Stock exchange release

Fortum's mandatory public tender offer to TGC-10 minorities has ended

22 July 2008, 09:00 EEST

Fortum Corporation Stock exchange release 22 July 2008 9:00 EET

Fortum's mandatory public tender offer to TGC-10 minorities has ended           

The acceptance period for Fortum's mandatory public tender offer (MTO) for the  
entire share capital of the Russian Territorial Generating Company No. 10       
(TGC-10) to TGC-10 minorities expired on 18 July 2008. According to preliminary 
information, minorities holding more than 14% of TGC-10 shares have indicated   
that they accept the offer. In March 2008, Fortum acquired 76.49% of TGC-10.    

In the application for the sale of TGC-10 shares, the minorities were given the 
option to inform Fortum of their willingness to divest all of their shares.     
Furthermore, the shareholders of TGC-10 who have accepted the offer now have two
months (until 16 September 2008) to transfer their shares to the depositary     
account of Fortum Russia B.V. It is expected that the settlement will be        
completed by the end of September. Therefore, the final results of the MTO i.e. 
the number of transferred shares will be known and published only in the        
beginning of October 2008.                                                      

In the event that Fortum's shareholding in TGC-10 exceeds 95% as a result of the
MTO Fortum may elect, in accordance with Russian law, to do a compulsory        
purchase of the remaining shares in TGC-10.                                     

Fortum Corporation                                                              
Maria Romantschuk                                                               
Senior Vice President, Communications                                           

Further information:                                                            
Kari Kautinen, Vice President, M&A, Fortum Corporation,                         
+358 50 453 2174                                                                

OMX Nordic Exchange Helsinki                                                    
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