Stock exchange release

Fortum comments on discussions in the Finnish media on the valuation of its Russian subsidiary TGC-10

22 April 2009, 17:01 EEST

Fortum Corporation
Stock exchange release
22 April 2009 at 17.00 EET

Fortum comments on discussions in the Finnish media on the valuation of its Russian subsidiary TGC-10 There have been active discussions in the Finnish media speculating that Fortum would have to make write-downs on the asset value of its Russian subsidiary TGC-10. Fortum applies international financial reporting standards (IFRS) in its financial statements. Accordingly, asset's carrying amounts booked in the balance sheet are tested against its recoverable amount, which is based on future discounted cash flow estimates. In Fortum's financial statements bulletin for 2008, issued on 5 February 2009, the carrying amounts in the balance sheet were tested according to IFRS. Fortum has no new information that would have prompted it to change the balance sheet values (carrying amounts) of its Russian assets since February, excluding normal currency fluctuations. The power market reform in Russia has proceeded according to plan. Furthermore, TGC-10's business and the company's integration to Fortum have also proceeded as planned. Fortum Corporation Maria Romantschuk SVP, Corporate Communications Further information: Mika Paloranta, Vice President, IR, tel. +358 50 4524138 Distribution: NASDAQ OMX Helsinki Key Media www.fortum.com