Good results continue - strong performance in Power Generation

Fortum Corporation                                                              
Interim Report January-September 2008                                           
22 October 2008 at 9:00 EET                                                     

Good results continue - strong performance in Power Generation                  

- Comparable operating profit EUR 1,337 (1,048) million, +28%                   
- Earnings per share EUR 1.10 (EUR 0.87 excluding one-off items of EUR 0.46 last
year), +26%                                                                     
- Strong cash flow from operating activities EUR 1,440 (1,325) million          
- Strong balance sheet and liquidity position                                   
- Good hedging positions                                                        

--------------------------------------------------------------------------------
| Key figures             | III/ | III/0 | I-III/ | I-III/0 | 2007   | LTM     |
|                         | 08   | 7     | 08     | 7       |        |         |
--------------------------------------------------------------------------------
| Sales, EUR million      | 1,27 | 860   | 4,034  | 3,159   | 4,479  | 5,354   |
|                         | 2    |       |        |         |        |         |
--------------------------------------------------------------------------------
| Operating profit, EUR   | 395  | 510   | 1,352  | 1,327   | 1,847  | 1,872   |
| million                 |      |       |        |         |        |         |
--------------------------------------------------------------------------------
| Comparable operating    | 353  | 238   | 1,337  | 1,048   | 1,564  | 1,853   |
| profit, EUR million     |      |       |        |         |        |         |
--------------------------------------------------------------------------------
| Profit before taxes,    | 337  | 471   | 1,245  | 1,433   | 1,934  | 1,746   |
| EUR million             |      |       |        |         |        |         |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.32 | 0.48  | 1.10   | 1.33    | 1.74   | 1.52    |
--------------------------------------------------------------------------------
| Net cash from operating | 401  | 255   | 1,440  | 1,325   | 1,670  | 1785    |
| activities, EUR million |      |       |        |         |        |         |
--------------------------------------------------------------------------------
| Shareholders' equity    |      |       | 8.49   | 9.21    | 9.43   |         |
| per share, EUR          |      |       |        |         |        |         |
--------------------------------------------------------------------------------
| Interest-bearing net    |      |       | 6,520  | 4,456   | 4,466  |         |
| debt                    |      |       |        |         |        |         |
| (at end of              |      |       |        |         |        |         |
| period), EUR million    |      |       |        |         |        |         |
--------------------------------------------------------------------------------
| Average number of       |      |       | 887,24 | 890,984 | 889,99 |         |
| shares, 1,000s          |      |       | 1      |         | 7      |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Key financial ratios                  | 2007       | LTM         | 2007*     |
--------------------------------------------------------------------------------
| Return on capital employed, %         | 16.5       | 14.1        | 14.0      |
--------------------------------------------------------------------------------
| Return on shareholders' equity, %     | 19.1       | 16.7        | 15.8      |
--------------------------------------------------------------------------------
| Net debt/EBITDA                       | 1.9        | 2.8         | 2.2       |
--------------------------------------------------------------------------------
*Adjusted for REC and Lenenergo gains                                           

Fortum's January-September comparable operating profit improved significantly   
from a year ago, driven by better results in the Power Generation segment.      
Fortum's consistent hedging strategy, higher average Nord Pool spot prices and  
higher hydro power volumes contributed to the improvement. Fortum Power         
Generation's achieved Nordic sales price was supported by exceptionally high    
Finnish and Swedish area price differences relative to the Nord Pool system     
price average.                                                                  

Fortum's profit before taxes and earnings per share in the first nine months of 
the year were lower than a year ago. This is due to the non-recurring gains of  
EUR 180 million (Hafslund's sale of REC shares) and 232 million (sale of        
Lenenergo shares) corresponding to EUR 0.46 per share, booked in Fortum's first-
and third-quarter results 2007.                                                 

Fortum's net cash from operating activities remained strong at EUR 1,440 (1,325)
million.                                                                        

Liquidity remained strong with liquid funds amounting to EUR 1,179 million.     
Undrawn committed credit facilities were EUR 2.4 billion at the end of the third
quarter. In October, Fortum drew EUR 500 million from its committed credit      
facilities, which will cover all outstanding debt (EUR 468 million) maturing in 
2008.                                                                           

Fortum filed the mandatory public tender offer (MTO) to TGC-10 minorities in    
April. At the end of September, Fortum's ownership in TGC-10 was over 93%.      
Fortum had by that time paid approximately EUR 440 million for share purchases  
under the MTO. Clearing of the share transactions is still ongoing and the final
results of the MTO will be known and published at the latest at the end of      
October 2008.                                                                   

In the third quarter, the Power Generation segment's achieved Nordic power price
was EUR 57.0 (39.9) per megawatt-hour (MWh), up by 43% from the previous year   
and higher than the average spot price of electricity in Nord Pool, the Nordic  
power exchange. The average system spot price of electricity in Nord Pool was   
EUR 55.4 (19.7) per MWh.                                                        

Financial results                                                               

July - September                                                                

Group sales were EUR 1,272 (860) million. Group operating profit totalled EUR   
395 (510) million. Fortum's operating profit in the third quarter 2007 included 
EUR 232 million sales gain from Lenenergo shares. Comparable operating profit   
increased to EUR 353 (238) million, driven by the improvement in Power          
Generation.                                                                     

Sales by segment                                                                
--------------------------------------------------------------------------------
| EUR million            | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
|                        | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Power Generation       | 718   | 502    | 2,156  | 1,665  | 2,350  | 2,841   |
--------------------------------------------------------------------------------
| Heat                   | 226   | 186    | 1,003  | 917    | 1,356  | 1,442   |
--------------------------------------------------------------------------------
| Distribution           | 171   | 166    | 583    | 563    | 769    | 789     |
--------------------------------------------------------------------------------
| Markets                | 461   | 331    | 1,391  | 1,201  | 1,683  | 1,873   |
--------------------------------------------------------------------------------
| Russia                 | 140   | -      | 292    | -      | -      | 292     |
--------------------------------------------------------------------------------
| Other                  | 21    | 19     | 62     | 60     | 81     | 83      |
--------------------------------------------------------------------------------
| Netting of Nord Pool   | -465  | -221   | -1,260 | -726   | -1,163 | -1,697  |
| transactions           |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Eliminations           | 0     | -123   | -193   | -521   | -597   | -269    |
--------------------------------------------------------------------------------
| Total                  | 1,272 | 860    | 4,034  | 3,159  | 4,479  | 5,354   |
--------------------------------------------------------------------------------


Comparable operating profit by segment                                          
--------------------------------------------------------------------------------
| EUR million            | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
|                        | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Power Generation       | 371   | 185    | 1,150  | 732    | 1,095  | 1,513   |
--------------------------------------------------------------------------------
| Heat                   | -7    | -3     | 141    | 170    | 290    | 261     |
--------------------------------------------------------------------------------
| Distribution           | 49    | 51     | 185    | 181    | 231    | 235     |
--------------------------------------------------------------------------------
| Markets                | -8    | 11     | -33    | 0      | -1     | -34     |
--------------------------------------------------------------------------------
| Russia                 | -39   | -      | -72    | -      | -      | -72     |
--------------------------------------------------------------------------------
| Other                  | -13   | -6     | -34    | -35    | -51    | -50     |
--------------------------------------------------------------------------------
| Total                  | 353   | 238    | 1,337  | 1,048  | 1,564  | 1,853   |
--------------------------------------------------------------------------------

Operating profit by segment                                                     
--------------------------------------------------------------------------------
| EUR million            | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
|                        | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Power Generation       | 438   | 221    | 1,129  | 764    | 1,115  | 1,480   |
--------------------------------------------------------------------------------
| Heat                   | -15   | -2     | 152    | 173    | 294    | 273     |
--------------------------------------------------------------------------------
| Distribution           | 50    | 50     | 187    | 182    | 233    | 238     |
--------------------------------------------------------------------------------
| Markets                | -17   | 15     | -6     | 10     | 12     | -4      |
--------------------------------------------------------------------------------
| Russia                 | -39   | 232    | -72    | 232    | 244    | -60     |
--------------------------------------------------------------------------------
| Other                  | -22   | -6     | -38    | -34    | -51    | -55     |
--------------------------------------------------------------------------------
| Total                  | 395   | 510    | 1,352  | 1,327  | 1,847  | 1,872   |
--------------------------------------------------------------------------------

January-September                                                               

Group sales were EUR 4,034 (3,159) million. Group operating profit totalled EUR 
1,352 (1,327) million. Comparable operating profit increased to EUR 1,337       
(1,048) million.                                                                

Profit before taxes was EUR 1,245 (1,433) million.                              

The Group's net financial expenses increased to EUR 185 (117) million. The      
increase is attributable to a higher average level of debt and higher short-term
interest rates. The change in fair value of derivatives was EUR 5 (4) million.  

Hafslund ASA is showing the fair value change in the REC shareholding through   
the income statement, while Fortum is showing the fair value change in equity.  
The fair value booked in Fortum's equity and based on the number of shares      
reported by Hafslund ASA was EUR 266 million at the end of September 2008.      

Minority interests accounted for EUR 10 (31) million. The minority interests are
mainly attributable to Fortum Värme Holding AB, in which the City of Stockholm  
has a 50% economic interest.                                                    

Taxes for the period totalled EUR 256 (218) million. The tax rate according to  
the income statement was 20.6% (15.2%). The tax rate in the first nine months of
2007 was lowered by the non-taxable gains from Hafslund's sale of REC shares and
from the sale of Lenenergo shares.                                              

The profit for the period was EUR 979 (1,184) million. Fortum's earnings per    
share were EUR 1.10 (1.33).                                                     

Return on capital employed was 14.1% for the last twelve months (16.5% at       
year-end 2007), and return on shareholders' equity was 16.7 % for the last      
twelve months (19.1% at year-end 2007).                                         

Market conditions                                                               

According to preliminary statistics, the Nordic countries consumed 82 (84) TWh  
of electricity during the third quarter of the year. During the first nine      
months of the year, the Nordic countries consumed about 288 (289) TWh.          

Year 2008 started with the Nordic water reservoirs being 9 TWh above the        
long-term average until late August. At the end of September, the Nordic water  
reservoirs were 6 TWh below the long-term average and 14 TWh below the          
corresponding level last year.                                                  

During the third quarter, the average system spot price for power in Nord Pool  
was EUR 55.4 (19.7) per MWh or 181% higher than in the corresponding period in  
2007. The Nord Pool spot price was higher mainly due to higher fuel and CO2     
prices. During the third quarter, the Finnish and Swedish area prices continued 
to be above the system price levels, being EUR 65.8 (27.1) per MWh in Finland   
and EUR 65.9 (27.1) per MWh in Sweden. This was mainly due to malfunctions in   
transmission connections, for example between Sweden and Norway.                

During the third quarter, the average market price of CO2 emission allowances   
(EUA) for 2008 was EUR 24.5 per tonne CO2. In 2007, the corresponding price for 
CO2 emission allowances for 2007 was EUR 0.1 per tonne CO2. Coal and oil prices 
decreased during the third quarter of 2008.                                     

In Germany, the average spot price for the third quarter was EUR 73.2 (31.0) per
MWh, being higher than in the Nordic area. This resulted in a net export from   
the Nordic area to Germany.                                                     

According to preliminary statistics, the electricity consumption in Russia      
increased by above 5% in the first nine months of 2008 compared to the first    
nine months of 2007.                                                            

Total power and heat generation figures                                         

Fortum's total power generation during January-September 2008 was 46.7 (38.0)   
TWh, of which 38.7 (37.2) TWh was in the Nordic countries, representing 13%     
(13%) of the total Nordic electricity consumption. Fortum's total heat          
generation during January-September 2008 was 24.8 (17.9) TWh, of which 14.7     
(15.1) TWh was in the Nordic countries. The increase in the power and heat      
generation volumes is mainly due to the inclusion of TGC-10, consolidated from  
the beginning of April.                                                         

Fortum's total power and heat generation figures are presented below. In        
addition, the segment reviews include the respective figures by segment.        

--------------------------------------------------------------------------------
| Fortum's total power   | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| and heat generation in | 8     |        | 08     | 07     |        |         |
| Europe, TWh            |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Power generation       | 10.9  | 10.4   | 39.5   | 38.0   | 52.2   | 53.7    |
--------------------------------------------------------------------------------
| Heat generation        | 3.7   | 3.5    | 17.6   | 17.9   | 26.1   | 25.8    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's total power   | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| and heat generation in | 8     |        | 08     | 07     |        |         |
| Russia, TWh            |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Power generation       | 3.4   | -      | 7.2    | -      | -      | 7.2     |
--------------------------------------------------------------------------------
| Heat generation        | 2.8   | -      | 7.2    | -      | -      | 7.2     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's own power     | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| generation by source,  | 8     |        | 08     | 07     |        |         |
| TWh,                   |       |        |        |        |        |         |
| total in the           |       |        |        |        |        |         |
| Nordic countries       |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Hydropower             | 4.5   | 3.9    | 16.9   | 15.3   | 20.0   | 21.6    |
--------------------------------------------------------------------------------
| Nuclear power          | 5.4   | 5.4    | 18.4   | 18.2   | 24.9   | 25.1    |
--------------------------------------------------------------------------------
| Thermal power          | 0.8   | 0.8    | 3.4    | 3.7    | 6.2    | 5.9     |
--------------------------------------------------------------------------------
| Total                  | 10.7  | 10.1   | 38.7   | 37.2   | 51.1   | 52.6    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's own power     | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| generation by source,  | 8     |        | 08     | 07     |        |         |
| %, total in the Nordic |       |        |        |        |        |         |
| countries              |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Hydropower             | 42    | 39     | 44     | 41     | 39     | 41      |
--------------------------------------------------------------------------------
| Nuclear power          | 50    | 53     | 47     | 49     | 49     | 48      |
--------------------------------------------------------------------------------
| Thermal power          | 8     | 8      | 9      | 10     | 12     | 11      |
--------------------------------------------------------------------------------
| Total                  | 100   | 100    | 100    | 100    | 100    | 100     |
--------------------------------------------------------------------------------

Total power and heat sales figures                                              

Fortum's total power sales during January-September 2008 were 54.2 (43.8) TWh,  
of which 44.2 (42.9) TWh were in the Nordic countries. This represents          
approximately 15% (15%) of Nordic electricity consumption during                
January-September 2008. Fortum's total heat sales during January-September 2008 
were 25.2 (18.2) TWh, of which 13.9 (13.9) TWh were in the Nordic countries.    

--------------------------------------------------------------------------------
| Fortum's total          | III/0 | III/0 | I-III/ | I-III/ | 2007   | LTM     |
| electricity* and heat   | 8     | 7     | 08     | 07     |        |         |
| sales in Europe, EUR    |       |       |        |        |        |         |
| million                 |       |       |        |        |        |         |
--------------------------------------------------------------------------------
| Electricity sales       | 725   | 483   | 2,188  | 1,673  | 2,370  | 2,885   |
--------------------------------------------------------------------------------
| Heat sales              | 173   | 154   | 792    | 744    | 1,096  | 1,144   |
--------------------------------------------------------------------------------
* Nord Pool transactions are calculated as a net amount of hourly sales and     
purchases at the Group level.                                                   

--------------------------------------------------------------------------------
| Fortum's total          | III/0 | III/0 | I-III/ | I-III/ | 2007   | LTM     |
| electricity and heat    | 8     | 7     | 08     | 07     |        |         |
| sales in Russia, EUR    |       |       |        |        |        |         |
| million                 |       |       |        |        |        |         |
--------------------------------------------------------------------------------
| Electricity sales       | 112   | -     | 217    | -      | -      | 217     |
--------------------------------------------------------------------------------
| Heat sales              | 23    | -     | 66     | -      | -      | 66      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Fortum's total         | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| electricity            | 8     |        | 08     | 07     |        |         |
| sales* by area, TWh    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Sweden                 | 6.1   | 5.4    | 21.8   | 20.7   | 27.6   | 28.7    |
--------------------------------------------------------------------------------
| Finland                | 6.0   | 6.1    | 21.0   | 20.9   | 29.0   | 29.1    |
--------------------------------------------------------------------------------
| Russia                 | 4.4   | -      | 9.2    | -      | -      | 9.2     |
--------------------------------------------------------------------------------
| Other countries        | 0.7   | 0.6    | 2.2    | 2.2    | 3.1    | 3.1     |
--------------------------------------------------------------------------------
| Total                  | 17.2  | 12.1   | 54.2   | 43.8   | 59.7   | 70.1    |
--------------------------------------------------------------------------------
* Nord Pool transactions are calculated as a net amount of hourly sales and     
purchases at the Group level.                                                   

--------------------------------------------------------------------------------
| Fortum's total heat    | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| sales by area, TWh     | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Sweden                 | 1.1   | 0.9    | 6.1    | 6.1    | 9.2    | 9.2     |
--------------------------------------------------------------------------------
| Finland                | 1.7   | 1.7    | 7.7    | 7.7    | 11.1   | 11.1    |
--------------------------------------------------------------------------------
| Russia                 | 2.4   | -      | 6.7    | -      | -      | 6.7     |
--------------------------------------------------------------------------------
| Poland                 | 0.2   | 0.2    | 2.3    | 2.1    | 3.5    | 3.7     |
--------------------------------------------------------------------------------
| Other countries**      | 0.6   | 0.7    | 2.4    | 2.3    | 3.3    | 3.4     |
--------------------------------------------------------------------------------
| Total                  | 6.0   | 3.5    | 25.2   | 18.2   | 27.1   | 34.1    |
--------------------------------------------------------------------------------
** Including the UK, which is reported in the Power Generation segment, other   
sales.                                                                          

Fortum's emissions subject to EU's trading scheme                               

During the first nine months of 2008, approximately 92% (92%) of the power      
generated by Fortum within the EU countries was CO2-free.                       

Fortum's total CO2 emissions subject to the EU's emissions trading scheme (ETS) 
in the first nine months of the year amounted to 4.5 million tonnes of CO2.     
Fortum's average CO2 emissions subject to the ETS were approximately 8.7 million
tonnes per year during 2005-2007.                                               

Fortum's total annual CO2 allowance allocation for its power and heat plants is 
approximately 6.1 million tonnes per year during 2008-2012. In Finland, Fortum's
CO2 allocation is approximately 4.1 million tonnes of CO2 per annum,            
representing 11% of the Finnish national allocation. In Sweden, Fortum's free   
CO2 allocation is approximately 0.2 million tonnes of CO2 per annum,            
representing 0.7% of the Swedish national allocation.                           

SEGMENT REVIEWS                                                                 

Power Generation                                                                

The business area comprises power generation and sales in the Nordic countries  
and the provision of operation and maintenance services in the Nordic area and  
selected international markets. The Power Generation segment sells its          
production to Nord Pool. The segment includes the business units Generation,    
Portfolio Management and Trading (PMT), and Service.                            

--------------------------------------------------------------------------------
| EUR million              | III/0 | III/0 | I-III/ | I-III/ | 2007   | LTM    |
|                          | 8     | 7     | 08     | 07     |        |        |
--------------------------------------------------------------------------------
| Sales                    | 718   | 502   | 2,156  | 1,665  | 2,350  | 2,841  |
--------------------------------------------------------------------------------
| - power sales            | 644   | 426   | 1,928  | 1,433  | 2,019  | 2,514  |
--------------------------------------------------------------------------------
| - other sales            | 74    | 76    | 228    | 232    | 331    | 327    |
--------------------------------------------------------------------------------
| Operating profit         | 438   | 221   | 1,129  | 764    | 1,115  | 1,480  |
--------------------------------------------------------------------------------
| Comparable operating     | 371   | 185   | 1,150  | 732    | 1,095  | 1,513  |
| profit                   |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Net assets (at           |       |       | 5,396  | 5,659  | 5,599  |        |
| period-end)              |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Return on net assets, %  |       |       |        |        | 19.2   | 26.3   |
--------------------------------------------------------------------------------
| Comparable return on net |       |       |        |        | 18.9   | 27.1   |
| assets, %                |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Gross investments        | 35    | 21    | 85     | 61     | 145    | 169    |
--------------------------------------------------------------------------------
| Number of employees      |       |       | 3,564  | 3,524  | 3,511  |        |
--------------------------------------------------------------------------------

The segment's power generation during the third quarter amounted to 10.0 (9.5)  
TWh in the Nordic countries.                                                    

In January-September, the segment's power generation in the Nordic countries was
35.5 (33.9) TWh. In January-September, approximately 98% (97%) of the segment's 
power generation was CO2-free.                                                  

--------------------------------------------------------------------------------
| Nordic power           | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| generation by source,  | 8     |        | 08     | 07     |        |         |
| TWh                    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| Hydropower             | 4.5   | 3.9    | 16.9   | 15.3   | 20.0   | 21.6    |
--------------------------------------------------------------------------------
| Nuclear power          | 5.4   | 5.4    | 18.4   | 18.2   | 24.9   | 25.1    |
--------------------------------------------------------------------------------
| Thermal power          | 0.1   | 0.2    | 0.2    | 0.4    | 1.2    | 1.0     |
--------------------------------------------------------------------------------
| Total                  | 10.0  | 9.5    | 35.5   | 33.9   | 46.1   | 47.7    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Power generation by    | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| area, TWh              | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Sweden                 | 5.9   | 5.1    | 20.7   | 19.5   | 26.0   | 27.2    |
--------------------------------------------------------------------------------
| Finland                | 4.2   | 4.4    | 14.8   | 14.4   | 20.1   | 20.5    |
--------------------------------------------------------------------------------
| Other countries        | 0.1   | 0.3    | 0.7    | 0.8    | 1.1    | 1.0     |
--------------------------------------------------------------------------------
| Total                  | 10.2  | 9.8    | 36.2   | 34.7   | 47.2   | 48.7    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Nordic sales volume,   | 11.4  | 11.0   | 39.3   | 38.1   | 51.8   | 53.0    |
| TWh                    |       |        |        |        |        |         |
--------------------------------------------------------------------------------
| of which pass-through  | 0.8   | 1.4    | 2.9    | 4.2    | 5.2    | 3.9     |
| sales                  |       |        |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Sales price, EUR/MWh   | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
|                        | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Generation's Nordic    | 57.0  | 39.9   | 49.3   | 38.4   | 39.7   | 47.7    |
| power price*           |       |        |        |        |        |         |
--------------------------------------------------------------------------------
* For the Power Generation segment in the Nordic countries, excluding           
pass-through sales.                                                             

During the third quarter, the average system spot price in Nord Pool was EUR    
55.4 per MWh, with the Finnish area price being EUR 65.8 per MWh and the Swedish
area price being EUR 65.9 per MWh. In the third quarter, Generation's achieved  
Nordic power price was EUR 57.0 per MWh, up by 43% from a year ago. Generation's
sales volume without pass-though items was 10.6 (9.6) TWh in the period.        

During January-September 2008, the average system spot price in Nord Pool was   
EUR 42.7 per MWh, with the Finnish and Swedish area prices being on average EUR 
50.6 per MWh. Generation's achieved Nordic power price was EUR 49.3 per MWh, up 
by 28% from a year ago.                                                         

The comparable operating profit of the Power Generation segment was clearly     
higher in the third quarter than in the corresponding period last year. The     
improvement was mainly due to a higher achieved Nordic power price. The achieved
price was supported by exceptionally high Finnish and Swedish area price        
differences relative to Nord Pool system price average. In addition, higher     
hydro power generation contributed positively to the operating profit. The      
positive effects were partly offset by the higher nuclear capacity tax and      
property taxes in Sweden compared to the previous year.                         

In January-September 2008, the comparable operating profit of the Power         
Generation segment was higher than last year, as was the segment's achieved     
Nordic power price. Hydro and nuclear power generation volumes increased. The   
positive effects were partly offset by the higher nuclear capacity tax and      
property taxes in Sweden.                                                       

The annual refuelling outages were conducted at Loviisa nuclear power plant in  
August-October. For unit 1 the outage in August-September included an extensive 
annual inspection and maintenance, which is performed every four years. The     
annual outage at the Loviisa unit 1 lasted 12 days longer than originally       
planned. Unit 2 had a short annual maintenance procedure where, in addition to  
normal maintenance tasks and refuelling, the most significant tasks were the    
inspection of the steam generators. The annual outage at unit 2 was finished on 
13 October 2008.                                                                

Heat                                                                            

The business area comprises heat generation and sales in the Nordic countries   
and other parts of the Baltic Rim. Fortum is a leading heat producer in the     
Nordic region. The segment also generates power in combined heat and power      
plants (CHP) and sells it to end-customers mainly through long-term contracts,  
as well as to Nord Pool. The segment includes the business units Värme,         
operating in Sweden, and Heat, operating mainly in other markets.               

--------------------------------------------------------------------------------
| EUR million              | III/ | III/0 | I-III/ | I-III/ | 2007   | LTM     |
|                          | 08   | 7     | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Sales                    | 226  | 186   | 1,003  | 917    | 1,356  | 1,442   |
--------------------------------------------------------------------------------
| - heat sales             | 165  | 142   | 766    | 712    | 1,053  | 1,107   |
--------------------------------------------------------------------------------
| - power sales            | 33   | 23    | 152    | 133    | 202    | 221     |
--------------------------------------------------------------------------------
| - other sales            | 28   | 21    | 85     | 72     | 101    | 114     |
--------------------------------------------------------------------------------
| Operating profit         | -15  | -2    | 152    | 173    | 294    | 273     |
--------------------------------------------------------------------------------
| Comparable operating     | -7   | -3    | 141    | 170    | 290    | 261     |
| profit                   |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Net assets (at           |      |       | 3,595  | 3,402  | 3,507  |         |
| period-end)              |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Return on net assets, %  |      |       |        |        | 9.3    | 8.2     |
--------------------------------------------------------------------------------
| Comparable return on net |      |       |        |        | 9.2    | 7.5     |
| assets, %                |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Gross investments        | 96   | 82    | 287    | 206    | 327    | 408     |
--------------------------------------------------------------------------------
| Number of employees      |      |       | 2,486  | 2,277  | 2,279  |         |
--------------------------------------------------------------------------------

The segment's heat sales during the third quarter amounted to 3.1 (3.0) TWh,    
most of which was generated in the Nordic countries. During the same period,    
power sales from CHP production totalled 0.7 (0.6) TWh.                         

The segment's heat sales during January-September 2008 amounted to 17.0 (16.8)  
TWh, most of which was generated in the Nordic countries. During the same       
period, power sales from CHP production totalled 3.3 (3.3) TWh. Low temperatures
in the first quarter of the year affected heat demand.                          

The Heat segment's comparable operating profit during the third quarter was EUR 
4 million lower than the previous year, mainly due to higher fuel prices and    
other costs.                                                                    

The Heat segment's comparable operating profit during January-September was EUR 
29 million lower than the previous year, mainly due to the warm weather in the  
first quarter, higher fuel prices, CO2 emission costs, availability of some CHP 
units and other costs.                                                          

--------------------------------------------------------------------------------
| Heat sales by area,    | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
| TWh                    | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Sweden                 | 1.1   | 0.9    | 6.1    | 6.1    | 9.1    | 9.1     |
--------------------------------------------------------------------------------
| Finland                | 1.7   | 1.7    | 7.7    | 7.7    | 11.1   | 11.1    |
--------------------------------------------------------------------------------
| Poland                 | 0.2   | 0.2    | 2.3    | 2.1    | 3.5    | 3.7     |
--------------------------------------------------------------------------------
| Other countries        | 0.1   | 0.2    | 0.9    | 0.9    | 1.4    | 1.4     |
--------------------------------------------------------------------------------
| Total                  | 3.1   | 3.0    | 17.0   | 16.8   | 25.1   | 25.3    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Power sales, TWh       | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM     |
|                        | 8     |        | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Total                  | 0.7   | 0.6    | 3.3    | 3.3    | 5.0    | 5.0     |
--------------------------------------------------------------------------------

Distribution                                                                    

Fortum owns and operates distribution and regional networks and distributes     
electricity to a total of 1.6 million customers in Sweden, Finland, Norway and  
Estonia.                                                                        

--------------------------------------------------------------------------------
| EUR million              | III/0 | III/0 | I-III/ | I-III/ | 2007   | LTM    |
|                          | 8     | 7     | 08     | 07     |        |        |
--------------------------------------------------------------------------------
| Sales                    | 171   | 166   | 583    | 563    | 769    | 789    |
--------------------------------------------------------------------------------
| - distribution network   | 144   | 139   | 494    | 475    | 648    | 667    |
| transmission             |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| - regional network       | 18    | 18    | 59     | 60     | 81     | 80     |
| transmission             |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| - other sales            | 9     | 9     | 30     | 28     | 40     | 42     |
--------------------------------------------------------------------------------
| Operating profit         | 50    | 50    | 187    | 182    | 233    | 238    |
--------------------------------------------------------------------------------
| Comparable operating     | 49    | 51    | 185    | 181    | 231    | 235    |
| profit                   |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Net assets (at           |       |       | 3,265  | 3,292  | 3,239  |        |
| period-end)              |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Return on net assets, %  |       |       |        |        | 7.7    | 7.8    |
--------------------------------------------------------------------------------
| Comparable return on net |       |       |        |        | 7.6    | 7.6    |
| assets, %                |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Gross investments        | 70    | 41    | 203    | 119    | 237    | 321    |
--------------------------------------------------------------------------------
| Number of employees      |       |       | 1,336  | 1,061  | 1,063  |        |
--------------------------------------------------------------------------------

In the first nine months of 2008, the volume of distribution and regional       
network transmissions totalled 18.6 (18.4) TWh and 13.2 (13.2) TWh,             
respectively.                                                                   

Electricity transmissions via the regional distribution network totalled 11.0   
(10.9) TWh in Sweden and 2.2 (2.3) TWh in Finland.                              

The comparable operating profit of the Distribution segment was EUR 49 million  
in the third quarter, EUR 2 million lower than the previous year.               

In January-September the comparable operating profit of the Distribution segment
was EUR 185 million, EUR 4 million higher than the previous year. In 2007, the  
segment's results were negatively affected by the winter storms in Sweden.      
Depreciations on meters for automatic meter reading started in the second       
quarter.                                                                        

Installations of new meters and the implementation of automatic meter management
(AMM) in Sweden continue. The project is expected to be finalised by year end. A
total of 494,000 AMM meters out of the 735,000 meters installed are activated   
for monthly meter reading.  Almost 58% of Fortum's distribution customers in    
Sweden are invoiced based on automated meter reading.                           

During the spring, the procurement for AMM services in Finland was initiated. A 
contract with a service provider is expected to be signed before the summer of  
2009. The planning for introducing AMM to Fortum's customers in Norway has also 
started. The procurement will be initiated in the beginning of 2009. So far, no 
investment decision has been made for Finland or Norway.                        

--------------------------------------------------------------------------------
| Volume of distributed   | III/0 | III/07 | I-III/ | I-III/ | 2007   | LTM    |
| electricity in          | 8     |        | 08     | 07     |        |        |
| distribution network,   |       |        |        |        |        |        |
| TWh                     |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Sweden                  | 2.8   | 2.8    | 10.2   | 10.2   | 14.3   | 14.3   |
--------------------------------------------------------------------------------
| Finland                 | 1.9   | 1.8    | 6.7    | 6.6    | 9.2    | 9.3    |
--------------------------------------------------------------------------------
| Norway                  | 0.4   | 0.3    | 1.6    | 1.5    | 2.3    | 2.4    |
--------------------------------------------------------------------------------
| Estonia                 | 0.0   | 0.0    | 0.1    | 0.1    | 0.2    | 0.2    |
--------------------------------------------------------------------------------
| Total                   | 5.1   | 4.9    | 18.6   | 18.4   | 26.0   | 26.2   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Number of electricity      | 30 Sep 2008   | 30 Sep 2007    | 31 Dec 2007    |
| distribution customers by  |               |                |                |
| area, thousands            |               |                |                |
--------------------------------------------------------------------------------
| Sweden                     | 874           | 870            | 871            |
--------------------------------------------------------------------------------
| Finland                    | 604           | 590            | 591            |
--------------------------------------------------------------------------------
| Other countries            | 123           | 120            | 122            |
--------------------------------------------------------------------------------
| Total                      | 1,601         | 1,580          | 1,584          |
--------------------------------------------------------------------------------

Markets                                                                         

Markets is responsible for retail sales of electricity to a total of 1.3 million
private and business customers as well as to other electricity retailers in     
Sweden, Finland and Norway. Markets buys its electricity through Nord Pool.     
Markets sells approximately 75% of its volumes to business customers and 25% to 
retail consumers.                                                               

--------------------------------------------------------------------------------
| EUR million                | III/0 | III/0 | I-III | I-III | 2007   | LTM    |
|                            | 8     | 7     | /08   | /07   |        |        |
--------------------------------------------------------------------------------
| Sales                      | 461   | 331   | 1,391 | 1,201 | 1,683  | 1,873  |
--------------------------------------------------------------------------------
| - power sales              | 448   | 308   | 1,346 | 1,131 | 1,582  | 1,797  |
--------------------------------------------------------------------------------
| - other sales              | 13    | 23    | 45    | 70    | 101    | 76     |
--------------------------------------------------------------------------------
| Operating profit           | -17   | 15    | -6    | 10    | 12     | -4     |
--------------------------------------------------------------------------------
| Comparable operating       | -8    | 11    | -33   | 0     | -1     | -34    |
| profit                     |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Net assets (at period-end) |       |       | 229   | 157   | 247    |        |
--------------------------------------------------------------------------------
| Return on net assets, %    |       |       |       |       | 6.9    | 0.5    |
--------------------------------------------------------------------------------
| Comparable return on net   |       |       |       |       | -0.6   | -31.2  |
| assets, %                  |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Gross investments          | 0     | 0     | 3     | 2     | 3      | 4      |
--------------------------------------------------------------------------------
| Number of employees        |       |       | 629   | 934   | 935    |        |
--------------------------------------------------------------------------------

In the third quarter, Markets' electricity sales totalled 7.5 (8.3) TWh. The    
decrease in the sales volume was mainly due to some expired long-term business  
customer contracts. For the first nine months of the year, sales were 27.0      
(29.1) TWh.                                                                     

Markets' third-quarter comparable operating profit was clearly negative, mainly 
due to high procurement costs weakening sales margin. The high procurement costs
were partly due to the high Nord Pool area prices for Finland and Sweden.       

Fortum announced a 9% price increase in its current price products in Finland   
effective from 1 August and a 13% increase in Sweden effective from 1 October.  
Following the increase, Fortum's average price for its current price products   
will be very close to the overall retail price average.                         

Due to continuing unsatisfactory business performance, a restructuring programme
has been launched. Several cost-saving actions have been initiated.             

Matti Saario was appointed BU head of Fortum Markets as of 1 December 2008. Mr  
Saario was previously the managing director for Unilever Finland.               

Russia                                                                          

The segment comprises power and heat generation and sales in Russia. The segment
includes TGC-10 and Fortum's holding in TGC-1. TGC-10 is accounted for as a     
subsidiary and fully consolidated from 1 April 2008. TGC-1 is an associated     
company and accounted for using the equity method.                              

--------------------------------------------------------------------------------
| EUR million              | III/ | III/0 | I-III/ | I-III/ | 2007   | LTM     |
|                          | 08   | 7     | 08     | 07     |        |         |
--------------------------------------------------------------------------------
| Sales                    | 140  | -     | 292    | -      | -      | 292     |
--------------------------------------------------------------------------------
| - power sales            | 112  | -     | 217    | -      | -      | 217     |
--------------------------------------------------------------------------------
| - heat sales             | 23   | -     | 66     | -      | -      | 66      |
--------------------------------------------------------------------------------
| - other sales            | 5    | -     | 9      | -      | -      | 9       |
--------------------------------------------------------------------------------
| Operating profit         | -39  | 232   | -72    | 232    | 244    | -60     |
--------------------------------------------------------------------------------
| Comparable operating     | -39  | -     | -72    | -      | -      | -72     |
| profit                   |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Net assets (at           |      |       | 2,420  | 482    | 456    |         |
| period-end)              |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Return on net assets, %  |      |       |        |        | 66.3   | -2.6    |
--------------------------------------------------------------------------------
| Comparable return on net |      |       |        |        | 0.0    | -3.3    |
| assets, %                |      |       |        |        |        |         |
--------------------------------------------------------------------------------
| Gross investments        | 548  | 245   | 1,622  | 245    | 245    | 1,622   |
--------------------------------------------------------------------------------
| Number of employees      |      |       | 7,254  | -      | -      |         |
--------------------------------------------------------------------------------

Fortum acquired 76.49% of TGC-10 shares in March 2008 through an auction held by
RAO UES of Russia and the additional share issue of the company. TGC-10 operates
in well-developed industrial regions of the Urals and Western Siberia. The      
rapidly growing activities of oil and gas companies and the significant increase
in housing construction are the main drivers behind the increasing power and    
heat demand in the region.                                                      

The segment's power sales during the third quarter amounted to 4.4 TWh. During  
the same period, heat sales from CHP production in the segment totalled 2.4 TWh.

The segment booked an operating loss in the third quarter of 2008. The loss for 
the two consolidated quarters is explained by TGC-10's stand-alone loss of EUR  
34 million, the surplus value depreciation of EUR 26 million (depreciation on   
the EUR 1,039 million that has been allocated to the fair value of TGC-10's     
property, plant and equipment), and integration costs of EUR 12 million.        
TGC-10's business is typically very seasonal: Its results usually are strongest 
during the first and last quarters of the year. TGC-10 figures have been        
consolidated starting from the beginning of April 2008. The stand-alone loss for
the consolidated third quarter is mainly explained by seasonality.              

Russian power sector reform is continuing. Starting from 1 July, 25% of all     
produced power is sold on the competitive market. The wholesale power market is 
expected to be fully liberalised by 2011. The capacity market was launched at   
the beginning of July, as planned. RAO UES, the former monopoly in the power and
heat sector in Russia, ceased to exist as of 1 July 2008. Its regulatory        
functions were divided between different governmental bodies.                   

TGC-10 has an extensive investment programme aiming to increase its power       
capacity to 5,300 MW by 2013. As communicated earlier, TGC-10's initial cost    
estimate of the programme amounted to EUR 2.2 billion. Fortum is continuously   
reviewing the cost estimate as contract negotiations for the programme proceed. 
In August 2008, the turnkey contract for the biggest project in the investment  
programme was completed with Russian E4 Group, which will act as the general    
contractor for construction of the Power Island of Nyaganskaya Power Plant      
(capacity 1,200 MW). The major equipment supplier for this project will be      
Siemens.                                                                        

Construction work commenced at the Tyumenskaya and Tobolskaya CHP sites.        

Fortum is putting considerable focus on the integration of TGC-10 as a part of  
Fortum. The integration process started in April 2008. The new organisational   
structure and Fortum's management model have been in place since the beginning  
of September 2008.                                                              

In September Fortum announced that it will gain approximately 1.5 million tonnes
of emission reduction units (ERU) from joint implementation projects conducted  
at TGC-10.                                                                      

Capital expenditures, divestments and investments in shares                     

Capital expenditures and investments in shares in January-September totalled EUR
2,210 (646) million. Investments, excluding acquisitions, were EUR 716 (382)    
million.                                                                        

POWER GENERATION                                                                

In June, Fortum and Hafslund Infratek ASA signed a letter of intent with the aim
to combine Fortum Service's Infrastructure Solutions operations with Hafslund   
Infratek. The deal concerns all Infrastructure Solutions operations in Sweden,  
Norway and Finland and altogether 1,060 Fortum employees. According to the plan,
Fortum will receive newly issued shares in Hafslund Infratek ASA, listed on the 
Oslo Stock Exchange. This transaction will bring Fortum's ownership of the      
combined company to 33%. Hafslund ASA, today the majority shareholder of        
Hafslund Infratek, will hold 43.3% of the shares in the combined company. The   
process for combining the operations continued during the third quarter. In the 
beginning of October the parties agreed to extend the original letter of intent 
from the end of September. The aim is to finalise the agreement during October. 
                                                                                

DISTRIBUTION                                                                    

Investments, excluding acquisitions, were EUR 203 (119) million; the AMM        
investment represents EUR 84 (11) million.                                      

RUSSIA                                                                          

Regarding TGC-10, Fortum has filed the mandatory public tender offer to the     
company's minorities. The period of offer was from 30 April until 18 July 2008. 
The tender offer covered 23.51% of the share capital of TGC-10 and has been     
launched at a price of 111.8 roubles (approximately EUR 3) per share to be fully
paid in cash. The tender price is the same price Fortum paid for its shares     
acquired through the auction and share issue, and it represents a significant   
premium to the market price. At the end of September, Fortum's ownership in     
TGC-10 was over 93% and by that time Fortum had paid EUR 440 million for share  
purchases under the MTO. Clearing of the share transactions is still ongoing and
the final results of the MTO will be known and published at the latest at the   
end of October 2008.                                                            

In the event that Fortum's shareholding in TGC-10 exceeds 95% as a result of the
MTO, Fortum may redeem the remaining shares in TGC-10. The redemption of        
remaining shares is, however, subject to decision by Russian authorities.       

Financing                                                                       

Net debt increased during the third quarter by EUR 266 million to EUR 6,520     
million (year-end 2007: EUR 4,466 million). The increase in net debt during the 
third quarter is mainly due to execution of the mandatory offer for TGC-10 in   
which Fortum has increased its ownership stake from 76% to over 93%, paying EUR 
440 million for the acquired shares. The increase in debt has been financed by  
drawings under existing committed credit facilities. With the exception of the  
roll over of commercial paper (CP) financing (EUR 598 million outstanding at    
quarter end), no new financing arrangements were established during the quarter.

Liquidity remained strong with cash (EUR 663 million) and bank deposits (EUR 516
million) amounting to EUR 1,179 million (1,109 million of which in TGC-10) and  
EUR 2.4 billion of undrawn committed credit facilities at the end of the        
quarter.                                                                        

In October, Fortum made an additional drawing under the committed credit        
facility of EUR 500 million, which will cover all outstanding debt (EUR 468     
million) maturing in 2008. EUR 435 million of the debt maturing in 2008 is CP   
financing.                                                                      

Debt maturities in 2009 and 2010 are limited. In 2009, approximately EUR 172    
million is maturing in Q1 and EUR 286 million during the reminder of the year.  
EUR 163 million of the debt maturing in 2009 is CP financing.  Debt maturing in 
2010 amounts to EUR 634 million. In 2011, the Term Loan Facility of EUR 2,000   
million will mature, and the total for maturing debt in 2011 is EUR 2,268       
million.                                                                        

Net debt to EBITDA for the last twelve months was 2.8 (1.9 at year end 2007).   
The increase in net debt in 2008 is mainly due to the acquisition of 93% of     
TGC-10 and the dividend payment.                                                

The Group's net financial expenses were EUR 185 (117) million. The increase is  
attributable to higher average net debt and higher average interest rates for   
the first nine months of 2008 compared to the corresponding period last year.   
Net financial expenses include fair value gain on financial instruments of EUR 5
(4) million.                                                                    

Fortum Corporation's long-term credit rating from Moody's and Standard & Poor's 
was 'A2' (outlook stable) and "A-" (outlook stable), respectively.              

Shares and share capital                                                        

In January-September 2008, a total of 466.5 (647.9) million Fortum Corporation  
shares, totalling EUR 12,834 million, were traded. Fortum's market              
capitalisation, calculated using the closing quotation of the last trading day  
of the quarter, was EUR 20,928 million. The highest quotation of Fortum         
Corporation shares on the Nasdaq OMX Helsinki in the first nine months of the   
year 2008 was EUR 33.00, the lowest EUR 21.24, and the volume-weighted average  
quotation EUR 27.55. The closing quotation on the last trading day of the       
quarter was EUR 23.58 (25.74).                                                  

Relating to the 2002B share option scheme, a total of 0.7 million options for a 
total of EUR 17.2 million were traded during the first nine months of 2008.     

A total of 325,987 shares subscribed on the basis of share option schemes were  
entered into the trade register in the third quarter of 2008. At the end of the 
third quarter, Fortum Corporation did not own its own shares.                   

After registrations, Fortum Corporation's share capital is EUR 3,043,297,262 and
the total number of registered shares is 887,517,430 at the end of the third    
quarter of 2008. The share capital of Fortum Corporation increased by a total of
EUR 1,108,355.80.                                                               

At quarter-end, the amount of shares that can still be subscribed for and       
registered under the share option schemes is a maximum of 0.1% (849,615 shares) 
of Fortum's quarter-end share capital and voting rights.                        

At quarter-end, the Finnish state's holding in Fortum was 50.8%. The proportion 
of nominee registrations and direct foreign shareholders was 35.9%.             

Currently, the Board of Directors has no unused authorisations from the Annual  
General Meeting of Shareholders to issue convertible loans or bonds with        
warrants or to issue new shares. The Board of Directors has an authorisation    
from the Annual General Meeting of Shareholders on 1 April 2008 to buy Fortum   
Corporation's own shares. The authorisation, amounting to EUR 300 million or 15 
million shares, is valid until the next Annual General Meeting.                 

Group personnel                                                                 

The average number of employees in the Group during the period from January to  
September was 13,585 (8,305). The number of employees at the end of the period  
was 15,785 (8,310). The increase in the number of employees is due to the       
acquisition of TGC-10.                                                          

Events after the period under review                                            

Fortum is participating in the project to build the fifth Finnish nuclear power 
unit (Olkiluoto 3) with a share of approximately 25%. Teollisuuden Voima (TVO), 
the company that is building and owns the unit, has received new schedule       
information from the supplier (consortium Areva-Siemens). Based on the new      
information, TVO currently estimates that the start-up of the plant may be      
postponed until 2012, while it was earlier anticipated to take place during     
2011. TVO has also stated that it has a fixed-price plant supply contract and   
that it is not in a process of agreeing with the plant supplier on sharing the  
consortium's losses, contrary to the information presented in media.  
          
On 21 October, Fortum and Jyväskylän Energia agreed that Fortum will sell its   
60% ownership in Jyväskylän Energiantuotanto Oy to Jyväskylän Energia.  The     
transaction and related arrangements will take effect on 1 January 2009. The    
transaction means that ownership of a CHP plant with 115 MW electricity, 610 MW 
district heating and 110 MW process steam capacity, and also the plant site will
be transferred to Jyväskylän Energia. The value of the shares sold to Jyväskylän
Energia is approximately EUR 40 million. The sales gain from the transaction    
will be booked in Heat segment's fourth quarter operating profit.               

Outlook                                                                         

The key market driver influencing Fortum's business performance is the Nordic   
wholesale price of electricity. Key drivers behind the wholesale price          
development are the Nordic hydrological situation and supply-demand balance, CO2
emissions allowance prices and fuel prices. The exchange rates of the Swedish   
krona and Russian rouble also affect Fortum's reported results.                 

Fortum's financial results are exposed to a number of strategic, financial and  
operational risks. For further details on Fortum's risks and risk management,   
see Fortum's Operating and Financial Review and Financial Statements for 2007.  

In Russia, one of the key assumptions in the TGC-10 acquisition is the          
continuation of the Russian power sector reform. In the beginning of July, the  
share of the liberalised energy market increased from 15% to 25%. At the same   
time, the capacity market was started with the same degree of liberalisation.   
The first capacity auction for year 2008 was executed in July. Market rules for 
the long-term capacity market are under preparation. The wholesale power market 
is expected to be fully liberalised in 2011.                                    

TGC-10 is committed and contractually obligated to a significant investment     
programme, amounting to approximately EUR 2.2 billion according to TGC-10's     
original estimate. The programme is estimated to be completed during 2013. The  
contractual obligations of TGC-10's investment programme include penalty clauses
tied to the availability of the new generating capacity.                        

According to general market information, electricity consumption in the Nordic  
countries is predicted to increase by slightly below 1% a year over the next few
years. A change in the overall economic conditions may affect short term demand 
for electricity.                                                                

In early October 2008, the Nordic water reservoirs were about 6 TWh below the   
long-term average and 11 TWh below the corresponding level of 2007. In          
mid-October, the market price for emission allowances (EUA) for 2008 was about  
EUR 22-23 per tonne CO2. At the same time, the electricity forward price for the
rest of 2008 was around EUR 53-58 per MWh, for 2009 around EUR 51-55 per MWh and
for 2010 around EUR 50-53 per MWh.                                              

The first and last quarters of the year are usually the strongest quarters for  
the power and heat businesses.                                                  

Fortum Power Generation's achieved Nordic power price typically depends on e.g. 
the hedge ratio, hedge price, spot prices, availability and utilisation of      
Fortum's flexible production portfolio and currency fluctuations. If Fortum did 
not hedge any of its production volumes, a 1 EUR/MWh change in the Nordic spot  
price would result in approximately a EUR 50 million change in Fortum's annual  
operating profit.                                                               

At the beginning of October 2008, Fortum had hedged approximately 65% of the    
Power Generation segment's estimated Nordic electricity sales volume for the    
rest of 2008 at approximately EUR 46 per MWh. For the calendar year 2009,       
approximately 55% of the Power Generation segment's estimated Nordic electricity
sales volume was hedged at approximately EUR 53 per MWh. For the calendar year  
2010, approximately 20% was hedged at approximately EUR 55 per MWh.             

The reported hedge ratios may vary significantly depending on Fortum's actions  
on the electricity derivatives markets. Hedges are mainly financial contracts,  
most of them Nord Pool forwards or standardised futures, consisting of several  
types of products and maturities. Hedge prices are also influenced by changes in
the SEK/EUR exchange rates, as some of the hedges are conducted in SEK.         

The acquisition of TGC-10 is expected to marginally dilute Fortum's EPS during  
2008 and 2009. Fortum is in the process of reviewing the potential for further  
efficiency improvements in TGC-10. The previously announced annual efficiency   
improvements of at least EUR 30 million are expected to be exceeded.            

Fortum's results in the first nine months of 2008 were good. The Group's        
financial position and liquidity are strong. With its flexible and              
climate-benign production portfolio, Fortum continues to be well positioned for 
the future.                                                                     

Espoo, 21 October 2008                                                          
Fortum Corporation                                                              
Board of Directors                                                              

Further information:                                                            
Mikael Lilius, President and CEO, tel. +358 10 452 9100                         
Juha Laaksonen, CFO,                                                            
tel. +358 10 452 4519                                                           

The financial statements have been prepared in accordance with International    
Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the EU.
The interim financials have not been audited.                                   

Fortum's Annual General Meeting is planned to take place on 7 April 2009.       

The annual report for 2008 will be published during week 12 at the latest.      

Publication of results in 2009:                                                 
Financial statements bulletin January-December 2008 will be published on 5      
February 2009 at approximately 9:00 EET.                                        
Interim Report January-March will be published on 28 April 2009 at approx. 9:00 
EET.                                                                            
Interim Report January-June will be published on 17 July 2009 at approx. 9:00   
EET.                                                                            
Interim Report January-September will be published on 22 October 2009 at approx.
9:00 EET.                                                                       

Distribution:                                                                   
NASDAQ OMX Helsinki                                                             
Key media                                                                       
www.fortum.com                                                                  

Information on the financial statements release, including detailed quarterly   
information, is available on Fortum's website at: www.fortum.com/investors      

--------------------------------------------------------------------------------
| FORTUM GROUP                                                                 |
--------------------------------------------------------------------------------
| JANUARY-SEPTEMBER 2008                                                       |
--------------------------------------------------------------------------------
| Interim Financial Statements are unaudited                                   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED   |    |           |      |      |      |       |       |       |
| INCOME         |    |           |      |      |      |       |       |       |
| STATEMENT      |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| MEUR           |    | Note      | Q3   | Q3   | Q1-Q | Q1-Q3 | 2007  | Last  |
|                |    |           | 2008 | 2007 | 3    | 2007  |       | twelv |
|                |    |           |      |      | 2008 |       |       | e     |
|                |    |           |      |      |      |       |       | month |
|                |    |           |      |      |      |       |       | s     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales          |    | 4         | 1    | 860  | 4    | 3 159 | 4 479 | 5 354 |
|                |    |           | 272  |      | 034  |       |       |       |
--------------------------------------------------------------------------------
| Other income   |    |           | 56   | 261  | 75   | 309   | 393   | 159   |
--------------------------------------------------------------------------------
| Materials and  |    |           | -479 | -287 | -1   | -1    | -1    | -1    |
| services       |    |           |      |      | 465  | 089   | 572   | 948   |
--------------------------------------------------------------------------------
| Employee       |    |           | -156 | -109 | -429 | -359  | -495  | -565  |
| benefit costs  |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Depreciation,  |    | 4, 12     | -137 | -113 | -383 | -336  | -451  | -498  |
| amortisation   |    |           |      |      |      |       |       |       |
| and impairment |    |           |      |      |      |       |       |       |
| charges        |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Other expenses |    |           | -161 | -102 | -480 | -357  | -507  | -630  |
--------------------------------------------------------------------------------
| Operating      |    |           | 395  | 510  | 1    | 1 327 | 1 847 | 1 872 |
| profit         |    |           |      |      | 352  |       |       |       |
--------------------------------------------------------------------------------
| Share of       |    | 4, 13     | 8    | 6    | 78   | 223   | 241   | 96    |
| profit of      |    |           |      |      |      |       |       |       |
| associates and |    |           |      |      |      |       |       |       |
| joint ventures |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Interest       |    |           | -100 | -57  | -255 | -156  | -220  | -319  |
| expense        |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Interest       |    |           | 33   | 21   | 77   | 49    | 76    | 104   |
| income         |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Fair value     |    |           | 8    | 2    | 5    | 4     | 7     | 8     |
| gains and      |    |           |      |      |      |       |       |       |
| losses on      |    |           |      |      |      |       |       |       |
| financial      |    |           |      |      |      |       |       |       |
| instruments    |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Other          |    |           | -7   | -11  | -12  | -14   | -17   | -15   |
| financial      |    |           |      |      |      |       |       |       |
| expenses - net |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Finance costs  |    |           | -66  | -45  | -185 | -117  | -154  | -222  |
| - net          |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Profit before  |    |           | 337  | 471  | 1    | 1 433 | 1 934 | 1 746 |
| income tax     |    |           |      |      | 245  |       |       |       |
--------------------------------------------------------------------------------
| Income tax     |    | 9         | -69  | -44  | -256 | -218  | -326  | -364  |
| expense        |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Profit for the |    |           | 268  | 427  | 989  | 1 215 | 1 608 | 1 382 |
| period         |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable   |    |           |      |      |      |       |       |       |
| to:            |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Equity holders |    |           | 284  | 431  | 979  | 1 184 | 1 552 | 1 347 |
| of the Company |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Minority       |    |           | -16  | -4   | 10   | 31    | 56    | 35    |
| interest       |    |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
|                |    |           | 268  | 427  | 989  | 1 215 | 1 608 | 1 382 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share  |           |      |      |      |       |       |       |
| for profit          |           |      |      |      |       |       |       |
| attributable to the |           |      |      |      |       |       |       |
| equity              |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| holders of the      | 10        |      |      |      |       |       |       |
| company during the  |           |      |      |      |       |       |       |
| year (in € per      |           |      |      |      |       |       |       |
| share)              |           |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Basic                   |   |   | 0.32 | 0.48 | 1.10 | 1.33  | 1.74  | 1.52  |
--------------------------------------------------------------------------------
| Diluted                 |   |   | 0.32 | 0.48 | 1.10 | 1.33  | 1.74  | 1.52  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE     |   |       |            |            |             |
| SHEET                    |   |       |            |            |             |
--------------------------------------------------------------------------------
| MEUR                     |   | Note  | Sept 30    | Sept 30    | Dec 31      |
|                          |   |       | 2008       | 2007       | 2007        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS                   |   |       |            |            |             |
--------------------------------------------------------------------------------
| Non-current assets       |   |       |            |            |             |
--------------------------------------------------------------------------------
| Intangible assets        |   | 12    | 427        | 76         | 85          |
--------------------------------------------------------------------------------
| Property, plant and      |   | 12    | 13 037     | 11 407     | 11 343      |
| equipment                |   |       |            |            |             |
--------------------------------------------------------------------------------
| Participations in        |   | 4, 13 | 2 331      | 2 755      | 2 853       |
| associates and joint     |   |       |            |            |             |
| ventures                 |   |       |            |            |             |
--------------------------------------------------------------------------------
| Share in State Nuclear   |   | 16    | 561        | 510        | 516         |
| Waste Management Fund    |   |       |            |            |             |
--------------------------------------------------------------------------------
| Other long-term          |   |       | 72         | 104        | 99          |
| investments              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Deferred tax assets      |   |       | 0          | 3          | 3           |
--------------------------------------------------------------------------------
| Derivative financial     |   | 6     | 242        | 117        | 153         |
| instruments              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Long-term                |   |       | 827        | 718        | 736         |
| interest-bearing         |   |       |            |            |             |
| receivables              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Total non-current assets |   |       | 17 497     | 15 690     | 15 788      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets           |   |       |            |            |             |
--------------------------------------------------------------------------------
| Inventories              |   |       | 358        | 321        | 285         |
--------------------------------------------------------------------------------
| Derivative financial     |   | 6     | 368        | 125        | 140         |
| instruments              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Trade and other          |   |       | 1 144      | 718        | 1 034       |
| receivables              |   |       |            |            |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|    Bank deposits         |   |       | 516        | -          | -           |
--------------------------------------------------------------------------------
| Cash and cash            |   |       | 663        | 815        | 427         |
| equivalents              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Liquid funds             |   | 15    | 1 179      | 815        | 427         |
--------------------------------------------------------------------------------
| Total current assets     |   |       | 3 049      | 1 979      | 1 886       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets             |   |       | 20 546     | 17 669     | 17 674      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY                   |   |       |            |            |             |
--------------------------------------------------------------------------------
| Capital and reserves     |   |       |            |            |             |
| attributable to the      |   |       |            |            |             |
--------------------------------------------------------------------------------
| Company's equity holders |   |       |            |            |             |
--------------------------------------------------------------------------------
| Share capital            |   | 14    | 3 043      | 3 039      | 3 040       |
--------------------------------------------------------------------------------
| Other restricted funds   |   |       | 83         | 78         | 78          |
--------------------------------------------------------------------------------
| Fair value and other     |   |       | 200        | 746        | 715         |
| reserves                 |   |       |            |            |             |
--------------------------------------------------------------------------------
| Retained earnings        |   |       | 4 253      | 4 356      | 4 526       |
--------------------------------------------------------------------------------
| Total                    |   |       | 7 579      | 8 219      | 8 359       |
--------------------------------------------------------------------------------
| Minority interest        |   |       | 478        | 274        | 292         |
--------------------------------------------------------------------------------
| Total equity             |   |       | 8 057      | 8 493      | 8 651       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Non-current liabilities  |   |       |            |            |             |
--------------------------------------------------------------------------------
| Interest-bearing         |   | 15    | 6 776      | 4 583      | 4 288       |
| liabilities              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Derivative financial     |   | 6     | 177        | 131        | 139         |
| instruments              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Deferred tax liabilities |   |       | 1 810      | 1 715      | 1 687       |
--------------------------------------------------------------------------------
| Nuclear provisions       |   | 16    | 561        | 510        | 516         |
--------------------------------------------------------------------------------
| Pension and other        |   |       | 290        | 152        | 144         |
| provisions               |   |       |            |            |             |
--------------------------------------------------------------------------------
| Other liabilities        |   |       | 464        | 476        | 486         |
--------------------------------------------------------------------------------
| Total non-current        |   |       | 10 078     | 7 567      | 7 260       |
| liabilities              |   |       |            |            |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities      |   |       |            |            |             |
--------------------------------------------------------------------------------
| Interest-bearing         |   | 15    | 923        | 688        | 605         |
| liabilities              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Derivative financial     |   | 6     | 331        | 172        | 260         |
| instruments              |   |       |            |            |             |
--------------------------------------------------------------------------------
| Trade and other payables |   |       | 1 157      | 749        | 898         |
--------------------------------------------------------------------------------
| Total current            |   |       | 2 411      | 1 609      | 1 763       |
| liabilities              |   |       |            |            |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities        |   |       | 12 489     | 9 176      | 9 023       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and         |   |       | 20 546     | 17 669     | 17 674      |
| liabilities              |   |       |            |            |             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF |    |      |      |       |        |      |       |
| CHANGES IN TOTAL EQUITY   |    |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| MEUR          | Shar | Other   | Fair | Trea | Retai | Attrib | Mino | Total |
|               | e    | restric | valu | sury | ned   | utable | rity |       |
|               | capi | ted     | e    | shar | earni | to the |      |       |
|               | tal  | funds   | and  | es   | ngs   | equity |      |       |
|               |      |         | othe |      |       | holder |      |       |
|               |      |         | r    |      |       | s      |      |       |
|               |      |         | rese |      |       |        |      |       |
|               |      |         | rves |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total equity  | 3    | 78      | 715  | -    | 4 526 | 8 359  | 292  | 8 651 |
| at 31.12.2007 | 040  |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Translation   |      |         | -36  |      | -40   | -76    | -33  | -109  |
| and other     |      |         |      |      |       |        |      |       |
| differences   |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cash flow     |      |         | 1    |      |       | 1      |      | 1     |
| hedges        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Other fair    |      |         | -482 |      |       | -482   | -1   | -483  |
| value         |      |         |      |      |       |        |      |       |
| adjustments   |      |         |      |      |       |        |      |       |
| 1)            |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total gains   | -    | 0       | -517 | -    | -40   | -557   | -34  | -591  |
| and losses    |      |         |      |      |       |        |      |       |
| not           |      |         |      |      |       |        |      |       |
| recognised in |      |         |      |      |       |        |      |       |
| Income        |      |         |      |      |       |        |      |       |
| statement     |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Net profit    |      |         |      |      | 979   | 979    | 10   | 989   |
| for the       |      |         |      |      |       |        |      |       |
| period        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total         | -    | 0       | -517 | -    | 939   | 422    | -24  | 398   |
| recognised    |      |         |      |      |       |        |      |       |
| income for    |      |         |      |      |       |        |      |       |
| the period    |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Stock options | 3    |         |      |      |       | 3      |      | 3     |
| exercised     |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cash dividend |      |         |      |      | -1    | -1 198 |      | -1    |
| 2)            |      |         |      |      | 198   |        |      | 198   |
--------------------------------------------------------------------------------
| Changes       |      | 5       |      |      | -5    | 0      |      | 0     |
| between       |      |         |      |      |       |        |      |       |
| restricted    |      |         |      |      |       |        |      |       |
| and           |      |         |      |      |       |        |      |       |
| unrestricted  |      |         |      |      |       |        |      |       |
| equity        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Changes due   |      |         | 2    |      | -9    | -7     | 210  | 203   |
| to business   |      |         |      |      |       |        |      |       |
| combinations  |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total equity  | 3    | 83      | 200  | -    | 4 253 | 7 579  | 478  | 8 057 |
| at 30.09.2008 | 043  |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity  | 3    | 74      | 511  | -    | 4 300 | 7 908  | 253  | 8 161 |
| at 31.12.2006 | 023  |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Translation   |      |         | 19   |      | -4    | 15     | -5   | 10    |
| and other     |      |         |      |      |       |        |      |       |
| differences   |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cash flow     |      |         | -90  |      |       | -90    |      | -90   |
| hedges        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Other fair    |      |         | 306  |      | -3    | 303    |      | 303   |
| value         |      |         |      |      |       |        |      |       |
| adjustments   |      |         |      |      |       |        |      |       |
| 1)            |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total gains   | -    | -       | 235  | -    | -7    | 228    | -5   | 223   |
| and losses    |      |         |      |      |       |        |      |       |
| not           |      |         |      |      |       |        |      |       |
| recognised in |      |         |      |      |       |        |      |       |
| Income        |      |         |      |      |       |        |      |       |
| statement     |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Net profit    |      |         |      |      | 1 184 | 1 184  | 31   | 1 215 |
| for the       |      |         |      |      |       |        |      |       |
| period        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total         | -    | -       | 235  | -    | 1 177 | 1 412  | 26   | 1 438 |
| recognised    |      |         |      |      |       |        |      |       |
| income for    |      |         |      |      |       |        |      |       |
| the period    |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Stock options | 16   |         |      |      |       | 16     |      | 16    |
| exercised     |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cash dividend |      |         |      |      | -1    | -1 122 |      | -1    |
| 2)            |      |         |      |      | 122   |        |      | 122   |
--------------------------------------------------------------------------------
| Changes       |      | 4       |      |      | -4    | 0      |      | 0     |
| between       |      |         |      |      |       |        |      |       |
| restricted    |      |         |      |      |       |        |      |       |
| and           |      |         |      |      |       |        |      |       |
| unrestricted  |      |         |      |      |       |        |      |       |
| equity        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Changes due   |      |         |      |      | 5     | 5      | -5   | 0     |
| to business   |      |         |      |      |       |        |      |       |
| combinations  |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total equity  | 3    | 78      | 746  | -    | 4 356 | 8 219  | 274  | 8 493 |
| at 30.9.2007  | 039  |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity  | 3    | 74      | 511  | -    | 4 300 | 7 908  | 253  | 8 161 |
| at 31.12.2006 | 023  |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Translation   |      |         | 10   |      | -25   | -15    | -11  | -26   |
| and other     |      |         |      |      |       |        |      |       |
| differences   |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cash flow     |      |         | -168 |      |       | -168   | -2   | -170  |
| hedges        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Other fair    |      |         | 362  |      |       | 362    |      | 362   |
| value         |      |         |      |      |       |        |      |       |
| adjustments   |      |         |      |      |       |        |      |       |
| 1)            |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total gains   | -    | -       | 204  | -    | -25   | 179    | -13  | 166   |
| and losses    |      |         |      |      |       |        |      |       |
| not           |      |         |      |      |       |        |      |       |
| recognised in |      |         |      |      |       |        |      |       |
| Income        |      |         |      |      |       |        |      |       |
| statement     |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Net profit    |      |         |      |      | 1 552 | 1 552  | 56   | 1 608 |
| for the       |      |         |      |      |       |        |      |       |
| period        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total         | -    | -       | 204  | -    | 1 527 | 1 731  | 43   | 1 774 |
| recognised    |      |         |      |      |       |        |      |       |
| income for    |      |         |      |      |       |        |      |       |
| the period    |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Stock options | 17   |         |      |      |       | 17     |      | 17    |
| exercised     |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cash dividend |      |         |      |      | -1    | -1 122 |      | -1    |
| 2)            |      |         |      |      | 122   |        |      | 122   |
--------------------------------------------------------------------------------
| Repurchase of |      |         |      | -175 |       | -175   |      | -175  |
| own shares    |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Cancellation  |      |         |      | 175  | -175  | 0      |      | 0     |
| of own shares |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Changes       |      | 4       |      |      | -4    | 0      |      | 0     |
| between       |      |         |      |      |       |        |      |       |
| restricted    |      |         |      |      |       |        |      |       |
| and           |      |         |      |      |       |        |      |       |
| unrestricted  |      |         |      |      |       |        |      |       |
| equity        |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Changes due   |      |         |      |      |       | 0      | -4   | -4    |
| to business   |      |         |      |      |       |        |      |       |
| combinations  |      |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
| Total equity  | 3    | 78      | 715  | -    | 4 526 | 8 359  | 292  | 8 651 |
| at 31.12.2007 | 040  |         |      |      |       |        |      |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1) Includes the fair value change of Renewable Energy Corporation (REC)      |
| shareholding in Hafslund and the effect of Hafslund's sale of REC shares in  |
| 2007.                                                                        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|    See Note 13 Changes in participations in associates and joint ventures.   |
--------------------------------------------------------------------------------
| 2) See Note 11 Dividends.              |                                     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONDENSE |   |      |           |         |        |        |        |       |
| D        |   |      |           |         |        |        |        |       |
| CONSOLID |   |      |           |         |        |        |        |       |
| ATED     |   |      |           |         |        |        |        |       |
| CASH     |   |      |           |         |        |        |        |       |
| FLOW     |   |      |           |         |        |        |        |       |
| STATEMEN |   |      |           |         |        |        |        |       |
| T        |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| MEUR |   | N | Q3   | Q3 2007   | Q1-Q3   | Q1-Q3  | 2007   | Last   |       |
|      |   | o | 2008 |           | 2008    | 2007   |        | twelve |       |
|      |   | t |      |           |         |        |        | months |       |
|      |   | e |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Cash |   |   |      |           |         |        |        |        |       |
| flow |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| oper |   |   |      |           |         |        |        |        |       |
| atin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Oper |   |   | 532  | 623       | 1 735   | 1 663  | 2 298  | 2 370  |       |
| atin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| prof |   |   |      |           |         |        |        |        |       |
| it   |   |   |      |           |         |        |        |        |       |
| befo |   |   |      |           |         |        |        |        |       |
| re   |   |   |      |           |         |        |        |        |       |
| depr |   |   |      |           |         |        |        |        |       |
| ecia |   |   |      |           |         |        |        |        |       |
| tion |   |   |      |           |         |        |        |        |       |
| s    |   |   |      |           |         |        |        |        |       |
| (EBI |   |   |      |           |         |        |        |        |       |
| TDA) |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Non- |   |   | -56  | -263      | -38     | -268   | -286   | -56    |       |
| cash |   |   |      |           |         |        |        |        |       |
| flow |   |   |      |           |         |        |        |        |       |
| item |   |   |      |           |         |        |        |        |       |
| s    |   |   |      |           |         |        |        |        |       |
| and  |   |   |      |           |         |        |        |        |       |
| dive |   |   |      |           |         |        |        |        |       |
| stin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Financial    | -13  | -6        | -93     | 89     | -10    | -192   |       |
| items and    |      |           |         |        |        |        |       |
| realised     |      |           |         |        |        |        |       |
| foreign      |      |           |         |        |        |        |       |
| exchange     |      |           |         |        |        |        |       |
| gains and    |      |           |         |        |        |        |       |
| losses       |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Taxe |   |   | -79  | -83       | -279    | -320   | -383   | -342   |       |
| s    |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Fund |   |   | 384  | 271       | 1 325   | 1 164  | 1 619  | 1 780  |       |
| s    |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| oper |   |   |      |           |         |        |        |        |       |
| atio |   |   |      |           |         |        |        |        |       |
| ns   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Chan |   |   | 17   | -16       | 115     | 161    | 51     | 5      |       |
| ge   |   |   |      |           |         |        |        |        |       |
| in   |   |   |      |           |         |        |        |        |       |
| work |   |   |      |           |         |        |        |        |       |
| ing  |   |   |      |           |         |        |        |        |       |
| capi |   |   |      |           |         |        |        |        |       |
| tal  |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Tota |   |   | 401  | 255       | 1 440   | 1 325  | 1 670  | 1 785  |       |
| l    |   |   |      |           |         |        |        |        |       |
| net  |   |   |      |           |         |        |        |        |       |
| cash |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| oper |   |   |      |           |         |        |        |        |       |
| atin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash |   |   |      |           |         |        |        |        |       |
| flow |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| inve |   |   |      |           |         |        |        |        |       |
| stin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Capi |   | 4 | -301 | -128      | -680    | -341   | -592   | -931   |       |
| tal  |   | , |      |           |         |        |        |        |       |
| expe |   | 1 |      |           |         |        |        |        |       |
| ndit |   | 2 |      |           |         |        |        |        |       |
| ures |   |   |      |           |         |        |        |        |       |
| 1)   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Acqu |   | 7 | -442 | -2        | -1 206  | -10    | -10    | -1 206 |       |
| isit |   |   |      |           |         |        |        |        |       |
| ion  |   |   |      |           |         |        |        |        |       |
| of   |   |   |      |           |         |        |        |        |       |
| subs |   |   |      |           |         |        |        |        |       |
| idia |   |   |      |           |         |        |        |        |       |
| ries |   |   |      |           |         |        |        |        |       |
| ,    |   |   |      |           |         |        |        |        |       |
| net  |   |   |      |           |         |        |        |        |       |
| of   |   |   |      |           |         |        |        |        |       |
| cash |   |   |      |           |         |        |        |        |       |
| acqu |   |   |      |           |         |        |        |        |       |
| ired |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Acqu |   | 1 | 0    | -245      | -8      | -245   | -271   | -34    |       |
| isit |   | 3 |      |           |         |        |        |        |       |
| ion  |   |   |      |           |         |        |        |        |       |
| of   |   |   |      |           |         |        |        |        |       |
| asso |   |   |      |           |         |        |        |        |       |
| ciat |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
| 2)   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Acqu |   |   | 0    | 0         | -1      | -2     | -4     | -3     |       |
| isit |   |   |      |           |         |        |        |        |       |
| ion  |   |   |      |           |         |        |        |        |       |
| of   |   |   |      |           |         |        |        |        |       |
| othe |   |   |      |           |         |        |        |        |       |
| r    |   |   |      |           |         |        |        |        |       |
| long |   |   |      |           |         |        |        |        |       |
| -ter |   |   |      |           |         |        |        |        |       |
| m    |   |   |      |           |         |        |        |        |       |
| inve |   |   |      |           |         |        |        |        |       |
| stme |   |   |      |           |         |        |        |        |       |
| nts  |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Proc |   |   | 4    | 3         | 9       | 12     | 14     | 11     |       |
| eeds |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| sale |   |   |      |           |         |        |        |        |       |
| s of |   |   |      |           |         |        |        |        |       |
| fixe |   |   |      |           |         |        |        |        |       |
| d    |   |   |      |           |         |        |        |        |       |
| asse |   |   |      |           |         |        |        |        |       |
| ts   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Proceeds | 7 | 1    | 0         | 1       | 0      | 0      | 1      |       |
| from     |   |      |           |         |        |        |        |       |
| sales of |   |      |           |         |        |        |        |       |
| subsidia |   |      |           |         |        |        |        |       |
| ries,    |   |      |           |         |        |        |        |       |
| net of   |   |      |           |         |        |        |        |       |
| cash     |   |      |           |         |        |        |        |       |
| disposed |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Proc |   | 1 | 24   | 298       | 24      | 302    | 304    | 26     |       |
| eeds |   | 3 |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| sale |   |   |      |           |         |        |        |        |       |
| s of |   |   |      |           |         |        |        |        |       |
| asso |   |   |      |           |         |        |        |        |       |
| ciat |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Proc |   |   | 0    | 0         | 0       | 0      | 29     | 29     |       |
| eeds |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| sale |   |   |      |           |         |        |        |        |       |
| s of |   |   |      |           |         |        |        |        |       |
| othe |   |   |      |           |         |        |        |        |       |
| r    |   |   |      |           |         |        |        |        |       |
| long |   |   |      |           |         |        |        |        |       |
| -ter |   |   |      |           |         |        |        |        |       |
| m    |   |   |      |           |         |        |        |        |       |
| inve |   |   |      |           |         |        |        |        |       |
| stme |   |   |      |           |         |        |        |        |       |
| nts  |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Chan |   |   | -28  | -19       | -78     | -56    | -79    | -101   |       |
| ge   |   |   |      |           |         |        |        |        |       |
| in   |   |   |      |           |         |        |        |        |       |
| inte |   |   |      |           |         |        |        |        |       |
| rest |   |   |      |           |         |        |        |        |       |
| -bea |   |   |      |           |         |        |        |        |       |
| ring |   |   |      |           |         |        |        |        |       |
| rece |   |   |      |           |         |        |        |        |       |
| ivab |   |   |      |           |         |        |        |        |       |
| les  |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Tota |   |   | -742 | -93       | -1 939  | -340   | -609   | -2 208 |       |
| l    |   |   |      |           |         |        |        |        |       |
| net  |   |   |      |           |         |        |        |        |       |
| cash |   |   |      |           |         |        |        |        |       |
| used |   |   |      |           |         |        |        |        |       |
| in   |   |   |      |           |         |        |        |        |       |
| inve |   |   |      |           |         |        |        |        |       |
| stin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash |   |   | -341 | 162       | -499    | 985    | 1 061  | -423   |       |
| flow |   |   |      |           |         |        |        |        |       |
| befo |   |   |      |           |         |        |        |        |       |
| re   |   |   |      |           |         |        |        |        |       |
| fina |   |   |      |           |         |        |        |        |       |
| ncin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash |   |   |      |           |         |        |        |        |       |
| flow |   |   |      |           |         |        |        |        |       |
| from |   |   |      |           |         |        |        |        |       |
| fina |   |   |      |           |         |        |        |        |       |
| ncin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Net  |   |   | 257  | -230      | 2 578   | 779    | 488    | 2 287  |       |
| chan |   |   |      |           |         |        |        |        |       |
| ge   |   |   |      |           |         |        |        |        |       |
| in   |   |   |      |           |         |        |        |        |       |
| loan |   |   |      |           |         |        |        |        |       |
| s    |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Divi |   |   | 0    | 0         | -1 198  | -1 122 | -1 122 | -1 198 |       |
| dend |   |   |      |           |         |        |        |        |       |
| s    |   |   |      |           |         |        |        |        |       |
| paid |   |   |      |           |         |        |        |        |       |
| to   |   |   |      |           |         |        |        |        |       |
| the  |   |   |      |           |         |        |        |        |       |
| Comp |   |   |      |           |         |        |        |        |       |
| any' |   |   |      |           |         |        |        |        |       |
| s    |   |   |      |           |         |        |        |        |       |
| equi |   |   |      |           |         |        |        |        |       |
| ty   |   |   |      |           |         |        |        |        |       |
| hold |   |   |      |           |         |        |        |        |       |
| ers  |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Repu |   |   | 0    | 0         | 0       | 0      | -175   | -175   |       |
| rcha |   |   |      |           |         |        |        |        |       |
| se   |   |   |      |           |         |        |        |        |       |
| of   |   |   |      |           |         |        |        |        |       |
| own  |   |   |      |           |         |        |        |        |       |
| shar |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Othe |   |   | -10  | 5         | -134    | 16     | 18     | -132   |       |
| r    |   |   |      |           |         |        |        |        |       |
| fina |   |   |      |           |         |        |        |        |       |
| ncin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| item |   |   |      |           |         |        |        |        |       |
| s    |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Tota |   |   | 247  | -225      | 1 246   | -327   | -791   | 782    |       |
| l    |   |   |      |           |         |        |        |        |       |
| net  |   |   |      |           |         |        |        |        |       |
| cash |   |   |      |           |         |        |        |        |       |
| used |   |   |      |           |         |        |        |        |       |
| in   |   |   |      |           |         |        |        |        |       |
| fina |   |   |      |           |         |        |        |        |       |
| ncin |   |   |      |           |         |        |        |        |       |
| g    |   |   |      |           |         |        |        |        |       |
| acti |   |   |      |           |         |        |        |        |       |
| viti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| Tota |   |   |      |           |         |        |        |        |       |
| l    |   |   |      |           |         |        |        |        |       |
| net  |   |   |      |           |         |        |        |        |       |
| incr |   |   |      |           |         |        |        |        |       |
| ease |   |   |      |           |         |        |        |        |       |
| (+)/ |   |   |      |           |         |        |        |        |       |
| decr |   |   |      |           |         |        |        |        |       |
| ease |   |   |      |           |         |        |        |        |       |
| (-)  |   |   |      |           |         |        |        |        |       |
| in   |   |   |      |           |         |        |        |        |       |
| cash |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| and  |   |   | -94  | -63       | 747     | 658    | 270    | 359    |       |
| mark |   |   |      |           |         |        |        |        |       |
| etab |   |   |      |           |         |        |        |        |       |
| le   |   |   |      |           |         |        |        |        |       |
| secu |   |   |      |           |         |        |        |        |       |
| riti |   |   |      |           |         |        |        |        |       |
| es   |   |   |      |           |         |        |        |        |       |
--------------------------------------------------------------------------------
| 1) Capital expenditures in cash-flow do not include not yet paid     |       |
| investments. Capitalised borrowing costs are included in interest    |       |
| costs paid.                                                          |       |
--------------------------------------------------------------------------------
| 2) Acquisition  |      |    |        |        |        |        |        |   |
| of associates   |      |    |        |        |        |        |        |   |
| include share   |      |    |        |        |        |        |        |   |
| issues.         |      |    |        |        |        |        |        |   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Change in net debt             |     | Q3                | Q1-Q3             |
|                                |     | 2008              | 2008              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net debt 30 June 2008 and 31         | 6 254             | 4 466             |
| December 2007 respectively           |                   |                   |
--------------------------------------------------------------------------------
| Foreign exchange rate          |     | -92               | -96               |
| differences                    |     |                   |                   |
--------------------------------------------------------------------------------
|    EBITDA                      |     | 532               | 1 735             |
--------------------------------------------------------------------------------
| Paid net financial costs,      |     |                   |                   |
| taxes                          |     |                   |                   |
--------------------------------------------------------------------------------
| and adjustments for non-cash and     | -148              | -410              |
| divestment items                     |                   |                   |
--------------------------------------------------------------------------------
|    Change in working capital   |     | 17                | 115               |
--------------------------------------------------------------------------------
|    Capital expenditures        |     | -301              | -680              |
--------------------------------------------------------------------------------
|    Acquisitions                |     | -442              | -1 215            |
--------------------------------------------------------------------------------
|    Divestments                 |     | 29                | 34                |
--------------------------------------------------------------------------------
| Change in interest-bearing     |     | -28               | -78               |
| receivables                    |     |                   |                   |
--------------------------------------------------------------------------------
|    Dividends                   |     | 0                 | -1 198            |
--------------------------------------------------------------------------------
|    Other financing activities  |     | -10               | -134              |
--------------------------------------------------------------------------------
| -Net cash flow (- increase in  |     | -351              | -1 831            |
| net debt)                      |     |                   |                   |
--------------------------------------------------------------------------------
| Loans in acquired companies    |     | -                 | 274               |
--------------------------------------------------------------------------------
| Fair value change of bonds and       | 7                 | 45                |
| amortised cost valuation             |                   |                   |
--------------------------------------------------------------------------------
| Net debt end of period         |     | 6 520             | 6 520             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| KEY       |       |        |       |       |       |        |       |        |
| RATIOS    |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| MEUR      | Sept  | June   | March | Dec   | Sept  | June   | March | Last   |
|           | 30    | 30     | 31    | 31    | 30    | 30     | 31    | twelve |
|           | 2008  | 2008   | 2008  | 2007  | 2007  | 2007   | 2007  | months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA,   | 1 735 | 1 203  | 720   | 2 298 | 1 663 | 1 040  | 602   | 2 370  |
| MEUR      |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings  | 1.10  | 0.78   | 0.51  | 1.74  | 1.33  | 0.85   | 0.59  | 1.52   |
| per share |       |        |       |       |       |        |       |        |
| (basic),  |       |        |       |       |       |        |       |        |
| EUR       |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital   | 15    | 15 593 | 16    | 13    | 13    | 13 503 | 12    | 15 756 |
| employed, | 756   |        | 868   | 544   | 764   |        | 593   |        |
| MEUR      |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Interest- | 6 520 | 6 254  | 5 228 | 4 466 | 4 456 | 4 610  | 3 932 | N/A    |
| bearing   |       |        |       |       |       |        |       |        |
| net debt, |       |        |       |       |       |        |       |        |
| MEUR      |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital   | 2 210 | 1 459  | 1 227 | 972   | 646   | 253    | 115   | 2 536  |
| expenditu |       |        |       |       |       |        |       |        |
| re and    |       |        |       |       |       |        |       |        |
| gross     |       |        |       |       |       |        |       |        |
| investmen |       |        |       |       |       |        |       |        |
| ts in     |       |        |       |       |       |        |       |        |
| shares,   |       |        |       |       |       |        |       |        |
| MEUR      |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Capital   | 716   | 408    | 175   | 655   | 382   | 236    | 100   | 989    |
| expenditu |       |        |       |       |       |        |       |        |
| re, MEUR  |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on | 13.7  | 14.6   | 17.3  | 16.5  | 15.1  | 14.8   | 18.0  | 14.1   |
| capital   |       |        |       |       |       |        |       |        |
| employed, |       |        |       |       |       |        |       |        |
| % 1)      |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Adjusted  |       |        |       | 14.0  |       |        |       |        |
| return on |       |        |       |       |       |        |       |        |
| capital   |       |        |       |       |       |        |       |        |
| employed, |       |        |       |       |       |        |       |        |
| % 2)      |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on | 15.7  | 17.2   | 21.0  | 19.1  | 17.8  | 17.2   | 21.1  | 16.7   |
| sharehold |       |        |       |       |       |        |       |        |
| ers'      |       |        |       |       |       |        |       |        |
| equity, % |       |        |       |       |       |        |       |        |
| 1)        |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Adjusted  |       |        |       | 15.8  |       |        |       |        |
| return on |       |        |       |       |       |        |       |        |
| sharehold |       |        |       |       |       |        |       |        |
| ers'      |       |        |       |       |       |        |       |        |
| equity, % |       |        |       |       |       |        |       |        |
| 2)        |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net debt  | 2.8   | 2.6    | 1.8   | 1.9   | 2.1   | 2.2    | 1.6   | 2.8    |
| / EBITDA  |       |        |       |       |       |        |       |        |
| 1)        |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Adjusted  |       |        |       | 2.2   | 2.3   |        |       |        |
| Net debt  |       |        |       |       |       |        |       |        |
| / EBITDA  |       |        |       |       |       |        |       |        |
| 3)        |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest  | 7.6   | 8.6    | 14.1  | 12.8  | 12.4  | 11.5   | 15.3  | 8.7    |
| coverage  |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Funds     | 27.1  | 30.1   | 42.9  | 36.3  | 33.9  | 36.1   | 45.5  | 27.3   |
| from      |       |        |       |       |       |        |       |        |
| operation |       |        |       |       |       |        |       |        |
| s/interes |       |        |       |       |       |        |       |        |
| t-bearing |       |        |       |       |       |        |       |        |
| net debt, |       |        |       |       |       |        |       |        |
| %  1)     |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gearing,  | 81    | 77     | 56    | 52    | 52    | 58     | 52    | N/A    |
| %         |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Equity    | 8.49  | 8.08   | 9.53  | 9.43  | 9.21  | 8.68   | 8.22  | N/A    |
| per       |       |        |       |       |       |        |       |        |
| share,    |       |        |       |       |       |        |       |        |
| EUR       |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Equity-to | 39    | 39     | 44    | 49    | 48    | 46     | 43    | N/A    |
| -assets   |       |        |       |       |       |        |       |        |
| ratio, %  |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average   | 13    | 12 603 | 8 356 | 8 304 | 8 305 | 8 257  | 8 165 | N/A    |
| number of | 585   |        |       |       |       |        |       |        |
| employees |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Number of | 15    | 16 069 | 15    | 8 303 | 8 306 | 8 541  | 8 190 | N/A    |
| employees | 785   |        | 689   |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average   | 887   | 887    | 887   | 889   | 890   | 890    | 890   | 887    |
| number of | 241   | 131    | 085   | 997   | 984   | 770    | 263   | 398    |
| shares, 1 |       |        |       |       |       |        |       |        |
| 000       |       |        |       |       |       |        |       |        |
| shares    |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Diluted   | 887   | 888    | 888   | 891   | 892   | 893    | 893   | 887    |
| adjusted  | 986   | 165    | 177   | 395   | 815   | 140    | 252   | 502    |
| average   |       |        |       |       |       |        |       |        |
| number of |       |        |       |       |       |        |       |        |
| shares, 1 |       |        |       |       |       |        |       |        |
| 000       |       |        |       |       |       |        |       |        |
| shares    |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
| Number of | 887   | 887    | 887   | 886   | 892   | 891    | 890   | N/A    |
| registere | 517   | 191    | 123   | 683   | 119   | 472    | 685   |        |
| d shares, |       |        |       |       |       |        |       |        |
| 1 000     |       |        |       |       |       |        |       |        |
| shares    |       |        |       |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Quarterly figures are  |   |      |        |       |        |             |
| annualised.               |   |      |        |       |        |             |
--------------------------------------------------------------------------------
| 2) Adjusted for REC and Lenenergo gains, which were arising Q1 and Q3 in     |
| 2007 respectively and thus are not effecting LTM Q3 2008 numbers.            |
--------------------------------------------------------------------------------
| 3) Based on EBITDA excluding capital gain from the sale of     |             |
| Fortum's holding in Lenenergo amounting to EUR 232 million.    |             |
--------------------------------------------------------------------------------
| For definitions, see Note |   |      |        |       |        |             |
| 23.                       |   |      |        |       |        |             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS                       |
--------------------------------------------------------------------------------
| 1. BASIS OF PREPARATION          |                                           |
--------------------------------------------------------------------------------

The condensed interim financial statements have been prepared in accordance with
International Accounting Standard (IAS) 34, Interim Financial Reporting, as     
adopted by the EU. The condensed interim financial report should be read in     
conjunction with the annual financial statements for the year ended 31 December 
2007.                                                                           
--------------------------------------------------------------------------------
| 2. ACCOUNTING POLICIES                                                       |
--------------------------------------------------------------------------------

The accounting policies adopted are consistent with those of the Group's annual 
financial statements for the year ended 31 December 2007, except for changes    
listed below.                                                                   
Early adoption of IFRS 8 Operating Segments                                     
Following the acquisition of the Russian company TGC-10, Fortum has changed its 
segment reporting during Q1 2008. A new Russia segment was introduced, which    
then meant that the new segment structure has one segment based on geographical 
area, combined with segments based on type of business operations. Due to the   
change in segments structure, Fortum has early adopted IFRS 8 Operating         
segments.                                                                       
The new Russia segment includes:                                                
- TGC-10, which has been consolidated from 31 March 2008 (see Note 7)           
- the TGC-1 shareholding, which was transferred from the Power Generation       
segment                                                                         
- minor assets from shareholdings in Lenenergo spin-off companies, transferred  
from Distribution, Markets and Other segments                                   
In addition to introducing a new segment, assets and profits from the associated
company Hafslund have been transferred from Power Generation segment to Other   
segment.                                                                        
Segments Power Generation, Heat, Distribution and Markets as well as Other      
remained as previously reported with exception from the items stated above.     
Power Generation consists of the business units Generation, Portfolio Management
and Trading (PMT) as well as Service. The business units Generation and PMT have
from a financial reporting perspective one common set of financial measures. No 
separate pricing mechanism is in use between the business units. Service        
business unit provides services both internal and external, but its core        
activities refer to Generation business. The two business units Heat and Värme  
are aggregated to the Heat segment based on the similarity in the nature of     
business, customers etc.                                                        
Financial target setting, follow up and allocation of resources in the Group's  
performance management process are based on the business units' comparable      
operating profit including share of profit from associated companies and        
comparable return on net assets.                                                
Consolidation by segment is based on the same principles as for the Group as a  
whole. Inter-segment transactions are based on commercial terms. Due to the     
large number of customers  and the variety of its business activities, there are
no individual customer whose business volume is material compared with Fortum's 
total business volume. Power Generation segment is selling the produced         
electricity mainly through Nord Pool. For further information regarding the     
segments business activities and geographical areas, see the Financial          
statements 2007 Note 5 Primary Segment information.                             
Comparison numbers for 2007 have been restated, resulting in the following      
effects in operating profit and non-recurring items:                            
- the non-recurring gain on the sale of Lenenergo shares (EUR 232 million) in Q3
2007, transferred from Distribution segment to the new Russia segment           
- the gain on the sale of WGC-5 shares (EUR 12 million) in Q4 2007, transferred 
from Power Generation segment to the new Russia segment                         
- share of profits from associates regarding Hafslund during 2007, including the
gain from Hafslund's divestment of shares in REC in Q1 2007, has been           
transferred from Power Generation segment to Other segment                      
New interpretations                                                             
The following new interpretations are mandatory for the financial year ending 31
December 2008:                                                                  
- IFRIC 11 IFRS 2: Group and treasury share transactions The share-based payment
arrangements established within Fortum Group are not  subject to IFRIC 11       
because they are cash-settled.                                                  
- IFRIC 14  IAS 19 - The limit on a defined benefit asset, minimum funding      
requirements and their interaction provides guidance how to assess the limit  in
IAS 19 on the amount of the surplus that can be recognised as an asset in       
particular when there is a minimum funding requirement. IFRIC 14 is not         
expected to have a significant impact on Group's accounts.  The interpretation  
has not yet been endorsed in the EU.                                            
- IFRIC 12 Service concession arrangements is not relevant to Fortum as no      
member of the Group is a service concession operator providing for public sector
services. The interpretation has not yet been endorsed in the EU.               
These new interpretations have not had any effect on the reported income        
statement, balance sheet or disclosures.                                        
For further information on accounting of associates, see Note 13 below.         

--------------------------------------------------------------------------------
| 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS                              |
--------------------------------------------------------------------------------

The preparation of Interim financial statements requires management to make     
judgements, estimates and assumptions that affect the reported amounts of assets
and liabilities, income and expense. Annual results may differ from these       
estimates.                                                                      
In preparing these interim financial statements, the significant judgements made
by management in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the annual        
financial statements as at and for the year ended 31 December 2007.             

--------------------------------------------------------------------------------
| 4. SEGMENT        |          |         |        |        |        |          |
| INFORMATION       |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| SALES             | Q3 2008  | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007   | Last     |
| MEUR              |          |         | 2008   | 2007   |        | twelve   |
|                   |          |         |        |        |        | months   |
--------------------------------------------------------------------------------
| Power sales       | 837      | 483     | 2 405  | 1 673  | 2 370  | 3 102    |
| excluding         |          |         |        |        |        |          |
| indirect taxes    |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Heating sales     | 196      | 154     | 858    | 744    | 1 096  | 1 210    |
--------------------------------------------------------------------------------
| Network           | 162      | 157     | 553    | 535    | 729    | 747      |
| transmissions     |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Other sales       | 77       | 66      | 218    | 207    | 284    | 295      |
--------------------------------------------------------------------------------
| Total             | 1 272    | 860     | 4 034  | 3 159  | 4 479  | 5 354    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| SALES BY SEGMENT  | Q3 2008  | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007   | Last     |
| MEUR              |          |         | 2008   | 2007   |        | twelve   |
|                   |          |         |        |        |        | months   |
--------------------------------------------------------------------------------
| Power Generation  | 718      | 502     | 2 156  | 1 665  | 2 350  | 2 841    |
--------------------------------------------------------------------------------
| - of which        | -79      | 70      | -5     | 318    | 323    | 0        |
| internal          |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Heat              | 226      | 186     | 1 003  | 917    | 1 356  | 1 442    |
--------------------------------------------------------------------------------
| - of which        | -4       | 4       | 3      | 39     | 38     | 2        |
| internal          |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Distribution      | 171      | 166     | 583    | 563    | 769    | 789      |
--------------------------------------------------------------------------------
| - of which        | 2        | 2       | 7      | 6      | 9      | 10       |
| internal          |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Markets           | 461      | 331     | 1 391  | 1 201  | 1 683  | 1 873    |
--------------------------------------------------------------------------------
| - of which        | 61       | 30      | 127    | 106    | 155    | 176      |
| internal          |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Russia            | 140      | -       | 292    | -      | -      | 292      |
--------------------------------------------------------------------------------
| - of which        | -        | -       | -      | -      | -      | -        |
| internal          |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Other             | 21       | 19      | 62     | 60     | 81     | 83       |
--------------------------------------------------------------------------------
| - of which        | 20       | 17      | 61     | 52     | 72     | 81       |
| internal          |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Netting of Nord   | -465     | -221    | -1 260 | -726   | -1 163 | -1 697   |
| Pool transactions |          |         |        |        |        |          |
| 1)                |          |         |        |        |        |          |
--------------------------------------------------------------------------------
| Eliminations      | 0        | -123    | -193   | -521   | -597   | -269     |
--------------------------------------------------------------------------------
| Total             | 1 272    | 860     | 4 034  | 3 159  | 4 479  | 5 354    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Sales and purchases with Nord Pool is netted on Group level on an hourly  |
| basis and posted either as revenue or cost depending on if Fortum is a net   |
| seller or net buyer during any particular hour.                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OPERATING PROFIT  | Q3 2008  | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007   | Last     |
| BY SEGMENTS       |          |         | 2008   | 2007   |        | twelve   |
| MEUR              |          |         |        |        |        | months   |
--------------------------------------------------------------------------------
| Power Generation  | 438      | 221     | 1 129  | 764    | 1 115  | 1 480    |
--------------------------------------------------------------------------------
| Heat              | -15      | -2      | 152    | 173    | 294    | 273      |
--------------------------------------------------------------------------------
| Distribution      | 50       | 50      | 187    | 182    | 233    | 238      |
--------------------------------------------------------------------------------
| Markets           | -17      | 15      | -6     | 10     | 12     | -4       |
--------------------------------------------------------------------------------
| Russia            | -39      | 232     | -72    | 232    | 244    | -60      |
--------------------------------------------------------------------------------
| Other             | -22      | -6      | -38    | -34    | -51    | -55      |
--------------------------------------------------------------------------------
| Total             | 395      | 510     | 1 352  | 1 327  | 1 847  | 1 872    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| COMPARABLE          | Q3 2008 | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007   | Last    |
| OPERATING PROFIT BY |         |         | 2008   | 2007   |        | twelve  |
| SEGMENTS            |         |         |        |        |        | months  |
| MEUR                |         |         |        |        |        |         |
--------------------------------------------------------------------------------
| Power           |   | 371     | 185     | 1 150  | 732    | 1 095  | 1 513   |
| Generation      |   |         |         |        |        |        |         |
--------------------------------------------------------------------------------
| Heat            |   | -7      | -3      | 141    | 170    | 290    | 261     |
--------------------------------------------------------------------------------
| Distribution    |   | 49      | 51      | 185    | 181    | 231    | 235     |
--------------------------------------------------------------------------------
| Markets         |   | -8      | 11      | -33    | 0      | -1     | -34     |
--------------------------------------------------------------------------------
| Russia          |   | -39     | -       | -72    | -      | -      | -72     |
--------------------------------------------------------------------------------
| Other           |   | -13     | -6      | -34    | -35    | -51    | -50     |
--------------------------------------------------------------------------------
| Comparable      |   | 353     | 238     | 1 337  | 1 048  | 1 564  | 1 853   |
| operating       |   |         |         |        |        |        |         |
| profit          |   |         |         |        |        |        |         |
--------------------------------------------------------------------------------
| Non-recurring   |   | 15      | 232     | 17     | 237    | 250    | 30      |
| items           |   |         |         |        |        |        |         |
--------------------------------------------------------------------------------
| Other items     |   | 27      | 40      | -2     | 42     | 33     | -11     |
| effecting       |   |         |         |        |        |        |         |
| comparability   |   |         |         |        |        |        |         |
--------------------------------------------------------------------------------
| Operating       |   | 395     | 510     | 1 352  | 1 327  | 1 847  | 1 872   |
| profit          |   |         |         |        |        |        |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NON-RECURRING     | Q3 2008  | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007   | Last     |
| ITEMS BY SEGMENTS |          |         | 2008   | 2007   |        | twelve   |
| MEUR              |          |         |        |        |        | months   |
--------------------------------------------------------------------------------
| Power Generation  | 11       | 0       | 11     | 2      | 2      | 11       |
--------------------------------------------------------------------------------
| Heat              | 2        | 0       | 4      | 1      | 2      | 5        |
--------------------------------------------------------------------------------
| Distribution      | 2        | -1      | 2      | 0      | 0      | 2        |
--------------------------------------------------------------------------------
| Markets           | 0        | 1       | -      | 1      | 0      | -1       |
--------------------------------------------------------------------------------
| Russia            | 0        | 232     | 0      | 232    | 244    | 12       |
--------------------------------------------------------------------------------
| Other             | 0        | 0       | 0      | 1      | 2      | 1        |
--------------------------------------------------------------------------------
| Total             | 15       | 232     | 17     | 237    | 250    | 30       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Non-recurring items mainly include capital gains and losses. The main        |
| capital gain in 2007 was gain on sale of Lenenergo shares (EUR 232 million). |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OTHER ITEMS        | Q3 2008  | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007   | Last    |
| EFFECTING          |          |         | 2008   | 2007   |        | twelve  |
| COMPARABILITY BY   |          |         |        |        |        | months  |
| SEGMENTS           |          |         |        |        |        |         |
| MEUR               |          |         |        |        |        |         |
--------------------------------------------------------------------------------
| Power          |   | 56       | 36      | -32    | 30     | 18     | -44     |
| Generation 1)  |   |          |         |        |        |        |         |
--------------------------------------------------------------------------------
| Heat           |   | -10      | 1       | 7      | 2      | 2      | 7       |
--------------------------------------------------------------------------------
| Distribution   |   | -1       | 0       | 0      | 1      | 2      | 1       |
--------------------------------------------------------------------------------
| Markets        |   | -9       | 3       | 27     | 9      | 13     | 31      |
--------------------------------------------------------------------------------
| Russia         |   | -        | -       | -      | -      | -      | -       |
--------------------------------------------------------------------------------
| Other          |   | -9       | 0       | -4     | 0      | -2     | -6      |
--------------------------------------------------------------------------------
| Total          |   | 27       | 40      | -2     | 42     | 33     | -11     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1) Including   |   |          |         |        |        |        |         |
| effects from   |   |          |         |        |        |        |         |
| the accounting |   |          |         |        |        |        |         |
| of Fortum's    |   |          |         |        |        |        |         |
| part of        |   |          |         |        |        |        |         |
--------------------------------------------------------------------------------
| the Finnish State  | 10       | 33      | -7     | 24     | 17     | -14     |
| Nuclear Waste      |          |         |        |        |        |         |
| Management Fund    |          |         |        |        |        |         |
| with (EUR          |          |         |        |        |        |         |
| million):          |          |         |        |        |        |         |
--------------------------------------------------------------------------------

Other items effecting comparability mainly include effects from financial       
derivatives hedging future cash-flows where hedge accounting is not applied     
according to IAS 39. In Power Generation segment there are also effects from the
accounting of Fortum's part of the Finnish State Nuclear Waste Management Fund  
where the asset in the balance sheet cannot exceed the related liabilities      
according to IFRIC interpretation 5.                                            
--------------------------------------------------------------------------------
| DEPRECIATION,    | Q3 2008   | Q3     | Q1-Q3   | Q1-Q3   | 2007   | Last    |
| AMORTISATION AND |           | 2007   | 2008    | 2007    |        | twelve  |
| IMPAIRMENT       |           |        |         |         |        | months  |
| CHARGES BY       |           |        |         |         |        |         |
| SEGMENTS         |           |        |         |         |        |         |
| MEUR             |           |        |         |         |        |         |
--------------------------------------------------------------------------------
| Power        |   |   | 24    | 27     | 73      | 79      | 103    | 97      |
| Generation   |   |   |       |        |         |         |        |         |
--------------------------------------------------------------------------------
| Heat         |   |   | 45    | 40     | 128     | 120     | 163    | 171     |
--------------------------------------------------------------------------------
| Distribution |   |   | 41    | 40     | 124     | 119     | 162    | 167     |
--------------------------------------------------------------------------------
| Markets      |   |   | 2     | 2      | 6       | 9       | 11     | 8       |
--------------------------------------------------------------------------------
| Russia       |   |   | 23    | -      | 45      | -       | -      | 45      |
--------------------------------------------------------------------------------
| Other        |   |   | 2     | 4      | 7       | 9       | 12     | 10      |
--------------------------------------------------------------------------------
| Total        |   |   | 137   | 113    | 383     | 336     | 451    | 498     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| SHARE OF PROFITS | Q3 2008   | Q3     | Q1-Q3   | Q1-Q3   | 2007   | Last    |
| IN ASSOCIATES    |           | 2007   | 2008    | 2007    |        | twelve  |
| AND JOINT        |           |        |         |         |        | months  |
| VENTURES BY      |           |        |         |         |        |         |
| SEGMENTS         |           |        |         |         |        |         |
| MEUR             |           |        |         |         |        |         |
--------------------------------------------------------------------------------
| Power        |   |   | -6    | -9     | -13     | -21     | -23    | -15     |
| Generation   |   |   |       |        |         |         |        |         |
| 1)           |   |   |       |        |         |         |        |         |
--------------------------------------------------------------------------------
| Heat         |   |   | 0     | 4      | 8       | 16      | 24     | 16      |
--------------------------------------------------------------------------------
| Distribution |   |   | 2     | 4      | 13      | 13      | 18     | 18      |
--------------------------------------------------------------------------------
| Markets      |   |   | 4     | -1     | 5       | 0       | 0      | 5       |
--------------------------------------------------------------------------------
| Russia       |   |   | 1     | -      | 19      | -       | -      | 19      |
--------------------------------------------------------------------------------
| Other        |   |   | 7     | 8      | 46      | 215     | 222    | 53      |
--------------------------------------------------------------------------------
| Total        |   |   | 8     | 6      | 78      | 223     | 241    | 96      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) The main part of the associated companies in Power Generation are power   |
| production companies from which Fortum purchases produced electricity at     |
| production costs including interest costs and income taxes.                  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| PARTICIPATIONS IN ASSOCIATES AND      | Sept 30   | Sept 30     | Dec 31     |
| JOINT VENTURES BY SEGMENTS            | 2008      | 2007        | 2007       |
| MEUR                                  |           |             |            |
--------------------------------------------------------------------------------
| Power         |   |   |   |           | 775       | 768         | 806        |
| Generation    |   |   |   |           |           |             |            |
--------------------------------------------------------------------------------
| Heat          |   |   |   |           | 155       | 151         | 158        |
--------------------------------------------------------------------------------
| Distribution  |   |   |   |           | 232       | 226         | 229        |
--------------------------------------------------------------------------------
| Markets       |   |   |   |           | 12        | 8           | 8          |
--------------------------------------------------------------------------------
| Russia        |   |   |   |           | 477       | 455         | 455        |
--------------------------------------------------------------------------------
| Other         |   |   |   |           | 680       | 1 147       | 1 197      |
--------------------------------------------------------------------------------
| Total         |   |   |   |           | 2 331     | 2 755       | 2 853      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CAPITAL           | Q3 2008 | Q3 2007 | Q1-Q3  | Q1-Q3  | 2007    | Last     |
| EXPENDITURE BY    |         |         | 2008   | 2007   |         | twelve   |
| SEGMENTS          |         |         |        |        |         | months   |
| MEUR              |         |         |        |        |         |          |
--------------------------------------------------------------------------------
| Power Generation  | 35      | 21      | 85     | 61     | 93      | 117      |
--------------------------------------------------------------------------------
| Heat 1)           | 95      | 80      | 264    | 189    | 309     | 384      |
--------------------------------------------------------------------------------
| Distribution 2)   | 70      | 41      | 203    | 119    | 236     | 320      |
--------------------------------------------------------------------------------
| Markets           | 0       | 0       | 3      | 2      | 3       | 4        |
--------------------------------------------------------------------------------
| Russia            | 107     | -       | 152    | -      | -       | 152      |
--------------------------------------------------------------------------------
| Other             | 1       | 4       | 9      | 11     | 14      | 12       |
--------------------------------------------------------------------------------
| Total             | 308     | 146     | 716    | 382    | 655     | 989      |
--------------------------------------------------------------------------------
1) Increase is mainly due to ongoing large CHP-plant construction projects in   
Espoo in Finland, Tarto in Estonia and Czestochowa in Poland.                   
2) Increase is mainly due to installation of new meters in Fortum's network     
areas in Sweden (Automatic Meter Management, AMM).                              

--------------------------------------------------------------------------------
| GROSS INVESTMENTS | Q3 2008 | Q3 2007 | Q1-Q3   | Q1-Q3   | 2007   | Last    |
| IN SHARES BY      |         |         | 2008    | 2007    |        | twelve  |
| SEGMENTS          |         |         |         |         |        | months  |
| MEUR              |         |         |         |         |        |         |
--------------------------------------------------------------------------------
| Power        |    | 0       | 0       | 0       | 0       | 52     | 52      |
| Generation   |    |         |         |         |         |        |         |
--------------------------------------------------------------------------------
| Heat         |    | 1       | 2       | 23      | 17      | 18     | 24      |
--------------------------------------------------------------------------------
| Distribution |    | 0       | 0       | 0       | -       | 1      | 1       |
--------------------------------------------------------------------------------
| Markets      |    | 0       | 0       | 0       | -       | 0      | 0       |
--------------------------------------------------------------------------------
| Russia 1)    |    | 441     | 245     | 1 470   | 245     | 245    | 1 470   |
--------------------------------------------------------------------------------
| Other        |    | 1       | 0       | 1       | 2       | 1      | 0       |
--------------------------------------------------------------------------------
| Total        |    | 443     | 247     | 1 494   | 264     | 317    | 1 547   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) See Note 7 Acquisitions and disposals.                                    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NET ASSETS BY SEGMENTS      | Sept 30    | Sept 30         | Dec 31          |
| MEUR                        | 2008       | 2007            | 2007            |
--------------------------------------------------------------------------------
| Power Generation            | 5 396      | 5 659           | 5 599           |
--------------------------------------------------------------------------------
| Heat                        | 3 595      | 3 402           | 3 507           |
--------------------------------------------------------------------------------
| Distribution                | 3 265      | 3 292           | 3 239           |
--------------------------------------------------------------------------------
| Markets                     | 229        | 157             | 247             |
--------------------------------------------------------------------------------
| Russia                      | 2 420      | 482             | 456             |
--------------------------------------------------------------------------------
| Other                       | 823        | 1 144           | 1 237           |
--------------------------------------------------------------------------------
| Total                       | 15 728     | 14 136          | 14 285          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| RETURN ON NET ASSETS  BY     | Last               | Dec 31                   |
| SEGMENTS                     | twelve             | 2007                     |
| %                            | months             |                          |
--------------------------------------------------------------------------------
| Power Generation             | 26.3               | 19.2                     |
--------------------------------------------------------------------------------
| Heat                         | 8.2                | 9.3                      |
--------------------------------------------------------------------------------
| Distribution                 | 7.8                | 7.7                      |
--------------------------------------------------------------------------------
| Markets                      | 0.5                | 6.9                      |
--------------------------------------------------------------------------------
| Russia                       | -2.6               | 66.3                     |
--------------------------------------------------------------------------------
| Other                        | -0.1               | 17.1                     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| COMPARABLE RETURN ON NET       | Last              | Dec 31                  |
| ASSETS  BY SEGMENTS            | twelve            | 2007                    |
| %                              | months            |                         |
--------------------------------------------------------------------------------
| Power Generation       |       | 27.1              | 18.9                    |
--------------------------------------------------------------------------------
| Heat                   |       | 7.5               | 9.2                     |
--------------------------------------------------------------------------------
| Distribution           |       | 7.6               | 7.6                     |
--------------------------------------------------------------------------------
| Markets                |       | -31.2             | -0.6                    |
--------------------------------------------------------------------------------
| Russia                 |       | -3.3              | 0.0                     |
--------------------------------------------------------------------------------
| Other 1)               |       | 2.1               | -2.1                    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Excluding approximately EUR 180 million gain in relation to Hafslund's    |
| divestment of REC-shares Q1 2007 included in the share of profits of         |
| associates and joint ventures.                                               |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Return on net assets is calculated by dividing the sum of operating profit   |
| and share of profit of associated companies and joint ventures with average  |
| net assets. Average net assets are calculated using the opening balance and  |
| end of each quarter values.                                                  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| ASSETS BY SEGMENTS          | Sept 30    | Sept 30        | Dec 31           |
| MEUR                        | 2008       | 2007           | 2007             |
--------------------------------------------------------------------------------
| Power Generation            | 6 032      | 6 254          | 6 154            |
--------------------------------------------------------------------------------
| Heat                        | 3 949      | 3 766          | 3 928            |
--------------------------------------------------------------------------------
| Distribution                | 3 766      | 3 741          | 3 778            |
--------------------------------------------------------------------------------
| Markets                     | 631        | 468            | 630              |
--------------------------------------------------------------------------------
| Russia                      | 2 691      | 482            | 456              |
--------------------------------------------------------------------------------
| Other                       | 927        | 1 264          | 1 392            |
--------------------------------------------------------------------------------
| Assets included in Net      | 17 996     | 15 975         | 16 338           |
| assets                      |            |                |                  |
--------------------------------------------------------------------------------
| Interest-bearing            | 826        | 738            | 747              |
| receivables                 |            |                |                  |
--------------------------------------------------------------------------------
| Deferred taxes              | 0          | 3              | 3                |
--------------------------------------------------------------------------------
| Other assets                | 545        | 138            | 159              |
--------------------------------------------------------------------------------
| Liquid funds                | 1 179      | 815            | 427              |
--------------------------------------------------------------------------------
| Total assets                | 20 546     | 17 669         | 17 674           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| LIABILITIES BY SEGMENTS     | Sept 30    | Sept 30        | Dec 31           |
| MEUR                        | 2008       | 2007           | 2007             |
--------------------------------------------------------------------------------
| Power Generation            | 636        | 595            | 555              |
--------------------------------------------------------------------------------
| Heat                        | 354        | 364            | 421              |
--------------------------------------------------------------------------------
| Distribution                | 501        | 449            | 539              |
--------------------------------------------------------------------------------
| Markets                     | 402        | 311            | 383              |
--------------------------------------------------------------------------------
| Russia                      | 271        | -              | -                |
--------------------------------------------------------------------------------
| Other                       | 104        | 120            | 155              |
--------------------------------------------------------------------------------
| Liabilities included in Net | 2 268      | 1 839          | 2 053            |
| assets                      |            |                |                  |
--------------------------------------------------------------------------------
| Deferred tax liabilities    | 1 810      | 1 715          | 1 687            |
--------------------------------------------------------------------------------
| Other liabilities           | 712        | 351            | 390              |
--------------------------------------------------------------------------------
| Total liabilities included  | 4 790      | 3 905          | 4 130            |
| in Capital employed         |            |                |                  |
--------------------------------------------------------------------------------
| Interest-bearing            | 7 699      | 5 271          | 4 893            |
| liabilities                 |            |                |                  |
--------------------------------------------------------------------------------
| Total equity                | 8 057      | 8 493          | 8 651            |
--------------------------------------------------------------------------------
| Total equity and            | 20 546     | 17 669         | 17 674           |
| liabilities                 |            |                |                  |
--------------------------------------------------------------------------------
Other assets and Other liabilities not included in segment's Net assets         
consists mainly of income tax receivables and liabilities, accrued interest     
expenses, derivative receivables and liabilities qualifying as hedges and       
receivables and liabilities for interest rate derivatives.                      

--------------------------------------------------------------------------------
| AVERAGE NUMBER OF EMPLOYEES | Q1-Q3       | Q1-Q3          | 2007            |
|                             | 2008        | 2007           |                 |
--------------------------------------------------------------------------------
| Power Generation            | 3 606       | 3 451          | 3 475           |
--------------------------------------------------------------------------------
| Heat                        | 2 423       | 2 308          | 2 302           |
--------------------------------------------------------------------------------
| Distribution                | 1 189       | 1 060          | 1 060           |
--------------------------------------------------------------------------------
| Markets                     | 804         | 938            | 936             |
--------------------------------------------------------------------------------
| Russia                      | 5 052       | -              | -               |
--------------------------------------------------------------------------------
| Other                       | 511         | 548            | 531             |
--------------------------------------------------------------------------------
| Total                       | 13 585      | 8 305          | 8 304           |
--------------------------------------------------------------------------------
Average number of employees is based on a monthly average for the whole period  
in question.                                                                    

--------------------------------------------------------------------------------
| NUMBER OF EMPLOYEES         | Sept   | Sept 30             | Dec 31          |
|                             | 30     | 2007                | 2007            |
|                             | 2008   |                     |                 |
--------------------------------------------------------------------------------
| Power Generation            | 3 564  | 3 524               | 3 511           |
--------------------------------------------------------------------------------
| Heat                        | 2 486  | 2 277               | 2 279           |
--------------------------------------------------------------------------------
| Distribution                | 1 336  | 1 061               | 1 063           |
--------------------------------------------------------------------------------
| Markets                     | 629    | 934                 | 935             |
--------------------------------------------------------------------------------
| Russia                      | 7 254  | -                   | -               |
--------------------------------------------------------------------------------
| Other                       | 516    | 514                 | 515             |
--------------------------------------------------------------------------------
| Total                       | 15 785 | 8 310               | 8 303           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 5. QUARTERLY SEGMENT INFORMATION                                             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Extended quarterly information is available on Fortum's website              |
| www.fortum.com/investors/financial information.                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY     | Q3    | Q2     | Q1      | Q4     | Q3     | Q2     | Q1     |
| SALES BY      | 2008  | 2008   | 2008    | 2007   | 2007   | 2007   | 2007   |
| SEGMENTS      |       |        |         |        |        |        |        |
| MEUR          |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Power         | 718   | 721    | 717     | 685    | 502    | 522    | 641    |
| Generation    |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| - of which    | -79   | 21     | 53      | 5      | 70     | 92     | 156    |
| internal      |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Heat          | 226   | 284    | 493     | 439    | 186    | 252    | 479    |
--------------------------------------------------------------------------------
| - of which    | -4    | -      | 7       | -1     | 4      | 11     | 24     |
| internal      |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Distribution  | 171   | 180    | 232     | 206    | 166    | 172    | 225    |
--------------------------------------------------------------------------------
| - of which    | 2     | 2      | 3       | 3      | 2      | 2      | 2      |
| internal      |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Markets       | 461   | 411    | 519     | 482    | 331    | 351    | 519    |
--------------------------------------------------------------------------------
| - of which    | 61    | 34     | 32      | 49     | 30     | 32     | 44     |
| internal      |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Russia        | 140   | 152    | -       | -      | -      | -      | -      |
--------------------------------------------------------------------------------
| - of which    | -     | -      | -       | -      | -      | -      | -      |
| internal      |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Other         | 21    | 21     | 20      | 21     | 19     | 22     | 19     |
--------------------------------------------------------------------------------
| - of which    | 20    | 21     | 20      | 20     | 17     | 19     | 16     |
| internal      |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Netting of    | -465  | -369   | -426    | -437   | -221   | -204   | -301   |
| Nord Pool     |       |        |         |        |        |        |        |
| transactions  |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Eliminations  | 0     | -78    | -115    | -76    | -123   | -156   | -242   |
--------------------------------------------------------------------------------
| Total         | 1 272 | 1 322  | 1 440   | 1 320  | 860    | 959    | 1 340  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY     | Q3    | Q2     | Q1      | Q4     | Q3     | Q2     | Q1     |
| OPERATING     | 2008  | 2008   | 2008    | 2007   | 2007   | 2007   | 2007   |
| PROFIT BY     |       |        |         |        |        |        |        |
| SEGMENTS      |       |        |         |        |        |        |        |
| MEUR          |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Power         | 438   | 260    | 431     | 351    | 221    | 243    | 300    |
| Generation    |       |        |         |        |        |        |        |
--------------------------------------------------------------------------------
| Heat          | -15   | 37     | 130     | 121    | -2     | 33     | 142    |
--------------------------------------------------------------------------------
| Distribution  | 50    | 51     | 86      | 51     | 50     | 53     | 79     |
--------------------------------------------------------------------------------
| Markets       | -17   | 31     | -20     | 2      | 15     | 7      | -12    |
--------------------------------------------------------------------------------
| Russia        | -39   | -33    | 0       | 12     | 232    | -      | -      |
--------------------------------------------------------------------------------
| Other         | -22   | 2      | -18     | -17    | -6     | -9     | -19    |
--------------------------------------------------------------------------------
| Total         | 395   | 348    | 609     | 520    | 510    | 327    | 490    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY       | Q3    | Q2    | Q1     | Q4     | Q3     | Q2     | Q1     |
| COMPARABLE      | 2008  | 2008  | 2008   | 2007   | 2007   | 2007   | 2007   |
| OPERATING       |       |       |        |        |        |        |        |
| PROFIT BY       |       |       |        |        |        |        |        |
| SEGMENTS        |       |       |        |        |        |        |        |
| MEUR            |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Power       |   | 371   | 384   | 395    | 363    | 185    | 217    | 330    |
| Generation  |   |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Heat        |   | -7    | 27    | 121    | 120    | -3     | 36     | 137    |
--------------------------------------------------------------------------------
| Distributio |   | 49    | 49    | 87     | 50     | 51     | 52     | 78     |
| n           |   |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Markets     |   | -8    | -15   | -10    | -1     | 11     | 3      | -14    |
--------------------------------------------------------------------------------
| Russia      |   | -39   | -33   | -      | -      | -      | -      | -      |
--------------------------------------------------------------------------------
| Other       |   | -13   | -9    | -12    | -16    | -6     | -10    | -19    |
--------------------------------------------------------------------------------
| Total       |   | 353   | 403   | 581    | 516    | 238    | 298    | 512    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY       | Q3    | Q2    | Q1     | Q4     | Q3     | Q2     | Q1     |
| NON-RECURRING   | 2008  | 2008  | 2008   | 2007   | 2007   | 2007   | 2007   |
| ITEMS BY        |       |       |        |        |        |        |        |
| SEGMENTS        |       |       |        |        |        |        |        |
| MEUR            |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Power       |   | 11    | 0     | 0      | 0      | 0      | 2      | 0      |
| Generation  |   |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Heat        |   | 2     | 0     | 2      | 1      | 0      | 1      | 0      |
--------------------------------------------------------------------------------
| Distributio |   | 2     | 0     | 0      | 0      | -1     | 0      | 1      |
| n           |   |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Markets     |   | 0     | 0     | -      | -1     | 1      | 0      | 0      |
--------------------------------------------------------------------------------
| Russia      |   | 0     | -     | -      | 12     | 232    | -      | -      |
--------------------------------------------------------------------------------
| Other       |   | 0     | 0     | 0      | 1      | 0      | 1      | 0      |
--------------------------------------------------------------------------------
| Total       |   | 15    | 0     | 2      | 13     | 232    | 4      | 1      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| QUARTERLY OTHER | Q3    | Q2    | Q1     | Q4      | Q3    | Q2     | Q1     |
| ITEMS EFFECTING | 2008  | 2008  | 2008   | 2007    | 2007  | 2007   | 2007   |
| COMPARABILITY   |       |       |        |         |       |        |        |
| MEUR            |       |       |        |         |       |        |        |
--------------------------------------------------------------------------------
| Power       |   | 56    | -124  | 36     | -12     | 36    | 24     | -30    |
| Generation  |   |       |       |        |         |       |        |        |
| 1)          |   |       |       |        |         |       |        |        |
--------------------------------------------------------------------------------
| Heat        |   | -10   | 10    | 7      | 0       | 1     | -4     | 5      |
--------------------------------------------------------------------------------
| Distributio |   | -1    | 2     | -1     | 1       | 0     | 1      | 0      |
| n           |   |       |       |        |         |       |        |        |
--------------------------------------------------------------------------------
| Markets     |   | -9    | 46    | -10    | 4       | 3     | 4      | 2      |
--------------------------------------------------------------------------------
| Russia      |   | -     | -     | -      | -       | -     | -      | -      |
--------------------------------------------------------------------------------
| Other       |   | -9    | 11    | -6     | -2      | 0     | 0      | 0      |
--------------------------------------------------------------------------------
| Total       |   | 27    | -55   | 26     | -9      | 40    | 25     | -23    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1) Including effects from the   |        |         |       |        |        |
| accounting of Fortum's part of  |        |         |       |        |        |
| the Finnish                     |        |         |       |        |        |
--------------------------------------------------------------------------------
| State Nuclear   | 10    | -8    | -9     | -7      | 33    | -4     | -5     |
| Waste           |       |       |        |         |       |        |        |
| Management Fund |       |       |        |         |       |        |        |
| with (EUR       |       |       |        |         |       |        |        |
| million):       |       |       |        |         |       |        |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 6. FINANCIAL RISK MANAGEMENT                                                 |
--------------------------------------------------------------------------------

The Group has not made any significant change in policies regarding risk        
management during the period. Aspects of the Group's financial risk management  
objectives and policies are consistent with that disclosed in the consolidated  
financial statements as at and for the year ended 31 December 2007.             
The tables below disclose the notional values or volumes and net fair values for
the Group's derivatives used in different areas mainly for hedging purposes.    
--------------------------------------------------------------------------------
| DERIVATIVES        |          |         |         |        |        |        |
--------------------------------------------------------------------------------
| MEUR               |          | Sept 30           | Sept   |        | Dec 31 |
|                    |          | 2008              | 30     |        | 2007   |
|                    |          |                   | 2007   |        |        |
--------------------------------------------------------------------------------
| Interest and       | Notional | Net     | Notiona | Net    | Notion | Net    |
| currency           | value    | fair    | l value | fair   | al     | fair   |
| derivatives        |          | value   |         | value  | value  | value  |
--------------------------------------------------------------------------------
| Interest rate      | 3 049    | -6      | 3 690   | -13    | 3 500  | -16    |
| swaps              |          |         |         |        |        |        |
--------------------------------------------------------------------------------
| Forward foreign    | 4 898    | 157     | 4 220   | -17    | 4 452  | 30     |
| exchange contracts |          |         |         |        |        |        |
--------------------------------------------------------------------------------
| Forward rate       | 357      | 0       | 597     | -      | 741    | 0      |
| agreements         |          |         |         |        |        |        |
--------------------------------------------------------------------------------
| Interest rate and  | 2 740    | 150     | 2 965   | -14    | 3 293  | 66     |
| currency swaps     |          |         |         |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Electricity        | Volume   | Net     | Volume  | Net    | Volume | Net    |
| derivatives        |          | fair    |         | fair   |        | fair   |
|                    |          | value   |         | value  |        | value  |
--------------------------------------------------------------------------------
|                    | TWh      | MEUR    | TWh     | MEUR   | TWh    | MEUR   |
--------------------------------------------------------------------------------
| Sales swaps        | 147      | -850    | 115     | -271   | 119    | -651   |
--------------------------------------------------------------------------------
| Purchase swaps     | 118      | 649     | 86      | 199    | 88     | 461    |
--------------------------------------------------------------------------------
| Purchased options  | 5        | 3       | 9       | -1     | 0      | 0      |
--------------------------------------------------------------------------------
| Written options    | 9        | -8      | 14      | 4      | 2      | -1     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Oil derivatives    | Volume   | Net     | Volume  | Net    | Volume | Net    |
|                    |          | fair    |         | fair   |        | fair   |
|                    |          | value   |         | value  |        | value  |
--------------------------------------------------------------------------------
|                    | 1000 bbl | MEUR    | 1000    | MEUR   | 1000   | MEUR   |
|                    |          |         | bbl     |        | bbl    |        |
--------------------------------------------------------------------------------
| Sales swaps and    | 852      | -8      | 1 415   | -3     | 460    | -4     |
| futures            |          |         |         |        |        |        |
--------------------------------------------------------------------------------
| Purchase swaps and | 882      | 10      | 947     | 6      | 795    | 9      |
| futures            |          |         |         |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Coal derivatives   | Volume   | Net     | Volume  | Net    | Volume | Net    |
|                    |          | fair    |         | fair   |        | fair   |
|                    |          | value   |         | value  |        | value  |
--------------------------------------------------------------------------------
|                    | kt       | MEUR    | kt      | MEUR   | kt     | MEUR   |
--------------------------------------------------------------------------------
| Sold               | 345      | -3      | 75      | -1     | 150    | -1     |
--------------------------------------------------------------------------------
| Bought             | 740      | 8       | 75      | 1      | 375    | 1      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CO2 emission       | Volume   | Net     | Volume  | Net    | Volume | Net    |
| allowance          |          | fair    |         | fair   |        | fair   |
| derivatives        |          | value   |         | value  |        | value  |
--------------------------------------------------------------------------------
|                    | ktCO2    | MEUR    | ktCO2   | MEUR   | ktCO2  | MEUR   |
--------------------------------------------------------------------------------
| Sold               | 5 099    | -12     | 4 700   | 0      | 3 101  | -13    |
--------------------------------------------------------------------------------
| Bought             | 5 119    | 13      | 4 755   | 0      | 3 121  | 13     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share derivatives  | Notional | Net     | Notiona | Net    | Notion | Net    |
|                    | value    | fair    | l value | fair   | al     | fair   |
|                    |          | value   |         | value  | value  | value  |
--------------------------------------------------------------------------------
|                    | MEUR     | MEUR    | MEUR    | MEUR   | MEUR   | MEUR   |
--------------------------------------------------------------------------------
| Share forwards 1)  | 37       | 38      | 36      | 56     | 36     | 66     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1) Cash-settled share forwards are used as a hedging instrument for Fortum   |
| Group's performance share arrangement.                                       |
--------------------------------------------------------------------------------
On 20 February 2008, Fortum, the Russian Territorial Generating Company No. 1   
(TGC-1) and ECF Project Ltd signed an agreement according to which Fortum will  
purchase approximately 5 million tonnes of emission reduction units (ERU) from  
TGC-1. The ERUs will come from Joint Implementation projects conducted at       
TGC-1's production facilities during the Kyoto Period (2008-2012) of the        
European Emissions Trading Scheme.                                              
Depending on the timing of the volumes, the agreement will fully be classified  
as an own use contract and valued at cost. Since the timing, volumes (and also  
the market price for the ERUs) are uncertain, the agreement is treated as an own
use contract until more information is available, i.e. with no impact to income 
statement or balance sheet. The ERUs purchased cover approximately half of      
Fortum's annual CO2 emissions.                                                  


--------------------------------------------------------------------------------
| 7. ACQUISITIONS AND DISPOSALS                                                |
--------------------------------------------------------------------------------

Total Gross investment in subsidiary shares (see definition of key figures)     
amounted to EUR 1,485 (17) million of which EUR 1,470 million represents the    
acquisition of TGC-10.                                                          
In Latvia, Fortum acquired 100% of the shares in Jelgavas Kogeneracija SIA at   
the end of March. The acquired company provides district heating to the city of 
Jelgava. The annual heat sales are 200 GWh, the sales EUR 10 million, and the   
number of employees 170. The gross investment was EUR 10 million.               
In Sweden, Fortum acquired additional 11.22% shares in Hofors Energi AB. After  
this acquisition Fortum's total ownership of the shares in Hofors Energi AB is  
60%. The acquired company provides district heating to the Hofors area. The     
annual heat sales are 130 GWh, the sales EUR 7 million, and Fortum has already  
earlier taken care of operations in the company. The gross investment was EUR 3 
million.                                                                        
No divestments of shares in subsidiaries have taken place during the period.    
Acquisition of TGC-10                                                           
In March Fortum acquired 76.49% of TGC-10 which is a Russian territorial        
generating company founded in 2006 and operating in the Urals and West Siberia  
region. The total installed capacity is 3,000 MW electricity and 15,800 MW heat 
with an annual production of 18 TWh electricity and 27 TWh heat. The company is 
committed and contractually obligated to an extensive investment plan to further
increase its electricity capacity with 2,300 MW by 2013. The contractual        
obligations of TGC-10's investment programme include penalty clauses tied to the
availability of the new generating capacity. Total sales for last twelve months 
in TGC-10 were EUR 590 million and operating profit was EUR 26 million based on 
Q3 2007 published Interim Financial statements.                                 
The acquisition was made through an acquisition of shares and through           
participation in a share issue. On 20 March 2008 Fortum paid for 47.42% of the  
shares in TGC-10 through a share issue for approximately EUR 1.3 billion. The   
capital received by TGC-10 will remain in the company and will be used to       
finance its committed capacity investment programme planned at EUR 2.2 billion. 
On 26 March Fortum paid for an additional 29.07% of the shares in TGC-10 from   
United Energy Systems of Russia (RAO UES). 29 April Fortum filed the mandatory  
public tender offer to TGC-10 minority shareholders. The offer was valid from 30
April until 18 July 2008. The tender offer covered 23.51% of the share capital  
of TGC-10 and has been launched at a price of 111.8 roubles per share to be     
fully paid in cash. At the end of September, Fortum's ownership in TGC-10 was   
over 93% including the shares held by TGC-10's 100% owned subsidiary and by that
time Fortum had paid EUR 440 for share purchases under the MTO. Clearing of the 
share transactions is still ongoing and the final results of the MTO will be    
known and published at the latest at the end of October.                        
The gross investment for the total transaction was EUR 1,470 million, excluding 
cash in TGC-10 (mainly coming from the share issue) and including               
interest-bearing liabilities in the company. The purchase price allocation is   
based on a preliminary balance sheet as of 31 March 2008 of TGC-10. The fair    
value adjustments are still preliminary, since all valuation effects have not   
been finalised, in particular regarding potential obligations. The main changes 
from Q1 2008 were changes to provisions and property, plant and equipment both  
in the preliminary balance sheet of TGC-10 as of 31 March and the purchase price
allocation. The Fortum Q3 2008 Interim report includes income statement effect  
from TGC-10 from 1 April 2008.                                                  

--------------------------------------------------------------------------------
| MEUR                        |               |                | TGC-10        |
--------------------------------------------------------------------------------
| Purchase consideration      |               |                |               |
--------------------------------------------------------------------------------
|      Cash paid              |               |                | 2 509         |
--------------------------------------------------------------------------------
| Direct costs relating to    |               |                | 8             |
| the acquisition             |               |                |               |
--------------------------------------------------------------------------------
| Total purchase              |               |                | 2 517         |
| consideration               |               |                |               |
--------------------------------------------------------------------------------
| Fair value of the acquired  |               |                | 2 178         |
| assets                      |               |                |               |
--------------------------------------------------------------------------------
| Goodwill                    |               |                | 339           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                             | Acquired      | Allocated      | Total         |
--------------------------------------------------------------------------------
| Fair value of the acquired  | Book Values   | Fair Values    | Value         |
| net identifiable assets:    |               |                |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents   | 1 321         |                | 1 321         |
--------------------------------------------------------------------------------
| Property, plant and         | 590           | 1 039          | 1 629         |
| equipment                   |               |                |               |
--------------------------------------------------------------------------------
| Other assets                | 220           |                | 220           |
--------------------------------------------------------------------------------
| Non-interest-bearing        | -128          | -395           | -523          |
| liabilities                 |               |                |               |
--------------------------------------------------------------------------------
| Interest-bearing            | -274          |                | -274          |
| liabilities                 |               |                |               |
--------------------------------------------------------------------------------
| Net identifiable assets     | 1 729         | 644            | 2 373         |
--------------------------------------------------------------------------------
| Minority interests          | -116          | -79            | -195          |
--------------------------------------------------------------------------------
| Total                       | 1 613         | 565            | 2 178         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investment in TGC-10: |               |                |               |
--------------------------------------------------------------------------------
| Purchase consideration      |               |                | 2 517         |
| settled in cash             |               |                |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents   |               |                | 1 321         |
| in subsidiaries acquired    |               |                |               |
--------------------------------------------------------------------------------
| Cash outflow on acquisition |               |                | 1 196         |
--------------------------------------------------------------------------------
| Interest-bearing debt in    |               |                | 274           |
| subsidiaries acquired       |               |                |               |
--------------------------------------------------------------------------------
| Total                       |               |                | 1 470         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 8. EXCHANGE RATES                                                            |
--------------------------------------------------------------------------------

The balance sheet date rate is based on exchange rate published by the European 
Central Bank for the closing date. The average exchange rate is calculated as an
average of each months ending rate from the European Central Bank during the    
year and ending rate previous year.                                             
Key exchange rates for Fortum Group applied in the accounts:                    

--------------------------------------------------------------------------------
| Average   | Sept   | June   | March  | Dec 31  | Sept 30 | June 30 | March   |
| rate      | 30     | 30     | 31     | 2007    | 2007    | 2007    | 31      |
|           | 2008   | 2008   | 2008   |         |         |         | 2007    |
--------------------------------------------------------------------------------
| Sweden    | 9.4559 | 9.4088 | 9.4265 | 9.2475  | 9.2185  | 9.2020  | 9.1787  |
| (SEK)     |        |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Norway    | 8.0187 | 7.9843 | 7.9998 | 8.0253  | 8.0466  | 8.1205  | 8.1563  |
| (NOK)     |        |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Poland    | 3.4402 | 3.4926 | 3.5676 | 3.7792  | 3.8285  | 3.8439  | 3.8858  |
| (PLN)     |        |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Russia    | 36.567 | 36.634 | 36.466 | 35.0759 | 34.8320 | 34.6997 | 34.5633 |
| (RUB)     | 0      | 8      | 0      |         |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance   | Sept   | June   | March  | Dec 31  | Sept 30 | June 30 | March   |
| sheet     | 30     | 30     | 31     | 2007    | 2007    | 2007    | 31      |
| date rate | 2008   | 2008   | 2008   |         |         |         | 2007    |
--------------------------------------------------------------------------------
| Sweden    | 9.7943 | 9.4703 | 9.3970 | 9.4415  | 9.2147  | 9.2525  | 9.3462  |
| (SEK)     |        |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Norway    | 8.3330 | 8.0090 | 8.0510 | 7.9580  | 7.7185  | 7.9725  | 8.1190  |
| (NOK)     |        |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Poland    | 3.3967 | 3.3513 | 3.5220 | 3.5935  | 3.7730  | 3.7677  | 3.8668  |
| (PLN)     |        |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Russia    | 36.409 | 36.947 | 37.113 | 35.9860 | 35.3490 | 34.8070 | 34.6580 |
| (RUB)     | 5      | 7      | 0      |         |         |         |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 9. INCOME TAX EXPENSE                                                        |
--------------------------------------------------------------------------------

Tax rate according to the income statement for the period January to September  
2008 was 20.6% (15.2%). The tax rate for the period is higher than in the       
comparable period 2007 mainly due to the impact of Hafslund's sale of REC shares
in March 2007, which impacted the share of profits from associates for the      
period with approximately EUR 180 million.                                      
The tax rate used in the income statement is always impacted by the fact that   
share of profits of associates and joint ventures is recorded based on Fortum's 
share of profits after tax. The tax rate for the period calculated excluding the
share of profits from associates and joint ventures was 22.0% (22.3%).          
The tax rate for the full year 2007, excluding the share of profits from        
associates and Lenenergo sales gain was 22.3%.                                  

--------------------------------------------------------------------------------
| 10. EARNINGS PER SHARE                                                       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| The calculation of basic and diluted earnings per share is based on the      |
| following data:                                                              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                             | Q1-Q3        | Q1-Q3         | 2007            |
|                             | 2008         | 2007          |                 |
--------------------------------------------------------------------------------
| Earnings (MEUR):            |              |               |                 |
--------------------------------------------------------------------------------
| Profit attributable to the  | 979          | 1 184         | 1 552           |
| equity holders of the       |              |               |                 |
| Company                     |              |               |                 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares            |              |               |                 |
| (thousands):                |              |               |                 |
--------------------------------------------------------------------------------
| Weighted average number of  |              |               |                 |
| shares for the purpose of   |              |               |                 |
--------------------------------------------------------------------------------
| basic earnings per share    | 887 241      | 890 984       | 889 997         |
--------------------------------------------------------------------------------
| Effect of dilutive share    | 745          | 1 831         | 1 398           |
| options                     |              |               |                 |
--------------------------------------------------------------------------------
| Weighted average number of  |              |               |                 |
| shares for the purpose of   |              |               |                 |
--------------------------------------------------------------------------------
| diluted earnings per share  | 887 986      | 892 815       | 891 395         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 11. DIVIDEND PER SHARE                                                       |
--------------------------------------------------------------------------------

The Annual General Meeting on 1 April 2008 decided to distribute a dividend of  
EUR 1.35 per share to the shareholders of which EUR 0.77 per share was paid from
Fortum's recurring earnings and EUR 0.58 per share as additional dividend in    
order to steer the company's capital structure towards the target. The total    
dividend was EUR 1,198 million based on the amount of shares registered as of 4 
April 2008. The dividend was paid out 11 April 2008.                            
The Annual General Meeting on 28 March 2007 decided to distribute a dividend of 
EUR 1.26 per share to the shareholders of which EUR 0.73 per share is in        
accordance with the Group´s dividend policy. An additional dividend of EUR 0.53 
per share was decided to steer Fortum´s capital structure towards agreed target.
The total dividend was EUR 1,122 million based on the amount of shares          
registered as of 2 April 2007. The dividend was paid on 11 April 2007.          

--------------------------------------------------------------------------------
| 12. CHANGES IN INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT           |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR                        | Sept 30      | Sept 30         | Dec 31        |
|                             | 2008         | 2007            | 2007          |
--------------------------------------------------------------------------------
| Opening balance             | 11 428       | 11 567          | 11 567        |
--------------------------------------------------------------------------------
| Increase through            | 1 999        | 16              | 16            |
| acquisition of subsidiary   |              |                 |               |
| companies                   |              |                 |               |
--------------------------------------------------------------------------------
| Capital expenditures        | 703          | 382             | 654           |
--------------------------------------------------------------------------------
| Capitalised borrowing costs | 13           | 0               | 1             |
--------------------------------------------------------------------------------
| Changes of nuclear asset    | 21           | 23              | 25            |
| retirement cost             |              |                 |               |
--------------------------------------------------------------------------------
| Changes of emission rights  | -            | -9              | -9            |
--------------------------------------------------------------------------------
| Disposals                   | -4           | -10             | -11           |
--------------------------------------------------------------------------------
| Depreciation, amortisation  | -383         | -336            | -451          |
| and impairment              |              |                 |               |
--------------------------------------------------------------------------------
| Translation differences     | -313         | -150            | -364          |
--------------------------------------------------------------------------------
| Closing balance             | 13 464       | 11 483          | 11 428        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 13. CHANGES IN PARTICIPATIONS IN ASSOCIATES AND JOINT VENTURES               |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR                        | Sept 30      | Sept 30        | Dec 31         |
|                             | 2008         | 2007           | 2007           |
--------------------------------------------------------------------------------
| Opening balance             | 2 853        | 2 197          | 2 197          |
--------------------------------------------------------------------------------
| Share of profits of         | 78           | 223            | 241            |
| associates and joint        |              |                |                |
| ventures                    |              |                |                |
--------------------------------------------------------------------------------
| Investments                 | 7            | -              | 1              |
--------------------------------------------------------------------------------
| Share issues and            | 1            | 245            | 294            |
| shareholders' contributions |              |                |                |
--------------------------------------------------------------------------------
| Increase through            | 27           | -              | -              |
| acquisition of subsidiaries |              |                |                |
--------------------------------------------------------------------------------
| Reclassifications           | -1           | -              | -              |
--------------------------------------------------------------------------------
| Divestments                 | -12          | -68            | -68            |
--------------------------------------------------------------------------------
| Dividend income received    | -50          | -174           | -178           |
--------------------------------------------------------------------------------
| Fair value and other        | -517         | 295            | 366            |
| changes in equity           |              |                |                |
--------------------------------------------------------------------------------
| Translation differences     | -55          | 37             |                |
--------------------------------------------------------------------------------
| Closing balance             | 2 331        | 2 755          | 2 853          |
--------------------------------------------------------------------------------

Share of profits from associates and joint ventures                             
Share of profits from associates in Q3 EUR 8 million (2007: 6 million) mainly   
represents Fortum's share of profits in Hafslund EUR 7 million (2007 : 8        
million) and TGC-1 EUR 1  million. Fortum's share of profits for Q1-Q3 amounts  
to EUR 78 million (2007: 223 million), of which Hafslund represents EUR 46      
million (2007: 207 million). See below for accounting principles.               
Investments                                                                     
In Lithuania, Fortum acquired a 14.73% share in UAB Klaipedos Energija from     
Stadtwerke Leipzig GmbH on 29 February 2008. Fortum now owns a 19.63% share of  
the company. UAB Klaipedos Energija generates and distributes district heat to  
the residents and industries in the cities of Klaipeda and Gargzdai. The net    
sales of the company are around EUR 27 million, annual heat sales 1 terawatthour
(TWh) and power sales 20 gigawatthours (GWh). The investment was EUR 7 million. 
The main part of the EUR 245 million investment in 2007 represents the share    
issue in TGC-1 with EUR 243 million.                                            
Increase through acquisition of subsidiaries                                    
Through the acquisition of TGC-10 in the end of March 2008, Fortum acquired a   
shareholding in Kurgan Generating Company.                                      
Divestments                                                                     
In Q3 2008 Fortum sold its 50% shareholding in Panjin Liaohe Fortum Thermal     
Power Company Co in China. In Q3 2007 Fortum sold its slightly over 1/3 stake in
JSC Lenenergo for approximately EUR 295 million. The sales gain of EUR 232      
million is presented in Other income.                                           
Dividends received                                                              
Until Q3 2008 Fortum has received EUR 40 million in dividends from Hafslund and 
Gasum.  Until Q3 2007 Fortum received  EUR 174 million in dividends from        
associates, of which EUR 145 million from Hafslund following Hafslund's         
divestment of REC shares in March 2007.                                         
Fair value and other changes in equity                                          
Fair value and other changes in equity mainly represents the fair value change  
in Hafslund's shareholding in REC. In Q3 the fair value change of the REC shares
was EUR -90 million (2007: 79 million). The fair value change of the REC shares 
since year-end was EUR -527 million (2007: 292 million).                        
Accounting for the share of profits from Hafslund ASA                           
According to Fortum Group accounting policies the share of profits from Hafslund
has been included in Fortum Group figures based on the previous quarter         
information since  Hafslund's interim reports are published later than Fortum's 
interim reports. Hafslund will publish January-September 2008 results on 28     
October 2008.                                                                   
When calculating the share of profits in Hafslund, Fortum has in accordance with
Fortum's accounting policies reclassified Hafslund's accounting treatment for   
the shareholding in Renewable Energy Corporation (REC). Hafslund has classified 
the shareholding in REC as financial assets at fair value through profit and    
loss while Fortum has classified the REC shareholding as available for sale     
financial assets with fair value changes recorded directly through equity, only 
when Hafslund divests shares in REC, the cumulative fair value change effects   
Fortum's income statement.  In Fortum the same accounting treatment as relates  
to REC applies to Hafslund's shareholding in Fesil Holding AS.                  
Since REC has been listed on the Oslo Stock Exchange as of 9 May 2006, Fortum is
accounting for the fair value change in REC based on the closing price on the   
Oslo Stock Exchange at each closing date. The amount of shares is based on the  
amount published by Hafslund in the previous quarter if other information is not
available.                                                                      
Hafslund sold 35 million shares in REC in March 2007. In accordance with the    
accounting policy Fortum recognised approximately EUR 180 million in relation to
Hafslund's divestment of REC shares as a part of the share of profits from      
associates and joint ventures in Q1 2007. The cumulative fair value change in   
Fortum's equity, based on the remaining number of shares reported by Hafslund,  
was EUR 266 million at 30 September 2008, which represents a decrease with EUR  
527 milion from 31  December 2007.                                              
Hafslund accounted for a value growth in Q2 2008 after establishing a new       
ownership structure in Fesil Holding AS. The share of this value growth EUR 12  
million has been recorded directly to equity in Q3 2008 in Fortum.              
Accounting for the share of profits from TGC-1                                  
Fortum ownes 25.7% of the shares in Territorial Generating Company 1, TGC-1.    
TGC-1 was formed in late 2006 by mergers of several Russian companies. TGC-1 has
published IFRS 2007 Financial statements in June 2008. Fortum has in Q2 2008    
reporting started to account TGC-1 according to the equity method as TGC-1      
prepares IFRS financial statements annually. The share of profits will be       
accounted for once a year in Q2 based on published IFRS Financial Statements for
the previous year.                                                              

--------------------------------------------------------------------------------
| 14. SHARE CAPITAL                                                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| MEUR      |   | Number of | Share | Number of | Share  | Number of | Share   |
|           |   | shares    | capit | shares    | capita | shares    | capital |
|           |   | Sept 30   | al    | Sept 30   | l      | Dec 31    | Dec 31  |
|           |   | 2008      | Sept  |  2007     | Sept   | 2007      | 2007    |
|           |   |           | 30    |           | 30     |           |         |
|           |   |           | 2008  |           | 2007   |           |         |
--------------------------------------------------------------------------------
| Registere |   | 886 683   | 3 040 | 887 393   | 3 023  | 887 393   | 3 023   |
| d shares  |   | 058       |       | 646       |        | 646       |         |
| at 1      |   |           |       |           |        |           |         |
| January   |   |           |       |           |        |           |         |
--------------------------------------------------------------------------------
| Shares        | 834 372   | 3     | 4 725 280 | 16     | 5 199 412 | 17      |
| subscribed    |           |       |           |        |           |         |
| with options  |           |       |           |        |           |         |
| and           |           |       |           |        |           |         |
| registered at |           |       |           |        |           |         |
| the end of    |           |       |           |        |           |         |
| the period    |           |       |           |        |           |         |
--------------------------------------------------------------------------------
| Cancellat |   | -         | -     | -         | -      | -5 910    | -       |
| ion of    |   |           |       |           |        | 000       |         |
| own       |   |           |       |           |        |           |         |
| shares    |   |           |       |           |        |           |         |
--------------------------------------------------------------------------------
| Registere |   | 887 517   | 3 043 | 892 118   | 3 039  | 886 683   | 3 040   |
| d shares  |   | 430       |       | 926       |        | 058       |         |
| at the    |   |           |       |           |        |           |         |
| end of    |   |           |       |           |        |           |         |
| the       |   |           |       |           |        |           |         |
| period    |   |           |       |           |        |           |         |
--------------------------------------------------------------------------------
| Unregiste |   | 3 000     |       | -         |        | 50 000    |         |
| red       |   |           |       |           |        |           |         |
| shares    |   |           |       |           |        |           |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 15. INTEREST-BEARING NET DEBT                                                |
--------------------------------------------------------------------------------

The reported interest-bearing liabilities increased during the quarter by EUR   
198 million from EUR 7,501 million to EUR 7,699 million. The increase in        
interest -bearing liabilities during Q3 was linked to the execution of the      
mandatory public tender offer (MTO) of TGC-10, which was financed by drawings   
under existing Revolving Credit Facility. By end of September Fortum has paid   
EUR 440 million under the MTO. No major new financing transactions were made in 
the Group during the third quarter.                                             
During the third quarter total liquid funds have decreased by EUR 68 million    
from EUR 1,247 million to EUR 1,179 million including cash and bank deposits    
held by TGC-10 amounting to EUR 1,109 million. The funds in TGC-10 are committed
to the investment program (see further in the Acquisition of TGC-10, note 7).   
The liquid funds of EUR 1,179 million consist of cash EUR 663 million (including
bank deposits less than three months to maturity) and bank deposits EUR 516     
million (over three months to maturity).                                        
During the first quarter of  2008 Fortum raised a syndicated loan facility of   
EUR 3,500 million. The loan facility is structured as a 3 year term loan of EUR 
2,000 million to be used for acquisition financing of TGC-10, and as a 5 year   
revolving credit facility of EUR 1,500 million to be used for general corporate 
purposes. As per the end of the third quarter EUR 2, 500 million of these       
facilities was drawn. Fortum total undrawn committed credit facilities were EUR 
2.4 bn as end of September 2008.                                                
On September 30, 2008 the average duration of the debt portfolio including      
derivatives was 1.7 years ( 2007; 1.3 years) and  the average interest rate of  
loans and derivatives was 5.3 % (2007;  4.4% ). Approximately 74% (2007; 67 %)  
was on floating rate basis or will be refinanced during the coming 12 months.   

--------------------------------------------------------------------------------
| 16. NUCLEAR RELATED      |      |      |           |            |            |
| ASSETS AND LIABILITIES   |      |      |           |            |            |
--------------------------------------------------------------------------------
| MEUR                     |      |      | Sept 30   | Sept 30    | Dec 31     |
|                          |      |      | 2008      | 2007       | 2007       |
--------------------------------------------------------------------------------
| Carrying values in the   |      |      |           |            |            |
| balance sheet:           |      |      |           |            |            |
--------------------------------------------------------------------------------
| Nuclear provisions       |      |      | 561       | 510        | 516        |
--------------------------------------------------------------------------------
| Share in the State       |      |      | 561       | 510        | 516        |
| Nuclear Waste Management |      |      |           |            |            |
| Fund                     |      |      |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Legal liability and actual share of    |           |            |            |
| the State Nuclear Waste Management     |           |            |            |
| Fund:                                  |           |            |            |
--------------------------------------------------------------------------------
| Liability for nuclear waste management | 816       | 685        | 816        |
| according to the Nuclear Energy Act    |           |            |            |
--------------------------------------------------------------------------------
| Funding obligation       |      |      | 698       | 649        | 698        |
| target                   |      |      |           |            |            |
--------------------------------------------------------------------------------
| Fortum's share of the State     |      | 698       | 649        | 673        |
| Nuclear Waste Management Fund   |      |           |            |            |
--------------------------------------------------------------------------------

Nuclear related provisions                                                      
Fortum has submitted the yearly proposal for the nucelar waste management       
liability regarding the Loviisa nuclear power plant to the Ministry of          
Employment and the Economy. The liability is calculated according to the Nuclear
Energy Act and will be decided by Ministry of Employment and the Economy by the 
end of January 2009. The proposal is based on an updated cost estimate, which is
done every year, and on a technical plan, which is made every third year and was
updated last time in 2007. The future costs are estimated to increase mainly due
to the new limits for free release of materials set by authorities (STUK) which 
has caused larger scope for future decommissioning of the nuclear power plant.  
The legal liability at the end of 2008, based on the proposal to the Ministry of
Employment and the Economy and calculated according to the Nuclear Energy Act,  
is EUR 895 million. The provision in the balance sheet related to nuclear waste 
management is based on cash-flows for future costs which uses the same basis as 
the legal liability. The carrying value of the nuclear provision, calculated    
according to IAS37, have increased by EUR 33 million compared to 30 June 2008,  
totalling EUR 561 million as of 30 September 2008.  The main reason for the     
difference between the carrying value of the provision and the legal liability  
is the fact that the legal liability is not discounted.                         
Fortum's share in the State Nuclear Waste Management Fund                       
Fortum contributes funds to the State Nuclear Waste Management Fund based on the
yearly funding obligation target decided by the governmental authorities  in    
January each year in connection with the decision of size of the legal          
liability. The estimated funding obligation target based on the proposed legal  
liability and approved periodising of the payments to the Fund is EUR 767       
million. The fund is from an IFRS perspective overfunded with EUR 137 million,  
since Fortum's share of the Fund as of 30 September 2008 is EUR 698 million and 
the carrying value in the balance sheet is EUR 561 million.                     
Effects to comparable operating profit and operating profit                     
Following the updated cost estimate, Fortum had in Q3 2008 a one-time effect to 
Comparable operating profit of EUR -3 million in the Power Generation segment   
mainly due to higher nuclear waste management costs related to already spent    
fuel.  In Q3 2007 a one-time effect of EUR - 13 million was reported following  
the update of technical plan. Any costs increase which is related to already    
spent fuel is always recognised immediately in Comparable operating profit.     
Operating profit in Power Generation segment is affected by the accounting      
principle for Fortum's share of the Finnish Nuclear Waste Management Fund, since
the carrying value of the Fund in Fortum's balance sheet can maximum be equal to
the amount of the provisions according to IFRS. As long as the Fund is          
overfunded from an IFRS perspective, the effects to operating profit from this  
adjustment will be positive if the provisions increase more than the Fund and   
negative if actual value of the fund increases more than the provisions. This   
accounting effect is not included in Comparable operating profit in Fortum      
financial reporting, see Other items effecting comparability in Note 4 and 5.   
Fortum had an effect from this adjustment in Q3 2008 of EUR +10 million compared
to EUR +33 million in Q3 2007. The cumulative effect in 2008 up to September    
2008 was EUR -7 million compared to EUR +24 million in 2007.                    
Associated companies                                                            
As disclosed in the Financial Statement 2007, Fortum has not been able to       
account for the nuclear related assets and provisions according to Fortum       
accounting principles for its Swedish nuclear associated companies, since the   
separate cash-flow information for the provisions is not available.             

--------------------------------------------------------------------------------
| 17. PLEDGED ASSETS          |              |                |                |
--------------------------------------------------------------------------------
| MEUR                        | Sept 30      | Sept 30        | Dec 31         |
|                             | 2008         | 2007           | 2007           |
--------------------------------------------------------------------------------
| On own behalf               |              |                |                |
--------------------------------------------------------------------------------
| For debt                    |              |                |                |
--------------------------------------------------------------------------------
| Pledges                     | 231          | 219            | 170            |
--------------------------------------------------------------------------------
| Real estate mortgages       | 138          | 141            | 138            |
--------------------------------------------------------------------------------
| For other commitments       |              |                |                |
--------------------------------------------------------------------------------
| Real estate mortgages       | 206          | 103            | 103            |
--------------------------------------------------------------------------------
| On behalf of associated     |              |                |                |
| companies and joint         |              |                |                |
| ventures                    |              |                |                |
--------------------------------------------------------------------------------
| Pledges and real estate     | 3            | 3              | 3              |
| mortgages                   |              |                |                |
--------------------------------------------------------------------------------

Pledged assets for debt                                                         
Finnish participants in the State Nuclear Waste Management Fund are allowed to  
borrow from the Fund. In Q1 2008 Fortum increased the reborrowing from the Fund 
(see Note 15) and therefore pledged additional Kemijoki shares as a security.   
The total amount of shares pledged, have a carrying value of EUR 208 million    
(145 million) as of 30 September 2008 (and 31 December 2007 respectively).      
Pledged assets for other commitments                                            
Fortum has given real estate mortgages in Naantali and Inkoo power plants in    
Finland, total value of EUR 206 million, as a security to the State Nuclear     
Waste Management Fund for the uncovered part of the legal liability,            
uncertainties and unexpected events.                                            
The size of the securities given is updated yearly in Q2 based on the decisions 
regarding the legal liabilities and the funding target which takes place around 
year-end every year. The amount of real estate mortgages given as a security    
have increased with EUR 103 million during Q2 2008.                             

--------------------------------------------------------------------------------
| 18. COMMITMENTS             |              |                |                |
--------------------------------------------------------------------------------
| MEUR                        | Sept 30      | Sept 30        | Dec 31         |
|                             | 2008         | 2007           | 2007           |
--------------------------------------------------------------------------------
| Operating lease commitments |              |                |                |
--------------------------------------------------------------------------------
| Due within a year           | 24           | 20             | 21             |
--------------------------------------------------------------------------------
| Due after one year and      | 41           | 29             | 31             |
| within five years           |              |                |                |
--------------------------------------------------------------------------------
| Due after five years        | 90           | 71             | 69             |
--------------------------------------------------------------------------------
| Total                       | 155          | 120            | 121            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Capital commitments for the purchase of property, plant and equipment and    |
| intangible assets amounts to EUR 1,418 million as at 30 September 2008 (EUR  |
| 436 million at year end 2007).                                               |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 19. CONTINGENT LIABILITIES  |             |               |                  |
--------------------------------------------------------------------------------
| MEUR                        | Sept 30     | Sept 30       | Dec 31           |
|                             | 2008        | 2007          | 2007             |
--------------------------------------------------------------------------------
| On own behalf               |             |               |                  |
--------------------------------------------------------------------------------
| Other contingent            | 858         | 224           | 224              |
| liabilities                 |             |               |                  |
--------------------------------------------------------------------------------
| On behalf of associated     |             |               |                  |
| companies and joint         |             |               |                  |
| ventures                    |             |               |                  |
--------------------------------------------------------------------------------
| Guarantees                  | 620         | 239           | 235              |
--------------------------------------------------------------------------------
| Other contingent            | 125         | 125           | 125              |
| liabilities                 |             |               |                  |
--------------------------------------------------------------------------------
| On behalf of others         |             |               |                  |
--------------------------------------------------------------------------------
| Guarantees                  | 10          | 13            | 10               |
--------------------------------------------------------------------------------
| Other contingent            | 1           | 1             | 1                |
| liabilities                 |             |               |                  |
--------------------------------------------------------------------------------

Other contingent liabilities on own behalf, EUR 858 million, have increased with
EUR 634 million since 31 December 2007. The main reason for the increase is that
Fortum has given a guarantee to cover payments relating to the mandatory public 
tender offering for TGC-10. The guarantee expires at year-end 2008.             
Guarantees on behalf of associated companies                                    
According to law, nuclear companies operating in Finland and Sweden shall give  
securities to the Finnish State Nuclear Waste Management Fund and the Swedish   
Nuclear Waste Fund respectively, to guarantee that sufficient funds exist to    
cover future expenses of decommissioning of power plant and disposal of spent   
fuel.                                                                           
The guarantee given on behalf of Teollisuuden Voima Oy (TVO) to the Finnish fund
has increased from EUR 32 million at year-end 2007 to EUR 70 million during Q2  
2008. The size of the guarantee is updated yearly in Q2, based on the decisions 
regarding legal liability and the funding target which takes place around       
year-end.                                                                       
In Sweden, Fortum has given guarantees on behalf of Forsmarks Kraftgrupp AB and 
OKG AB to the Swedish fund. Starting on 1 January 2008, a new law applies for   
financing of future fees to the fund for spent nuclear fuel and decommisioning  
of the plant. Following the implementation of the new law, the total amount of  
guarantees relating to nuclear waste management in Sweden have increased from   
SEK 1 841 million (EUR 188 million) at year-end 2007 to SEK 5 314 million (EUR  
543 million) during Q2 2008. This amount will also apply for 2009.              

--------------------------------------------------------------------------------
| 20. LEGAL ACTIONS AND OFFICIAL PROCEEDINGS                                   |
--------------------------------------------------------------------------------

In March the Finnish Market Court decision overruled the conditional decision   
given by the Finnish Competition Authority in June 2006 on the acquisition of   
E.ON Finland. In their ruling, the Market Court stated that the Finnish         
Competition Authority had no grounds for setting conditions, because Fortum     
cannot be condidered to have a dominant position in the power generation and    
wholesale market. According to the Market Court, the relevant geographical      
market area in power generation and wholesale consist of at least Finland and   
Sweden. The Finnish Competition authority has appealed the decision to the      
Supreme Administrative Court.                                                   

--------------------------------------------------------------------------------
| 21. RELATED PARTY TRANSACTIONS                                               |
--------------------------------------------------------------------------------

Related party transactions are described in the annual financial statements as  
of the year ended 31 December 2007. No material changes have occurred during the
period.                                                                         
The Finnish State owned 50.86% of the shares in Fortum 31 December 2007. After  
the changes in amount of shares during 2008 increase in amount of shares due to 
the share subscriptions under the option schemes, the Finnish state owned 50.81 
% of the Company's shares at 30 September 2008.                                 

--------------------------------------------------------------------------------
| ASSOCIATED COMPANY          |               |                |               |
| TRANSACTIONS                |               |                |               |
--------------------------------------------------------------------------------
| MEUR                        | Q1-Q3 2008    | Q1-Q3 2007     | 2007          |
--------------------------------------------------------------------------------
| Sales to associated         | 84            | 99             | 129           |
| companies                   |               |                |               |
--------------------------------------------------------------------------------
| Interest on associated      | 26            | 19             | 26            |
| company loan receivables    |               |                |               |
--------------------------------------------------------------------------------
| Purchases from associated   | 405           | 372            | 519           |
| companies                   |               |                |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSOCIATED COMPANY BALANCES |               |                |               |
--------------------------------------------------------------------------------
| MEUR                        | Sept 30       | Sept 30        | Dec 31        |
|                             | 2008          | 2007           | 2007          |
--------------------------------------------------------------------------------
| Long-term interest-bearing  | 681           | 629            | 636           |
| loan receivables            |               |                |               |
--------------------------------------------------------------------------------
| Trade receivables           | 16            | 11             | 17            |
--------------------------------------------------------------------------------
| Other receivables           | 8             | 6              | 7             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Long-term loan payables     | 184           | 172            | 171           |
--------------------------------------------------------------------------------
| Trade payables              | 11            | 8              | 25            |
--------------------------------------------------------------------------------
| Other payables              | 33            | 20             | 53            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| TRANSACTIONS AND BALANCES WITH JOINT VENTURES                                |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Transactions and balances with joint ventures as at and for the period ended |
| 30 September 2008 are not material for the Group.                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 22. EVENTS AFTER THE BALANCE SHEET DATE                                      |
--------------------------------------------------------------------------------

Norwegian Renewable Energy Corporation (REC) is partly owned by Fortum's        
associated company Hafslund ASA.  Fortum shows the fair value changes of REC in 
equity. At end of September the cumulative fair value change booked in Fortum's 
equity was EUR 266 million. REC's share price has decreased since the end of    
September.  Based on REC's closing price on 20 October the cumulative fair value
change in Fortum's equity would have been  EUR 225 million.                     
Fortum is participating in the project to build the fifth Finnish nuclear power 
unit (Olkiluoto 3) with a share of approximately 25%. Teollisuuden voima (TVO), 
the company that is building and owns the unit, has received new schedule       
information from the supplier (consortium Areva-Siemens). Based on the new      
information, TVO currently estimates that the start-up of the plant may be      
postponed until 2012, while it was earlier anticipated to take place during     
2011. TVO has also stated that it has a fixed-price plant supply contract and   
that it is not in a process of agreeing with the plant supplier on sharing the  
consortium's losses, contrary to the information presented in media.            
On 21 October, Fortum and Jyväskylän Energia agreed that Fortum will sell its   
60% ownership in Jyväskylän Energiantuotanto Oy to Jyväskylän Energia.  The     
transaction and related arrangements will take effect on 1 January 2009. The    
transaction means that ownership of a CHP plant with 115 MW electricity, 610 MW 
district heating and 110 MW process steam capacity, and also the plant site will
be transferred to Jyväskylän Energia. The value of the shares sold to Jyväskylän
Energia is approximately EUR 40 million. The sales gain from the transaction    
will be booked in Heat segment's fourth quarter operating profit.               

--------------------------------------------------------------------------------
| 23. DEFINITION OF  |     |     |      |      |       |       |          |    |
| KEY FIGURES        |     |     |      |      |       |       |          |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA (Earnings   | =   | Operating profit +        |       |          |    |
| before interest,   |     | Depreciation,             |       |          |    |
| taxes,             |     | amortisation              |       |          |    |
| depreciation       |     |                           |       |          |    |
--------------------------------------------------------------------------------
| and amortisation)  |     | and        |      |       |       |          |    |
|                    |     | impairment |      |       |       |          |    |
|                    |     | charges    |      |       |       |          |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comparable         | =   | Operating profit - non-recurring items -     |    |
| operating profit   |     | other items effecting comparability          |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring      | =   | Mainly capital    |       |       |          |    |
| items              |     | gains and losses  |       |       |          |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other items        | =   | Includes effects from financial          |        |
| effecting          |     | derivatives hedging future cash-flows    |        |
| comparability      |     | where hedge accounting is                |        |
--------------------------------------------------------------------------------
|                    |     | not applied according to IAS 39 and      |        |
|                    |     | effects from the accounting of Fortum´s  |        |
|                    |     | part of the Finnish                      |        |
--------------------------------------------------------------------------------
|                    |     | Nuclear Waste Fund where the asset in    |        |
|                    |     | the balance sheet cannot exceed the      |        |
|                    |     | related liabilities                      |        |
--------------------------------------------------------------------------------
|                    |     | according to      |       |       |          |    |
|                    |     | IFRIC             |       |       |          |    |
|                    |     | interpretation 5. |       |       |          |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Funds from         | =   | Net cash from operating           |          |    |
| operations (FFO)   |     | activities before change in       |          |    |
|                    |     | working capital                   |          |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital            | =   | Capitalised investments in property, plant   |    |
| expenditure        |     | and equipment and intangible assets          |    |
--------------------------------------------------------------------------------
|                    |     | including maintenance,            |          |    |
|                    |     | productivity, growth and          |          |    |
|                    |     | investments required by           |          |    |
|                    |     | legislation                       |          |    |
--------------------------------------------------------------------------------
|                    |     | including borrowing costs         |          |    |
|                    |     | capitalised during construction   |          |    |
|                    |     | period. Maintenance               |          |    |
--------------------------------------------------------------------------------
|                    |     | investments expand lifetime of an |          |    |
|                    |     | existing asset, maintain          |          |    |
|                    |     | useage/availability and/or        |          |    |
--------------------------------------------------------------------------------
|                    |     | maintains reliability.            |          |    |
|                    |     | Productivity improves             |          |    |
|                    |     | productivity in an existing       |          |    |
|                    |     | asset. Growth                     |          |    |
--------------------------------------------------------------------------------
|                    |     | investments' purpose is to build  |          |    |
|                    |     | new assets and/or to increase     |          |    |
|                    |     | customer base within              |          |    |
--------------------------------------------------------------------------------
|                    |     | existing businesses. Legislation  |          |    |
|                    |     | investments are done at certain   |          |    |
|                    |     | point of time due to              |          |    |
--------------------------------------------------------------------------------
|                    |     | legal      |      |       |       |          |    |
|                    |     | requiremen |      |       |       |          |    |
|                    |     | ts.        |      |       |       |          |    |
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| Gross investments  | =   | Investments in subsidiary shares, shares |        |
| in shares          |     | in associated companies and other shares |        |
|                    |     | in available for                         |        |
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|                    |     | sale financial assets. Investments in        |    |
|                    |     | subsidiary shares are net of cash and        |    |
|                    |     | grossed with                                 |    |
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|                    |     | interest-bearing          |       |          |    |
|                    |     | liabilities in the        |       |          |    |
|                    |     | acquired company.         |       |          |    |
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| Return on          | =   | Profit for |      |       |       |          | x  |
| shareholders'      |     | the year   |      |       |       |          | 10 |
| equity, %          |     |            |      |       |       |          | 0  |
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|                    |     | Total      |      |       |       |          |    |
|                    |     | equity     |      |       |       |          |    |
|                    |     | average    |      |       |       |          |    |
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| Return on capital  | =   | Profit before taxes + interest    |          | x  |
| employed, %        |     | and other financial expenses      |          | 10 |
|                    |     |                                   |          | 0  |
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|                    |     | Capital    |      |       |       |          |    |
|                    |     | employed   |      |       |       |          |    |
|                    |     | average    |      |       |       |          |    |
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| Return on net      | =   | Operating profit + Share of profit (loss) in | x  |
| assets, %          |     | associated companies and joint               | 10 |
|                    |     | ventures                                     | 0  |
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|                    |     | Net assets |      |       |       |          |    |
|                    |     | average    |      |       |       |          |    |
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| Comparable return  | =   | Comparable operating profit + Share of       | x  |
| on net assets, %   |     | profit (loss) in associated companies        | 10 |
|                    |     |                                              | 0  |
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|                    |     | and joint ventures (adjusted for IAS 39      |    |
|                    |     | effects and major sales gains or losses)     |    |
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|                    |     | Comparable net    |       |       |          |    |
|                    |     | assets average    |       |       |          |    |
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| Capital employed   | =   | Total assets - non-interest bearing          |    |
|                    |     | liabilities - deferred tax liabilities -     |    |
|                    |     | provisions                                   |    |
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| Net assets         | =   | Non-interest bearing assets +            |        |
|                    |     | interest-bearing assets related to the   |        |
|                    |     | Nuclear Waste Fund -                     |        |
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|                    |     | non-interest bearing liabilities -       |        |
|                    |     | provisions (non-interest bearing assets  |        |
|                    |     | and liabilities do not include           |        |
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|                    |     | finance related items, tax and deferred  |        |
|                    |     | tax and assets and liabilities from fair |        |
|                    |     | valuations of                            |        |
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|                    |     | derivatives where hedge   |       |          |    |
|                    |     | accounting is applied)    |       |          |    |
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| Comparable net     | =   | Net assets adjusted for non-interest     |        |
| assets             |     | bearing assets and liabilities arising   |        |
|                    |     | from financial derivatives               |        |
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|                    |     | hedging future cash-flows where hedge        |    |
|                    |     | accounting is not applied according to IAS   |    |
|                    |     | 39                                           |    |
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| Interest-bearing   | =   | Interest-bearing  |       |       |          |    |
| net debt           |     | liabilities -     |       |       |          |    |
|                    |     | liquid funds      |       |       |          |    |
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| Gearing, %         | =   | Interest-b |      |       |       |          | x  |
|                    |     | earing net |      |       |       |          | 10 |
|                    |     | debt       |      |       |       |          | 0  |
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|                    |     | Total      |      |       |       |          |    |
|                    |     | equity     |      |       |       |          |    |
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| Equity-to-assets   | =   | Total equity      |       |       |          | x  |
| ratio, %           |     | including         |       |       |          | 10 |
|                    |     | minority interest |       |       |          | 0  |
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|                    |     | Total      |      |       |       |          |    |
|                    |     | assets     |      |       |       |          |    |
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| Net debt / EBITDA  | =   | Interest-b |      |       |       |          |    |
|                    |     | earing net |      |       |       |          |    |
|                    |     | debt       |      |       |       |          |    |
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|                    |     | Operating profit + Depreciation,  |          |    |
|                    |     | amortisation and impairment       |          |    |
|                    |     | charges                           |          |    |
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| Interest coverage  | =   | Operating  |      |       |       |          |    |
|                    |     | profit     |      |       |       |          |    |
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|                    |     | Net        |      |       |       |          |    |
|                    |     | interest   |      |       |       |          |    |
|                    |     | expenses   |      |       |       |          |    |
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| Earnings per share | =   | Profit for the    |       |       |          |    |
| (EPS)              |     | period - minority |       |       |          |    |
|                    |     | interest          |       |       |          |    |
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|                    |     | Average number of shares  |       |          |    |
|                    |     | during the period         |       |          |    |
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| Equity per share,  | =   | Shareholde |      |       |       |          |    |
| EUR                |     | r's equity |      |       |       |          |    |
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|                    |     | Number of shares excluding        |          |    |
|                    |     | treasury shares at the end of the |          |    |
|                    |     | period                            |          |    |
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| Last twelve months | =   | Twelve months preceding   |       |          |    |
|                    |     | the reporting date        |       |          |    |
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About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2017, our sales were EUR 4.5 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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