Fortum and DCNS to develop wave power in France

PRESS RELEASE 10 October 2011

Fortum and DCNS have today signed a Letter of Intent on cooperation in the
field of wave power research and development in France. A joint feasibility
study for a wave power demonstration project located in France is planned to be
starting by the end of 2011.

The project is in line with Fortum's and DCNS's ambitions. Fortum's strategy is
based on sustainable solutions that fulfil the needs for low emissions,
resource-efficiency and energy security. DCNS aims to play a leading role in
the emerging field of marine renewable energy, which is an integral part of the
Group's strategy and offers significant opportunities for long-term growth.

“The potential of wave power justifies the research investments in wave power
plants. We firmly believe that wave power will play a significant part in the
next generation renewable energy system. Fortum has seized this excellent
opportunity to test the technology in cooperation with DCNS as it will allow
both companies to utilise their complementary expertise in the area”, says
Matti Ruotsala, Executive Vice President of Fortum, when signing the Letter of
Intent with DCNS today. “Working together on the wave power demonstration
project in France over the coming months will enable us to make considerable
R&D progress for the future of this energy source.”

"We are delighted to partner with a leading player, which contributes to the
emergence of wave energy that undoubtedly plays an important role in the market
for marine renewable energies. DCNS has all the skills to provide the
appropriate industrial answers to Fortum”, said Bernard Planchais, Executive
Vice President and Chief Operating Officer of DCNS. “DCNS is ready and eager to
play a leading role in this market by working with Fortum on projects that will
serve as precursors to industrial scale-up.”

Fortum has been actively involved in wave energy development since 2007. The
company is already participating in two wave power development projects aiming
to build demonstration plants in Sweden and Portugal. Offshore wave power
technology is being researched in Sweden and nearshore wave technology in
Portugal in collaboration with the Finnish company AW-Energy. WaveRoller, a
technology developed by AW-Energy, is now being looked into as one opportunity
to be used in the French project developed by Fortum and DCNS.

CO2-free energy production is Fortum's core competence: in 2010, 86 % of
Fortum's power production in Europe was CO2 -free. The company's ambition is
to contribute to building a low-carbon society also in France. Therefore Fortum
will participate in the tendering processes for hydropower concession renewals
in France as announced in the end of last year.

DCNS is the unique industrial company in the world that is exploring the entire
spectrum of marine renewable energy technologies from floating offshore wind
turbines and marine current turbines to ocean thermal energy conversion (OTEC)
and wave converters. Building on its technologies, industrial means and
expertise, DCNS covers the complete cycle of these new power production
systems: conception, construction and maintenance. Last January, DCNS acquired
an 8% holding in OpenHydro, a world leader in tidal renewable energy, in order
to enable the companies to combine their marine engineering strengths in the
tidal energy market. Moreover, DCNS plans to develop and build a 10 MW offshore
ocean thermal energy pilot plant in Martinique and will deliver an OTEC land
based prototype to La Réunion.

Fortum Corporation

Further information:

Fortum, Power Division
Risto Penttinen, Vice President, Strategic Ventures, tel. + 358 40 746 6589
Mikko Iso-Tryykäri, Project Manager, Strategic Ventures, tel. + 358 50 453 2650

Virginie Lemière, Press Officer, tel. +33 (0) 1 40 59 53 57,

Images of wave power: > Mediaroom > Photos and logos > Fortum Media Bank > Renewable

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

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

Further information:

About DCNS
DCNS is a world leader in naval defence and an innovative player in energy. The
Group's success as an advanced technology company with global reach is built on
meeting customer needs by deploying exceptional know-how and unique industrial
resources. DCNS designs, builds and supports surface combatants, submarines and
mission-critical systems and equipment incorporating the most advanced
technologies. It also proposes services for naval shipyards and bases. Last but
not least, DCNS offers a range of solutions in marine renewable energy. DCNS is
committed to sustainable development and was one of the first defence
contractors to achieve Group-wide certification to ISO 14001. In recognition of
the success achieved by its Filières du Talent knowledge sharing programme,
DCNS was awarded the Trophée National de l'Entreprise Citoyenne (national award
for corporate citizenship) under the patronage of the French Senate. The Group
employs 12,500 people and generates annual revenues of around €2.5 billion.

DCNS's Mr Bernard Planchais and Fortum's Mr Matti Ruotsala signed the agreement today, 10 October 2011