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Power Generation FORTUM – For a cleaner world Investor / Analyst material June 2018 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. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum today 4 – 18 European and Nordic power markets 19 – 26 Fortum’s nuclear fleet 27 – 30 Russia 31 – 33 Thermal capacity in Russia 33 Historical achieved prices 34 Interim Report Q1 2018 35 – 55 Uniper investment 56 – 59 IR contacts 60 3 Appr. 125,000 shareholders • Power and heat company in the Nordic Finnish households countries, Russia, Poland and the Baltics 9.8% Financial and • Listed at the Helsinki Stock Exchange insurance institutions 1.5% since 1998 Other Finnish • Among the most traded shares on investors the Nasdaq Helsinki stock exchange 7.4% Finnish • Market cap ~18 billion euros State 50.8% Foreign investors 30.5% 31 May 2018 4 Capital returns: 2017 EUR 1.10 per share ~ EUR 1 billion Fortum’s dividend policy is based on 5 year dividend per share (EUR) history the following preconditions: • The dividend policy ensures that shareholders receive a fair remuneration for their entrusted capital, supported 1,4 1.3 by the company’s long-term strategy that aims at increasing earnings per share and thereby the dividend. 1,2 1.1 0.2 1.1 1.1 1.1 • When proposing the dividend, the Board of Directors 1,0 1.1 looks at a range of factors, including the macro 0,8 environment, balance sheet strength as well as future investment plans. 0,6 Fortum's target is to pay a stable, sustainable 0,4 and over time increasing dividend of 50-80% of 0,2 earnings per share excluding one-off items 0,0 Fortum has since 1998 annually paid dividends in 2013 2014 2015 2016 2017 total ~14,580 MEUR 81% 37% 24% 196% 112% 5 Fortum – For a cleaner world 6 Our strategic route Skandinaviska Birka Energi Stora Kraft Birka Energi Østfold Elverk 50% Fortum 50% → 100% 50% Stockholm Gullspång merged Shares in Hafslund Gullspång with Stockholm Energi Länsivoima Elnova TGC-1 E.ON Divestment →100% 50% → 100% established Finland of Lenenergo Shares in shares Länsivoima Lenenergo shares → Lenenergo Oil business 45% → District heating spin-off 65% IVO FORTUM in Poland → NESTE 1996 1997 1998 2000 2002 2003 2005 2006 2007 2008 2011 2012 2014 2015 2016 2017 TGC-10 Divestment of Divestment of Divestment of electricity Divestment of DUON ​​Russian wind power JV Fingrid shares small scale hydro distribution business electricity distribution Divestment of Gasum shares business Ekokem Nordkraft wind power Divestment of Divestment of Divestment of electricity heat operations non-strategic distribution and heat businesses Turebergs Restructuring outside of heat business Recycling ownership in Hafslund Stockholm Divestment of Grangemouth power plant 7 Our current geographical presence NORDIC COUNTRIES RUSSIA KEY FIGURES 2017 Power generation PAO Fortum Sales EUR 4.5 bn 45.4 TWh Comparable Heat sales Power generation operating profit EUR 0.8 bn 5.0 TWh 26.3 TWh Balance sheet EUR 22 bn Electricity customers Heat sales Personnel 8,800 2.4 million 19.8 TWh POLAND BALTIC COUNTRIES INDIA Power generation Power generation Power generation 0.5 TWh 0.7 TWh 0.3 TWh Heat sales Heat sales 3.7 TWh 1.4 TWh 8 Still a highly fragmented Nordic power market Fortum has largest electricity customer base in the Nordics Power generation in 2016 Electricity retail 395 TWh 15 million customers >350 companies ~350 companies Vattenfall Others Fortum Others Vattenfall 36% Statkraft 52% Ørsted E.ON BKK Statkraft Agder Energi Fortum SEAS-NVE Ørsted Helen E-CO Energi PVO Uniper SE-Syd Energi Norsk Hydro Din El, Göteborg Jämtkraft Source: Fortum, company data, shares of the largest actors, pro forma 2016 figures (Fortum incl. Hafslund’s 1.1 million customers). 9 Fortum mid-sized European power generation player; major producer in global heat Power generation Heat production Customers Largest producers in Europe and Russia, 2016 Largest global producers, 2016 Electricity customers in EU, 2016 TWh TWh Millions EDF Gazprom Enel RWE T Plus Rosenergoatom Inter RAO UES EDF Enel Veolia RWE Gazprom RusHydro Uniper EDF E.ON RusHydro Sibgenco Iberdrola ENGIE EuroSibEnergo Inter RAO UES Fortum CEZ Vattenfall Quadra DEI NNEGC Energoat. Vattenfall Centrica Iberdrola Beijing DH Fortum TGC-2 EDP EPH SIBECO ENGIE EuroSibEnergo KDHC Statkraft Vattenfall CEZ Minskenergo T Plus Lukoil EnBW PGE PGE PGE EnBW Tatenergo EDP DTEK SSE DTEK PGNiG Tauron EPS Ørsted Gas Natural E.ON Stockholm Exergi Fenosa Sibgengo CEZ Fortum Verbund TGC-14 DEI Helen Ørsted 0 100 200 300 400 500 600 0 20 40 60 80 100 120 140 0 10 20 30 40 10 Source: Company information, Fortum analyses, 2016 figures pro forma Biggest 11 Source: Company information, Source: Company SUEZGDF Formerly 1) nuclear and hydro nuclear and hydro generators Fortum analyses, 2013 analyses, 2013 forma figures pro TWh 600 550 in Total generation 500 Europe Europe and Russia 450 Other 400 Nuclear 350 Hydro 300 250 200 150 100 50 0 IES DEI EDF Enel CEZ BKK SSE EDP PGE Alpiq Axpo RWE E.ON DTEK EnBW ENGIE Fortum Statkraft Centrica Verbund Iberdrola 1) Gazprom Vattenfall RusHydro Lyse Energi Lyse EPS, Serbia EPS, Norsk Hydro Norsk E-CO Energi E-CO Agder Energi Agder Hidroelectrica Inter RAO UES RAO Inter EuroSibEnergo Rosenergoatom Ukrhydroenergo Gas Natural Fenosa Natural Gas NNEGC Energoatom NNEGC Fortum in the Nordic electricity value chain Large customers Nordic wholesale market Power Retail generation customers Power exchange and Private customers, bilateral agreements small businesses 12 Fortum's power and heat production by source Fortum's power generation in 2017 Fortum's heat production in 2017 Natural gas 35% Natural gas 65% Total Nuclear Total Others 1% Peat 1% generation power production Biomass 1% 73.2 TWh 31% Heat pumps, 28.6 TWh electricity 2% Coal 4% Biomass 7% Waste Hydropower 8% 28% Coal 17% Note: Fortum’s power generation capacity 13,722 MW and heat production capacity 14,765 MW 13 Fortum's European power and heat production by source Fortum's European power generation in 2017 Fortum's heat European production in 2017 Nuclear power Coal 49% 32% Waste Others 1% European European 27% generation production Waste 1% 46.6 TWh Peat 5% 8.6 TWh Biomass 2% Coal 3% Heat pumps, electricity 7% Natural gas Hydropower 7% Biomass 44% 22% Note: Fortum’s European power generation capacity 8,743 MW and heat production capacity 4,671 MW 14 Fortum’s Nordic, Baltic and Polish generation capacity GENERATION CAPACITY MW NORWAY MW FINLAND MW Hydro 4 672 Price areas Hydro 1 547 Nuclear 2 814 NO4 SE1 NO4, Wind 32 Nuclear 1 480 CHP 774 NO1, CHP 19 CHP 451 Other thermal 376 Generation capacity 51 Other thermal 376 SE2 Wind 107 Generation capacity 3 854 NO3 FI Nordic, Baltic and Polish generation capacity 8 743 NO5 NO1 SWEDEN MW BALTICS AND Figures 31 December 2017 Price areas POLAND MW NO2 SE3 Generation capacity, CHP EE SE2, Hydro 1 550 SE2, Wind 75 in Estonia 49 LV SE3, Hydro 1 575 in Latvia 26 SE4 DK1 SE3, Nuclear 1 334 in Lithuania 18 LT SE3, CHP 9 DK2 in Poland 186 Generation capacity 4 543 PL Associated companies’ plants (not included in the MWs) Stockholm DENMARK, DK2 MW Exergi (Former Fortum Värme), Stockholm; TSE, Naantali Generation capacity, CHP 16 15 Fortum a forerunner in sustainability We engage our customers and society to drive the change towards a cleaner world. Our role is to accelerate this change by reshaping the energy system, improving resource efficiency and providing smart solutions. This way we deliver excellent shareholder value. • Fortum is listed in several sustainability indexes: • CDP Nordic rating • STOXX® Global ESG Leaders indices • ECPI® Indices • oekom • OMX GES Sustainability Finland index • Euronext Vigeo Eurozone 120 index 16 Fortum's carbon exposure among the lowest in Europe g CO2/kWh electricity, 2016 950 2017 61% of Fortum's total power generation CO -free 719 709 2 96% of Fortum’s power generation in the EU CO2-free 497 438 395 391 362 347 FORTUM 308 307 304 TOTAL FORTUM 195 185 173 134 EU 32 31 28 12 DEI EPH RWE CEZ Uniper Enel A2A Gas EnBW EDP Drax SSE Vatten- Eneco Iberdrola E.ON Verbund Statkraft Natural fall Fenosa Note: All figures, except “Fortum total”, include only European power generation. Fortum’s specific emissions of the power generation in 2017 in the EU were 28 g/kWh and in total 174 g/kWh, same as in the previous year. Source: PwC, December 2017, Climate Change and Electricity (including those companies with data for power generation available only), Fortum 17 Fortum is growing towards gigawatt scale target in solar and wind power production PORTFOLIO TECHNOLOGY STATUS CAPACITY FORTUM SUPPLY STARTS/ Ånstadblåheia 50 MW MW SHARE, MW STARTED NORWAY 179 179 Sørfjord 97 MW Nygårdsfjellet Wind Operational 32 32 2006 and 2011 Blaiken 37 MW (Fortum share) Ånstadblåheia Wind Under construction 50 50 2018 Sørfjord Wind Under construction 97 97 2019 Solberg 38 MW Ulyanovsk-2 25 MW SWEDEN 323 75 (Fortum share) (Fortum share) Blaiken Wind Operational 248 37 (15%) 2017* Nygårdsfjellet Ulyanovsk 35 MW solar power plants Solberg Wind Operational 76 38 (50%) 2018 32 MW 35 MW RUSSIA 1 070 570 Bugulchansk Solar Operational 15 15 2016-2017 Pleshanovsk Solar Operational 10 10 2017 Grachevsk Solar Operational 10 10 2017 Ulyanovsk Wind Operational 35 35 2018 Bhadla 70 MW Ulyanovsk-2 Wind Under construction 50 25 (50%) 2019 Amrit 5 MW Rusnano JV Wind Under development 950 475 (50%) 2019-2022 INDIA 185 185 Kapeli 10 MW Amrit Solar Operational 5 5 2012 Kapeli Solar Operational 10 10 2014 Bhadla Solar Operational 70 70 2017 First focus markets Pavagada Solar Operational 100 100 2017 TOTAL Operating wind power plants 1 758 1 009 Pavagada 100 MW PORTFOLIO Operating solar power plants Under development 950 475 Projects under construction Under construction 197 172 Operational 611 362 *) Blaiken last stage IV inaugurated in 2017.
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