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STOCK EXCHANGE RELEASE 7 May 2004

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

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           May 7, 2004 at 10.00 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,
50 700 shares subscribed with the warrants have been registered in the
Finnish Trade Register on May 7, 2004. As a result of the subscriptions,
the company's registered share capital increased by EUR 50 700 from EUR
13 807 901 to EUR 13 858 601 and the total amount of authorized shares
increased to 13 858 601. The subscribed shares entitle to dividends for
the financial year 2004 and to all other shareholders' rights as of the
registration date May 7, 2004.

Jaakko Pöyry Group Oyj's Annual General Meeting on March 3, 2004 decided
that an additional dividend of EUR 0.50 per share will be paid for the
financial year 2003. The record date for the additional dividend is
November 23, 2004. The new shares subscribed with warrants during 2004
do not entitle to additional dividend for the financial year 2003.
Accordingly, they cannot be combined with the company´s share JPG1V
until after the said record date. The new shares subscribed with
warrants will be registered with the Finnish Central Securities
Depository as a separate book entry category.

The company intends to register the new shares for trading under their
own trading code on the Main List of the Helsinki Exchanges. This will
be announced separately. The new shares will be taken up for trading
together with the old shares JPG1V after the record date for the
additional dividend. This is expected to take place on November 24,
2004.

The subscription period for warrants under the Bond Loan with Warrants
of 1998 ends on April 30, 2005. A total of 660 315 shares have been
subscribed with the warrants on April 28, 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