FORTUM CORPORATION
Fortum continues its investments in circular economy by acquiring Turebergs Recycling AB in Sweden

Fortum has finalized an acquisition of Turebergs Recycling AB from Turebergs Åkeri AB with an enterprise value of up to approximately EUR 11 million (SEK 108 million). The main business of Turebergs Recycling is environmental construction, recycling and processing of bottom ash from waste-to-energy plants. The company has long-term contracts with its customers, based on which Turebergs Recycling receives combustion residues, treats them and utilizes the cleansed material as infrastructure construction material. An important part of the business is separation of metals for reuse.

Turebergs Recycling operates mostly in Stockholm area and has annual revenue in excess of SEK 100 million with strong profitability. The company will be integrated as a part of Fortum's City Solutions division, which through the acquisition of Ekokem in August 2016 has strong competences and existing business in ash treatment.

Markus Rauramo, head of City Solutions division comments: "We are very pleased about the acquisition of Turebergs Recycling, which reinforces our determined entry into materials recycling business. Utilisation of incineration waste in full, including metal separation, is in line with our vision For a cleaner world' as it helps save natural resources and reduce carbon dioxide emissions. Acquisition of Ekokem was our first big step entering into circular economy business and we expect to continue our growth when attractive opportunities arise both in our existing home markets as well as in new geographies."

Daniel Bergholtz, owner of Turebergs Åkeri AB comments: "We welcome Fortum as the new owner of our subsidiary Turebergs Recycling, which has long experience within treatment and recycling of incinerated bottom ash. The circular economy is here to stay and we look forward to follow the company's continued success".

Fortum

Fortum is a leading clean energy company which 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 8,000 professionals in the Nordic and the Baltic countries, Russia, Poland and India, and already 64% of our electricity generation is CO2 free. In 2015, our sales were EUR 3.5 billion. (NASDAQ HELSINKI: FUM1V).