Fortum Oyj

M&A Activity • Oct 22, 2008

Disclosure 263222

Fortum - Company Announcement

Fortum divests its share in Jyväskylän Energiantuotanto Oy

Fortum Corporate Stock exchange release 22 October 2008 at 8.00 EET Fortum divests its share in Jyväskylän Energiantuotanto Oy Fortum and Jyväskylän Energia (JE) have signed a contract according to which Fortum will sell its 60% ownership in Jyväskylän Energiantuotanto Oy (JYT) to JE. Currently, JE owns 40% of JYT. Fortum sells its stake for approximately EUR 40 million. Also the land on which the power plant is located on and all business operations related to the shares will be sold to JE. The sales gain from the transaction will be booked in Fortum's 2008 fourth quarter financial result. The transaction will take effect on 1 January 2009. Jyväskylän Energiantuotanto Oy produces and sells heat and electricity to its owners according to the owners' agreement. The company's electricity production capacity is 115 megawatts (MW), district heating capacity 610 MW and steam production capacity 110 MW. The divestment is part of the business development programme of Fortum's Heat segment aiming at ensuring long term profitability of the segment. Majority of the local power plant's Fortum employees, around 70 persons, will transfer to JYT. Fortum Corporation Maria Romantshuck SVP, Corporate Communications Additional information: Timo Karttinen, SVP, Corporate Development, Fortum Corporation, +358 50 453 6555