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STOCK EXCHANGE RELEASE 17 Dec 2004

INCREASE OF SHARE CAPITAL BASED ON SUBSCRIPTIONS WITH WARRANTS IN JAAKKO

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           December 17, 2004 at 11.30 a.m.

INCREASE OF SHARE CAPITAL BASED ON SUBSCRIPTIONS WITH WARRANTS IN JAAKKO
PÖYRY GROUP OYJ

Pursuant to Jaakko Pöyry Group Oyj's Bond Loan with Warrants of 1998,
71 850 shares subscribed with the warrants have been registered in the
Finnish Trade Register on December 17, 2004. As a result of the
subscriptions, the company's registered share capital increased by EUR
71 850 from EUR 13 858 601 to EUR 13 930 451 and the total amount of
authorized shares increased to 13 930 451. The subscribed shares entitle
to dividends for the financial year 2004 and to all other shareholders'
rights as of the registration date December 17, 2004.

The new shares will be joined to the old shares and are available for
public trading on the main list of the Helsinki Exchanges on December
20, 2004.

The subscription period for warrants under the Bond Loan with Warrants
of 1998 ends on April 30, 2005. A total of 732 165 shares have been
subscribed with the warrants on December 9, 2004. An aggregate of 1.3
million shares in the company can be subscribed with these warrants.

JAAKKO PÖYRY GROUP OYJ



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


Additional information by:
Anne Viitala, Group General Counsel, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2811

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
Major media