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Fortum strengthens its position in Lenen

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Fortum Corporation    STOCK EXCHANGE RELEASE
                    1 July 2004 at 10.00 am        1 (1)


Fortum strengthens its position in Lenenergo

Fortum has agreed on the acquisition of additional shares in the
Russian company OAO Lenenergo. After this deal, Fortum’s holding
in the company’s share capital will increase by 9.7 per cent, to
30.7 per cent, and its share of voting rights will be 29.6 per
cent, up by 8.9 per cent. This share transaction is subject to the
approval of the Russian competition authority, as Fortum’s holding
in Lenenergo is already more than 20 per cent. After the
completion of this deal, Fortum will have invested a total of some
150 million euros in Lenenergo shares.

In 2003, OAO Lenenergo’s electricity sales totalled 24.7 TWh and
its electricity generation amounted to 12.4 TWh. Heat sales, all
own production, were 26.2 TWh.

Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Further information:
Timo Karttinen, Senior Vice President, Corporate Development,
tel. +358 10 45 36555

Distribution:
Helsinki Exchanges
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