Fortum Oyj

M&A Activity • Jan 10, 2020

Fortum concludes the sale of its district heating business in Joensuu, Finland

FORTUM CORPORATION STOCK EXCHANGE RELEASE 10 JANUARY 2020 AT 14:35 EET Release category: Other information disclosed according to the rules of the Exchange

Fortum has today concluded the sale of its district heating business in Joensuu, Finland to Savon Voima Oyj, as announced on 20 December 2019.

The total consideration of the sale on a debt- and cash-free basis is approximately EUR 530 million. Fortum will record a tax exempt capital gain of approximately EUR 430 million in the City Solutions segment's first-quarter 2020 results.

Fortum Corporation

Ingela Ulfves, VP, IR and Financial Communications

Further information:

Media:

Timo Piispa, Head of Heating & Cooling Finland, tel. +358 50 453 2758

Investors & analysts:

Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 5151 531 Måns Holmberg, Manager, IR and Financial Communications, tel. +358 44 518 1518 Rauno Tiihonen, IR Manager, tel. +358 10 453 6150

Distribution:

Nasdaq Helsinki Main media www.fortum.com

Fortum

Fortum is a leading clean-energy company that 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 Baltic countries, Russia, Poland and India. In 2018, our sales were EUR 5.2 billion and 57% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com