Stock exchange release

FORTUM'S STAKE IN RUSSIAN TGC-1 MAINTAINED AT OVER 25% AFTER SHARE ISSUE

20 September 2007, 14:00 EEST

Fortum has participated in the share issue of Russian Territorial Generating    
Company 1 (TGC-1) subscribing to 243,691,499,640 new shares in the company. At  
0.035 rubles per share, the total value of Fortum's subscription was            
approximately 8.5 billion rubles or approximately 243 million euros. With this  
subscription, Fortum maintained an over 25% stake in TGC-1 and its position as  
the second largest shareholder of the company.                                  

The share offering is expected to increase the share capital of TGC-1 by        
approximately 32.4 billion rubles (about 922 million euros). The planned use of 
the new capital is financing the company's investment programme to increase     
production capacity.                                                            

TGC-1 in North-West Russia was founded in 2006 as part of the Russian power     
sector reform. The company operates in a large area, from St. Petersburg to the 
Kola Peninsula. The production capacity of TGC-1 is about 6,000 MW power and    
about 17,000 MW heat.                                                           

Fortum Corporation                                                              
Maria Romantschuk                                                               
SVP, Corporate Communications                                                   

Further information:                                                            
Kari Kautinen, Vice President, Fortum Corporation, tel . +358 50 453 2174       

Distribution:                                                                   
Helsinki Stock Exchange                                                         
Key media                                                                       
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