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Fortum sells Norwegian electricity distribution and heat activities

Fortum has agreed to sell its Norwegian electricity distribution to the Hafslund Group and its heat businesses in Norway to iCON Infrastructure Partners. The decision to divest the electricity distribution business in Norway is linked to the strategic assessment of the company's electricity distribution business' future alternatives in 2013. In heat business, Fortum focuses on larger urban centres with potential for combined heat and power (CHP) development. In addition, Fortum has agreed to sell its shareholding in Fredrikstad Energi (49%) and Fredrikstad Energi Nett (35%) to the Hafslund Group. The total consideration is €340m on a debt- and cash-free basis. Fortum expects to complete the divestments during the second quarter of 2014 after the necessary regulatory approvals as well as customary closing conditions have been met.

Fortum's heat business consists of heat production and sales as well as district heat and cooling activities in Norway. Heat production capacity

consists mainly of heat pumps and business-to-business heat plants with a combined capacity of 210 MW. In 2013, Fortum’s Norwegian heat business

delivered 215 GWh of district heat and 63 GWh of district cooling to its customers, who are mainly in the greater Oslo and Akershus areas.

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