Eastern European Markets
July 29, 2005

Fortum makes offer on Lenenergo common shares

As a result of the shareholders resolution on reorganisation of OAO Lenenergo and a related redemption by OAO Lenenergo of its shares, Fortum's shareholding in OAO Lenenergo increased from 29.6% to 32.8% of voting shares.

Consequently Fortum makes today an offer to all holders of common shares of OAO Lenenergo to buy out such common shares at the price of RUR 30 (approximately EUR 0.86 at the current exchange rate) per share, subject to certain conditions. The offer has a duration of 30 days.

Fortum expects that a maximum of roughly 25 million shares will be sold during the buy out. Fortum currently owns approximately 227 million common shares of OAO Lenenergo.

For further information:
Tapio Kuula, Senior Vice President
+ 358 50 452 4112
Irina Grave, Vice President
+ 7 812 961 7062
Helsinki Stock Exchange
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