Stock exchange release

FORTUM TO BOOK GAIN FROM HAFSLUND SALE OF REC SHARES

22 March 2007, 16:15 EET

Hafslund ASA, owned by Fortum to 34.09%, today announced it has completed the
sale of 35 million shares in Renewable Energy Corporation (REC) at NOK 138 per
share. After this transaction, Hafslund still owns 70.4 million shares in REC.

As a consequence, Fortum will book a gain of approximately EUR 180 million, corresponding to roughly EUR 0.20 per share, in its first quarter result. REC was listed on the Oslo Exchange on 9 May 2006 and the value of its share has increased significantly since Hafslund's original investment. According to Fortum's accounting principles, the increase in the value of REC shares has been booked directly into equity proportionally to the company's ownership in Hafslund. Resulting from Hafslund's realisation of REC shares, Fortum will book a gain into its Profit/Loss statement as profit from associated companies. Hafslund today also announced it will propose a special dividend of NOK 15 per share to be distributed subject to an AGM decision in May. Fortum's share of the special dividend is approximately EUR 120 million. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Further information: Juha Laaksonen, CFO, Fortum Corporation, + 358 50 4524519 Distribution: Helsinki Stock Exchange Key media www.fortum.com