President and CEO Tapio Kuula at Fortum’s Annual General Meeting: EU should set intermediate target to achieve emissions reduction

PRESS RELEASE 11 April 2012

”The EU should waste no time in setting a sufficiently ambitious intermediate
target for CO2 emissions reduction on the way to the 80-95% emissions reduction
target by 2050", noted President and CEO Tapio Kuula at Fortum’s Annual General
Meeting on 11 April 2012.

"This would encourage the use of existing low-emissions technologies and would
accelerate the adoption of new ones. And if this were done, there would no
longer be a need for separate targets for renewable energy or energy
efficiency. It would clarify political target-setting while bringing efficiency
and significant cost savings,” Kuula stated.

In terms of Europe’s energy markets, Kuula pointed out the long-term nature of
energy industry investments.

“I consider it very important that the development of Europe’s energy markets
is market-driven and long term and that the game rules are harmonised. Broader
markets that function efficiently benefit customers, society and the
environment. They enable the right investments in the right place at the lowest
possible cost.”

Fortum Corporation
Corporate Communications

Additional information:
The CEO’s review can be read in full on Fortum’s website

Fortum

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

Fortum's operations focus on the Nordic countries, Russia, Poland and the
Baltics. In the future, the integrating European and fast-growing Asian energy
markets provide additional growth opportunities. In 2011, Fortum’s sales
totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion.
We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX
Helsinki.

Further information: www.fortum.com