Stock exchange release

Change of management at Fortum's subsidiary TGC-10

30 May 2008, 7:00 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 Distribution: OMX Nordic Exchange Helsinki Key media