Stock exchange release

Change of management at Fortum's subsidiary TGC-10

30 May 2008, 07:00 EEST

Fortum Corporation Stock exchange release 30 May 2008 at 07:00 EET

Change of management at Fortum's subsidiary TGC-10                              

General Director of Fortum's Russian subsidiary TGC-10 Andrey Shishkin has      
resigned in order to continue his career elsewhere. He will leave the company on
16 June 2008. Dmitry Novoselov, Head of Fortum's Russian Operations, has been   
nominated General Director from 17 June until the end of 2008. His appointment  
is subject to the TGC-10 Board of Directors' approval. Mr Novoselov has worked  
for Fortum since 2004.                                                          

“We would like to express our gratitude to Mr Shishkin for his active           
cooperation with Fortum, the new owner of TGC-10,” says Fortum Senior Vice      
President Tapio Kuula.                                                          

TGC-10 is a territorial generating company operating in the Urals and Western   
Siberia regions. The company was founded in 2006 as part of the Russian power   
sector reform.  The total installed capacity of TGC-10 and its affiliates is    
3,000 MW of electricity and 15,800 MW of heat with annual production of 18 TWh  
of electricity and 27 of TWh heat. The company has an extensive investment plan 
to further increase its electricity production capacity with 2,300 MW by 2013.  

Fortum acquired a majority share in TGC-10 in an auction held in February 2008  
and currently holds 76.5% of TGC-10 shares. Fortum has made a mandatory public  
tender offer for the entire share capital of TGC-10 to minorities. The offer    
acceptance period ends on 18 July 2008.                                         

Fortum Corporation                                                              
Maria Romantschuk                                                               
Senior Vice President, Communications 

OMX Nordic Exchange Helsinki                                                    
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