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PRESS RELEASE 9 Jan 2003

ELECTROWATT-EKONO AWARDED EUR 1.5 MILLION OPERATION AND MAINTENANCE CONTRACT IN THE PHILIPPINES


Electrowatt-Ekono (Philippines), Inc., which is part of the Jaakko Pöyry Group's Energy business group, has been awarded an operation and maintenance (O&M) contract by Carmelray Industrial Park Power Corporation in Singapore. The total contract value is EUR 1.5 Million.

The contract is an extension of Electrowatt-Ekono's previous O&M contract for another three years for the 2 x 3.5 MW diesel-powered independent plant supplying power to the industrial park outside Manila. The contract is also an expansion of Electrowatt-Ekono's services to include two additional 7 MW diesel generators.

The contract is in line with Electrowatt-Ekono's strategy to expand its O&M services globally, with special focus on partnerships with private multi-national organisations. Carmelray Industrial Park Power is the Philippine subsidiary of Ascendas of Singapore, a major player in industrial estate and property developments in Asia.

The Energy business group, operating under the brand name Electrowatt-Ekono, had net sales of EUR 127 million in 2001. Electrowatt-Ekono has offices in 20 countries and employs 1200 experts worldwide.

JAAKKO PÖYRY GROUP OYJ

Satu Perälampi

Investor Relations

Additional information by:

Richard Pinnock, CEO, Electrowatt-Ekono, Zurich/Switzerland

Tel. +41 76 356 2410

Nicky Gemperle, President, Electrowatt-Ekono (Philippines), Inc.

Tel. +63 2 811 2472

www.poyry.com

www.ewe.ch

DISTRIBUTION:

Major media