MWh and around EUR 42-43 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 April, Fortum had hedged approximately 70% 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
40% of the Power Generation segment's estimated Nordic electricity sales volume
was hedged at approximately EUR 42 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 exceptionally warm weather and lower nuclear generation volumes, Fortum
achieved its best ever financial results in the first quarter of 2007. 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, 23 April 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 - June will be published on 18 July 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-MARCH 2007                                                           |
--------------------------------------------------------------------------------
| Interim Financial Statements are unaudited                                   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT                                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| ME |  |   |            Note |   Q1 2007 |      Q1 2006 |   2006 |       Last |
| UR |  |   |                 |           |              |        |    twelve  |
|    |  |   |                 |           |              |        |     months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales |   |               4 |     1 340 |        1 343 |  4 491 |      4 488 |
|       |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Other |   |                 |         5 |           -1 |     80 |         86 |
| income|   |                 |           |              |        |            |
|           |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Materials |                 |      -486 |         -526 | -1 673 |     -1 633 |
| and       |                 |           |              |        |            |
| services  |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Employee  |                 |      -126 |         -131 |   -508 |       -503 |
| benefit   |                 |           |              |        |            |
| costs     |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Depreciat |           4, 12 |      -112 |          -98 |   -429 |       -443 |
| ion,      |                 |           |              |        |            |
| amortisat |                 |           |              |        |            |
| ion and   |                 |           |              |        |            |
| impairmen |                 |           |              |        |            |
| t charges |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Other     |                 |      -131 |         -115 |   -506 |       -522 |
| expenses  |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Opera |   |                 |       490 |          472 |  1 455 |      1 473 |
| ting  |   |                 |           |              |        |            |
| profit|   |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Share of  |            2, 4 |       202 |           35 |     69 |        236 |
| profit of |                 |           |              |        |            |
| associate |                 |           |              |        |            |
| s and     |                 |           |              |        |            |
| joint     |                 |           |              |        |            |
| ventures  |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Interest  |                 |       -44 |          -40 |   -176 |       -180 |
| expense   |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Inter |   |                 |        12 |           12 |     50 |         50 |
| est   |   |                 |           |              |        |            |
| income|   |                 |           |              |        |            |
|
--------------------------------------------------------------------------------
| Fair      |                 |         2 |           15 |     30 |         17 |
| value     |                 |           |              |        |            |
| gains and |                 |           |              |        |            |
| losses on |                 |           |              |        |            |
| financial |                 |           |              |        |            |
| instrumen |                 |           |              |        |            |
| ts        |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Other     |                 |        -1 |           -2 |     -7 |         -6 |
| financial |                 |           |              |        |            |
| expenses  |                 |           |              |        |            |
| - net     |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Finance   |                 |       -31 |          -15 |   -103 |       -119 |
| costs -   |                 |           |              |        |            |
| net       |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Profit    |                 |       661 |          492 |  1 421 |      1 590 |
| before    |                 |           |              |        |            |
| income    |                 |           |              |        |            |
| tax       |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Income    |                 |      -109 |         -120 |   -301 |       -290 |
| tax       |                 |           |              |        |            |
| expense   |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Profit    |                 |       552 |          372 |  1 120 |      1 300 |
| for the   |                 |           |              |        |            |
| period    |                 |           |              |        |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Atributable to:
|
--------------------------------------------------------------------------------
| Equity    |                 |       522 |          346 |  1 071 |      1 247 |
| holders   |                 |           |              |        |            |
| of the    |                 |           |              |        |            |
| Company   |                 |           |              |        |            |
--------------------------------------------------------------------------------
| Minority  |                 |        30 |           26 |     49 |         53 |
| interest  |                 |           |              |        |            |
--------------------------------------------------------------------------------
|    |  |   |                 |       552 |          372 |  1 120 |      1 300 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings  |        |     |        |           |            |        |    |   |
| per share |        |     |        |           |            |        |    |   |
| for       |        |     |        |           |            |        |    |   |
| profit    |        |     |        |           |            |        |    |   |
| attributa |        |     |        |           |            |        |    |   |
| ble to    |        |     |        |           |            |        |    |   |
| the       |        |     |        |           |            |        |    |   |
| equity    |        |     |        |           |            |        |    |   |
--------------------------------------------------------------------------------
| holders of the  |  10 |        |           |        |           |            |
| company during  |     |        |           |        |           |            |
| the year (in €  |     |        |           |        |           |            |
| per share)      |     |        |           |        |           |            |
--------------------------------------------------------------------------------
| Basic |      |        |         0.59 |      0.39 |         1.22 |       1.41 |
|
--------------------------------------------------------------------------------
| Diluted      |        |         0.58 |      0.39 |         1.21 |       1.40 |
|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED |        |              |           |              |            |
| BALANCE      |        |              |           |              |            |
| SHEET        |        |              |           |              |            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR          |   |        |  Note |   March 31 |    March 31 |      Dec 31  |
|               |   |        |       |       2007 |        2006 |         2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS        |   |        |       |            |             |              |
--------------------------------------------------------------------------------
| Non-current assets         |       |            |             |              |
--------------------------------------------------------------------------------
| Intangible assets          |    12 |         89 |          85 |           96 |
--------------------------------------------------------------------------------
| Property, plant and        |    12 |     11 192 |      10 077 |       11 471 |
| equipment                  |       |            |             |              |
--------------------------------------------------------------------------------
| Investments in associates  |     4 |      2 318 |       1 637 |        2 197 |
| and joint ventures         |       |            |             |              |
--------------------------------------------------------------------------------
| Share in State Nuclear     |    15 |        453 |         421 |          450 |
| Waste Management Fund      |       |            |             |              |
--------------------------------------------------------------------------------
| Other long-term            |       |        102 |          59 |          101 |
| investments                |       |            |             |              |
--------------------------------------------------------------------------------
| Deferred tax assets        |       |          7 |          68 |            5 |
--------------------------------------------------------------------------------
| Derivative financial       |     6 |        123 |         121 |          103 |
| instruments                |       |            |             |              |
--------------------------------------------------------------------------------
| Long-term interest bearing |       |        674 |         638 |          680 |
| receivables                |       |            |             |              |
--------------------------------------------------------------------------------
| Total non-current assets   |       |     14 958 |      13 106 |       15 103 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets    |        |       |            |             |              |
--------------------------------------------------------------------------------
| Inventories   |   |        |       |        286 |         221 |          329 |
--------------------------------------------------------------------------------
| Derivative financial       |     6 |        329 |         123 |          198 |
| instruments                |       |            |             |              |
--------------------------------------------------------------------------------
| Trade and other            |       |      1 099 |       1 044 |        1 052 |
| receivables                |       |            |             |              |
--------------------------------------------------------------------------------
| Cash and cash equivalents  |       |      1 067 |         207 |          157 |
--------------------------------------------------------------------------------
| Total current assets       |       |      2 781 |       1 595 |        1 736 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets  |   |        |       |     17 739 |      14 701 |       16 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY        |   |        |       |            |             |              |
--------------------------------------------------------------------------------
| Capital and reserves       |       |            |             |              |
| attributable to the        |       |            |             |              |
--------------------------------------------------------------------------------
| Company's equity holders   |       |            |             |              |
--------------------------------------------------------------------------------
| Share capital |   |        |    13 |      3 034 |       2 997 |        3 023 |
--------------------------------------------------------------------------------
| Other equity  |   |        |       |      4 289 |       3 270 |        4 885 |
--------------------------------------------------------------------------------
| Total         |   |        |       |      7 323 |       6 267 |        7 908 |
--------------------------------------------------------------------------------
| Minority interest          |       |        271 |         231 |          253 |
--------------------------------------------------------------------------------
| Total equity  |   |        |       |      7 594 |       6 498 |        8 161 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES   |   |        |       |            |             |              |
--------------------------------------------------------------------------------
| Non-current liabilities    |       |            |             |              |
--------------------------------------------------------------------------------
| Interest-bearing           |    14 |      3 516 |       3 127 |        4 060 |
| liabilities                |       |            |             |              |
--------------------------------------------------------------------------------
| Derivative financial       |     6 |         91 |         271 |          134 |
| instruments                |       |            |             |              |
--------------------------------------------------------------------------------
| Deferred tax liabilities   |       |      1 826 |       1 535 |        1 795 |
--------------------------------------------------------------------------------
| Nuclear provisions         |    15 |        453 |         421 |          450 |
--------------------------------------------------------------------------------
| Pension and other          |       |        155 |         189 |          186 |
| provisions                 |       |            |             |              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Other liabilities  |        |        |        485 |        311 |         485 |
--------------------------------------------------------------------------------
| Total non-current           |        |      6 526 |      5 854 |       7 110 |
| liabilities                 |        |            |            |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities         |        |            |            |             |
--------------------------------------------------------------------------------
| Interest-bearing            |     14 |      1 483 |        980 |         442 |
| liabilities                 |        |            |            |             |
--------------------------------------------------------------------------------
| Derivative financial        |      6 |         92 |        513 |         198 |
| instruments                 |        |            |            |             |
--------------------------------------------------------------------------------
| Trade and other payables 1) |        |      2 044 |        856 |         928 |
--------------------------------------------------------------------------------
| Total current liabilities   |        |      3 619 |      2 349 |       1 568 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total |   |                 |        |     10 145 |      8 203 |       8 678 |
| liabi |   |                 |        |            |            |             |
| lities|   |                 |        |            |            |             |
|-------------------------------------------------------------------------------
-
--------------------------------------------------------------------------------
| Total equity and            |        |     17 739 |     14 701 |      16 839 |
| liabilities                 |        |            |            |             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Dividend of EUR 1,122 million decided by the Annual General Meeting on 28 |
| March 2007 is included in Trade and other payables 31 March 2007. See Note   |
| 11.                                                                          |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR |   |      | Shar | Shar | Othe | Fair | Retai | Attrib | Minor | Total |
|      |   |      |    e |    e |    r | valu |   ned | utable |   ity |       |
|      |   |      | capi | prem | rest |   e  | earni | to the |       |       |
|      |   |      |  tal |  ium | rict |  and |   ngs | equity |       |       |
|      |   |      |      |      |   ed | othe |       | holder |       |       |
|      |   |      |      |      | fund |   r  |       |      s |       |       |
|      |   |      |      |      |    s | rese |       |        |       |       |
|      |   |      |      |      |      | rves |       |        |       |       |
--------------------------------------------------------------------------------
| Total equity at |    3 |   73 |    1 |  511 | 4 300 |  7 908 |   253 | 8 161 |
| 31.12.2006      |  023 |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Translation and |      |      |      |   10 |   -27 |    -17 |    -8 |   -25 |
| other           |      |      |      |      |       |        |       |       |
| differences     |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Cash     |      |      |      |      |   98 |       |     98 |       |    98 |
| flow     |      |      |      |      |      |       |        |       |       |
| hedges   |      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Other fair      |      |      |      |  -77 |       |    -77 |       |   -77 |
| value           |      |      |      |      |       |        |       |       |
| adjustments 1)  |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Total gains and |    - |    - |    - |   31 |   -27 |      4 |    -8 |    -4 |
| losses not      |      |      |      |      |       |        |       |       |
| recognised in   |      |      |      |      |       |        |       |       |
| Income          |      |      |      |      |       |        |       |       |
| statement       |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Net profit for  |      |      |      |      |   522 |    522 |    30 |   552 |
| the period      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Total           |    - |    - |    - |   31 |   495 |    526 |    22 |   548 |
| recognised      |      |      |      |      |       |        |       |       |
| income for the  |      |      |      |      |       |        |       |       |
| period          |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Stock options   |   11 |      |      |      |       |     11 |       |    11 |
| excercised      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Cash     |      |      |      |      |      |    -1 | -1 122 |       |    -1 |
| dividend |      |      |      |      |      |   122 |        |       |   122 |
| 2)       |      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Changes in      |      |      |      |      |       |      - |    -4 |    -4 |
| minority        |      |      |      |      |       |        |       |       |
| through         |      |      |      |      |       |        |       |       |
| business        |      |      |      |      |       |        |       |       |
| combinations    |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Total equity at |    3 |   73 |    1 |  542 | 3 673 |  7 323 |   271 | 7 594 |
| 31.03.2007      |  034 |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity at |    2 |   70 |    2 | -117 | 4 220 |  7 151 |   260 | 7 411 |
| 31.12.2005      |  976 |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Translation and |      |      |      |      |    -5 |     -5 |    -2 |    -7 |
| other           |      |      |      |      |       |        |       |       |
| differences     |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Cash     |      |      |      |      | -256 |       |   -256 |    -3 |  -259 |
| flow     |      |      |      |      |      |       |        |       |       |
| hedges   |      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Other fair      |      |      |      |   -5 |       |     -5 |       |    -5 |
| value           |      |      |      |      |       |        |       |       |
| adjustments     |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Total gains and |    - |    - |    - | -261 |    -5 |   -266 |    -5 |  -271 |
| losses not      |      |      |      |      |       |        |       |       |
| recognised in   |      |      |      |      |       |        |       |       |
| Income          |      |      |      |      |       |        |       |       |
| statement       |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Net profit for  |      |      |      |      |   346 |    346 |    26 |   372 |
| the period      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Total           |    - |    - |    - | -261 |   341 |     80 |    21 |   101 |
| recognised      |      |      |      |      |       |        |       |       |
| income for the  |      |      |      |      |       |        |       |       |
| period          |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Stock options   |   21 |    2 |      |      |       |     23 |       |    23 |
| excercised      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Cash     |      |      |      |      |      |  -987 |   -987 |       |  -987 |
| dividend |      |      |      |      |      |       |        |       |       |
| 2)       |      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Changes in      |      |      |      |      |       |      - |   -50 |   -50 |
| minority        |      |      |      |      |       |        |       |       |
| through         |      |      |      |      |       |        |       |       |
| business        |      |      |      |      |       |        |       |       |
| combinations    |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
| Total equity at |2 997 |   72 |    2 | -378 | 3 574 |  6 267 |   231 | 6 498 |
| 31.03.2006      |      |      |      |      |       |        |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 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  |   |                  |       | Q1 2007 | Q1 2006 |    2006 |    Last |
|       |   |                  |       |         |         |         | twelve  |
|       |   |                  |       |         |         |         |  months |
--------------------------------------------------------------------------------
| Cash flow from operating     |       |         |         |         |         |
| activities                   |       |         |         |         |         |
--------------------------------------------------------------------------------
| Operating profit before      |       |     602 |     570 |   1 884 |   1 916 |
| depreciations                |       |         |         |         |         |
--------------------------------------------------------------------------------
| Non-cash flow items and      |       |       1 |      24 |     -92 |    -115 |
| divesting activities         |       |         |         |         |         |
--------------------------------------------------------------------------------
| Financial items and realised foreign |     -38 |      26 |     -89 |    -153 |
| exchange gains and losses            |         |         |         |         |
--------------------------------------------------------------------------------
| Taxes |   |                  |       |    -118 |    -136 |    -374 |    -356 |
--------------------------------------------------------------------------------
| Funds from operations        |       |     447 |     484 |   1 329 |   1 292 |
--------------------------------------------------------------------------------
| Change in working capital    |       |      50 |    -181 |    -178 |      53 |
--------------------------------------------------------------------------------
| Total net cash from          |       |     497 |     303 |   1 151 |   1 345 |
| operating activities         |       |         |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing     |       |         |         |         |         |
| activities                   |       |         |         |         |         |
--------------------------------------------------------------------------------
| Capital expenditures         |       |    -100 |     -71 |    -485 |    -514 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries, |       |      -8 |     -42 |    -754 |    -720 |
| net of cash acquired         |       |         |         |         |         |
--------------------------------------------------------------------------------
| Acquisition of associates    |       |       - |      -1 |    -124 |    -123 |
--------------------------------------------------------------------------------
| Acquisition of other         |       |       - |       - |     -21 |     -21 |
| long-term investments        |       |         |         |         |         |
--------------------------------------------------------------------------------
| Proceeds from sales of fixed |       |       7 |       3 |      83 |      87 |
| assets                       |       |         |         |         |         |
--------------------------------------------------------------------------------
| Proceeds from sales of subsidiaries, |       - |       - |      11 |      11 |
| net of cash disposed                 |         |         |         |         |
--------------------------------------------------------------------------------
| Proceeds from sales of       |       |       - |       - |      30 |      30 |
| associates                   |       |         |         |         |         |
--------------------------------------------------------------------------------
| Proceeds from sales of other |       |       - |       - |       1 |       1 |
| long-term investments        |       |         |         |         |         |
--------------------------------------------------------------------------------
| Change in interest-bearing   |       |     -36 |     -19 |     -47 |     -64 |
| receivables                  |       |         |         |         |         |
--------------------------------------------------------------------------------
| Total net cash used in       |       |    -137 |    -130 |  -1 306 |  -1 313 |
| investing activities         |       |         |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before financing   |       |     360 |     173 |    -155 |      32 |
| activities                   |       |         |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing     |       |         |         |         |         |
| activities                   |       |         |         |         |         |
--------------------------------------------------------------------------------
| Net change in loans          |       |     540 |     164 |     492 |     868 |
--------------------------------------------------------------------------------
| Dividends paid to the        |       |       - |    -987 |    -987 |       0 |
| Company´s equity holders     |       |         |         |         |         |
--------------------------------------------------------------------------------
| Repurchase of own shares     |       |       - |       - |     -30 |     -30 |
--------------------------------------------------------------------------------
| Other financing items        |       |      10 |      71 |      49 |     -12 |
--------------------------------------------------------------------------------
| Total net cash used in       |       |     550 |    -752 |    -476 |     826 |
| financing activities         |       |         |         |         |         |
--------------------------------------------------------------------------------
| Total net increase           |       |         |         |         |         |
| (+)/decrease (-) in cash     |       |         |         |         |         |
--------------------------------------------------------------------------------
| and marketable securities    |       |     910 |    -579 |    -631 |     858 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR  |   |          |  March |  March | June 30 |   Sept | Dec 31 |    Last |
|       |   |          |     31 |     31 |    2006 |     30 |   2006 |  twelve |
|       |   |          |   2007 |   2006 |         |   2006 |        |  months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA,   |          |    602 |    570 |     979 |  1 311 |  1 884 |   1 916 |
| MEUR      |          |        |        |         |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share   |   0.59 |   0.39 |    0.64 |   0.83 |   1.22 |    1.41 |
| (basic), EUR         |        |        |         |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital employed,    | 12 593 | 10 605 |  12 121 | 12 216 | 12 663 |  12 593 |
| MEUR                 |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Interest-bearing net |  3 932 |  3 900 |   4 308 |  4 159 |  4 345 |     N/A |
| debt, MEUR           |        |        |         |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure  |    115 |    114 |     935 |  1 063 |  1 395 |   1 396 |
| and gross            |        |        |         |        |        |         |
| investments in       |        |        |         |        |        |         |
| shares, MEUR         |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Capital expenditure, |    100 |     71 |     174 |    297 |    485 |     514 |
| MEUR                 |        |        |         |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on capital    |   18.0 |   19.4 |    14.6 |   12.5 |   13.4 |    15.3 |
| employed, % 1)       |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Return on            |   21.1 |   21.4 |    16.3 |   13.7 |   14.4 |    18.4 |
| shareholders'        |        |        |         |        |        |         |
| equity, % 1)         |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Net debt / EBITDA 1) |    1.6 |    1.7 |     2.2 |    2.4 |    2.3 |     2.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest  |          |   15.3 |   16.9 |    13.7 |   10.9 |   11.5 |    11.3 |
| coverage  |          |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Funds from           |   45.5 |   49.6 |    36.5 |   33.9 |   30.6 |    32.9 |
| operations/interest- |        |        |         |        |        |         |
| bearing net debt, %  |        |        |         |        |        |         |
| 1)                   |        |        |         |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Geari |   |          |     52 |     60 |      60 |     57 |     53 |     N/A |
| ng, % |   |          |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Equity per share,    |   8.22 |   7.11 |    7.83 |   7.97 |   8.91 |     N/A |
| EUR                  |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Equity-to-assets     |     43 |     44 |      43 |     43 |     48 |     N/A |
| ratio, %             |        |        |         |        |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of    |  8 165 |  8 886 |   9 024 |  9 085 |  8 910 |     N/A |
| employees            |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Average number of    |    890 |    880 | 880 508 |    880 |    881 | 885 484 |
| shares, 1 000 shares |    263 |    725 |         |    695 |    194 |         |
--------------------------------------------------------------------------------
| Diluted adjusted     |    893 |    892 | 891 451 |    891 |    886 | 888 466 |
| average number of    |    252 |    406 |         |    217 |    929 |         |
| shares, 1 000 shares |        |        |         |        |        |         |
--------------------------------------------------------------------------------
| Number of registered |    890 |    881 | 882 708 |    883 |    887 |     N/A |
| shares, 1 000 shares |    685 |    546 |         |    274 |    394 |         |
--------------------------------------------------------------------------------
| Number of shares     |    N/A |    N/A | 881 048 |    881 |    N/A |     N/A |
| excluding treasury   |        |        |         |    614 |        |         |
| 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 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 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.
The following new standards, amendments to standards and interpretations
relevant for the Group, are mandatory for the financial year ending 31 December
2007.
- IFRS 7 Financial instruments: Disclosures and a complementary amendment to
IAS 1, Presentation of Financial statements - Capital disclosures.
The Group will apply this standard from 1 January 2007. 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 has had no
material effect on Fortum's income statement and balance sheet.

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-March 2007 results on 3 May 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 has in March 2007 sold 35 million shares in REC. In accordance with the
accounting policy Fortum has 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. The cumulative fair value change in
Fortum's equity based on the remaining number of shares reported by Hafslund was
approximately EUR 360 millions at 31 March 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         |        |       |     Q1 2007 |  Q1 2006 |    2006 |      Last |
|              |        |       |             |          |         |    twelve |
|              |        |       |             |          |         |    months |
--------------------------------------------------------------------------------
| Power Generation      |       |         641 |      643 |   2 439 |     2 437 |
--------------------------------------------------------------------------------
| - of which internal   |       |         156 |      -50 |    -133 |        73 |
--------------------------------------------------------------------------------
| Heat         |        |       |         479 |      480 |   1 268 |     1 267 |
--------------------------------------------------------------------------------
| - of which internal   |       |          24 |       -8 |     -32 |         0 |
--------------------------------------------------------------------------------
| Distribution |        |       |         225 |      219 |     753 |       759 |
--------------------------------------------------------------------------------
| - of which internal   |       |           2 |        2 |       8 |         8 |
--------------------------------------------------------------------------------
| Markets      |        |       |         519 |      547 |   1 912 |     1 884 |
--------------------------------------------------------------------------------
| - of which internal   |       |          44 |       41 |     149 |       152 |
--------------------------------------------------------------------------------
| Other        |        |       |          19 |       20 |      78 |        77 |
--------------------------------------------------------------------------------
| - of which internal   |       |          16 |       15 |      62 |        63 |
--------------------------------------------------------------------------------
| Eliminations |        |       |        -543 |     -566 |  -1 959 |    -1 936 |
| 1)           |        |       |             |          |         |           |
--------------------------------------------------------------------------------
| Total        |        |       |       1 340 |    1 343 |   4 491 |     4 488 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 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        |     |              |   Q1 2007 | Q1 2006 |    2006 |      Last |
|             |     |              |           |         |         |    twelve |
|             |     |              |           |         |         |    months |
--------------------------------------------------------------------------------
| Power Generation  |              |       298 |     284 |     980 |       994 |
--------------------------------------------------------------------------------
| Heat        |     |              |       142 |     119 |     264 |       287 |
--------------------------------------------------------------------------------
| Distributio |     |              |        79 |      81 |     252 |       250 |
| n           |     |              |           |         |         |           |
--------------------------------------------------------------------------------
| Markets     |     |              |       -12 |       3 |      -6 |       -21 |
--------------------------------------------------------------------------------
| Other       |     |              |       -17 |     -15 |     -35 |       -37 |
--------------------------------------------------------------------------------
| Total       |     |              |       490 |     472 |   1 455 |     1 473 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR       |       |            |    Q1 2007 | Q1 2006 |    2006 |      Last |
|            |       |            |            |         |         |    twelve |
|            |       |            |            |         |         |    months |
--------------------------------------------------------------------------------
| Power Generation   |            |        328 |     293 |     985 |     1 020 |
--------------------------------------------------------------------------------
| Heat       |       |            |        137 |     126 |     253 |       264 |
--------------------------------------------------------------------------------
| Distributi |       |            |         78 |      81 |     250 |       247 |
| on         |       |            |            |         |         |           |
--------------------------------------------------------------------------------
| Markets    |       |            |        -14 |       0 |      -4 |       -18 |
--------------------------------------------------------------------------------
| Other      |       |            |        -17 |     -14 |     -47 |       -50 |
--------------------------------------------------------------------------------
| Comparable operating profit     |        512 |     486 |   1 437 |     1 463 |
--------------------------------------------------------------------------------
| Non-recurring items             |          1 |       0 |      61 |        62 |
--------------------------------------------------------------------------------
| Other items effecting           |        -23 |     -14 |     -43 |       -52 |
| comparability                   |            |         |         |           |
--------------------------------------------------------------------------------
| Operating  |       |            |        490 |     472 |   1 455 |     1 473 |
| profit     |       |            |            |         |         |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-RECURRING ITEMS BY SEGMENTS |            |         |         |           |
--------------------------------------------------------------------------------
| MEUR       |       |            |    Q1 2007 | Q1 2006 |    2006 |      Last |
|            |       |            |            |         |         |    twelve |
|            |       |            |            |         |         |    months |
--------------------------------------------------------------------------------
| Power Generation   |            |          0 |       0 |      29 |        29 |
--------------------------------------------------------------------------------
| Heat       |       |            |          0 |       1 |      20 |        19 |
--------------------------------------------------------------------------------
| Distributi |       |            |          1 |       0 |       2 |         3 |
| on         |       |            |            |         |         |           |
--------------------------------------------------------------------------------
| Markets    |       |            |          0 |       0 |       0 |         0 |
--------------------------------------------------------------------------------
| Other      |       |            |          0 |      -1 |      10 |        11 |
--------------------------------------------------------------------------------
| Total      |       |            |          1 |       0 |      61 |        62 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OTHER ITEMS EFFECTING COMPARABILITY BY SEGMENTS                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR         |   |             |   | Q1 2007 | Q1 2006 |    2006 |      Last |
|              |   |             |   |         |         |         |    twelve |
|              |   |             |   |         |         |         |    months |
--------------------------------------------------------------------------------
| Power Generation |             |   |     -30 |      -9 |     -34 |       -55 |
--------------------------------------------------------------------------------
| Heat         |   |             |   |       5 |      -8 |      -9 |         4 |
--------------------------------------------------------------------------------
| Distribution |   |             |   |       0 |       0 |       0 |         0 |
--------------------------------------------------------------------------------
| Markets      |   |             |   |       2 |       3 |      -2 |        -3 |
--------------------------------------------------------------------------------
| Other        |   |             |   |       0 |       0 |       2 |         2 |
--------------------------------------------------------------------------------
| Total        |   |             |   |     -23 |     -14 |     -43 |       -52 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR        |   |        |     |    |  Q1 2007 | Q1 2006 |    2006 |    Last |
|             |   |        |     |    |          |         |         |  twelve |
|             |   |        |     |    |          |         |         |  months |
--------------------------------------------------------------------------------
| Power           |        |     |    |       26 |      26 |     108 |     108 |
| Generation      |        |     |    |          |         |         |         |
--------------------------------------------------------------------------------
| Heat        |   |        |     |    |       40 |      30 |     144 |     154 |
--------------------------------------------------------------------------------
| Distributio |   |        |     |    |       39 |      35 |     147 |     151 |
| n           |   |        |     |    |          |         |         |         |
--------------------------------------------------------------------------------
| Markets     |   |        |     |    |        4 |       4 |      19 |      19 |
--------------------------------------------------------------------------------
| Other       |   |        |     |    |        3 |       3 |      11 |      11 |
--------------------------------------------------------------------------------
| Total       |   |        |     |    |      112 |      98 |     429 |     443 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR        |   |        |     |    |  Q1 2007 | Q1 2006 |    2006 |    Last |
|             |   |        |     |    |          |         |         |  twelve |
|             |   |        |     |    |          |         |         |  months |
--------------------------------------------------------------------------------
| Power Generation 1)      |     |    |      188 |      12 |      30 |     206 |
--------------------------------------------------------------------------------
| Heat        |   |        |     |    |        7 |      11 |      23 |      19 |
--------------------------------------------------------------------------------
| Distributio |   |        |     |    |        6 |      11 |      15 |      10 |
| n           |   |        |     |    |          |         |         |         |
--------------------------------------------------------------------------------
| Markets     |   |        |     |    |        1 |       1 |       1 |       1 |
--------------------------------------------------------------------------------
| Other       |   |        |     |    |        0 |       0 |       0 |       0 |
--------------------------------------------------------------------------------
| Total       |   |        |     |    |      202 |      35 |      69 |     236 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 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       |   |         |      |      |    March 31 |   March 31 |  Dec 31  |
|            |   |         |      |      |        2007 |       2006 |     2006 |
--------------------------------------------------------------------------------
| Power          |         |      |      |       1 861 |      1 260 |    1 752 |
| Generation     |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Heat       |   |         |      |      |         157 |        149 |      150 |
--------------------------------------------------------------------------------
| Distributi |   |         |      |      |         291 |        220 |      287 |
| on         |   |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Markets    |   |         |      |      |           9 |          8 |        8 |
--------------------------------------------------------------------------------
| Other      |   |         |      |      |           0 |          0 |        0 |
--------------------------------------------------------------------------------
| Total      |   |         |      |      |       2 318 |      1 637 |    2 197 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR       |   |         |      |      |     Q1 2007 |    Q1 2006 |     2006 |
--------------------------------------------------------------------------------
| Power          |         |      |      |          16 |         20 |       95 |
| Generation     |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Heat       |   |         |      |      |          44 |         18 |      184 |
--------------------------------------------------------------------------------
| Distributi |   |         |      |      |          36 |         25 |      183 |
| on         |   |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Markets    |   |         |      |      |           1 |          5 |        8 |
--------------------------------------------------------------------------------
| Other      |   |         |      |      |           3 |          3 |       15 |
--------------------------------------------------------------------------------
| Total      |   |         |      |      |         100 |         71 |      485 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| MEUR       |   |         |      |      |     Q1 2007 |    Q1 2006 |     2006 |
--------------------------------------------------------------------------------
| Power          |         |      |      |           - |          - |      145 |
| Generation     |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Heat       |   |         |      |      |          15 |         43 |      589 |
--------------------------------------------------------------------------------
| Distributi |   |         |      |      |           - |          - |      130 |
| on         |   |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Markets    |   |         |      |      |           - |          - |        6 |
--------------------------------------------------------------------------------
| Other      |   |         |      |      |           - |          - |       40 |
--------------------------------------------------------------------------------
| Total      |   |         |      |      |          15 |         43 |      910 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET ASSETS BY SEGMENTS   |      |      |             |            |          |
--------------------------------------------------------------------------------
| MEUR       |   |         |      |      |    March 31 |   March 31 |   Dec 31 |
|            |   |         |      |      |        2007 |       2006 |     2006 |
--------------------------------------------------------------------------------
| Power          |         |      |      |       6 607 |      5 913 |    6 734 |
| Generation     |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Heat       |   |         |      |      |       3 444 |      2 513 |    3 407 |
--------------------------------------------------------------------------------
| Distributi |   |         |      |      |       3 314 |      3 030 |    3 412 |
| on         |   |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Markets    |   |         |      |      |         140 |        356 |      176 |
--------------------------------------------------------------------------------
| Other and Eliminations   |      |      |         199 |        153 |       85 |
--------------------------------------------------------------------------------
| Total      |   |         |      |      |      13 704 |     11 965 |   13 814 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| %          |   |         |      |      |             |       Last |   Dec 31 |
|            |   |         |      |      |             |     twelve |     2006 |
|            |   |         |      |      |             |     months |          |
--------------------------------------------------------------------------------
| Power          |         |      |      |             |       18.8 |     16.1 |
| Generation     |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Heat       |   |         |      |      |             |        9.7 |      9.6 |
--------------------------------------------------------------------------------
| Distributi |   |         |      |      |             |        8.0 |      8.4 |
| on         |   |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Markets    |   |         |      |      |             |       -7.7 |     -1.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COMPARABLE RETURN ON NET |      |      |             |            |          |
| ASSETS BY SEGMENTS      |      |      |             |            |          |
--------------------------------------------------------------------------------
| %          |   |         |      |      |             |       Last |   Dec 31 |
|            |   |         |      |      |             |     twelve |     2006 |
|            |   |         |      |      |             |     months |          |
--------------------------------------------------------------------------------
| Power          |         |      |      |             |       19.1 |     16.3 |
| Generation 1)  |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Heat       |   |         |      |      |             |        8.9 |      9.2 |
--------------------------------------------------------------------------------
| Distributi |   |         |      |      |             |        7.9 |      8.3 |
| on         |   |         |      |      |             |            |          |
--------------------------------------------------------------------------------
| Markets    |   |         |      |      |             |       -6.7 |     -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                |              |              |            |
--------------------------------------------------------------------------------
| MEUR          |       |           |     March 31 |     March 31 |     Dec 31 |
|               |       |           |         2007 |         2006 |       2006 |
--------------------------------------------------------------------------------
| Power Generation      |           |        7 014 |        6 320 |      7 131 |
--------------------------------------------------------------------------------
| Heat          |       |           |        3 830 |        2 871 |      3 870 |
--------------------------------------------------------------------------------
| Distribution  |       |           |        3 804 |        3 456 |      3 911 |
--------------------------------------------------------------------------------
| Markets       |       |           |          617 |          754 |        618 |
--------------------------------------------------------------------------------
| Other and Eliminations            |          313 |          234 |        255 |
--------------------------------------------------------------------------------
| Assets included in Net assets     |       15 578 |       13 635 |     15 785 |
--------------------------------------------------------------------------------
| Interest-bearing receivables      |          710 |          652 |        693 |
--------------------------------------------------------------------------------
| Deferred      |       |           |            7 |           68 |          5 |
| taxes         |       |           |              |              |            |
--------------------------------------------------------------------------------
| Other assets  |       |           |          377 |          139 |        199 |
--------------------------------------------------------------------------------
| Cash and cash equivalents         |        1 067 |          207 |        157 |
--------------------------------------------------------------------------------
| Total assets  |       |           |       17 739 |       14 701 |     16 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES BY SEGMENTS           |              |              |            |
--------------------------------------------------------------------------------
| MEUR          |       |           |     March 31 |     March 31 |     Dec 31 |
|               |       |           |         2007 |         2006 |       2006 |
--------------------------------------------------------------------------------
| Power Generation      |           |          407 |          407 |        397 |
--------------------------------------------------------------------------------
| Heat          |       |           |          386 |          358 |        463 |
--------------------------------------------------------------------------------
| Distribution  |       |           |          490 |          426 |        499 |
--------------------------------------------------------------------------------
| Markets       |       |           |          477 |          398 |        442 |
--------------------------------------------------------------------------------
| Other and Eliminations            |          114 |           81 |        170 |
--------------------------------------------------------------------------------
| Liabilities included in Net       |        1 874 |        1 670 |      1 971 |
| assets                            |              |              |            |
--------------------------------------------------------------------------------
| Deferred tax liabilities          |        1 826 |        1 535 |      1 795 |
--------------------------------------------------------------------------------
| Other         |       |           |        1 446 |          891 |        410 |
--------------------------------------------------------------------------------
| Total liabilities included in     |        5 146 |        4 096 |      4 176 |
| Capital employed                  |              |              |            |
--------------------------------------------------------------------------------
| Interest-bearing liabilities      |        4 999 |        4 107 |      4 502 |
--------------------------------------------------------------------------------
| Total equity  |       |           |        7 594 |        6 498 |      8 161 |
--------------------------------------------------------------------------------
| Total equity and liabilities      |       17 739 |       14 701 |     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            |   |     |      Q1 |      Q4 |     Q3 |       Q2 |       Q1 |
|                 |   |     |    2007 |    2006 |   2006 |     2006 |     2006 |
--------------------------------------------------------------------------------
| Power Generation    |     |     641 |     667 |    569 |      560 |      643 |
--------------------------------------------------------------------------------
| - of which internal |     |     156 |      36 |   -102 |      -17 |      -50 |
--------------------------------------------------------------------------------
| Heat            |   |     |     479 |     381 |    178 |      229 |      480 |
--------------------------------------------------------------------------------
| - of which internal |     |      24 |      -5 |    -12 |       -7 |       -8 |
--------------------------------------------------------------------------------
| Distribution    |   |     |     225 |     210 |    162 |      162 |      219 |
--------------------------------------------------------------------------------
| - of which internal |     |       2 |       2 |      2 |        2 |        2 |
--------------------------------------------------------------------------------
| Markets         |   |     |     519 |     529 |    436 |      400 |      547 |
--------------------------------------------------------------------------------
| - of which internal |     |      44 |      43 |     30 |       35 |       41 |
--------------------------------------------------------------------------------
| Other           |   |     |      19 |      19 |     19 |       20 |       20 |
--------------------------------------------------------------------------------
| - of which internal |     |      16 |      16 |     16 |       15 |       15 |
--------------------------------------------------------------------------------
| Eliminations    |   |     |    -543 |    -552 |   -418 |     -423 |     -566 |
--------------------------------------------------------------------------------
| Total           |   |     |   1 340 |   1 254 |    946 |      948 |    1 343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY OPERATING       |         |         |        |          |          |
| PROFIT BY SEGMENTS        |         |         |        |          |          |
--------------------------------------------------------------------------------
| MEUR            |   |     |      Q1 |      Q4 |     Q3 |       Q2 |       Q1 |
|                 |   |     |    2007 |    2006 |   2006 |     2006 |     2006 |
--------------------------------------------------------------------------------
| Power Generation    |     |     298 |     290 |    184 |      222 |      284 |
--------------------------------------------------------------------------------
| Heat            |   |     |     142 |     119 |    -15 |       41 |      119 |
--------------------------------------------------------------------------------
| Distribution    |   |     |      79 |      74 |     42 |       55 |       81 |
--------------------------------------------------------------------------------
| Markets         |   |     |     -12 |     -18 |      6 |        3 |        3 |
--------------------------------------------------------------------------------
| Other           |   |     |     -17 |     -10 |     -1 |       -9 |      -15 |
--------------------------------------------------------------------------------
| Total           |   |     |     490 |     455 |    216 |      312 |      472 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

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

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

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

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

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

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

--------------------------------------------------------------------------------
| DERIVATIVE |   |   |         |        |         |        |         |         |
| S          |   |   |         |        |         |        |         |         |
--------------------------------------------------------------------------------
| MEUR       |   |   |         | Mar 31 |         | Mar 31 |         | Dec 31  |
|            |   |   |         |   2007 |         |   2006 |         |    2006 |
--------------------------------------------------------------------------------
| Interest and       | Notiona |    Net | Notiona |    Net | Notiona |     Net |
| currency           | l value |  fair  | l value |  fair  | l value |   fair  |
| derivatives        |         |  value |         |  value |         |   value |
--------------------------------------------------------------------------------
| Interest rate      |   3 092 |      2 |   3 259 |     -8 |   3 021 |       3 |
| swaps              |         |        |         |        |         |         |
--------------------------------------------------------------------------------
| Forward foreign    |   6 923 |     71 |   5 158 |     35 |   5 256 |     -61 |
| exchange contracts |         |        |         |        |         |         |
--------------------------------------------------------------------------------
| Interest rate and  |   3 014 |     17 |   2 165 |     10 |   2 575 |     -76 |
| currency swaps     |         |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Electricity        |  Volume |    Net |  Volume |    Net |  Volume |     Net |
| derivatives        |         |  fair  |         |  fair  |         |   fair  |
|                    |         |  value |         |  value |         |   value |
--------------------------------------------------------------------------------
|            |   |   |     TWh |   MEUR |     TWh |   MEUR |     TWh |    MEUR |
--------------------------------------------------------------------------------
| Sales      |   |   |     121 |    730 |      98 | -1 233 |     134 |     515 |
| swaps      |   |   |         |        |         |        |         |         |
--------------------------------------------------------------------------------
| Purchase swaps |   |      90 |   -567 |      54 |    705 |     101 |    -426 |
--------------------------------------------------------------------------------
| Purchased options  |       6 |      1 |       4 |      0 |       0 |       0 |
--------------------------------------------------------------------------------
| Written    |   |   |       9 |      0 |      11 |    -15 |       3 |       3 |
| options    |   |   |         |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Oil            |   |  Volume |    Net |  Volume |    Net |  Volume |     Net |
| derivatives    |   |         |  fair  |         |  fair  |         |   fair  |
|                |   |         |  value |         |  value |         |   value |
--------------------------------------------------------------------------------
|            |   |   |    1000 |   MEUR |    1000 |   MEUR |    1000 |    MEUR |
|            |   |   |     bbl |        |     bbl |        |     bbl |         |
--------------------------------------------------------------------------------
| Sales swaps and    |     545 |     -2 |     225 |     -1 |     180 |       0 |
| futures            |         |        |         |        |         |         |
--------------------------------------------------------------------------------
| Purchase swaps and |   1 003 |      4 |     513 |      7 |     897 |       0 |
| futures            |         |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CO2 emission       |  Volume |    Net |  Volume |    Net |  Volume |     Net |
| allowance          |         |  fair  |         |  fair  |         |   fair  |
| derivatives        |         |  value |         |  value |         |   value |
--------------------------------------------------------------------------------
|            |   |   |   ktCO2 |   MEUR |   ktCO2 |   MEUR |   ktCO2 |    MEUR |
--------------------------------------------------------------------------------
| Sold       |   |   |     405 |      0 |       - |      - |     405 |       0 |
--------------------------------------------------------------------------------
| Bought     |   |   |     415 |      0 |       - |      - |     418 |       0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share          |   | Notiona |    Net | Notiona |    Net | Notiona |     Net |
| derivatives    |   | l value |  fair  | l value |  fair  | l value |   fair  |
|                |   |         |  value |         |  value |         |   value |
--------------------------------------------------------------------------------
|            |   |   |    MEUR |   MEUR |    MEUR |   MEUR |    MEUR |    MEUR |
--------------------------------------------------------------------------------
| Share forwards |   |      36 |     48 |      24 |     36 |      24 |      37 |
| 1)             |   |         |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 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 the first quarter 2007. Gross
investment in shares (see definition of key figures) amounted to EUR 15 million.

Fortum has during the period acquired 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 10.35% (total ownership 97.95%) and Fortum Wroclaw 0.81% (total
ownership of 99.06%).

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:

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average |   | Curren | March 31 |   Dec 31 |  Sept 30 |   June 30 | March 31 |
| rate    |   |     cy |     2007 |     2006 |     2006 |      2006 |     2006 |
--------------------------------------------------------------------------------
| Sweden  |   |    SEK |   9.1787 |   9.2637 |   9.3110 |    9.3329 |   9.3798 |
--------------------------------------------------------------------------------
| Norway  |   |    NOK |   8.1563 |   8.0376 |   7.9753 |    7.9396 |   8.0171 |
--------------------------------------------------------------------------------
| Poland  |   |    PLN |   3.8858 |   3.8965 |   3.9139 |    3.8991 |   3.8569 |
--------------------------------------------------------------------------------
|         |   |        |          |          |          |           |          |
--------------------------------------------------------------------------------
| Balance sheet date   | March 31 |   Dec 31 |  Sept 30 |   June 30 | March 31 |
| rate                 |     2007 |     2006 |     2006 |      2006 |     2006 |
--------------------------------------------------------------------------------
| Sweden  |   |    SEK |   9.3462 |   9.0404 |   9.2797 |    9.2385 |   9.4315 |
--------------------------------------------------------------------------------
| Norway  |   |    NOK |   8.1190 |   8.2380 |   8.2350 |    7.9360 |   7.9675 |
--------------------------------------------------------------------------------
| Poland  |   |    PLN |   3.8668 |   3.8310 |   3.9713 |    4.0546 |   3.9425 |
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
| Tax rate according to the income statement for the period was 16.5% (24,4%). |
| The tax rate for the period is low mainly due to the impact of Hafslund´s    |
| sale of REC shares 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 2007 |   Q1 2006 |     2006 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Earnings |                    |      |         |         |                   |
| (MEUR):  |                    |      |         |         |                   |
--------------------------------------------------------------------------------
| Profit attributable to the equity    |     522 |     346 |             1 071 |
| holders of the Company (EUR million) |         |         |                   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares (thousands): |      |         |              |              |
--------------------------------------------------------------------------------
| Weighted average number of    |      |         |         |             |     |
| shares for the purpose of     |      |         |         |             |     |
--------------------------------------------------------------------------------
| basic earnings per share      |      | 890 263 | 880 725 |           881 194 |
--------------------------------------------------------------------------------
| Effect of dilutive share      |      |   2 989 |  11 681 |             5 735 |
| options                       |      |         |         |                   |
--------------------------------------------------------------------------------
| Weighted average number of    |      |         |         |                   |
| shares for the purpose of     |      |         |         |                   |
--------------------------------------------------------------------------------
| diluted earnings per share    |      | 893 252 | 892 406 |           886 929 |
--------------------------------------------------------------------------------

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. The
dividend is accounted for as a non-interest bearing liability with corresponding
impact on retained earnings in the Interim financial statements as of 31 March
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          |   |          |           |  March 31 |  March 31 |    Dec 31 |
|               |   |          |           |      2007 |      2006 |      2006 |
--------------------------------------------------------------------------------
| Opening balance   |          |           |    11 567 |    10 256 |    10 256 |
--------------------------------------------------------------------------------
| Acquisition of subsidiary    |           |        13 |       -11 |     1 008 |
| companies                    |           |           |           |           |
--------------------------------------------------------------------------------
| Capital expenditures         |           |       100 |        71 |       485 |
--------------------------------------------------------------------------------
| Purchase of emission rights  |           |         - |         - |         9 |
--------------------------------------------------------------------------------
| Disposals     |   |          |           |        -6 |        -2 |       -78 |
--------------------------------------------------------------------------------
| Depreciation, amortisation   |           |      -112 |       -98 |      -429 |
| and impairment               |           |           |           |           |
--------------------------------------------------------------------------------
| Translation differences      |           |      -281 |       -54 |       316 |
--------------------------------------------------------------------------------
| Closing       |   |          |           |    11 281 |    10 162 |    11 567 |
| balance       |   |          |           |           |           |           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 13. SHARE CAPITAL AND SHARE PREMIUM                                          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR          |   |          | Number of |     Share |     Share |     Share |
|               |   |          |    shares |   capital |     issue |   premium |
--------------------------------------------------------------------------------
| Registered shares at 1       |   887 393 |     3 023 |         1 |        73 |
| January 2007                 |       646 |           |           |           |
--------------------------------------------------------------------------------
| Shares subscribed with       | 3 291 503 |        11 |           |           |
| options                      |           |           |           |           |
--------------------------------------------------------------------------------
| Registered shares at 31      |   890 685 |     3 034 |         1 |        73 |
| March 2007                   |       149 |           |           |           |
--------------------------------------------------------------------------------
| Unregistered shares          |    31 820 |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR          |   |          | Number of |     Share |     Share |     Share |
|               |   |          |    shares |   capital |     issue |   premium |
--------------------------------------------------------------------------------
| Registered shares at 1       |   875 294 |     2 976 |         2 |        70 |
| January 2006                 |       025 |           |           |           |
--------------------------------------------------------------------------------
| Shares subscribed with       | 6 252 200 |        21 |           |         2 |
| options                      |           |           |           |           |
--------------------------------------------------------------------------------
| Registered shares at 31      |   881 546 |     2 997 |         2 |        72 |
| March 2006                   |       225 |           |           |           |
--------------------------------------------------------------------------------
| Unregistered shares          |    12 500 |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

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

During the period, the Group raised new short-term financing of approximately
EUR 620 million through issuance of commercial paper under it's Swedish and
Finnish commercial paper programs. The notes bear market rate interest and are
repayable within 1 year. The proceeds were raised in anticipation of the
dividend payment on April 11th and for financing maturing short and long-term
debt.
Repayments of commercial paper amounted to EUR 55 million and long term debt to
EUR 22 million and were made in line with previously disclosed payment terms.
Reborrowing from the Finnish Nuclear Waste Fund was renewed and increased from
EUR 627million to EUR 658 million. The one year interest payment term was
increased from approximately 3.2% to 4.2%.

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

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

The legal liability calculated according to the Nuclear Energy Act in Finland is
EUR 685 (618) million as of 31 March 2007 (and 2006 respectively). Discounted
liability in the balance sheet calculated according to IAS 37 is EUR 453 (421)
million as of 31 March 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 31 March 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 31 March is EUR
649 (618) million. The carrying value of the fund asset in the balance sheet is
EUR 453 (421) million as of 31 March 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         |   |                     |   March 31 |  March 31 |    Dec 31  |
|              |   |                     |       2007 |      2006 |       2006 |
--------------------------------------------------------------------------------
| On own       |   |                     |            |           |            |
| behalf       |   |                     |            |           |            |
--------------------------------------------------------------------------------
|              | For debt                |            |           |            |
--------------------------------------------------------------------------------
|              |   | Pledges             |        216 |       171 |        176 |
--------------------------------------------------------------------------------
|              |   | Real estate         |         49 |        49 |         49 |
|              |   | mortgages           |            |           |            |
--------------------------------------------------------------------------------
|              | For other commitments   |            |           |            |
--------------------------------------------------------------------------------
|              |   | Real estate         |         56 |        55 |         56 |
|              |   | mortgages           |            |           |            |
--------------------------------------------------------------------------------
| On behalf of associated companies and  |            |           |            |
| joint ventures                         |            |           |            |
--------------------------------------------------------------------------------
|              | Pledges and real estate |          3 |         3 |          3 |
|              | mortgages               |            |           |            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Finnish participants in the State Management Nuclear 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 31 March 2007 (and 31 December 2006 respectively).                        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 17. COMMITMENTS                 |                  |                         |
--------------------------------------------------------------------------------
| MEUR         |   |              |         March 31 |    March 31 |   Dec 31  |
|              |   |              |             2007 |        2006 |      2006 |
--------------------------------------------------------------------------------
| Operating lease commitments     |                  |             |           |
--------------------------------------------------------------------------------
| Due within a     |              |               19 |          16 |        20 |
| year             |              |                  |             |           |
--------------------------------------------------------------------------------
| Due after one year and within   |               31 |          30 |        38 |
| five years                      |                  |             |           |
--------------------------------------------------------------------------------
| Due after five years            |               75 |          85 |        78 |
--------------------------------------------------------------------------------
| Total        |   |              |              125 |         131 |       136 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Capital commitments for the purchase of property, plant and equipment        |
| amounts to EUR 319 million as at 31 March 2007 (EUR 266 million at year end  |
| 2006).                                                                       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 18. CONTINGENT LIABILITIES |      |      |      |      |        |       |    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR           |   |                  |   March 31 |   March 31 |    Dec 31  |
|                |   |                  |       2007 |       2006 |       2006 |
--------------------------------------------------------------------------------
| On own behalf  |   |                  |            |            |            |
--------------------------------------------------------------------------------
|                | Other contingent     |        146 |         92 |        144 |
|                | liabilities          |            |            |            |
--------------------------------------------------------------------------------
| On behalf of associated companies and |            |            |            |
| joint ventures                        |            |            |            |
--------------------------------------------------------------------------------
|                | Guarantees           |        207 |        203 |        213 |
--------------------------------------------------------------------------------
|                | Other contingent     |        125 |        125 |        125 |
|                | liabilities          |            |            |            |
--------------------------------------------------------------------------------
| On behalf of others                   |            |            |            |
--------------------------------------------------------------------------------
|                | Guarantees           |         14 |          2 |         12 |
--------------------------------------------------------------------------------
|                | Other contingent     |          2 |          3 |          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.

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 has occurred during the
period.

The Finnish State owned 50.82% of the shares in Fortum 31 December 2006. At 31
March 2007 the Finnish State ownership has changed to 50.63% due to the
diluting effect of the shares subscribed with options during the period.

ASSOCIATED COMPANY TRANSACTIONS

--------------------------------------------------------------------------------
| MEUR            |   |                |    March 31 |   March 31 |    Dec 31  |
|                 |   |                |        2007 |       2006 |       2006 |
--------------------------------------------------------------------------------
| Sales to associated companies        |          43 |         36 |        101 |
--------------------------------------------------------------------------------
| Interest on associated company loan  |           6 |          5 |         20 |
| receivables                          |             |            |            |
--------------------------------------------------------------------------------
| Purchases from associated companies  |         130 |        130 |        487 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSOCIATED COMPANY BALANCES          |             |            |            |
--------------------------------------------------------------------------------
| MEUR            |   |                |    March 31 |   March 31 |    Dec 31  |
|                 |   |                |        2007 |       2006 |       2006 |
--------------------------------------------------------------------------------
| Long-term interest-bearing loan      |         576 |        538 |        575 |
| receivables                          |             |            |            |
--------------------------------------------------------------------------------
| Trade receivables   |                |          11 |         20 |         28 |
--------------------------------------------------------------------------------
| Other receivables   |                |           7 |          8 |          7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Long-term loan payables              |         164 |        164 |        164 |
--------------------------------------------------------------------------------
| Trade payables  |   |                |          15 |         18 |         12 |
--------------------------------------------------------------------------------
| Other payables  |   |                |          24 |         11 |         23 |
--------------------------------------------------------------------------------

TRANSACTIONS AND BALANCES WITH JOINT VENTURES
Transactions and balances with joint ventures as at and for the period ended 31
March 2007 are not material for the Group.
20. EVENTS AFTER THE BALANCE SHEET DATE
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 haspreviously
published respective decisions for 13 distribution companies. Fortum will appeal
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 in relation to this decision has been
recognised in this interim financial statements.

--------------------------------------------------------------------------------
| 21. DEFINITION OF    |    |      |      |      |       |       |      |      |
| KEY FIGURES          |    |      |      |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA (Earnings     | =  | Operating profit +         |       |      |      |
| before interest,     |    | Depreciation, amortisation |       |      |      |
| taxes, depreciation  |    |                            |       |      |      |
--------------------------------------------------------------------------------
| and      |           |    | and         |      |       |       |      |      |
| amortisa |           |    | impairment  |      |       |       |      |      |
| tion)    |           |    | charges     |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comparable operating | =  | Operating profit - non-recurring items -  |      |
| profit               |    | other items effecting comparability       |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring items  | =  | Mainly capital     |       |       |      |      |
|                      |    | gains and losses   |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other items          | =  | Includes effects from financial           |      |
| effecting            |    | derivatives hedging future cash-flows     |      |
| comparability        |    | 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           | =  | Net cash from operating activities |      |      |
| operations (FFO)     |    | 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            | =  | Profit for  |      |       |       |      |  x   |
| shareholders'        |    | the year    |      |       |       |      | 100  |
| equity, %            |    |             |      |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Total       |      |       |       |      |      |
|      |   |           |    | equity      |      |       |       |      |      |
|      |   |           |    | average     |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on capital    | =  | Profit before taxes + interest and |      |  x   |
| employed, %          |    | other financial expenses           |      | 100  |
--------------------------------------------------------------------------------
|      |   |           |    | Capital     |      |       |       |      |      |
|      |   |           |    | employed    |      |       |       |      |      |
|      |   |           |    | average     |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on net        | =  | Operating profit + Share of profit (loss) |  x   |
| assets, %            |    | in associated companies and joint         | 100  |
|                      |    | ventures                                  |      |
--------------------------------------------------------------------------------
|      |   |           |    | Net assets  |      |       |       |      |      |
|      |   |           |    | average     |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comparable return on | =  | Comparable operating profit + Share of    |  x   |
| net assets, %        |    | profit (loss) in associated companies     | 100  |
--------------------------------------------------------------------------------
|      |   |           |    | and joint ventures         |       |      |      |
|      |   |           |    | (adjusted for IAS 39       |       |      |      |
|      |   |           |    | effects and major sales    |       |      |      |
|      |   |           |    | gains or losses)           |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Comparable net     |       |       |      |      |
|      |   |           |    | assets average     |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital  |           | =  | Total assets - non-interest        |      |      |
| employed |           |    | bearing liabilities - deferred tax |      |      |
|          |           |    | liabilities                        |      |      |
--------------------------------------------------------------------------------
|      |   |           |    |    - |      |      |       |       |      |      |
|      |   |           |    | prov |      |      |       |       |      |      |
|      |   |           |    | isio |      |      |       |       |      |      |
|      |   |           |    |   ns |      |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net  |   |           | =  | Non-interest bearing assets +             |      |
| asse |   |           |    | interest-bearing assets related to the    |      |
| ts   |   |           |    | 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       | =  | Net assets adjusted for            |      |      |
| assets               |    | 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           |       |      |      |
| debt                 |    | liabilities - cash and     |       |      |      |
|                      |    | cash equivalents           |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gear |   |           | =  | Interest-be |      |       |       |      |  x   |
| ing, |   |           |    | aring net   |      |       |       |      | 100  |
| %    |   |           |    | debt        |      |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Tota |      |      |       |       |      |      |
|      |   |           |    | l    |      |      |       |       |      |      |
|      |   |           |    | equi |      |      |       |       |      |      |
|      |   |           |    | ty   |      |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity-to-assets     | =  | Total equity       |       |       |      |  x   |
| ratio, %             |    | including minority |       |       |      | 100  |
|                      |    | interest           |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Tota |      |      |       |       |      |      |
|      |   |           |    |    l |      |      |       |       |      |      |
|      |   |           |    | asse |      |      |       |       |      |      |
|      |   |           |    |   ts |      |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net debt / EBITDA    | =  | Interest-be |      |       |       |      |      |
|                      |    | aring net   |      |       |       |      |      |
|                      |    | debt        |      |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Operating profit + Depreciation,   |      |      |
|      |   |           |    | amortisation and impairment        |      |      |
|      |   |           |    | charges                            |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest |           | =  | Operating   |      |       |       |      |      |
| coverage |           |    | profit      |      |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Net         |      |       |       |      |      |
|      |   |           |    | interest    |      |       |       |      |      |
|      |   |           |    | expenses    |      |       |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share   | =  | Profit for the     |       |       |      |      |
| (EPS)                |    | period - minority  |       |       |      |      |
|                      |    | interest           |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Average number of shares   |       |      |      |
|      |   |           |    | during the period          |       |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share,    | =  | Shareholder |      |       |       |      |      |
| EUR                  |    | 's equity   |      |       |       |      |      |
--------------------------------------------------------------------------------
|      |   |           |    | Number of shares excluding         |      |      |
|      |   |           |    | treasury shares at the end of the  |      |      |
|      |   |           |    | period                             |      |      |
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