CONTENTS. Anniversary year of gas. Gasum's business. We promote sustainable development

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1 gasum's year 2014

2 ABOUT THIS REPORT CONTENTS About this report 3 Gasum in brief 4 CEO s review 6 Gasum in Key events of the year 10 Strategy 12 Business areas 14 Energy trade 15 Biogas and transport solutions 18 LNG 20 Energy services 24 Transmission services 26 Corporate responsibility 28 Innovations and future 30 Stakeholder cooperation and energy market 32 Responsible employer 34 Supply security and safety 36 Natural energy gas value chain Gasum bought a majority stake in Skangass LNG distribution business 28 6 Change supported by our new strategy 14 Gasum's business We promote sustainable development 32 We develop the Finnish energy sector and participate in energy policy GASUM'S YEAR 2014 Publisher Gasum Corporation P.O. Box 21 Miestentie Espoo Finland Editor-in-Chief Anna Ailio anna.ailio@gasum.fi Editing and layout Miltton Oy Photography Tomi Parkkonen Petteri Vilkki Gasum Corporation Getty Images Gorilla istockphoto Shutterstock MCI Press Print run 500 Printing house Lönnberg, Helsinki Paper Cover Cocoon Offset 300 g/m 2 Inside pages Cocoon Offset 120 g/m 2 Address source Gasum Corporation s customer and stakeholder data file Anniversary year of gas 40 years ago in 1974 Finland gained access to a new source of energy natural gas. Originally an industrial fuel, today natural gas is also used to heat up households, industry and as a land and marine transport fuel. In its liquefied form (LNG), natural gas can also be delivered outside the gas pipeline network, and therefore LNG is expected to open up new opportunities for the development of the Finnish gas market. In addition to marking 40 years of gas in Finland, 2014 was also the 20th anniversary of Gasum. Originally established as the natural gas unit of Neste, today the Finnish State owns 75 per cent of Gasum. In addition to natural gas, 100 per cent Finnish biogas flows in the Finnish gas pipeline network. You will also find all of Gasum's other important events in 2014 in this publication. The Annual Report is available in Finnish and English on the Gasum website and in print. Gasum's Financial Statements and Corporate Responsibility Report can be found online in Finnish and English. With its financials, Gasum adopted reporting in compliance with the International Financial Reporting Standards (IFRS). With corporate responsibility, Gasum is reporting according to the Global Reporting Initiative's (GRI) G4 guidelines in Executive Management Group, Board of Directors and Supervisory Board 40 Offices and facilities and natural gas Particularly good security of gas supply in 2014 READ MORE AT GASUM'S YEAR

3 GASUM IN BRIEF GASUM IN BRIEF Gasum Cleanly with natural energy gases Gasum is a Finnish expert in natural energy gases. Gasum imports natural gas to Finland and upgrades biogas. The company transmits and supplies them for energy production, industry, homes and land and maritime transport. The company has production facilities, LNG terminal projects and terminals in Finland and Nordic countries. Gasum has approximately 300 employees. Our business areas The Finnish State acquired majority holding in Gasum on November 3, 2014 by purchasing the 31 per cent stake of Fortum Corporation and the 20 per cent stake of E.ON of the company. Prior to the purchase, the State shareholding in Gasum was 24 per cent. The Prime Minister s Office transferred its shares in Gasum to Gasonia Oy, a state-owned company set up for the ownership arrangement. After the transaction, Gasonia holds 48.5 per cent, OAO Gazprom 25 per cent and the National Emergency Supply Agency 25 per cent of Gasum s shares. "We are an active developer of LNG and biogas infrastructure and production in Finland and other Nordic countries, whereby we will be able to offer more competitive energy to meet our customers' needs," says Gasum CEO Johanna Lamminen. Finnish State acquires majority holding in Gasum 75% The State of Finland GASUM'S OWNERS 25% OAO Gazprom The owners are committed to Gasum s strategy and the sustained development of our company. ENERGY TRADE LNG ENERGY SERVICES TRANSMISSION SERVICES Our supply chain GASUM GROUP ORGANIZATION JAN 1, 2015 REVENUE 2014 Maintenance Jarko Alanko Project Services, HSEQ Ari Suomilammi 1,079 PRODUCTION, SOURCING AND SALES Diversification and active development of gas infrastructure and competitive supply of gas. TRANSMISSION AND DISTRIBUTION Transmission and distribution of gas with excellent supply security and safety levels and taking the customer into consideration. Emission-reducing solutions. USAGE Diverse use of natural gas and biogas in energy production, industries, households and land as well as maritime transport. Strategy, Corporate Responsibility Sari Siitonen Communications, Marketing Olga Väisänen Legal Matters, HR Kristiina Vuori Finance Jussi Teijonsalo ENERGY TRADE Aleksei Novitsky LNG Tor Morten Osmundsen ENERGY SERVICES Jarko Alanko CHIEF EXECUTIVE OFFICER Johanna Lamminen TRANSMISSION SERVICES Ari Suomilammi Gas Exchange Pekka Karinen OPERATING PROFIT GASUM'S YEAR 2014 GASUM'S YEAR

4 CEO S REVIEW CEO S REVIEW STILL DRIVING CHANGE WITH A NEW GEAR Our company s new growth in 2014 was driven by our major efforts and fast-proceeding LNG investments in the market outside the gas pipeline network. Despite the major decrease in natural gas consumption last year, the volumes of LNG and biogas increased. We re determined to ensure our customers access to competitive energy and are constantly working hard to achieve this. The promotion of Finnish competitiveness and wellbeing requires reasonably priced energy that helps minimize the burden on the environment. Carbon dioxide and local emissions from natural gas are considerably lower than those from other fossil fuels. Natural gas plays an important role in Finland s Energy and Climate Roadmap In recent years the price competitiveness of gas has been poor against other fuels such as coal. This is due to several factors including taxation and the low price levels on emission allowances and electricity. Amendments to Finnish heat production taxation reduced the competitiveness of natural gas against other fuels in The tax increases took place in three stages in 2011, 2013 and The Government promised in conjunction with the tax increase to monitor the development of the competitive setting of natural gas and the impacts of the tax reform. Over this period, however, gas consumption in big cities has decreased by almost 8 TWh while the consumption of solid fuels has increased by 6 TWh. This has resulted in the carbon dioxide emissions from, e.g., Helsinki, Espoo, Vantaa, Tampere and Lahti energy production in 2014 being around 1 tonnes (around 20 per cent) higher than in The restoration of price competitiveness is vital for gas consumption to increase and for gas to regain its position among the most popular fuels for combined heat and power (CHP) production. In accordance with our supply agreement, we have launched price negotiations with Gazprom Export. Major steps forward taken in our LNG business Our Skangass acquisition enables us to develop the Nordic LNG market to better serve industries, shipping and heavy-duty road transport in the region. Our expansion beyond Gasum s traditional market area guarantees larger-scale sourcing and improved logistics, allowing us to deliver energy more efficiently to our customers. The new Skangass LNG terminal in Lysekil, Southern Sweden, became operational during the year. The construction of our LNG terminal in Pori, Finland, also began right after the investment decision. We also sealed another investment decision, the construction of the Manga LNG terminal in Tornio, Finland, with our partners Outokumpu, SSAB and EVP Energy. In addition, access to LNG for land and maritime transport in particular must be improved in Southern Finland. We will explore the opportunities to advance the Southern Finnish LNG terminal project. In order for the project to be implemented, it must be commercially viable, the Baltic Rim gas market further developed, and sufficient financial support for the project ensured. The planning process for the Balticconnector offshore pipeline interconnecting the Finnish and Estonian gas markets is also still underway. The implementation of the Balticconnector pipeline project requires the realization of the Southern Finnish LNG terminal project and progress made in the major gas infrastructure projects in the Baltics. Biogas and road transport solutions to be developed in 2015 Our third biogas facility became operational in Lahti in late We see biogas as a future opportunity for all responsible enterprises and households. Therefore we will invest in our biogas and transport solutions and ensure increases in biogas capacity as well as developing ways to make environmentally friendly gas-fuelled vehicles a more common sight on the roads. We renewed our strategy Our development projects will be driven by our renewed strategy at the beginning of the year 2015 to provide our customers with competitive and intelligent gas solutions and utilize existing and underway gas infrastructure efficiently. I would like to thank our customers and stakeholders for excellent cooperation. We will continue our active debate about the role of gas in the energy portfolio of the future in order to ensure competitive and cleaner energy for our customers. I also want to acknowledge our employees for giving a kick-start to our transformation project last year. JOHANNA LAMMINEN Chief Executive Officer 6 GASUM'S YEAR 2014 GASUM'S YEAR

5 GASUM IN 2014 GASUM IN TWh 33,877 MWh 3.9 TWh SALES OF NATURAL GAS IN FINLAND (2013: 33.2) BIOGAS INJECTED INTO THE NETWORK IN FINLAND (2013: 31,721) SALES OF LNG IN NORDIC COUNTRIES (2013: 2.6) GASUM Comparative prices per equivalent liter of petrol, Feb 2, 2015 BIOGAS /l (2014: 0.963) NATURAL GAS /l (2014: 0.899) OPERATING PROFIT (%) REVENUE ( MILLION) 1,500 1, Key figures ,079 REVENUE 1,150 OPERATING PROFIT BALANCE SHEET TOTAL 1, IN 2014 Year of changes in the gas market CAPITAL EXPENDITURE CO 2 EMISSION FACTORS (T/TJ) NATURAL GAS 55.0 LNG 55.8 BIOGAS* 56.1 MOTOR GASOLINE 69.0 COAL 93.3 PEAT * Biofuel, with its carbon dioxide emissions not included in Finland s total greenhouse gas emissions or taken into account in emissions trading Natural gas has been imported to Finland non-stop for 40 years. Despite a drop in natural gas sales volumes and, consequently, Group revenue, we developed our operations and launched a significant number of development projects during the year. The Skangass acquisition heightened the role played by our LNG business, and our biogas business gained several new customers. The Group s performance was modest, and we wrote off a total of 10 in acquisitions under assets under construction in our balance sheet. See our separate Financial Statements for more figures at EMPLOYEES (2013: 273) 1,515 MEDIA HITS (2013: 805) 28.4 per cent EQUITY RATIO EMPLOYEES 51.8 per cent TAXES PAID GASUM'S YEAR 2014 GASUM'S YEAR

6 KEY EVENTS 2014 KEY EVENTS IN 2014 Highlights of the year September January The highest gas consumption peak of the year seen on January 24, 2014 (185 GWh/day). March Johanna Lamminen starts as Gasum s new CEO on March 1, SEE PAGE 6 Tahkoluoto, Pori, is selected as the location for Finland s first LNG terminal. SEE PAGE 22 May Gasum and the Lyse Group complete Gasum s acquisition of Skangass on May 2, Skangass complements Gasum s LNG supply and enables the rapid development of the LNG infrastructure. SEE PAGE 20 A total of 100,000 in grants are given out to 10 researchers and students from the Gasum Gas Fund. July LNG projects, including the LNG terminal project and the Border Guard s new LNG-fueled OPV Turva, achieve visibility at SuomiAreena (Finland Arena), a high-profile discussion forum on Finland s current and future challenges. The Finnish Ministry of Employment and the Economy makes a positive investment support decision on the Pori LNG import terminal. Skangass makes an investment decision and begins the construction of the Pori LNG terminal and the natural gas logistics chain. SEE PAGE 22 Gasum joins the Climate Leadership Council founded by leading Finnish companies. Gas cookers in Helsinki households are fueled by biogas instead of natural gas for a month. The resulting cut in carbon dioxide emissions exceeds 140,000 kilos during the month. A biogas and natural gas filling station is opened in Lielahti, Tampere. November The Finnish State acquires the shares of Fortum and E.ON in Gasum, raising its ownership to 75 per cent. The expropriation permit for the natural gas pipeline planned for Turku, Finland, (the Western Extension) is given up. Finland and Estonia reached an understanding about the locations of the LNG terminals. Skangass signs an LNG supply agreement with the Italian energy company Eni. February April June August October December Gasum acquires the majority (51%) of the LNG distribution business from the Norwegian Lyse Group. Gasum becomes the largest LNG player in the Nordic countries. Gasum and Huntsman sign an agreement on the supply of natural gas. Gasum will construct a 12 kilometer connecting pipeline for the delivery of gas from the Pori LNG terminal. Juha Rantanen is appointed to chair the Gasum Supervisory Board. Skangass supplies LNG with a four-year contract to propel the Finnish Border Guard s new offshore patrol vessel, OPV Turva. Gasum joins the Inspired in Finland cooperation program launched by the Savonlinna Opera Festival for collaboration between culture and business. Gasum s "Biogas to fuel road transport" concept is nominated for the Energy Initiative of the Year award in an annual competition organized by the Tekniikka & Talous magazine specializing in industry issues. Gasum sells its Estonian local distribution company to Alexela Energy. This arrangement is part of Gasum s strategy of focusing on the development of the gas market in Finland and the Nordic countries. The Swedish authorities grant Skangass the permit to build an LNG terminal in the Port of Gävle. SEE PAGE 22 Gasum launches the annual innovation competition, themed this year on cleaner road transport. SEE PAGE 30 Skangass opens an LNG terminal in Lysekil, Sweden, further strengthening the Nordic LNG infrastructure. SEE PAGE 22 A subsidiary of Manga LNG Ltd, Manga Terminal Ltd, makes an investment decision on the Tornio LNG terminal. The project partners comprise Outokumpu, SSAB, EPV Energy and Skangass. Skangass and North European Oil Trade (NEOT) agree on a supply contract for LNG to NEOT s coming time-chartered vessels. The "Petrol for the price of biogas" campaign wins the Energy category of the European Excellence Awards, with Gasum the only Finnish company to achieve this. 10 GASUM'S YEAR 2014 GASUM'S YEAR

7 STRATEGY STRATEGY SUSTAINABLY TOWARD A NORDIC GAS ECOSYSTEM Our operating environment has changed dramatically in the past few years. The Skangass acquisition made and will continue to make Gasum an even more prominent player in the Nordic gas sector. We will carry on our work toward change with our new strategy setting the core goal of providing customers with intelligent and competitive gas solutions. VISION: THE NORDIC GAS ECOSYSTEM AS A PROMOTER OF SUSTAINABLE DEVELOPMENT. The purpose of our new strategy is to stimulate growth in our business areas and strengthen our ability to deliver solid financial performance, value creation as well as improve profitability. Mission and vision clarified In order to respond to the changes in our operating environment brought about by megatrends such as resource wisdom, consumer power and digital revolution, we have rede fined the Gasum mission and vision and renewed our strategy. The new strategy was presented to Gasum personnel in January Our mission is Cleaner energy through efficient gas solutions and our vision The Nordic gas ecosystem as a promoter of sustainable development'. The Nordic gas ecosystem consists of activities relating to gas in Norway, Sweden and Finland. Gasum is at the core of the ecosystem, but there are also players who can accomplish more by doing things together than any individual player could do alone. The ecosystem evolves over time and generates new opportunities for the players involved. Our strategy consists of four Must-Win-Battles We will work toward our vision of a Nordic gas ecosystem by implementing our strategy to provide customers with intelligent and competitive gas solutions. To implement our strategy in practice, we must succeed in four Must-Win-Battles (MWBs): 1. We promote sustainability 2. We provide competitive gas solutions 3. We develop a Smart Gas System 4. We create a new Gasum These MWBs focus on Gasum s advocacy, customer work, building the gas system and utilizing it as efficiently as possible, and enhancing our own competencies and wellbeing. Values determined together with Gasum personnel To create a strong value foundation for strategy implementation, we also revised our values to reflect our current operating environment. Our new values were formulated on the basis of a survey among our entire personnel and summed up in a single value proposition: Purposefully and responsibly moving towards new opportunities. Creating the Nordic gas ecosystem will call for the identification of new opportunities and determined effort to utilize the opportunities. Responsibility encompasses corporate responsibility as well as responsibility on the part each individual employee has. Gasum aims at being an exemplary player from the economic, social, safety and security as well as environmental perspective alike. In our company everyone is treated fairly. Every Gasum employee also acts responsibly in their work toward customers, coworkers and other stakeholders. MEGATRENDS AND CHANGE IN OUR OPERATING ENVIRONMENT The changes in our operating environment are best described by the following three megatrends: Resource wisdom Population growth and climate change call for increased efficiency in resource use. Improved energy efficiency and circular economy play an important role. Consumer power As consumers, individuals and communities can and want to decide on their type of energy production and control their energy consumption, which leads into an increase in the energy technologies available and the diversification of energy production. MISSION: CLEANER ENERGY THROUGH EFFICIENT GAS SOLUTIONS. We provide our customers with intelligent and competitive gas solutions. Digital revolution The energy sector is also shaped by mobile technologies and the rise in digital services. 12 GASUM'S YEAR 2014 GASUM'S YEAR

8 GASUM'S BUSINESS ENERGY TRADE Gasum's business In 2014 Gasum operated in four business areas, promoting the sales of natural energy gas solutions in different customer segments. ENERGY TRADE SERVES ENERGY TRADE Sourcing and sales of natural energy gases Biogas and transport solutions Trading services Energy Trade sources and sells natural energy gases and provides wholesale customers with energy trading services. The business also covers biogas and transport solutions. PAGE 15 ENERGY SERVICES Natural energy gas sales and solutions Appliance sales Energy Services provides households, restaurants and other enterprises with natural gas and biogas as well as gas solutions for heating and cooking and also sells gas appliances. LNG Sourcing and sales Storage Distribution The LNG business, i.e. the Gasum subsidiary Skangass, sources, stores, sells and distributes liquefied natural gas. PAGE 20 TRANSMISSION SERVICES Gas network development and maintenance Biogas upgrading and network injection Transmission Services is responsible for gas transmission to customers in the transmission network, network development and maintenance, and network safety. The business also covers biogas upgrading and the Finngulf and Balticconnector projects. Natural energy gas year 2014: Gas consumption was decreased by warm weather, inexpensive spot-priced electricity as well as cheap coal and emission allowances. The annual consumption of natural gas totaled 29.3 TWh in 2014, down 12 per cent on the year before (33.2 TWh). In terms of climate, 2014 was the secondwarmest year ever recorded in Finland, and this also had a major impact on the annual consumption of natural gas. Gasum is working actively to improve the competitiveness of natural gas. The price level of electricity in the Nordic market was quite low, which reduced combined heat and power (CHP) production based on natural gas. At the same time the competitiveness of natural gas in this traditional usage segment was also reduced due to the low world market pricing of emission allowances and coal as well as the manifold increase in natural gas taxation that has taken place over the past five years. Nevertheless, natural gas still remains an important fuel for district heating and related electricity production in Finland at a 22 per cent market share. Factors affecting the competitiveness of natural gas include the multiple-stage natural gas supply contract negotiations launched in autumn 2013 as well as domestic regulation and tax reforms. Downturn in natural gas price development in autumn The price is linked to the price of heavy fuel oil and imported coal as well as the domestic market energy price index. The strongest role in natural energy gas price development is played by the price of heavy fuel oil. The slump in the price of crude oil that began in summer 2014 could also be seen in the price of natural gas toward the end of the year, and in January 2015 the natural gas energy charge went down to a level 12 per cent below that a year earlier. According to Gasum s forecast, the clear downward trend in natural gas energy charge will persist throughout the first half of YEAR 2014 The 40th anniversary of natural gas in Finland was celebrated with customers in February. The total volume of natural gas imported to Finland by the end of 2014 amounted to billion m 3. A working group appointed by the Finnish Ministry of Employment and the Economy began preparations for the reform of the Natural Gas Market Act and the opening up of the natural gas wholesale and retail markets. Annual consumption of natural gas totaled 29.3 TWh, down 12 per cent on 2013 (33.2 TWh). Biogas production capacity increased, and 33.9 GWh of biogas was injected into the network. PAGE 24 PAGE GASUM'S YEAR 2014 GASUM'S YEAR

9 ENERGY TRADE ENERGY TRADE Reliable long-term cooperation with customers. Monthly consumption of natural gas (TWh) (Total 33.2 TWh) 2014 (Total 29.3 TWh) Source: Gasum Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NATURAL GAS AS PART OF THE BIOFUEL PRODUCTION CHAIN Natural gas consumption in Finland (TWh) Combined district heat and electricity production Industry Source: Gasum The decreasing price trend has also inspired more and more natural gas customers to consider the utilization of the situation by hedging the prices of their future natural gas procurement using Gasum's price hedging products. Consequently, trade in hedging products for the coming years was particularly active in Many natural gas customers have also begun to use the Gasum Report Service that provides current information about factors affecting the price of natural gas in the form of market analyses and price forecasts. Development of the gas market spearheading Gasum s operations It is stated in Finland's Energy and Climate Roadmap 2050, published in October, that the use of natural gas is favored by the retaining of infrastructure for the transmission of fuels such as biogas. The manufacture of biofuels also requires hydrogen produced from natural gas. Alongside the more traditional energy use of natural gas, it is increasingly used also as a raw material. Hydrogen is produced from natural gas in four locations in Finland. Around 4 TWh of natural gas is used in these processes each year, and this gas usage segment is anticipated to continue its growth. Demand for hydrogen has been boosted particularly by the production of high-quality transport fuels. The latest example of this is the Lappeenranta biorefinery of UPM-Kymmene where the production of biodiesel was launched in late Crude tall oil, a residue of pulp production, is used as the raw material for biodiesel. A working group was appointed by the Finnish Ministry of Employment and the Economy to prepare for the reform of the Natural Gas Market Act and the opening up of the natural gas wholesale and retail markets to competition. Gasum is actively involved in the process to influence the drafting of the new Act. Reliable long-term cooperation with customers A customer relationship survey with a large number of customers responding was commissioned by Gasum in the autumn. Reliability, ease of cooperation and professional competence of our staff were among issues in Gasum's operations appreciated by respondents. Gasum was rated highly for timely provision of information and attendance to customer relationships. Criticism was voiced about the high price of natural gas and the energy taxation of natural gas, which has increased manifold. Customers find Gasum's efforts to develop the LNG and biogas markets important and hope Gasum will continue to actively provide information about these issues Electricity generation by energy source in 2014 Natural gas 8% (2013: 10%) Nuclear power 35% (33%) Hydropower 20% (19%) Biomass 17% (17%) Coal 13% (15%) Peat 5% (5%) Wind power 2% (1%) Waste 1% (1%) Source: Finnish Energy Industries District heat generation by energy source in 2014 Natural gas 22% (2013: 26%) Wood and other bio 31% (29%) Coal 24% (26%) Peat 13% (13%) Secondary heat 3% (2%) Oil 3% (2%) Other 4% (4%) Source: Finnish Energy Industries Sales of natural gas by product in 2014* Annual and monthly product 89% Small consumption tariff including Gasum s own consumption 1% Gasum Plussa and secondary market trading 6% Open delivery 4% *Due to change in reporting, 2013 data is unavailable Source: Gasum 16 GASUM'S YEAR 2014 GASUM'S YEAR

10 ENERGY TRADE: BIOGAS AND TRANSPORT SOLUTIONS ENERGY TRADE: BIOGAS AND TRANSPORT SOLUTIONS Foundation laid now it s time to build upwards Strong growth in biogas Biogas is making an entry on Finland s roads. Biogas already accounted for 40 per cent of the total sales of gas at Gasum s public filling stations in At the same time biogas solutions are gaining ground in heating and industrial processes. I got the opportunity to take up a fantastic challenge in autumn 2014 and become the head of biogas and transport solutions at Gasum. I couldn't think of a nicer task. A solid foundation was laid in previous years for growth in biogas and road fuel gas, and now it s time for us to build upwards at great speed. The consumer is at the core of our business. Biogas solutions must be environmentally friendly, diverse, easy and cost-effective. This must be achieved for road transport, industrial and residential customers alike. In part we ve already succeeded: in many cases the consumer is not able to notice the difference when switching from natural gas to biogas not even in their invoice. Gasum is committed to the sustained development of gas vehicle use. Gas versions are available in more and more car models, and there is hardly any price difference between petrol- and gas-fuelled cars. In addition, the volume of gas bought for private cars at Gasum s public filling stations increased by 20 per cent on the year before. This is a good path to follow. JUKKA METSÄLÄ Head of Biogas and Transport Solutions Biogas reached many milestones in During the year, bio gas was included in the selection of every one of the 24 gas filling stations in Finland. There was a 50 per cent increase in biogas volumes at Gasum filling stations on the year before already two-fifths of all road fuel gas sold at Gasum s public stations was biogas in We are planning 35 new filling stations in key traffic locations. Biogas can now be utilized in a variety of industrial processes, property heating as well as gas cookers in home kitchens. This change can also be seen within Gasum. In autumn 2014 our biogas and transport solutions merged into a single business unit. Interest in cost-effective biogas solu tions is increased by deeper environ mental awareness among consumers as well as stricter emission targets. When Gasum switched all Helsinki gas cookers to biogas for September 2014, the feedback received on the campaign was highly positive. Production capacity increases The production capacity for Gasum biogas increased considerably toward the end of the year as the new biogas production and upgrading facility of Gasum and LABIO was opened in Kujala, Lahti, Finland. Its annual production potential of 50 GWh means a major increase, as the total amount of biogas injected into the Gasum network in 2014 was around 34 GWh. In addition to Kujala, Gasum produces biogas at Mäkikylä, Kouvola, and Suomenoja, Espoo, where a record production volume was reached in The development of the biogas market will open up opportunities for the introduction of new production methods. As well as from biodegradable waste, biogas can be produced from material such as grass growing on fallow land or wood obtained from forest industry by-products. Gasum has plans for a facility using fallow grass as raw material and producing roughly twice as much biogas a year as the Kujala facility in Lahti. Gasum has also looked into the construction of a biorefinery producing wood-based biogas (bio-sng) in Joutseno, Finland, in cooperation with Helen and Metsä Fibre. Bio-SNG could be transmitted along the gas network, for example, the Helen Vuosaari power plant in Helsinki. The facility s envisaged annual capacity is 1,600 GWh. GASUM INVESTS IN THE FILLING STATION NETWORK The development of the filling station network is one of Gasum s key objectives. In 2014 Tampere received another filling station, opened in early autumn in the Lielahti district. At the moment there are 24 gas filling stations in Finland, with 18 of these owned by Gasum. In late 2014 a payment system reform took place at the stations. In addition to the Gas Card, customers can also use Finnish debit and Visa Electron cards as well as MasterCard and Visa credit cards. Gasum aims to expand the network considerably in the coming years: a roadmap is being designed for 35 new filling stations in key traffic locations around Finland. Biogas and, in the future, liquefied natural gas (LNG) infrastructure solutions will help increase the filling station network outside the gas pipeline network. This development is also supported by the goal of making biogas more common as a fuel for public transport in urban areas. GAS VEHICLE FILLING STATIONS Gasum filling station (number of stations) Other operator's filling station Other operator's filling station under planning/construction GASUM'S BIOGAS PROJECTS AND PARTNERS 1. KSS Energia and Kymen Bioenergia 2. Helsinki Region Environmental Services (HSY) 3. LABIO Biovakka Suomi 6. Joutsan Ekokaasu 7. MetsäFibre and Helen 8. KSS Energia Operational Under planning VAASA 5. VEHMAA 4. TURKU LIMINKA PIETARSAARI JEPUA 6. 2 TAMPERE LEMPÄÄLÄ LAHTI 3. FINLAND LEPPÄVESI JOUTSA KOUVOLA RIIHIMÄKI FORSSA HYVINKÄÄ MÄNTSÄLÄ HAMINA KOTKA PORVOO LOHJA GREATER HELSINKI JOUTSENO LAPPEENRANTA 7. IMATRA KITEE 18 GASUM'S YEAR 2014 GASUM'S YEAR

11 LNG LNG YEAR 2014 SKANGASS TAKING THE LEAD IN LNG DEVELOPMENT Gasum subsidiary Skangass offers competitive and environmentally friendly LNG for shipping, industries and heavy-duty road transport. The CEO of Skangass is Tor Morten Osmundsen, and the company's Board of Directors is chaired by Gasum CEO Johanna Lamminen. Skangass had 44 employees in Skangass supplied a total of 284,000 tonnes (or 3.9 TWh) of LNG in Finland, Sweden and Norway, up 35 per cent on the year earlier. Skangass is actively developing the Nordic LNG infrastructure. Gasum acquired a majority of the LNG distribution business of the Norwegian company Skangass in spring LNG helps achieve considerable emission cuts in a cost-effective manner. Gasum pursued its long-term liquefied natural gas (LNG) strategy by acquiring a 51 per cent holding in the Skangass LNG business from the Norwegian Lyse Group. Operating in energy, infrastructure and telecommunication, Lyse maintains a 49 per cent shareholding in Skangass. Gasum and Skangass have solid experience in the LNG market, with Gasum involved in the LNG business since 1996, while Skangass, a company established in 2007, launched its LNG business in The transaction resulted in the transfer of Gasum s LNG business, such as the Porvoo production facility under Skangass. The Skangass production facility in Risavika, Norway, is owned by Lyse, but Skangass has a long-term supply contract concerning the use of the facility. The Skangass Øra terminal in Norway as well as the Lysekil terminal in operation and the Gävle terminal being planned in Sweden were all transferred under the new company. Skangass is also constructing an LNG terminal in Tahkoluoto, Pori, Finland. In addition, Skangass is partnering with Outokumpu, SSAB and EPV Energy in an LNG terminal project for Röyttä, Tornio, Finland. Creating a pan-nordic market The Finnish, Norwegian and Swedish LNG markets were unified geographically by the acquisition. Skangass is actively developing the Nordic LNG infrastructure, and the pan-nordic market facilitates the development of sourcing and distribution services, improves the efficiency of the logistics chain and increases the total storage capacity available for LNG. The overall competitiveness of LNG is improved by the stricter emission limits that entered into force in January 2015 in areas such as the Baltic and the North Sea. Using LNG helps cut carbon dioxide emissions by around 25 per cent compared with heavy fuel oil. LNG does not contain sulfur or heavy metals or generate harmful fine particulate emissions when used. The switch of energy source from traditional fuels to LNG also opens up the opportunity for further positive steps: liquefied biogas (LBG) can be used in the same way as LNG. TOR MORTEN OSMUNDSEN Chief Executive Officer, Skangass AS Skangass is a leading supplier in the Nordic LNG markets. The company provides customers with LNG for shipping, industrial and heavy-duty land transport needs. LNG must be a competitive and wellfunctioning way of reducing environmental emissions from energy use. For LNG to reach a strong position in the Nordic energy portfolio, the infrastructure must be in perfect condition. LNG is a way of extending the environmental benefits of gas to users outside the gas pipeline network, and therefore we ll be investing strongly in the development of the LNG terminal network and seamless LNG delivery solutions in the Nordic countries in the coming years. SKANGASS ENSURES SAFETY IN LNG DELIVERY Skangass delivers LNG to shipping customers from road tanker to ship, from terminal to ship or from ship to ship whichever is the smoothest and best solution for the customer. Skangass currently has charter parties for two LNG carriers and operates more than 20 LNG road tankers, with new stock added where necessary. One of the two Skangass carriers and the specialized bunker ship Coralius to be delivered in spring 2017 can be used for bunkering, i.e. refueling, LNG directly from ship to ship at sea. The bunkering vessels improve customers access to LNG and reduce the need for ships to visit ports. The ship-to-ship delivery option is an essential element in the development of the LNG distribution infrastructure, and the vessels used by Skangass provide customers with LNG at sea safely and flexibly. LNG offers option for cleaner maritime transport The new boost to the infrastructure will enable the increased frequency of LNGfuelled cargo and passenger ships in the Baltic and North Sea, which will result in emission cuts in maritime transport in particular. We also believe firmly in the rise of environmental perspectives in the fuel choices made by heavy-duty road transport operators. Several truck manufacturers have already responded to the new market situation by launching gas-fueled heavy-duty vehicles. By using LNG, enterprises make a choice they will benefit from right away today and also tomorrow as the next revolution in the gas sector liquefied biogas (LBG) is already just around the corner. 20 GASUM'S YEAR 2014 GASUM'S YEAR

12 LNG INFRASTRUCTURE LNG INFRASTRUCTURE Several Skangass terminal projects opened for Finland and other Nordic countries The Gasum subsidiary Skangass is actively developing the Nordic and Finnish LNG infrastructure. The Tahkoluoto LNG terminal constructed in Pori, Finland, will be the third Skangass terminal in the Nordic countries. In 2014 a terminal of the same capacity was opened in Lysekil, Sweden, where natural gas is supplied by Skangass directly to the customer, via a connecting pipeline. LNG is also delivered from the terminal to other local industrial facilities by LNG road tankers, and also supplied to shipping customers. Skangass has invested more than 85 in the terminal. The Øra LNG terminal in Norway Located in Southern Norway, the Øra LNG terminal has a storage capacity of 6,500 m 3. The terminal design allows the annual throughput of around 100,000 tonnes of LNG. Most of the LNG distribution to customers takes place by LNG road tanker over distances up to 350 kilometers. One-third of the gas can be distributed directly via the connecting pipeline to industrial customers in the local area. LNG terminal planned for Gävle, Sweden In August 2014 Skangass received permission from the County Administrative Board of Dalarna to construct an LNG terminal. The planned LNG terminal is an important element in the expansion of the LNG infrastructure in Sweden. The investment decision will probably be made in The terminal is developed in cooperation with the Port of Gävle, which will invest in infrastructure construction in the port area. Skangass LNG supply efficiency increased by production facilities Skangass also has a long-term supply contract with the Norwegian Lyse Group concerning the use of the LNG production plant located in Risavika, Norway. Operational since 2011, the LNG plant has a storage capacity of 30,000 m 3 and production capacity of 300 kilotonnes. Skangass also has a small 20-kilotonne LNG production facility opened in 2010 in Porvoo, Finland, which has a storage capacity of 2,000 m 3. TORNIO MANGA LNG TERMINAL CONSTRUCTED AS A JOINT PROJECT An LNG import terminal as well as an efficient supporting logistics chain is being constructed in Röyttä, Tornio, Finland, by Manga Terminal Ltd. The company is owned by Outokumpu, SSAB, Skangass and EPV Energy. Once completed, the Tornio LNG terminal will be a regional supplier of LNG for industrial and shipping customers in Northern Finland as well as Northern Sweden while also diversifying the Finnish gas and fuel market in Northern Finland. The terminal tank capacity will be 50,000 m 3, and the project is estimated to cost around 100. The company has received around 33 in LNG terminal investment support from the Finnish Ministry for Employment and the Economy for the construction of the terminal. The terminal will be supplied by Wärtsilä Corporation. The construction project is estimated to provide 260 full-time equivalents of employment and, once operational, the terminal will employ 7 people directly and around 30 people indirectly. SKANGASS LNG INFRASTRUCTURE IN NORDIC COUNTRIES SWEDEN TORNIO LNG TERMINAL Joint project of Manga LNG Ltd, Outokumpu, SSAB, EPV Energy and Skangass Storage capacity 50,000 m 3 Construction started Due for completion in 2018 PORI LNG TERMINAL FINLAND Building Finland s first LNG terminal in Pori I m the project manager in Finland s first ever LNG It s been estimated that the use of LNG in NORWAY GÄVLE LNG TERMINAL Storage capacity 30,000 m 3 Under planning Storage capacity 30,000 m 3 Construction started Due for completion in 2016 terminal construction project, which is making maritime transport and industry has particu- rapid progress on the western coast of Finland in larly high market potential in the Satakunta the Tahkoluoto chemicals and oil harbor in Pori. Our project also involves the creation of an efficient logistics chain and a natural gas pipeline con- area. The Pori terminal will be able to serve the entire Western Finland region. The first Finnish LNG terminal is estimated to be com- RISAVIKA LNG PRODUCTION PLANT IN LYSE S OWNERSHIP PORVOO LNG PRODUCTION FACILITY necting the terminal with an industrial area. The connecting pipeline will serve the local M20 Industrial Park as well as other Skangass customers. The project s total investment amounts to pleted as soon as in the autumn of The Skangass safety first policy plays a key role and has been taken into account in the design phase and the various construction stages. It will Storage capacity 30,000 m 3 Production capacity 300 kilotonnes Operational since 2011 ØRA LNG TERMINAL Storage capacity 6,500 m 3 Operational since 2011 Storage capacity 2,000 m 3 Production capacity 20 kilotonnes Operational since 2010 around 80. Energy support at 23 was granted for the terminal project by the Finnish Ministry for Employment and the Economy. This support enables Skangass to construct a termi- also be the guiding principle in commissioning and operation. Safety regulations are stringent: our goal is zero accidents. The site employs 40 to 200 people daily. Following completion, the LYSEKIL LNG TERMINAL Storage capacity 30,000 m 3 Operational since 2014 STANISLAV LYSAK nal for the Satakunta re gion through which environmentally friendly and sulfur-free energy will operations of the terminal will be controlled and supervised from a central control room. Project Manager, be provided for shipping and Finnish industries to The employment effect of the construction Pori LNG terminal replace fuel oil and liquefied petroleum gas. At the project is estimated to be 250 man-years. Once op- same time, Skangass is creating alternative sourc- erational, the terminal will employ around 10 people ing channels for industries using gas. directly and around 50 other people indirectly. 22 GASUM'S YEAR 2014 GASUM'S YEAR

13 ENERGY SERVICES ENERGY SERVICES YEAR 2014 ADVANCED ENERGY SOLUTIONS Gasum Energy Services offers energy-efficient gas solutions. Clean-burning natural gas, Finnish biogas and LNG enable the development and introduction of new types of technical concepts as emission targets are becoming stricter. Distribution sales of biogas became possible for all customers connected to the distribution network. The number of Energy Services customers increased despite the challenging market situation. The development of hybrid solutions was at the core of our activities. Energy Services was involved in the construction of an ecological residential area in Sundsberg, Kirkkonummi, Finland. Energy Services provides gas solutions for a diverse group of customers from industrial operators to restaurants, households as well as housing companies. The role of Energy Services has been transformed in recent years into a developer and provider of energy-efficient and resource-wise solutions. Our business activities no longer need to be limited to the area covered by the gas pipeline network either: new opportunities are opened up by LNG in the Western- Finnish energy sector once our LNG import terminal becomes operational in Pori in The switchover to gas, appliance installation, maintenance and servicing as well the construction of new distribution networks are the strengths of Energy Services in the new market area. Biogas distribution sales launched Biogas enables the development of a new market. In 2014 the distribution sales of biogas became possible for all customers connected to the distribution network. In the autumn our biogas campaign allowed 30,000 Helsinki kitchens to use clean biogas to fuel their cookers. Housing companies Customer numbers increased in 2014 despite the economic recession and tax solutions unfavorable to gas. can already opt for biogas and Gasum will install a remote-read housing company-specific meter at no expense to the customer. Our online application available later on will enable housing companies to monitor gas consumption almost in real time. Hybrid solutions accessing the market Energy Services is also actively developing heating solutions such as hybrid solutions, that com bine renewable energies with gas. In practice these may include solar panels, collectors or heat pumps acting as the primary source of energy, with gas providing the system with the additional energy needed for periods of low supply of renewable energy. In 2015 a new type of solution will be launched in the market, utilizing different sources of heat and minimizing the quantity energy purchasing and losses. Hybrid solutions can also be utilized in heating, including the combination of geothermal heat and gas. Gasum has built a district heating plant for the seafront residential area of Sundsberg, Kirkkonummi, featuring two gas-fuelled geothermal heat pumps and gas-fuelled condensing boilers. Any shortages in geothermal heat production during winter will be automatically compensated for by gas. The residents will be able to enjoy an energyefficient heating solution without having to worry about maintenance or servicing, as a 24/7 service with control room and on-call service is included in the product package. Our customers needs have become clearly more diverse in recent years. Individual, tailored solutions have also arrived in the energy sector. At Gasum Energy Services we are making every effort to be able to continue to offer open-minded energy solutions for industrial, property and home needs. We are focusing even more on customer relationships and working together with our customers to find the best solution to every challenge. To support this aim, we changed our approach in 2014 and introduced customer group managers in our organization to sharpen our service delivery. We are now able to focus more on understanding the operating environment of gas users. We are actively developing hybrid solutions combining renewable energies with gas. Our customers needs are becoming more diverse and so are the solutions we offer The winter training opportunities of junior footballers improved dramatically when a new air-supported indoor football facility was set up in Töölö, Helsinki, in spring Used exclusively by HJK football club junior players, the dome is heated energyefficiently with environmentally friendly, 100 per cent Finnish Gasum biogas. Biogas is an excellent choice for the heating of a large facility. The heating system enables speedy temperature I believe active listening and fresh ideas are the recipe for success. We are determined to develop products and service solutions that our customers need and appreciate. Energy efficiency, supply security, scalability and low emissions are what natural energy gas solutions are about. At the same time renewable and resource-wise Finnish biogas adds to our energy palette. Building on gas is sustainable today and tomorrow. PETRI NIKKANEN Head of Customer Relationships and Sales, Energy Services HJK JUNIOR FOOTBALL TRAINING FACILITY HEATED WITH BIOGAS control and can also cope with subzero temperatures: this means temperature in the training hall can be lowered considerably during periods such as nights, resulting in cuts in energy bills. In addition to the 2,500 HJK junior foot ballers, the new indoor training facility can also be enjoyed by pupils from primary schools participating in HJK s afternoon clubs as well as kids attending the HJK football school. Pictured here is the Valio Vantaa factory steam plant that uses natural gas to produce 12,000 MW of energy a year. 24 GASUM'S YEAR 2014 GASUM'S YEAR

14 TRANSMISSION SERVICES TRANSMISSION SERVICES Gas transmission network control system renewed ENERGY ON THE MOVE The gas transmission network control sys tem was renewed in stages in summer The new system increases the capacities of natural gas control and of the transmission business. It also helps ensure the functioning of gas transmission and response to new needs and, therefore supports Gasum's strategic objectives. The system became fully operational in October. We also launched online simulation that can be used to check gas quality, monitor any network leaks more efficiently, and calculate transmission capacities. Our central control room monitors and directs gas network operations continuously around the clock. The main task of the control room is to transmit gas to customers with guaranteed supply security and safety. JANNE GRÖNLUND Control Room Manager, Transmission Services YEAR 2014 Transmission services is responsible for transmitting gas to customers as well as maintenance and development of the gas network. The focus in 2014 was on improving operational efficiency. Measures related to biogas injection into the natural gas transmission network, such as biogas balancing and certificate system maintenance roles, were also developed. The gas transmission network control system was renewed. A gas pipeline rerouting project was completed in Santalahti, Tampere, and the expropriation permit planned for a pipeline in Turku was given up. Plans relating to the supply security of natural gas were updated, and extensive analyses of the impacts of potential gas supply disruptions were conducted. The design of the Balticconnector gas pipeline and the Southern Finnish LNG terminal continued. The Energy Authority launched the preparation of the regulation of transmission network activity for the regulatory period. Gasum owns the Finnish gas transmission pipeline network and is the transmission network operator with system responsibility for the Finnish natural gas transmission system. The pipeline network is Gasum s largest asset, and a major part of Gasum's personnel work in pipeline maintenance tasks. Gas pipeline network maintained regularly The overhaul of the automation systems of the Imatra and Kouvola compressor stations built in 1997 was considered in 2014, and its possible implementation will be planned in High-quality biogas Biogas is injected into the gas network from three facilities, located in Kouvola, Espoo and Lahti. For biogas to be transmitted in the network, it must have properties that meet the composition requirements set for gas injected into the natural gas transmission network. The quantity and quality of biogas as well as the biogas balance are monitored closely to gain information about the volume of biogas available and delivered to customers. Biogas Certificate system launched As part of the development of the gas market, Gasum has created a Biogas Certificate system. The system is available in the area covered by the Finnish natural gas network. Gas users can obtain Biogas Certificates from the certificate system, denoting that the gas used is environmentally friendly biogas. Expropriation permit for natural gas pipeline planned for Turku, Finland, given up A decision has been made not to go ahead with the natural gas pipeline planned from Mäntsälä to the Turku economic area. The construction of the pipeline would have required sufficient volumes of natural gas consumption along the route. Potential customers have invested in other forms of energy or made other production decisions. Any need for gas in small and medium-sized industries and power and heat production can be responded to through LNG solutions of the future. GAS EXCHANGE LTD The Gasum subsidiary Gas Exchange Ltd operates an online marketplace for secondary market trading in natural gas and for Gasum s shortterm products. In 2014 annual trading by Gas Exchange amounted to 1,891 GWh, down 7 per cent on the year before (2013: 2,035 GWh). The Gas Exchange trading volume corresponded to 6.4 per cent Finland s total natural gas consumption (2013: 6.1%). The number of transactions was 99,000 (2013: 101,000). The main reason for the smaller trading volume was the mild weather prevailing in February and March In Lithuania annual trading at the GET Baltic Gas Exchange coowned by Gasum totaled 1,013 GWh, up 89 per cent on the first operating year (2013: 536 GWh). This corresponded to a 4.3 per cent share of the total gas consumption in Lithuania. GET Baltic employs a business model created by Gas Exchange Ltd and a trading system developed in cooperation with customers in Finland. GET Baltic is owned by Gasum (34%), Lietuvos Dujos (34%) and Amber Grid (32%). NATURAL GAS TRANSMISSION NETWORK IN FINLAND Gasum owns the Finnish transmission pipeline network and is responsible for gas transmission to customers. Natural gas is transmitted in underground pipelines laid at a depth of 1 2 meters. In addition to pipelines, the network consists of valve and compressor stations as well as pressure reduction stations located at delivery points via which gas is delivered to customers networks. Natural gas has already been imported to Finland for 40 years. TRANSMISSION PIPELINE Length 1,287 km Volume 289,202 m 3 DISTRIBUTION PIPELINE Length 562 km TAMPERE LOHJA HYVINKÄÄ TALLINN ESPOO COMPRESSOR UNITS Imatra, Kouvola and Mäntsälä Number of compressor units: 9 HELSINKI FINLAND MÄNTSÄLÄ KOUVOLA KOTKA NARVA IMATRA RUSSIA 26 GASUM'S YEAR 2014 ESTONIA GASUM'S YEAR

15 CORPORATE RESPONSIBILITY CORPORATE RESPONSIBILITY Promoting sustainable development Corporate responsibility and sustainable development are closely linked with Gasum's business. Responsibility entails corporate as well as each individual employee s responsibility. We create cleaner energy through efficient gas solutions. Gasum develops intelligent and competitive energy solutions for industry, households and transport. Energy solutions are an efficient way to reduce emissions from transport, industry or heat and power pro duction and help combat climate change. We also seek to constantly improve the environmental impacts of our own activities. With our operations diversifying and the market expanding into the new Nordic market, corpor ate responsibility and safety become even more emphasized. Toward carbon neutral society We are committed to responsibil ity as regards our economic, social and environmental activities. We believe technology innovations are one way of promoting sustainable development. Gasum aims to create, in cooperation with customers and stakeholders, partnerships that enable the efficient development of new natural energy gas solutions. Our responsibility work focus is divided into four key areas. These were redefined and specified further in At Gasum corporate responsibility stems from our reformed strategy, according to which we seek to promote sustainable development through efficient gas solutions throughout our operations. Corporate responsibility issues were assigned to me at the beginning of the year. Responsibility and sustainable development are also strongly connected with communications and marketing. Gasum has reported on corporate responsibility issues in line with the Global Reporting Initiative (GRI) Guidelines since In 2014 we redefined our corporate responsibil ity themes by listening to our Methane emission of the total volume of natural gas delivered (%) Corporate responsibility at Gasum stakeholders: customers, po litical decisionmakers, students and the me dia as well as our personnel. We provide a summary of our corporate responsibility themes in our Annual Report, and more in-depth information can be found on indicators reported in accordance with GRI G4 guidelines in our Corporate Responsibility Report. In line with our value proposition, we are purposefully and responsibly moving towards new opportunities. OLGA VÄISÄNEN Director, Communications, Marketing and Corporate Responsibility Gasum s greenhouse gas emissions by emission source in 2014* Innovations and the future Expansion and active development of the gas market Diversification of gas infrastructure and expansion of gas use New business models and partnerships Emission-reducing solutions Focal areas of Gasum s corporate responsibility In active cooperation with society Openness, transparency and active dialog Investments and tax footprint Responsible employer Supply security and safety Safe use of gas Supply security of gas and preparedness to respond to exceptional situations Safety and security of personnel and partners Value chain Industrial competitiveness Supply chain efficiency and environmental impacts Supplier responsibility Source: Gasum Heading toward the transition into carbon neutral society year Methane emissions from the transmission and delivery system 46% (2013: 49%) CO 2 emissions from compressor stations 19% (19%) CO 2 emissions from pressure reduction stations 5% (6%) CO 2 emissions from in-house use of natural gas, 1% (1%) CO 2 emissions from heating plants 28% (25%) * 2014: 59,378 t (2013: 64,370) Source: Gasum 28 GASUM'S YEAR 2014 GASUM'S YEAR

16 INNOVATIONS AND THE FUTURE INNOVATIONS AND THE FUTURE AIMING AT CUTS IN CARBON DIOXIDE EMISSIONS an annual competition organized by the Tekniikka & Talous magazine that specializes in industry issues. Transport use a theme of the innovation competition In autumn 2014 we launched our second innovation competition, this time challenging innovators to develop new environmentally friendly solutions for the transport use of natural energy gases. The aim of the competition is to find and promote new natural energy gas solutions that will help reduce emissions and increase the share of Finnish and renewable energy in road transport. The competition looks for new project ideas that can be implemented over the next two years and also have broader business potential. Entries were to be submitted by the end of 2014, and 130 ideas for the increased transport uses of natural energy gases were received by the deadline. Ideas were welcomed in areas ranging from technical solutions to service concepts or marketing to increase the use of natural energy gases, this time specifically in road transport. The members of the jury were Chairman of Gasum Supervisory Board Juha Rantanen, Professor Petri Parvinen (Helsinki University and Aalto University Department of Industrial Engineering and Management), Professor Kalevi Ekman (Aalto University Department of Engineering Design and Production), Mighty Eagle Peter Vesterbacka (Rovio Entertainment), Board Member Jaakko Lehtonen (Dodo) and, representing Gasum, CEO Johanna Lamminen, Vice President for Strategy and Corporate Relations Sari Siitonen and Business Development Manager for Biogas and Transport Solutions Jussi Vainikka. The competition will continue in spring 2015 with two workshops, where the shortlisted ideas will be taken further under the leadership of the jury. The winner will be announced in June 2015, with an innovation prize up to 100,000 available to the winning team. The jury may also decide to divide the prize between several teams. The long-term goal of Gasum s research and development (R&D) is to promote the transition into carbon neutral society. In the future, Gasum will be involved in solutions that play a role against climate change. These include switching to low-carbon fuels, production of bio- and waste-based fuels and providing of energy-efficient solutions to customers. Gasum is an active player in many national research networks. The focal themes of our R&D can be divided under three themes: RENEWABLE GAS Key areas in this theme include biogas produced using anaerobic digestion, its raw materials and pre-treatments, wood-based biogas produced using gasification (bio-sng) and, in addition, the hydrogen gas economy. ENERGY SYSTEMS AND NEW OPPORTUNITIES OF GAS Key areas in this theme are the flexibility required in the use of renewable energies, such as storage issues and changes in energy systems, such as the transformation caused by new technologies. USES OF GAS AND ENERGY EFFICIENCY Key areas in this theme include the energy-efficiency issues and environmental impacts of the gas supply chain and energy efficiency in the end use of energy. R&D supported by grants from Gasum Gas Fund We support national research, development and innovation every year through our Gas Fund. The Gas Fund is one of the special funds administered by the Finnish Foundation for Technology Promotion (TES). In 2014 ten grants were given out from the fund, totaling 95,500. Research networks provide a channel to international research Gasum participates in international research with several organizations. In 2014 Gasum was a member of the European Gas Research Group (GERG) and European Pipeline Research Group (EPRG). We also participate in the work of the International Gas Union (IGU). Cooperating with universities and training future gas experts Gasum is developing Finnish and in part also international gas expertise by participating in university education. Every other year we organize a Natural Gas Engineering course in collaboration with Aalto University. The course is taught in English, and in autumn 2014 it was reformed to cover the entire value network and supply chain of the gas sector. The course provides international students with new competencies in issues including liquefied natural gas and biogas technologies. Gasum supports and commissions thesis work relating to the gas sector. We offer several students fixed-term employment for the completion of their thesis. Innovations for the future Gasum is maintaining active innovation work. In 2014 ideas were developed in four extensive in-house innovation workshops, in addition to which multiple in-house innovation initiatives were collected and processed. Gasum s sustained efforts to develop the biogas business were recognized as the development of the biogas concept was nominated for the Energy Initiative of the Year award in Innovations for a cleaner tomorrow. 30 GASUM'S YEAR 2014 GASUM'S YEAR

17 IN ACTIVE COOPERATION IN SOCIETY IN ACTIVE COOPERATION IN SOCIETY STAKEHOLDER COOPERATION AND ENERGY MARKET Gasum is involved in the development of the Finnish energy sector, and participates actively in the Finnish energy policy debate. Gasum's interest representation aims to influence political decisionmaking so that details that are important for our business are taken into consideration in the development of the operating environment. In 2014 Gasum aimed to participate actively in the formulation of the Energy and Climate Roadmap 2050 of the Finnish Ministry of Employment and the Economy. This was a success, and now the role of gas is stated in the Roadmap as follows: The use of natural gas must be secured during the period of transition toward lower-emission technologies. Burning natural gas produces fewer green house gas emissions than burning coal or oil. The use of natural gas is justified because of its suitability to a variety of purposes and because it maintains the infrastructure for the transfer and use of biogas and biobased synthetic natural gas. At the same time, it must be ensured that the lifespan emission balance of natural gas and all other fossil fuels is good. We seek to ensure the desirability of gas and awareness of its opportunities. Main messages for post-election Government Program In the autumn our interest representation focus was on preparing to influence Finland s post-election Government Program. Gasum determined the following as its main messages to the Government Program negotiators: 1. Incentives for using gas and other low-emission fuels must be created through taxation. 2. The development of LNG and biogas infrastructure and market must be supported in a sustained manner to enable the diversification of the energy system and improvement of supply security. 3. The compatibility of local and national energy and climate objectives must be ensured through improved national coordination. 4. The potential of gas must be employed fully in transport. National distribution infrastructure promoting the use of gas as a road transport fuel must be created. Vehicle taxation must be supportive to low-emission fuels. We have raised the above themes in our discussions with societal actors. Our aim is for the next Government Program to safeguard the status of gas, because gas and gas infrastructure play a key role in national sustainable energy and transport policies as well as competitiveness. Natural gas, biogas and LNG play key roles Natural gas, biogas and LNG play key roles in the EU s alternative transport fuels infrastructure directive completed last year. Finland is currently developing the transport fuel distribution system in accordance with the directive. By taking efficient national action to support the demand for vehicles running on low-emission fuels as well as infrastructure build-up, Finland s next Government will be able to achieve considerable cuts in transport carbon dioxide emissions as well as fine particulate and other local emissions that are a problem particularly in urban areas. Through our interest representation we have participated actively in the drafting of the new Natural Gas Market Act and the regulatory framework. This advocacy will be continued actively in 2015 as well. ADVANCING SOCIETAL DIALOG The transformation taking place in the energy sector means that active societal debate is needed on various forums. Energy price has a direct impact on the competitiveness of Finnish industry, while challenges to cost-effective energy production are posed by stricter emissions targets. How did we get here and what is the next step? Christer Paltschik: Heading for structural change toward sustainable development I first gained experience in the gas sector as a student, when I got to take part in the design of the Finnish gas network. I was also involved in the network expansion phase that took place in the 1980s. At the end of the decade I joined the Neste Gas Group and eventually Gasum, which was established as a Neste subsidiary in Our sector has undergone tremendous changes over the decades. Energy has become totally politicized: the debate on energy policy started first, and perspectives including environmental ones have now emerged alongside it. This takes place against the backdrop of increased environmental awareness, which has made it apparent that a reform is needed in the structure of energy production. I am, however, confident about the future of gas: we have the opportunity to increase the use of biogas. We already master the technology, but the biogas market is still in its infancy. An important role during the transition into carbon neutral society is also played by natural gas a fuel that burns cleanly and efficiently. Utilizing the gas infrastructure is a major opportunity in the structural change towards renewable, intelligent energy solutions. With a track record of decades in the gas business and more than 20 years of this with Gasum, Christer Paltschik retired in spring His last role in Gasum was Vice President, Corporate Relations, Communications and Marketing. Juha Ala-Huikku: Emission targets and competitiveness can be reconciled The gas sector is facing an interesting situation: overall there are several challenges, with each one of these being demanding in their special way. I believe the politization of energy will continue as a trend, which will mean a lot of work to be done in corporate relations. Our first big challenge is already around the corner: Finland s parliamentary elections in spring 2015 and the formation of the postelection Government will turn the spotlight on energy issues. For example, taxation should be reformed for stronger steering towards the use of low-emission fuels without reducing the competitiveness of Finnish industries. Natural gas solutions bring many opportunities into this equation. In addition, LNG as a low-sulfur fuel and 100 per cent Finnish biogas as a road fuel gas are examples of new alternatives that help reconcile ambitious emission targets with ensuring a level playing field for the industry. Juha Ala-Huikku has worked in the Strategy and Corporate Relations unit since autumn He joined the unit from Transmission Services. 32 GASUM'S YEAR 2014 GASUM'S YEAR

18 IN ACTIVE COOPERATION IN SOCIETY IN ACTIVE COOPERATION IN SOCIETY Responsible employer Age distribution (permanent employees, %) 50 Number of summer trainees (persons) Gasum aims to be a respected and attractive employer. The company is going through major changes as a workplace environment as well as in terms of its business areas. Gasum's organisation must operate even more efficiently and employees' competencies must be enhanced continuously due to the changes taking place in the operating environment or under and older The most important events during 2014 were the appointment of our new Chief Executive Officer, the Skangass acquisition and the development project of Gasum Tekniikka. In early 2014 we introduced an ERP system throughout the Gasum Group, which helped us to achieve improvements such as models to increase efficiency in a variety of day-to-day processes. Doing things together, asking and learning The purpose of human resources management is to make sure the company has competent, responsible and dynamic employees. Wellbeing at work is monitored and developed in close cooperation with occupational health care staff. By providing a preventative occupational health care scheme we seek to ensure a healthy and safe workplace environment and community and promote our employees' health as well as their work and functional capacity. Our employees sick leave rate is very low at 2.9 per cent. Wellbeing at work is monitored on the basis of regular workplace atmosphere surveys. Gasum has around 300 employees and provides a considerable number of summer jobs of various lengths. In 2014 our summer employees numbered 35. A culture of open communication Our management communication with our personnel is open and regular. We make strong internal communication efforts through good managerial work and active provision of information broadly on various topics through management blogs as well as newsletters, events and trainings. Our new CEO visits our facilities actively. Employees are encouraged and challenged to enter into a dialog with our management. Our intranet is an interactive channel for management and communications. Employees can post entries on current issues as well as comment blogs and news. Competence development We focus on personnel development and learning in a sustained and target-oriented manner. Due to the changes taking place in our operating environment, our organization must operate even more efficiently and our employees diverse competencies must also be ensured over the long term. Competence needs are reviewed and targets for the year are determined every year in development discussions. A joint training event bringing our entire personnel together is organized on an annual basis. In 2014 almost 200 Gasum employees got together under the theme of Together with great energy. Our employees spend an average of three days a year in training. Most of this is internal training and on-the-job learning. GASUM EMPLOYEE OF THE YEAR "Gasum is a financially sound diverse expert in clean energy with a long-term approach that has been able to focus on the challenges of the future early enough. The company knows how to hire motivated and competent employees with whom working is meaningful." JORMA PITKÄNEN Compressor Station Manager Maintenance and Installation Services Imatra, Finland Employment in years (permanent employees, %) Number of personnel 31 Dec and under and more At Gasum we are all responsible for wellbeing at work and a good workplace atmosphere. Permanent Fixed-term Total Gasum Corporation, parent company Gasum Energiapalvelut Oy Gasum Paikallisjakelu Oy Gasum Tekniikka Oy Skangass AS 38 Total 307 COACHING PROGRAM FOR MANAGERIAL STAFF A managerial work development project was implemented at Gasum Tekniikka in The targets set in the project to increase operational efficiency and smoothness were challenging due to the differences in managerial experience among the participants. The supervisors and managers also represented a variety of age groups and worked in a wide range of areas of responsibility involving demanding targets. A special coaching program was tailored for them to harmonize managerial work and to create and introduce new, common ways of working. "The coaching program was a success, and our managerial staff now have shared objectives, tools and methods that will increase our efficiency. According to feedback received from the participants, in addition to the new approaches, the best thing about the coaching was sharing experiences and sparring with each other. We will continue to have managerial workshops a few times a year," says Timo Kyllönen, project leader for the development project at Gasum Tekniikka. 34 GASUM'S YEAR 2014 GASUM'S YEAR

19 SUPPLY SECURITY AND SAFETY SUPPLY SECURITY AND SAFETY EXCELLENT SUPPLY SECURITY AND SAFETY COLLABORATION EXERCISE Gasum seeks to ensure that energy supply is disturbance-free and prepares for potential exceptional situations through exercises. The security of natural gas supply has been excellent throughout the history and remained particularly good during 2014 as well: not a single unplanned supply interruption was seen in the Gasum transmission network. A major factor promoting supply security is our good and well-functioning relations with the natural gas supplier at all levels. Our cooperation lays the foundation for the maintenance of a high level of supply security. Preparations are in place for disruptions and exceptional situations. Biogas produced in Finland is injected into the natural gas network, and portable vaporizers can be used to feed liquefied natural gas (LNG) into the network or a network section from LNG road tankers. In 2014 the amount of undelivered energy was 0.00 GWh (2013: 0.88 GWh). Clean and 100% Finnish biogas injected into the gas network from three different facilities The use and distribution of 100 per cent Finnish biogas via the gas network improves our supply security and reduces dependence on imported natural gas. Biogas is a safe fuel and corresponds to natural gas in terms of its properties. Biogas has been produced in Mäkikylä, Kouvola since Bio gas upgrading and network injection at Suomenoja, Espoo, began in 2012, and Finland s latest biogas producer was connected to the network in Lahti in All of the current biogas facilities produce biogas from waste, and the producers are all Gasum s partners. We are constantly looking for new solutions to increase the supply of biogas. LNG is an alternative and logistically sound solution The use of liquefied natural gas (LNG) provides an alternative logistical solution and supply source for natural gas. LNG can be stored and used as a shipping fuel and by users outside the gas pipeline network. LNG can also be regasified and injected into the existing gas network for utilization in the same way as traditional pipeline gas. From the supply security perspective, LNG projects enable the diversification of natural gas sourcing. LNG as a fuel is safe to store and use. Its usage properties correspond to those of natural gas and biogas. Occupational safety target set at zero accidents at work Gasum s occupational safety target is zero accidents at work, pipeline damage cases, environmental accidents or traffic accidents. We did not reach our occupational safety target in There were 11 accidents at work, five of these resulting in over one day of absence from work. Safety objectives are now included in every employee s performance targets. Our entire personnel uses the Safety TAVA system for work safety management. In 2014 almost 592 safety and environmental observations were reported to the system. We will make a special effort in safety management in Annual collaboration exercises relate to our company's corporate safety and security, business security and the security of natural gas supply. We have regular exercises with stakeholders and develop our capacities for collaboration. Annual collaboration exercises on a variety of themes have been organized at our facilities and offices since These excercises aim to provide stakeholders with more in-depth knowledge about the gas sector and improve preparedness for various disturbance situations and related response. Individual operators, such as Gasum, have limited resources for acting in case of a disturbance, but collaboration helps achieve major societal advantages. Correct response can reduce the consequences of a disturbance and speed up the restoration of operations to normal level. Diverse collaboration exercise with stakeholders The recurring themes in our exercises are collaboration, leadership and communication in accident situations, as well as restoration of operations to normal situation. The special focus selected for the 2014 exercise was internal and external communications. The exercise involved a fictional serious gas leak situation, where pipeline rupture caused a leak and a traffic accident close to a railway line and shopping center at the same time. Fictional personal injuries were also caused by the accident. The accident site was close to the crossing of a busy road, a railway line and several shopping facilities and business premises. The realistic accident setup played a major role in making the exercise a success. 50 people participated in the exercise, representing the Gasum management and also the Kymenlaakso Rescue Department, Southeast Finland Police Department, Regional State Administrative Agency for Southern Finland, customer enterprises and a communications agency. The collaboration exercise was excellent proof of how well cooperation between Gasum's central control room and the Rescue Department works and how important it is to continue these exercises to maintain skills. In the future the management of disturbances will be even better thanks to regular exercises. The success of our collaboration exercise is due to successful stakeholder cooperation exercises can improve the response and activities of all those participating. Annual collaboration exercise with stakeholders improve preparedness to respond to exceptional situations. 36 GASUM'S YEAR 2014 GASUM'S YEAR

20 N AT U R A L E N E R GY G A S VA L U E C H A I N N AT U R A L E N E R GY G A S VA L U E C H A I N NATURAL ENERGY GAS VALUE CHAIN We offer our customers intelligent and competitive gas solutions for industry, transport and households. Wellbeing in the local environment and society are the starting points for providing cleaner energy through efficient gas solutions. Production and sourcing Gasum sources all of its natural gas from Russia on the basis of a long-term supply contract. Biogas is produced from waste using anaerobic digestion. Waste is then further upgraded to produce a fuel that is equal to natural gas. Upgraded biogas is mostly composed of methane, just like natural gas. Efficient transmission and distribution Natural energy gases involve pipeline logistics that are efficient, economical and environmentally friendly 38 GA SU M 'S Y E AR compared with other systems such as the truck transport of solid fuels. The environmental impacts and emissions created during the transmission of gas to end users are low. Most emissions occur in the natural gas usage stage, which is also the case with other fuel-based energy chains. Environmental impacts are taken into consideration in pipeline design and construction. Natural gas and biogas can also be transported in a liquefied form (LNG) by truck or ship to users outside the gas network. Uses of gas Natural energy gases are versatile fuels that are suitable for various sizes and types of users. Almost half the natural gas imported to Finland is used as a fuel at municipal combined heat and power (CHP) production plants. Industrial uses of gas include a variety of heating and drying processes, as raw material and steam generation. Residential customers use gas for heating and as a gas cooker fuel. Natural energy gases can also be used as land and maritime transport fuels. Biogas is carbon dioxide neutral, while the CO2 emissions of natural gas are clearly lower than those of other fossil fuels. For example, emissions from current gas models of cars are below 100 g / 100 km when running on natural gas. In practice, gas vehicles do not cause any fine particulate emissions that reduce the quality of urban air, and the level of other local emissions is also very low. Gasum biogas is the only road transport fuel that has been awarded the Made in Finland Key Flag Symbol and the Nordic Ecolabel. Innovations for new uses Capacities for the use of natural energy gases are developed through research and development. Therefore the resources required for gas-sector research at universities and other research institutions must be secured in Finland as well as internationally. We seek to increase gas knowledge by networking with research organizations and training future experts in safety issues relating to the gas business in cooperation with partners such as Aalto University in the Natural Gas Engineering course. Every year we also commission several student theses related to our sector. It is important to get new talent and innovations into the gas sector. Gasum has also organized an innovation competition to find new ideas for the promotion and utilization of sustainable natural energy gases. We also maintain an active in-house innovation process. Natural energy gases are suitable for a diversity of uses in industry, transport and households. GA SU M 'S Y E AR

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