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Eastern European Markets
PRESS RELEASE
February 28, 2005

FORTUM SHAREHOLDER IN RUSSIAN REGIONAL POWER GENERATION COMPANY

Progress in Russian power sector reform

The shareholders of Lenenergo, Kolenergo and RAO UES have agreed on the formation of a regional power generation company TGC-1. This company will initially lease the generation assets of Lenenergo, Karelenergo and Kolenergo in north-west Russia and start operating them as of 1 July 2005.

The parties have agreed on the objective of transferring the assets into TGC-1 ownership no later than 1May 2007. Fortum's share of the new company will be 18%.

"This is an important step forward in the Russian power sector reform, and we are very pleased to be part of it", Mr Tapio Kuula, President of Fortum's Power and Heat Sector says.

For more information, please contact:
Tapio Kuula, President Power & Heat Sector
tel +358 10 452 4112

www.fortum.com


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