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PRESS RELEASE 12 Aug 2003

ELECTROWATT INFRA AWARDED UNDERGROUND STATION AND TUNNEL ENGINEERING CONTRACT IN CENTRAL ZURICH


Electrowatt Infra AG, which is part of the Jaakko Pöyry Group's Infrastructure & Environment business group, has been commissioned by the Swiss Federal Railways and the Canton of Zurich, Switzerland, to design a new underground station beneath the Zurich main station and a 5 km long railway tunnel. The assignment will be carried out in a joint venture with Basler & Hofmann Ltd. The value of Electrowatt Infra's contract is EUR 1.8 million.

Electrowatt Infra's services include approval design, detail design and project management. The project comprises a four-track underground station, a 5 km long double-track railway tunnel, four escape and rescue galleries, and a construction shaft with a diameter of 22 m.

The underground station and the tunnel are part of the new centre line of the Zurich underground and they will increase the transportation capacity of the railway network in the business area of the city. The new line will be brought into service by 2012 and the total project cost will be about EUR 1.0 billion.

Electrowatt Infra has a long track record in consulting, engineering and project management for tunnelling in Europe and Asia. The company is one of the leading consultants for tunnelling in Switzerland and a worldwide exporter of this know-how.

The Jaakko Pöyry Group's Infrastructure & Environment business group uses the brand name Jaakko Pöyry Infra. Its net sales for 2002 were EUR 123 million. The business group has offices in 12 countries and it employs 1350 experts worldwide.

JAAKKO PÖYRY GROUP OYJ

Satu Perälampi

Investor Relations Manager

Additional information by:

Günther Fässler, Head of tunnel design department, Electrowatt Infra Ltd, Zurich, Switzerland

Tel. +41 76 356 21 06

www.poyry.com

www.ewi.ch

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Major media