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PRESS RELEASE 8 Dec 2003

ELECTROWATT-EKONO AWARDED EUR 2.4 MILLION HYDROPOWER CONTRACT IN IRAN


Electrowatt-Ekono Ltd, which is part of the Jaakko Pöyry Group's Energy business group, has been awarded a hydropower contract by Kayson Construction Company, Iran, for the detail design of the Siah Bishe pumped-storage scheme. The value of the assignment amounts to EUR 2.4 million.

Electrowatt-Ekono's services include detail, civil and structural engineering services as well as site supervision services. Electrowatt-Ekono has an option for additional coordination services amounting to EUR 0.6 million. The services will be carried out by the end of 2008.

The project site is located in the Elbrus Mountains, about 100 km north of Tehran. The hydropower plant will have an installed capacity of 4 x 250 MW. It signifies the first project in Iran for the design and construction of concrete faced dams and the first construction of a pumped-storage scheme.

The Energy business group, operating under the brand name Electrowatt-Ekono, had net sales of EUR 112 million in 2002. Electrowatt-Ekono has offices in 20 countries and employs 1100 experts worldwide.

JAAKKO PÖYRY GROUP OYJ

Satu Perälampi

Investor Relations Manager

Additional information by:

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

Tel. +41 76 356 2451

www.poyry.com

www.ewe.ch

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