Fortum's mandatory public tender offer to TGC-10 minorities has ended

Fortum Corporation
Stock exchange release
22 July 2008 9:00 EET

Fortum's mandatory public tender offer to TGC-10 minorities has ended

The acceptance period for Fortum's mandatory public tender offer (MTO) for the
entire share capital of the Russian Territorial Generating Company No. 10
(TGC-10) to TGC-10 minorities expired on 18 July 2008. According to preliminary
information, minorities holding more than 14% of TGC-10 shares have indicated
that they accept the offer. In March 2008, Fortum acquired 76.49% of TGC-10.

In the application for the sale of TGC-10 shares, the minorities were given the
option to inform Fortum of their willingness to divest all of their shares.
Furthermore, the shareholders of TGC-10 who have accepted the offer now have two
months (until 16 September 2008) to transfer their shares to the depositary
account of Fortum Russia B.V. It is expected that the settlement will be
completed by the end of September. Therefore, the final results of the MTO i.e.
the number of transferred shares will be known and published only in the
beginning of October 2008.

In the event that Fortum's shareholding in TGC-10 exceeds 95% as a result of the
MTO Fortum may elect, in accordance with Russian law, to do a compulsory
purchase of the remaining shares in TGC-10.

Fortum Corporation
Maria Romantschuk
Senior Vice President, Communications

Further information:
Kari Kautinen, Vice President, M&A, Fortum Corporation,
+358 50 453 2174

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