Fortum - Company Announcement

Fortum comments on discussions in the Finnish media on the valuation of its Russian subsidiary TGC-10

Fortum Corporation                                                              
Stock exchange release                                                          
22 April 2009 at 17.00 EET                                                      


Fortum comments on discussions in the Finnish media on the valuation of its     
Russian subsidiary TGC-10                                                       

There have been active discussions in the Finnish media speculating that Fortum 
would have to make write-downs on the asset value of its Russian subsidiary     
TGC-10.                                                                         

Fortum applies international financial reporting standards (IFRS) in its        
financial statements. Accordingly, asset's carrying amounts booked in the       
balance sheet are tested against its recoverable amount, which is based on      
future discounted cash flow estimates. In Fortum's financial statements bulletin
for 2008, issued on 5 February 2009, the carrying amounts in the balance sheet  
were tested according to IFRS.                                                  

Fortum has no new information that would have prompted it to change the balance 
sheet values (carrying amounts) of its Russian assets since February, excluding 
normal currency fluctuations. The power market reform in Russia has proceeded   
according to plan. Furthermore, TGC-10's business and the company's integration 
to Fortum have also proceeded as planned.                                       


Fortum Corporation                                                              
Maria Romantschuk                                                               
SVP, Corporate Communications                                                   

Further information:                                                            
Mika Paloranta, Vice President, IR, tel. +358 50 4524138                        

Distribution:                                                                   
NASDAQ OMX Helsinki                                                             
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