Interim report January–March 2015 Fortum Corporation 29 April 2015

Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.

IFRS restatement relating to discontinued operations Distribution segment has been reclassified as discontinued operations in Q1/2015. As a result, continuing operations and discontinued operations are presented separately for Fortum Group. Comparative period information for 2014 has been restated accordingly. Restated information for the interim periods of 2014 can be found in a stock exchange release published 15 April 2015

Q1 2015 Results Key figures (MEUR) I/2015 I/2014 2014 LTM Sales, continuing operations 1,040 1,208 4,088 3,920 Comparable EBITDA, continuing operations 396 456 1,457 1,397 Operating profit: Continuing operations 350 366 1,296 1,280 Discontinued operations 81 1,968 2,132 245 Fortum total 431 2,333 3,428 1,526 Comparable operating profit: 343 358 1,085 1,070 82 119 266 229 425 477 1,351 1,299 Profit before taxes: 374 1,232 80 2,128 240 2,341 3,360 1,450 Earnings per share: 0.33 0.35 1.22 1.20 0.07 2.18 2.33 0.22 0.40 2.53 3.55 1.42 Net cash from operating activities, continuing operations 516 405 1,406 1,517

Summary of the first quarter of 2015 Strong cash flow from operations Hydro production impacted by later spring floods and inflow; nuclear volumes impacted by unplanned outages in co-owned plants Binding agreement to sell the Swedish electricity distribution business – concludes the Distribution divestment process Discussions and preparations for a possible restructuring of Russian TGC-1 ownership continue Nyagan 3, in Russia, started receiving capacity payments as of 1 January 2015 Russian CSA payments revised upwards to reflect the higher bond rates Pekka Lundmark appointed new President and CEO, starting at the beginning of September

Market conditions in the first quarter of 2015 Nordic countries Power consumption in the Nordic countries at the same level as in Q1 2014 Hydro reservoirs at long-term average level Nordic system spot prices approximately EUR 2 per MWh lower than in Q1 2014, while Finnish and Swedish area prices EUR1-3 per MWh lower European business environment and carbon market European Commission is developing a reference market model for countries planning a capacity market A market stability reserve of the EU emissions trading system is being negotiated Russia Power consumption in Fortum’s operating areas was on the same level as in Q1 2014 Electricity spot price (in RUB) in the Urals hub was on same level as in Q1 2014 RUB strengthened during the quarter

Nordic water reservoirs Q1 Q2 Q3 Q4 20 40 60 80 100 120 reservoir content (TWh) 2000 2003 2014 2013 reference level 2015 Source: Nord Pool Spot

Wholesale price for electricity EUR/MWh Nord Pool Spot System Price Forwards 27 April 2015 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: Nord Pool Spot, Nasdaq Commodities

Fuel and CO2 allowance prices Source: ICE Market prices 27 April 2015; 2015-2016 future quotations

Price development in the Nordic region and Russia -7% +3% -5% -15% Includes capacity income

Q1: Fortum’s market environment remained weak Comparable operating profit, EUR million

Financials

Comparable and reported operating profit MEUR I/2015 I/2014 Power and Technology 203 251 262 Heat, Electricity Sales and Solutions 58 48 64 45 Russia 97 73 98 Other -15 -14 Total, continuing operations 343 358 350 366 Discontinued operations 82 119 81 1,968 Total, Fortum 425 477 431 2,333 Sales gains, IFRS accounting treatment (IAS 39) of derivatives and nuclear fund adjustments had an impact EUR 7 (8) million on the reported operating profit for continuing operations

Power and Technology Q1 2015 Lower achieved power price, hydro and nuclear volumes Later spring floods Several small unplanned outages in co-owned nuclear power plants MEUR I/2015 I/2014 2014 LTM Sales 500 586 2,156 2,070 Comparable EBITDA 232 282 998 948 Comparable operating profit 203 251 877 829 Net assets 6,019 6,276 6,001 Comparable RONA % 14.2 13.6 Gross investments 28 35 198 191

Heat, Electricity Sales and Solutions Q1 2015 Comparable operating profit improved mainly due to lower fuel costs and higher heat prices during the period. In addition, the customer base in retail electricity continued to grow and sales margin improved. Heat sales volumes as well as power sales volumes on approximately same levels as Q1 2014 MEUR I/2015 I/2014 2014 LTM Sales 406 446 1,332 1,292 Comparable EBITDA 82 74 204 212 Comparable operating profit 58 48 104 114 Net assets 2,164 2,365 2,112 Comparable RONA % 8.7 8.6 Gross investments 12 13 124 123

Russia Q1 2015 Lower heat production volumes, due to warm weather, and bad debt provisions for heat trade receivables impacted the result negatively Russian rouble affected the result negatively by EUR 47 million Result includes CSA provision release of EUR 29 million MEUR I/2015 I/2014 2014 LTM Sales 263 333 1,055 985 Comparable EBITDA * 94 113 304 285 Comparable operating profit 97 73 161 185 Net assets 3,104 3,619 2,597 Comparable RONA % 5.6 6.5 Gross investments 45 59 367 353 * Excluding the net release of CSA provision

Discontinued operations (Distribution) Q1 2015 Binding agreement signed to divest the Swedish electricity distribution business Volumes in Sweden in line with last year Table below includes January-March 2014 results for the Finnish, January-May 2014 results for the Norwegian and full year 2014 results as well as January-March 2015 for the Swedish distribution business MEUR I/2015 I/2014 2014 LTM Sales 180 300 751 631 Comparable EBITDA 112 171 416 357 Comparable operating profit 82 119 266 229 Net assets 2,634 2,872 2,615 Comparable RONA % 9.3 8.5 Gross investments 20 25 147 142

Income statement I/2015 I/2014 2014 LTM Sales 1,040 1,208 4,088 3,920 MEUR I/2015 I/2014 2014 LTM Sales 1,040 1,208 4,088 3,920 Other income and expenses -697 -850 -3,003 -2,850 Comparable operating profit 343 358 1,085 1,070 Items affecting comparability 7 8 211 210 Operating profit 350 366 1,296 1,280 Share of profit of associates and jv’s 58 69 146 135 Financial expenses, net -57 -62 -210 -205 Profit before taxes 374 1,232 Income tax expense -55 -143 -136 Net profit, continuing operations 295 312 1,089 1,072 Net profit, discontinued operations 63 1,943 2,073 193 Net profit, Fortum total 2,255 3,161 1,264 EPS, basic (EUR), continuing operations 0.33 0.35 1.22 1.20 EPS, basic (EUR), discontinued operations 0.07 2.18 2.33 0.22 EPS, basic (EUR), Fortum Total 0.40 2.53 3.55 1.42

Cash flow statement I/2015 I/2014 2014 LTM MEUR I/2015 I/2014 2014 LTM Cash from operating activities: Realised FX gains/losses 168 74 352 446 Other funds from operations (FFO) 314 371 1,096 1,039 Change in working capital 34 -40 -42 32 Cash from operating activities, continuing operations 516 405 1,406 1,517 Cash from operating activities, discontinued operations 87 161 356 282 Cash from operating activities, total Fortum 603 566 1,762 1,799 Cash used in investing activities: Paid capital expenditures -101 -123 -622 -600 Proceeds from divestments 36 3 499 532 Other investment activities 19 46 364 337 Total investing activities, continuing operations -46 -74 241 269 Total investing activities, discontinued operations -43 2,461 2,574 70 Cash used in investing activities, total Fortum -89 2,387 2,816 340 Cash flow before financing activities, total Fortum 514 2,953 4,578 2,139

Good liquidity – committed credit lines total EUR 2.2 billion Key ratios MEUR LTM 2014 Comparable EBITDA, continuing operations 1,397 1,457 Comparable EBITDA, total Fortum 1,754 1,873 Interest-bearing net debt, total Fortum 3,714 4,217 Comparable net debt/EBITDA, total Fortum 2.1 2.3 excluding Värme financing 1.8 2.0 ROCE % Return on capital employed, total Fortum 9.0 19.5 Good liquidity – committed credit lines total EUR 2.2 billion

Debt Maturity Profile 31 March 2015 MEUR 2015 1,036 2016 863 2017 538 2018 621 2019 821 2020 75 2021 549 2022 1,087 2023 110 2024 3 2025+ 1,279 TOTAL 6,982 per 31 March 2015 per 31 Dec, 2014 Average Interest Rate 4.3% 3.7% Portion of floating / fixed debt 47 / 53% 46 / 54%

Outlook

Outlook Nordic markets Fortum continues to expect that the average annual electricity demand growth will be on average approximately 0.5% in the coming years Electricity is expected to continue to gain share of total energy consumption Russia The run-rate operating profit (EBIT) level for the Russia Segment, RUB 18.2 billion, is targeted to be reached during 2015, but the euro result level will be volatile, due to the translation effect Key drivers and risks Economic Political Currency Wholesale price of electricity and volumes demand and supply • fuels hydrological situation • power plant availability CO2 emissions allowance prices

Outlook Annual capex estimate, excluding potential acquisitions 2015 approximately EUR 0.8 billion Hedging Rest of 2015 approx. 50% hedge ratio at approx. EUR 41/MWh 2016 approx. 20% hedge ratio at approx. EUR 37/MWh Taxation Effective tax rate for 2015 for the Group 19-21% The Swedish Government decided to re-propose an increase of 17% on the tax on installed nuclear capacity to the spring budget

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