FORTUM A leading power and heat company in the Nordic area

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1 FORTUM A leading power and heat company in the Nordic area Presentation for investors November 2009

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. 2

3 Content Fortum today European power markets Russia Financials and outlook 3

4 4 We intend to keep our leading position

5 Our geographical presence today Nr 1 Nr 2 Heat Distribution Electricity sales Power generation Poland Heat sales 3.6 TWh Electricity sales 18 GWh Nordic countries Generation 51.6 TWh Electricity sales 59.1 TWh Heat sales 20.0 TWh Distribution cust. 1.6 million Electricity cust. 1.3 million Russia TGC-1 (~25%) Power generation ~7 TWh Heat sales ~7 TWh OAO Fortum* Power generation 16.6 TWh Heat sales 25.7 TWh *pro forma 2008 data Baltic countries Heat sales 1.3 TWh Distribution cust. 24,000 5

6 Capital returns Dividend per share EUR Total ~ 5,965 MEUR Dividend 2008 EUR 1.00 per share, in total ~EUR 0.9 billion Dividend policy of 50-60% payout of previous year's results on the average % 103% 78% 58% 6

7 Fortum s strategic route Länsivoima 45% 65% Länsivoima 100% Elnova 50% 100% Separation of oil businesses E.ON Finland Neste IVO Gullspång Skandinaviska Elverk Birka Energi 50% Fortum 50% Stockholm Gullspång Stockholm Energi Stora Kraft Birka Energi 50% 100% Østfold Shares in Hafslund Shares in Lenenergo Starting TGC-1 District heat in Poland 2003 Divestment of Lenenergo shares TGC-10 7

8 New organisational structure as of 1 October 2009 Business Divisions President and CEO Tapio Kuula Staff functions Power (Espoo) Executive Vice President Matti Ruotsala Finance Executive Vice President, CFO Juha Laaksonen Heat (Stockholm) Executive Vice President Per Langer Corporate Relations and Sustainability Executive Vice President Anne Brunila Russia (Chelyabinsk) Executive Vice President Alexander Chuvaev Corporate Human Resources Senior Vice President Mikael Frisk Electricity Solutions and Distribution (Espoo) Executive Vice President Timo Karttinen Corporate Strategy and R&D Senior Vice President Maria Paatero-Kaarnakari Country responsibles: Timo Karttinen/Finland, Norway; Per Langer/ Sweden, Poland, Baltics; Alexander Chuvaev/Russia Improved efficiency, accountability, simplicity 8

9 A leading Nordic power and heat company Leading power and heat company in Nordic Listed at the Helsinki Stock Exchange 1998 Approximately 80,000 shareholders Among the most traded shares in Helsinki stock exchange Market cap ~15 billion euros Households 6.6% Financial and insurance institutions 2.6% Other Finnish investors 8.8% Finnish State 50.8% Foreign investors 31.2% 31 October

10 Fortum in the Nordic electricity value chain Fortum Markets Fortum Power Generation Deregulated Regulated Nordic Nordic wholesale wholesale market market Nord Pool and bilateral Transmission and system services Large customers Small customers Other retail companies Fortum Distribution 10

11 Fortum's European production by source Fortum's power generation in 2008 Hydro power 44% Coal 23% Fortum's heat production in 2008 Biomass fuels 20% Other 2% Peat 1% Biomass 2% Natural gas 2% Coal 4% Nuclear power 45% Other 10% Oil 4% Waste 7% Peat 7% Natural gas 16% Heat pumps, electricity 13% Total generation 52.6 TWh (Generation capacity 10,788 MW) Total production 25.0 TWh (Production capacity 10,468 MW) 11

12 12 Fortum's carbon exposure among the lowest in Europe g CO 2 /kwh electricity, Average 350 g/kwh DEI Drax RWE CEZ Nuon EDP Scottish&Southern Vattenfall Enel Union Fenosa E.ON Dong Energy GDF Suez Europe Iberdrola PVO British Energy EDF Verbund Fortum Statkraft Source: PWC & Enerpresse, 2009 Changement climatique et Électricité

13 Fortum s investment programme Nordic region, Poland and Baltic countries Olkiluoto 3, Finland, nuclear Swedish nuclear Suomenoja, Finland (gas CHP) Refurbishing of existing hydro assets Czestochowa, Poland (coal/biomass CHP) Tartu, Estonia (biomass/peat CHP), completed March'09 Pärnu, Estonia (biomass/peat CHP) Wind power project development Electricity capacity ~1,200 MW ~80% CO2-free 13

14 Decision-in-Principle application for Loviisa 3 A Decision-in-Principle application for the construction of a new MW nuclear power plant unit in Loviisa Designed service life of the unit at least 60 years Fortum already has two nuclear power plant units in Loviisa The power plant unit will be designed to allow for combined heat and power production Five reactor alternatives The investment cost of one nuclear unit is EUR 4-6 billion The plant site and its basic infrastructure ready, the basic investments in nuclear waste management have been made 14

15 15 Planned schedule for the implementation of Loviisa 3

16 Fortum today European power markets Russia Financials and outlook 16

17 Key EU objectives by 2020 Implementation of internal energy markets Energy efficiency +20% (2020) Increased resources for technology development Competitiveness Sustainability Minimum reduction of EU CO 2 emissions 20% (2020) Renewables 20% (2020) Development of CO 2 capture and storage Security of supply Development of cross-border transmission Increase in own production Enhancement of external energy relations 17

18 New capacity, except nuclear, will require over 60 EUR/MWh power price EUR/MWh Source: Nord Pool Futures 20 October EUR/MWh CO 2 cost Other costs ( variation) Coal Gas Nuclear Hydro Wind Clean coal Estimated lifetime average cost in nominal 2014 terms. Large variations in cost of new hydro and wind due to location and conditions. 18

19 Market coupling milestones Market coupling between Netherlands (APX), Belgium (Belpex) and France (Powernext) since 2006 Market coupling Germany (EEX) Denmark (Nord Pool) started on 9 November Baltic Cable (Germany Sweden) will possibly be included later during the winter. Market coupling for Central Western Europe (DE, FR, BeNeLux) due to start during NL - Nord Pool coupling through the NordNed cable planned synchronized with the CWE coupling. CWE and Nordic TSOs agreed in October 2009 to develop a single market coupling mechanism across their whole area NL-UK coupling planned trough the BritNed cable from 2011 Estonian price area to Nord Pool to be set up Q2/2010 with full integration of the Baltic States during Fingrid is studying possibilities to increase flexibility in electricity trade with Russia Existing Nov

20 Current transmission capacity from Nordic area to Continental Europe is ~4000 MW Countries Transmission capacity MW From Nordel To Nordel Denmark - Germany Sweden - Germany Sweden - Poland Norway - Netherlands Total Theoretical maximum in transmission capacity ~35 TWh per annum Net export from Nordic area to Continental Europe in 2007 was ~9 TWh and in 2008 ~15 TWh Approximately 20 TWh net export fairly easily reachable NorNed was taken into use in May

21 Nordic and Continental markets are integrating interconnection capacity could double by 2020 Additional 700 MW cable NO- NL studied MW NO-DE studied DK-NL link studied and EU financial support sought to connect offshore wind, too Jylland DE capacity to be increased by 500 MW in 2012 and by further 500 MW by 2018 Baltic Wind Link 1100 MW studied to connect SE, DK and DE through the Kriegers Flak offshore wind park 1400 MW link to the UK could possibly connect Norwegian offshore wind, too In the EU's Second Strategic Energy Review the Commission focuses strongly on interconnecting the Baltic states and Poland to form an electricity market around the Baltic Sea New interconnections could double the capacity to over 8000 MW by 2020 New internal Nordic grid investments provide for increased available capacity for export to the Continent and Baltics EU s European Energy Programme for Recovery to cofinance to Estlink 2 and NordBalt LitPol Link of 1000 MW to connect the Baltic market to Poland by 2015/18. It would open a new transmission route from the Nordic market to the Continent 21

22 Nordic water reservoirs reservoir content (TWh) reference level Q1 Q2 Q3 Q4 Source: Nord Pool 22

23 Wholesale price for electricity EUR/MWh Nord Pool System Price Forwards October

24 Nord Pool year forwards /MWh Year 06 Year 07 Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Q3 Q Q1 Q2 Q3 Q4 Q Q2 Q Q4 24

25 Wholesale prices for electricity EUR/MWh Spot prices Forward prices Dutch German Nordic Russian* October * Including capacity tariff estimate. E.g /MWh Source:, ATS 25

26 Fuel and CO 2 allowance prices USD / bbl Crude oil price (ICE Brent) EUR / tco CO 2 price (NP EUA) Coal price (ICE Rotterdam) 100 Gas price (ICE NBP) USD / t GBp / therm Source: ICE, Nord Pool Market prices 19 October 2009; future quotations

27 Nordic power generation mix Total Nordic generation 398 TWh in 2008 TWh/a Fossil fuels Nuclear Waste TWh % Biomass Wind Hydro * Denmark Norway Sweden Finland Net import in 2008: -1.5 TWh Source: Nordel *) Normal annual Nordic hydro generation 200 TWh, variation +/- 40 TWh. 27

28 Still a highly fragmented Nordic power market Power generation 398 TWh >350 companies Electricity distribution 14 million customers ~500 companies Electricity retail 14 million customers ~350 companies Others 30% Helsinki Agder Energi Norsk Hydro E-CO Energi PVO Dong Energy E.ON Vattenfall Statkraft Fortum Others 50% Fortum Vattenfall E.ON Dong Energy Hafslund SEAS-NVE Helsinki Statkraft Syd Energi Göteborg Others 52% Fortum Vattenfall Dong Energy E.ON Hafslund Statkraft SEAS-NVE Helsinki Öresundskraft Syd Energi Current market shares based on 2008 figures 28

29 Electricity demand development Finland Sweden Norway Denmark Nordic Tyumen Chelyabinsk Russia Urals area Russia 5 % 5 % 0 % 0 % -5 % -5 % -1% -10 % -15 % -10% -10 % -15 % -12% -8% -8% -20 % -25 % -30 % Q vs Q Q vs Q Q vs Q % -25 % -30 % Q vs Q Q vs Q Q vs Q

30 Recession has affected Nordic demand Nordic power demand development ILLUSTRATIVE Illustrative forecast Actual The recession affects the electricity consumption in the Nordic countries and Russia Fortum expects the electricity consumption to return to a grow path after the recession 30

31 Fortum today European power markets Russia Financials and outlook 31

32 Russia is the World s 4th largest power market TWh 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, US China Japan Russia India Germany Canada France South Korea Brazil Nordic UK Data 2008 based on gross output. Source: BP Statistical Review of World Energy June

33 Fortum - a major player in Russia OAO Fortum (former TGC-10) Majority of the Russian territorial generating company OAO Fortum in the Urals region OAO Fortum operates in the heart of Russia s oil and gas producing region OAO Fortum adds 18 TWh/a to Fortum s power generation and the heat sales double Annual efficiency improvement approximately EUR 100 million in 2011 Fortum's management model in place since September 2008 TGC-1 Slightly over 25% of territorial generating company TGC-1 operating in north-west Russia ~6,250 MW electricity production capacity (appr. 50% hydro), ~24 TWh/a electricity, ~30 TWh/a heat TGC-1 TGC-10 St. Petersburg Nyagan Khanty-Mansisk Surgut Tobolsk Moscow Tyumen Chelyabinsk Kurgan 33

34 Russian power industry reform has progressed well Key steps in the reform Time "Power industry law" approved 2003 Establishment of Russian power exchange (ATS) 2001 Launch of the free-trade sector of the wholesale market in European & Urals 2003 in Siberia 2005 Launch of balancing power segment 2006 Launch of new wholesale market model 2006 Restructuring of regional "energos" (P&H companies) complete Formation of new companies complete Capacity market transitional model 2008 Long term capacity market model 2010 Competitive market of ancillary services 2010 Financial derivatives market 2010 Full liberalisation of the wholesale market 2011 onwards 34

35 Further power market liberalisation Share of liberalised trade for existing capacity Further liberalisation of energy market increased to 50% in July 2009 The rate of liberalised volume is based on 2007 balance. All new capacity is sold with liberal prices The sales to households will remain regulated still after % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 5 % Jan % 15 % July 2007 Jan % 30 % July 2008 Jan % July % Jan % July % 100 % Jan

36 Currently 50% of electricity sold with liberalised prices Urals power price 1) development Key electricity, capacity and gas prices in the OAO Fortum area 40 /MWh III/2009 III/2008 Change, % Electricity spot price (market price), Urals hub, RUB/MWh Average regulated electricity price for OAO Fortum, RUB/MWh Average regulated capacity price, RUB/MW/month Average limit gas price in Urals region, RUB/1000 m ) In addition generators currently receive on average about 11 EUR/MWh capacity payment. Used EUR/RUB daily exchange rate 36

37 Investment programme of OAO Fortum Moscow Nyagan Tyume Tobolsk Chelyabinskn Kurgan Plant Power generation capacity (MW) Fuel type Existing Planned Total MW 6,000 5,000 4,000 3,000 2,000 1, % +2,270 MW 3,020 5, Tyumen CHP-2 Gas ,205 Tyumen CHP-1 Gas Tobolsk CHP Gas Chelyabinsk CHP-3 Gas Chelyabinsk CHP-2 Coal, gas Argayash CHP Coal, gas Chelyabinsk CHP-1 Coal, gas Chelyabinsk GRES Gas Nyagan GRES Gas 3x400 1,200 Boilers - Kurgan Generation (49%) Gas Total 3,020 2,270 5,290 37

38 Efficiency improvement in Russia ~100 MEUR in 2011 Purchasing Portfolio Management and Trading (PMT) Heat regulation Heat - technical and business improvements Generation - technical improvements Others 38

39 Fortum today European power markets Russia Financials and outlook 39

40 Income statement MEUR III/2009 III/2008 I-III/2009 I-III/ LTM Sales Expenses Operating profit Share of profit of associates and jv's Financial expenses, net Profit before taxes Income tax expense Net profit for the period Non-controlling interests EPS, basic (EUR) EPS, diluted (EUR)

41 Cash flow statement MEUR III/2009 III/2008 I-III/2009 I-III/ LTM Operating profit before depreciations Non-cash flow items and divesting activities Financial items and fx gains/losses Taxes Funds from operations (FFO) Change in working capital Total net cash from operating activities Paid capital expenditures Acquisition of shares Other investing activities Cash flow before financing activities

42 Key ratios MEUR LTM EBITDA Net cash flow from operations Interest-bearing net debt Equity Balance sheet total Net debt/ebitda* Return on capital employed (%)* Return on shareholders' equity (%)* *2007 adjusted for REC and Lenenergo gains in Q3 '09 42

43 Debt maturity profile MEUR Y Bonds Financial institutions Other long-term debt CPs Other short-term debt MEUR 2009: : : : : : : : : : : September, Dec, 2008 Duration (years) Average interest rate (incl. swaps and forwards) 3.7 % 4.7 % Portion of floating / fixed debt 53 / 47 % 64 / 36 % 43

44 Current Fortum Group financial targets Return on capital employed 12% Return on shareholder's equity 14% Net debt/ebitda

45 Liquidity MEUR Available Outstanding Total amount SHORT TERM FINANCING Commercial Paper Programmes Finnish CP Programme SEK M Swedish CP Programme LIQUID FUNDS AND COMMITTED CREDIT LINES Committed Credit Lines Short Term Long Term Liquid Funds Cash and cash equivalents 420 Bank Deposits over 3 months of which in Russia 703 Total Available Cash and Committed Financing

46 Hedging of Power Generation's Nordic sales Status at the end of September 2009 (Status at the end of June 2009) Hedge ratio Hedge price rest of 2009 ~ 75% ~ EUR 50 per MWh (~80%) (~ EUR 50 per MWh) 2010 ~ 65% ~ EUR 44 per MWh (~65%) (~ EUR 43 per MWh) 2011 ~ 35% ~ EUR 42 per MWh (~30%) (~ EUR 42 per MWh) 46

47 Fortum in a strong position Flexible, low cost and climate-benign generation portfolio Russian power reform and the integration of OAO Fortum proceeding as planned Good hedging positions Strong financial position and liquidity Investments for the future 47

48 48

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