Fortum to participate in the Fennovoima project with 6.6 per cent share – TGC-1 restructuring negotiations in Russia still not concluded


Fortum has decided to participate in the Fennovoima nuclear power project in
Finland with 6.6 per cent share and on the same terms and conditions as the
other Finnish companies currently participating in the project. Participation
will be carried out through Voimaosakeyhtiö SF.

”Fennovoima is an important project for the Finnish society. At the same time,
nuclear power is one of the key areas in Fortum’s strategy and our core
competence together with hydro power and combined heat and power production”,
says Fortum’s Interim CEO and CFO Timo Karttinen.

“With our participation, Fennovoima project will be able to utilize Fortum’s
wide expertise of the nuclear sector and our technical know-how. At the same
time Fortum will be able to continue its good long term cooperation with
Rosatom and develop further its own expertise along with the project. Our
target has not been to build a greenfield site for nuclear power in Finland as
we already have two own nuclear power units in Loviisa and Fortum holds a share
in Olkiluoto units. Our decision enables, however, Fennovoima project to
proceed within the timeline the Finnish government has set to the project”,
says Mr Karttinen.

Situation in the Territorial Generating Company TGC-1 restructuring
negotiations in Russia remain unchanged. Despite of continued negotiations it
has not up till now been possible to find a jointly approved solution.

Fortum, Gazprom Energoholding and Rosatom signed in December 2014 a protocol to
start negotiations on the restructuring process of TGC-1 ownership in Russia.
Fortum has a 29.5 per cent holding in TGC-1.

Fortum Corporation
Helena Aatinen
Senior Vice President, Corporate Communications

Further information:
Timo Karttinen, Interim CEO and CFO, Fortum,
Call back requests tel. +358 10 452 4121/Gun Wangel (today at 11.00 – 12.00 EET)

Media: Helena Aatinen, SVP, Communications, Fortum, tel. +358 10 452 0480
Investors and analysts: Sophie Jolly, VP, Investor Relations, Fortum, tel. +358
10 453 2552

Nasdaq Helsinki
Key media

Fortum’s purpose is to create energy that improves life for present and future
generations. Fortum’s expertise is in CO2-free and efficient electricity and
heat production. The company also offers energy-related products and expert
services to private and industrial customers and energy producers. Fortum’s
main areas of operation are the Nordic and the Baltic countries, Russia and
Poland. In 2014, the annual sales (excluding the divested electricity
distribution business) totalled EUR 4.1 billion, and comparable operating
profit was EUR 1.1 billion. The company employs approximately 8,000 people.
Fortum’s share is listed on Nasdaq Helsinki.