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STOCK EXCHANGE RELEASE 12 Jan 1999

ELECTROWATT ENGINEERING BECOMES A PART OF THE JAAKKO PÖYRY GROUP

ELECTROWATT ENGINEERING BECOMES A PART OF THE JAAKKO PÖYRY GROUP

The Jaakko Pöyry Group on January 11, 1999 exercised its option to acquire a majority shareholding in Electrowatt Engineering AG of Switzerland. As a result, the Jaakko Pöyry Group's shareholding in Electrowatt Engineering AG will rise to 70 %, from 49 % at present.

The value of the deal is EUR 3,9 billion. The price has been paid in cash. Negotiations have been started with the other shareholders in Electrowatt Engineering AG, Göhner Stiftung (20 % shareholding) and Nordostschweizerische Kraftwerke AG (10 % shareholding), for exchanging their shareholdings for shares in Jaakko Pöyry Group Oyj.

The transaction is based on the Jaakko Pöyry Group's strategy of operating globally as an international leading consulting and engineering firm in three major areas of expertise: forest industry, energy, and infrastructure and environment. The acquisition of Electrowatt Engineering AG strengthens the Jaakko Pöyry Group's position in the growing markets for energy, infrastructure and environmental know-how.

Electrowatt Engineering is a world leading engineering and project management company in the energy sector, specialising in hydroelectric and thermal power, nuclear safety systems and waste incineration. In addition, Electrowatt Engineering is a leading European specialist in designing traffic systems and tunnels. The Electrowatt Engineering Group's net sales for 1997 were about EUR 125 million. The company employs at present about 350 people in Switzerland and 800 in 25 other countries.

The Jaakko Pöyry Group and Electrowatt Engineering AG, including associated companies, together constitute one of the world's biggest independent consulting and engineering firms. With annual net sales of about EUR 350 million, the Group employs more than 4000 people. The operations of the Jaakko Pöyry Group's and Electrowatt Engineering AG's Energy and Infrastructure and Environment business groups were combined at the beginning of 1999.

JAAKKO PÖYRY GROUP OYJ

Erkki Pehu-Lehtonen

Teuvo Salminen