Share transaction between Fortum and Norilsk Nickel has been cancelled

Fortum Corporation Stock exchange release 15 September 2006


Share transaction between Fortum and Norilsk Nickel has been cancelled

Fortum and the Russian metals and mining company MMC Norilsk Nickel signed an
agreement on 25 November 2005 according to which Fortum will acquire 24.83
percent of the shares of Kolenergo, a Russian power company operating in the
Kola Peninsula. Norilsk Nickel has announced that it will call of the deal based on
the conditions set by the Russian competition authority in August. Further
negations over the terms of the transaction between Norilsk Nickel's parent
company Interros and Fortum also ended without resolution.

The transaction would have strengthened Fortum's position in Territorial
Generation Company, TGC-1, that will be formed through the merging of the
generation assets of Kolenergo, Lenenergo and Karelenergo. Now Fortum's
ownership in TGC-1 will be slightly over 18 percent.

Today, Fortum and RAO UES have agreed on further co-operation in investigating
Fortum's strategic opportunities in Russia.


Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Distribution:
Helsinki Stock Exchange
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