Fortum in 3 minutesFortum’s financial targetsFortum updated its long-term financial targets on March 2015. The new financial targets reflect better the new business mix after the divestment of the distribution business.

We are a forerunner in sustainabilityFortum’s carbon exposure is among the lowest in Europe.

201464% of Fortum’s total power generation CO2-free94% of Fortum’s power generation in the EU CO2-free

Close to 100% of the ongoing investment programme in the EU is CO2-free

Russia segment business drivers:• 5th largest power market• After completing the ongoing investment programme by mid 2015

(add. 85% capacity), Fortum’s goal is to achieve an annual operating profit level (EBIT) of RUB 18.2 billion

• Two markets: 1) capacity (old “CCS” and new “CSA”) and 2) energy• New Capacity “CSA” prices are a major part of future income• Gas price (major fuel)• Seasonality

• Currency (Russian rouble) exchange rate fluctuations

Power and Technology business drivers:• Generation sold at power exchange Nord Pool - also hedged with financial contracts• Wholesale price of electricity impacted by

- Demand, nuclear availability - timing of outages, hydro water reservoirs level, CO2 allowans prices and fuels

• Sensitivity: achieved price 1 EUR/MWh = EUR ~45 million in annual comparable operating profit

• Currency exchange rate fluctuations

10 11 12 13

COMPARABLE NET DEBT/EBITDA

2.5

3

2

1

0

14

64 200

0

200

400

600

800

1000

1200

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RWE

DRAX SSE

CEZ

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Edipower

EnBW

Gas N

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Fortum

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Fortum

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PVO

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Average 328 g/kWh

g CO2/kWh electricity, 2013

Power and Technology

Heat, Electricity Sales and Solutions Russia

Business descriptionFortum’s power generation, physical operation and trading as well as expert services for power producers.

Combined heat and power generation, district heating and cooling activities, b-to-b heating solutions and electricity sales.

Power and heat generation and sales in Russia.

Comparable operating profit, % of Group op EUR 877 million, 77% of total EUR 104 million, 9% of total EUR 161 million, 14% of total

Net assets EUR 6,001 million EUR 2,112 million EUR 2,597 million

Volume (TWh) Nordic generation 48.6TWh CHP sales 2.8TWh, heat sales 7.9TWh, electricity sales 13.8TWh

Power gen. 26.5TWh Heat sales 26.0TWh

Drivers Nordic power price, generation volumes Fuel mix, heat and power price, electricity sales margin

New capacity and capacity price, electricity and heat price

1110 12 13

12%

20

15

10

5

0

14

RETURN ON CAPITAL EMPLOYED%

Fortum is a clean energy producer and supplier which operates in the Nordic countries, Russia, Poland and the Baltics. Fortum’s reporting structure consists of three reporting segments: Power and Technology, Heat, Electricity Sales and Solutions and Russia. Power and Technology segment incorporates two business divisions; Hydro Power and Technology, and Nuclear and Thermal Power. Fortum is listed in the Nasdaq Helsinki Stock Exchange since 1998.

Key facts 2014:Exchange:Nasdaq Helsinki

ISIN: FI0009007132

Ticker: FUM1V

Industry: Electric Utilities

Sales EUR 4,088 million

Capex EUR 843 million

Comparable operating profit EUR 1,085 million

Employees:8,200

Fortum’s Mission and Strategy Mission

Fortum’s purpose is to create energy that improves life for present and future generations. We provide sustainable solutions for society and

deliver excellent value to our shareholders.

StrategyBuild on the strong

Nordic coreCreate solid earnings growth

in RussiaBuild a platform for

future growth

Strong competence in CO2-free hydro and nuclear, efficient CHP production and energy markets

Fortum is highly committed to sustainability Fortum’s carbon exposure is among the lowest in Europe. The share of CO2 -free power production in the EU was 94% in 2014. Our purpose is to create energy that improves life for present and future generations. We provide sustainable solutions for society while delivering excellent value to our shareholders. We want to act responsibly, both in the short term and long term. The cornerstones of our strategy are strong expertise in CO2-free hydro and nuclear power production, in efficient combined heat and power (CHP) production, and in operating in the energy markets.

Fortum’s reporting structure(2014 figures)

NyaganOAO FORTUM

TGC-1

Moscow Chelyabinsk

TyumenTobolskSt. PetersburgStockholm Helsinki

OlkiluotoLoviisa

Oskarshamn

Forsmark

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

0

250

500

750

1,000

1,250

1,500

2025+

Bonds Financial institutions Other long-term debt Other short-term debt

TWh 2014 2013Hydro and wind power 22.4 18.1Nuclear power 23.8 23.7Thermal power 3.9 5.7Total in EU and Norway 50.1 47.4Thermal power in Russia 23.3 20Total 73.4 67.4

Fortum’s nuclear fleet Fortum’s CHP’s in Russia

FORTUM’S POWER GENERATION IN 2014IN TOTAL 73.4 TWh

Nuclear power 33%

Hydro power 30%

Natural gas 31%

Coal 5%

FORTUM POWER GENERATION BY SOURCE

Nordic Power generation totalled

378 TWh in 2014FORTUM’S HEAT PRODUCTION IN 2014IN TOTAL 34.6 TWh

Biomass 6%

Natural gas 77%

Peat 1%

Coal 15%

Waste 1%

Fortum’s financial calendar 20154 Feb 2015 Financial Statement 2014

week 10, 2015 Operatingandfinancial review for 2014

31 Mar 2015 Annual General Meeting

1 April 2015 Ex-dividend date

2 April 2015 Record date for dividend payment

14 April 2015 Dividend payment date

29 Apr 2015 Interim Report Q1 2015

17 Jul 2015 Interim Report Q2 2015

22 Oct 2015 Interim Report Q3 2015

• Fortum continue to expect that the annual electricity demand growth in the Nordics will average approx 0,5% in the coming years

• Electricity continues to gain share of total energy consumption

• Annual capex (excl. potential acquisitions) in 2015 approximately EUR 0.9 billion

• Corporate tax rate: 19–21%

DIVIDEND PER SHARE (EUR)

DEBT MATURITY PROFILE AS OF 30 JUNE 2015

per 30 Jun 2015

per 31 Dec 2014

Average interest rate (incl. swaps and forwards)

4.2% 3.7%

Portion of floating / fixed debt 57/43% 46/54%

Strong financial positionGood liquidity – committed credit lines total EUR 2.2 billion

Long-term credit ratingStandard & Poor’s BBB+ (stable)Fitch A- (negative)

OWNERSHIP STRUCTURE AS OF 30 JUNE, 2015

Approx. 150,000 shareholders

• Hedging of the Power and Technology’s estimated Nordic power sales volume at end of June 2015

the rest of 2015: ~45% at ~EUR 41/MWh 2016: ~25% at ~EUR 35/MWh

• Hedges are disclosed quarterly

• Hedge ratios may vary significantly

GUIDANCE & HEDGING

Biomass 1%

Households 9.0%Financial and insurance institutions 2.1%

Other Finnish investors 7.7%

Foreign investors 30.4%

Finnish State 50.8%

1.00

201068%

1.00

201150%

1.00

201263%

1.10

201381%

1.30

201437%

1.100.20*

Sophie JollyVP, Investor RelationsTel. +358 10 453 2552sophie.jolly@fortum.com

Investor relations

Rauno TiihonenManager, Investor RelationsTel. +358 10 453 6150 rauno.tiihonen@fortum.com

Marja MäkinenManager, Investor Relations (SRI)Tel. +358 10 452 3338marja.makinen@fortum.com

Meeting requests:Arja-Tuula TiainenExecutive Assistant Tel. +358 10 453 4487

Fortum’s combined cycle gas turbine (CCGT)

Nordic and continental markets are integrating - interconnection capacity will double by 2020

Fortum’s target is to pay a stable, sustainable and over time increasing dividend of 50-80% of earnings per share excluding one-off items. • The dividend policy ensures that shareholders receive a fair remuneration for their entrusted capital, supported by the company’s long-term strategy that aims at increasing earnings per share and thereby the dividend.

• When proposing the dividend, the Board of Directors looks at a range of factors, including the macro environment, balance

DIVIDEND POLICY

*An extra dividend.

• Total interest-bearing debt EUR 6,765 million - Average interest 4.2% (3.7%) - Portfolio mainly in EUR and SEK with average interest cost 2.9% (2.9%)

- EUR 786 (681) million swapped to RUB, average interest cost including cost for hedging 14.3% (11.3%)