Eastern European Markets
November 23, 2006

Fortum and RAO UES of Russia agree to cooperate in utilization
of Kyoto mechanisms in Russia

On Thursday 23 November in the frames of the EU-Russia Industrialists' Round Table, the CEOs of Fortum Corporation and the largest Russian power and heat holding RAO UESR, Mr. Mikael Lilius and Mr. Anatoly Chubais, signed a Memorandum of Understanding on utilization of Kyoto mechanisms in Russia.

The companies confirmed their intention to join efforts in searching for opportunities, developing, and carrying out projects of potential greenhouse gas emission reductions in the frames of the Kyoto Protocol mechanisms within RAO UESR subsidiaries in Russia. Implementation of these projects will require adoption of the necessary regulatory framework in Russia.

Fortum Corporation has a long experience in the sustainable development and in addition to being an active participant in the European emissions trading scheme it is involved in international carbon funds. By the Memorandum of Understanding Fortum confirms its readiness to collaborate with RAO UESR in identification and development of joint implementation projects.

In addition to environmental benefits the cooperation will help to attract additional financing to RAO UESR's extensive investment program on Russian power and heat sector modernization.

- Our company has been the first foreign strategic investor in the Russian power sector, and we'll be also happy to take an extensive role in the sphere of Kyoto mechanisms' utilization in Russia, - says Mikael Lilius, Fortum's President and CEO

For further information
Tapio Kuula, Senior Vice President, Fortum Corporation,
tel. +358 10 45 24112
Pirja Heiskanen, Vice President
Fortum's Russian Generation Business, tel. +358 50 45 36314

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