Eastern European Markets
September 19th, 2007

Fortum´s stake in Russian TGC-1 maintained at over 25 % after share issue

Fortum has participated in the share issue of Russian Territorial Generating Company 1 (TGC-1) subscribing to 243,691,499,640 new shares in the company. At 0.035 rubles per share, the total value of Fortum’s subscription was approximately 8.5 billion rubles or approximately 243 million euros. With this subscription, Fortum maintained an over 25% stake in TGC-1 and its position as the second largest shareholder of the company.

The share offering is expected to increase the share capital of TGC-1 by approximately 32.4 billion rubles (about 922 million euros). The planned use of the new capital is financing the company’s investment programme to increase production capacity.

TGC-1 in North-West Russia was founded in 2006 as part of the Russian power sector reform. The company operates in a large area, from St. Petersburg to the Kola Peninsula. The production capacity of TGC-1 is about 6,000 MW power and about 17,000 MW heat.

Further information:
Kari Kautinen, Vice President, Fortum Corporation, tel . +358 50 453 2174
Helsinki Stock Exchange
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