Russian subsidiary PAO Fortum’s CEO replaced – confirmation of temporary asset management by Russia

Fortum Corporation Stock exchange Release 26 April 2023 at 16:30 EEST

Release category: Other information disclosed according to the rules of the exchange

Fortum has been made aware through a release by its Russian subsidiary PAO Fortum (Fortum PJSC) that the company’s Board of Directors has replaced the CEO. According to the release the decision was taken in accordance with the requirement of the Federal Property Management Agency dated 25 April 2023. Fortum considered the appointment of the new CEO to be confirmation that the new Presidential decree is being enacted and Fortum’s subsidiary has been put under temporary asset management.

Earlier this morning Fortum announced in a stock exchange release that Russia has issued a new Presidential decree which enables the authorities to introduce temporary asset management to assets owned by certain foreign entities in Russia.

Fortum is continuously investigating the situation and will publish further relevant information once available and confirmed.

Fortum Corporation

Ingela Ulfves
Vice President, Investor relations and Financial Communications

Further information:

Investors and analysts:

Ingela Ulfves, Vice President, Investor Relations and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, Manager, Investor Relations, tel. +358 10 453 6150

Media:

Fortum News Desk, tel. +358 40 198 2843

Distribution:

Nasdaq Helsinki
Main media
www.fortum.com

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com