Fortum Oyj

M&A Activity • Jul 22, 2008

Disclosure 260455

Fortum - Tender offer

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

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 Distribution: OMX Nordic Exchange Helsinki Key media www.fortum.com