Sale of Fortum s electricity distribution business in Sweden

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1 Sale of Fortum s electricity distribution business in Sweden

2 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. Any references to the future represent the management s current best understanding. However the final outcome may differ from them. 2

3 Fortum s mission and strategy Mission Fortum s purpose is to create energy that improves life for present and future generations. We provide sustainable solutions for society and deliver excellent value to our shareholders. Strategy Build on the strong Nordic core Create solid earnings growth in Russia Build a platform for future growth Strong competence in CO 2 -free hydro and nuclear, efficient CHP production and energy markets 3

4 Fortum s Distribution business divestment Fortum sells its electricity distribution business in Sweden to a consortium consisting of Första AP-Fonden, Tredje AP-Fonden and Folksam from Sweden and Borealis Infrastructure Management Inc. Total consideration SEK 60.6 billion on a debt- and cash-free basis Corresponding to EUR 6.6 billion Fortum s Distribution business divestment now concluded Fortum is looking for growth Sweden is our home market 4

5 Distribution business in Sweden sold for approx. EUR 6.6 billion EUR SEK Total consideration ~6.6 bln ~60.6 bln Sales gain ~4.4 bln ~40 bln Sales gain per share ~5 euro Subject to regulatory approvals and customary closing conditions Closing estimated during the second quarter 2015 Approx. 390 employees will transfer after closing with the existing terms of employment Divestment of distribution in Finland, Norway and Sweden TOTAL Total consideration ~EUR 9.3 billion Sales gain booked in 2014 and 2015 ~EUR 6.3 billion 5

6 Key facts about the Distribution business in Sweden 2014 Customers 906,000 Electricity network, km 71,000 Volume of distributed electricity, TWh 13.7 EUR million SEK billion Sales Comparable operating profit Comparable EBITDA Net assets (at period end) 2, Capital expenditure Fortum has been in the distribution business in Sweden since 1997 through acquisitions 6

7 Buyers with more than 20 years of experience of infrastructure and strong presence in Sweden Extensive experience and competence, long-term commitment to infrastructure and customer service Members have over 20 years of combined experience in the acquisition and management of infrastructure assets Strong Swedish presence, with 50% of the shares owned by local members Development of the business as a core business Customer relationships continue as before Consortium members: Första AP-Fonden (AP 1) 12.5% Tredje AP-Fonden (AP 3) 20.0% Folksam 17.5% Borealis Infrastructure Management Inc. 50.0% 7

8 Customer relationships continue as before Distribution customer position continues the same Regulated by the Swedish Energy Market Directorate (Ei) Licenced business Fortum will continue as electricity supplier to retail customers 1.3 million retail customers in the Nordic countries The largest electricity retailer New products and services for the management of electricity consumption and energy saving 8

9 Change in ownership Distribution personnel view Some 390 Fortum employees will move with the business with existing terms Long-term commitment from the buyer to develop as a core business Buyer has extensive experience in the management of electricity networks Strong domestic presence in the buyer s side 9

10 Sweden continues to be important part of Fortum s home market Sweden MW ,820 3,088 Hydro Nuclear Wind Other Nordic Hydro Nuclear CHP Other thermal MW 4,615 3, ,139 Wind 30 Nordic power 9,501 generation capacity Finland MW 0,4 Hydro Power generation capacity, total 4,950 Number of employees in Sweden approx. 640 Number of electricity sales customers in the Nordics 1.3 million, nearly half of them in Sweden 10 AB Fortum Värme samägt med Stockholms Stad is a joint venture with City of Stockholm Fortum Värme MW CHP electricity 627 Heat production capacity, total Number of employees in Fortum Värme appr , ,460 1,526 Nuclear CHP Other thermal Wind Power generation capacity, total 4,551 Heat production capacity, total 1,936

11 Fortum continues according to its strategy Mission Fortum s purpose is to create energy that improves life for present and future generations. We provide sustainable solutions for society and deliver excellent value to our shareholders. Strategy Build on the strong Nordic core Create solid earnings growth in Russia Build a platform for future growth Strong competence in CO 2 -free hydro and nuclear, efficient CHP production and energy markets 11

12 Low Efficiency High Efficiency Towards solar economy Solar based production with high overall system efficiency Hydro Sun Oil Traditional energy production Exhaustible fuels that burden the environment Coal Gas CHP Advanced energy production Energy efficient and/or low-emission production CCS Geothermal Nuclear tomorrow Nuclear today Bio Ocean Storage Demand Response Wind Active Consumer Smart applications Interconnectors High Emissions Emission free 12 Copyright Fortum Corporation All rights reserved by Fortum Corporation and shall be deemed the sole property of Fortum Corporation and nothing in this slide or otherwise shall be construed as granting or conferring any rights, in particular any intellectual property rights

13 13 Next generation energy company

14 Our strategic route Skandinaviska Elverk Gullspång Birka Energi 50% Fortum 50% Stockholm Gullspång merged with Stockhom Energi Stora Kraft Birka Energi 50% 100% Østfold Shares in Hafslund Shares in Lenenergo TGC-1 established Länsivoima 45% 65% Lenenergo shares Länsivoima 100% Elnova 50% 100% District heating in Poland Oil business spin-off IVO Fortum Neste E.ON Finland Divestment of Lenenergo shares TGC-10 Divestment of Fingrid shares Divestment of heat operations outside of Stockholm Divestment of small scale hydro Divestment of non-strategic heat business Divestment of electricity distribution business Divestment of electricity distribution and heat businesses Divestment of Grangemouth power plant 14

15 Research and development supporting business New solutions for electricity customers E.g. Fortum Fiksu: online optimisation of heating New solutions in district heating Demand side management Open district heating network Bio-oil CHP+ concept: renewable energy and flexibility Nuclear R&D: Nures purifying radioactive liquids Solar power plans: Pilots in India Wave power in demonstration phase 15

16 DEI RWE Drax SSE CEZ E.ON Vattenfall EDP Enel Edipower EnBW Gas Natural Fenosa GDF SUEZ Dong Energy Fortum total Iberdrola PVO EDF Verbund Fortum EU Statkraft Fortum's carbon exposure among the lowest in Europe g CO 2 /kwh electricity, % of Fortum's total power generation CO 2 -free 94% of Fortum s power generation in the EU CO 2 -free Close to 100% of the ongoing investment program in the EU CO 2 -free Average 328 g/kwh Note: : Fortum s specific emissions of the power generation in 2014 in the EU were 39 g/kwh and in total 177 g/kwh. Only European generation except Fortum total which includes Russia. Source: PWC & Enerpresse, December 2014 Climate Change and Electricity, Fortum 16

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