Fortum strengthens its position in Lenen

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 Key media