Press release

Fortum continues its investments in circular economy by acquiring Turebergs Recycling AB in Sweden

21 December 2016, 15:00 EET


Fortum has today finalized an acquisition of Turebergs Recycling AB from
Turebergs Åkeri AB with an enterprise value of up to approximately EUR 11
million (SEK 108 million). The main business of Turebergs Recycling is
environmental construction, recycling and processing of bottom ash from
waste-to-energy plants. The company has long-term contracts with its customers,
based on which Turebergs Recycling receives combustion residues, treats them
and utilizes the cleansed material as infrastructure construction material. An
important part of the business is separation of metals for reuse.

Turebergs Recycling operates mostly in Stockholm area and has annual revenue in
excess of SEK 100 million with strong profitability. The company will be
integrated as a part of Fortum’s City Solutions division, which through the
acquisition of Ekokem in August 2016 has strong competences and existing
business in ash treatment.

Markus Rauramo, head of City Solutions division comments: “We are very pleased
about the acquisition of Turebergs Recycling, which reinforces our determined
entry into materials recycling business. Utilisation of incineration waste in
full, including metal separation, is in line with our vision ‘For a cleaner
world’ as it helps save natural resources and reduce carbon dioxide emissions.
Acquisition of Ekokem was our first big step entering into circular economy
business and we expect to continue our growth when attractive opportunities
arise both in our existing home markets as well as in new geographies.”

Daniel Bergholtz, owner of Turebergs Åkeri AB comments: “We welcome Fortum as
the new owner of our subsidiary Turebergs Recycling, which has long experience
within treatment and recycling of incinerated bottom ash. The circular economy
is here to stay and we look forward to follow the company’s continued success”.

Fortum Corporation
Group Communications

Further information:
Antti Kaartokallio, Head of Environmental Construction, Fortum, City Solutions,
tel. +358 50 3833 497

Fortum is a leading clean energy company which provides its customers with
electricity, heating and cooling as well as smart solutions to improve resource
efficiency. We want to engage our customers and society to join the change for
a cleaner world. We employ some 8,000 professionals in the Nordic and the
Baltic countries, Russia, Poland and India, and already 64% of our electricity
generation is CO2 free. In 2015, our sales were EUR 3.5 billion. (NASDAQ