Stock exchange release

Fortum's share in Russian TGC-10 approximately 76%

14 March 2008, 10:55 EET

The Russian territorial generating company TGC-10 has today confirmed           
subscriptions in the company's share issue. The share issue was almost fully    
subscribed by Fortum at RUB 111.8 per share. Fortum announced that it will      
participate in the share issue on 29 February 2008, when it won the share       
auction over a 29% stake in TGC-10.                                             

The total value of Fortum's subscription, and that of the entire share issue,   
was approximately RUB 46.6 billion or approximately EUR 1.3 billion. With this  
subscription, Fortum's ownership in TGC-10 will increase to slightly over 76%   
shares and voting rights. The capital increase will remain in TGC-10 and will be
used to finance its committed capacity investment programme planned at EUR 2.2  

Founded in 2006 as part of the Russian power sector reform, TGC-10 is a         
territorial generating company operating in Urals region. The company's total   
installed capacity is 3,000 MW electricity and 15,800 MW heat. TGC-10's         
committed investment programme is planned to further increase its electricity   
production capacity with 2,300 MW by 2013.                                      

Fortum Corporation                                                              
Maria Romantschuk                                                               
SVP, Corporate Communications                                                   

Further information:                                                            
Tapio Kuula, Senior Vice President, Fortum Corporation, +358 (0)10 45 24112     

OMX Nordic Exchange Helsinki                                                    
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