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STOCK EXCHANGE RELEASE 15 Aug 2003

DECISION GIVEN BY SUPREME ADMINISTRATIVE COURT ABOUT THE TAX TREATMENT OF JAAKKO PÖYRY GROUP OYJ'S SUBSIDIARY

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           August 15, 2003 at 1.30 p.m.

DECISION GIVEN BY SUPREME ADMINISTRATIVE COURT ABOUT THE TAX TREATMENT
OF JAAKKO PÖYRY GROUP OYJ'S SUBSIDIARY

The Supreme Administrative Court of Finland has ruled with a decision
given on August 15, 2003 that Jaakko Pöyry Group Oyj's subsidiary
Electrowatt Infra AG is not such a controlled foreign company as defined
in the Controlled Foreign Company (CFC) tax legislation.

Jaakko Pöyry Group Oyj has stated in the Notes to the Financial
Statements for the financial year 2002 as follows:

öIn its decision dated November 23, 2000, the Tax Office for Major
Corporations concluded that the Jaakko Pöyry Group's Swiss subsidiary
Electrowatt Infra AG (former Electrowatt Engineering AG) is not subject
to the Controlled Foreign Company -legislation (CFC-legislation). As a
result of this decision, EUR 1.5 million has reduced the Group's
taxation annually year 2000-2001. The tax agent in the Tax Office for
Major Corporations has made an appeal concerning the decision. The
appeal was dismissed on December 11, 2001. The tax agent has made an
appeal against this decision to the Supreme Administrative Court dated
January 28, 2002 to which Jaakko Pöyry Group Oyj has on April 24, 2002
given its response.ö

The decision made by the Supreme Administrative Court on August 15, 2003
confirms the earlier decision made by the Administrative Court of
Helsinki. The decision is final and no appeal is allowed. In practical
terms the decision confirms the tax treatment of the Jaakko Pöyry Group
informed in the above referred Notes to the Financial Statements 2002.

JAAKKO PÖYRY GROUP OYJ



Erkki Pehu-Lehtonen                 Teuvo Salminen
President and CEO                   Deputy to President and CEO


Additional information by:
Teuvo Salminen, Deputy to President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2872

www.poyry.com


DISTRIBUTION:
Helsinki Exchanges
Major media