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STOCK EXCHANGE RELEASE 3 Aug 2001

INTERIM REPORT JANUARY 1 - JUNE 30, 2001

JAAKKO PÖYRY GROUP OYJ              Stock Exchange Notice
                                    August 3, 2001, 8.30 a.m.  1(12)

INTERIM REPORT JANUARY 1 - JUNE 30, 2001

Jaakko Pöyry Group's earnings per share improved by 12 per cent
during the period under review.

-  Net sales were EUR 223.0 million (EUR 238.9 million in the same
   period 2000).
-  Operating profit was EUR 14.0 (14.7) million.
-  Profit after financial items was EUR 13.0 (13.3) million.
-  The Group's profit for the period under review was EUR 8.9 (7.8)
   million.
-  Earnings per share were EUR 0.64 (0.57).
-  Return on investment was 19.8 (21.7) per cent.

Net sales and operating profit increased in the Forest Industry and
Infrastructure & Environment business groups. The operating profit
of the Forest Industry Consulting business group does not include
any major fees from mergers & acquisitions activities. In 2000 the
most notable fees from mergers & acquisitions activities
materialized during the second quarter of the year.

The Group's liquidity remained good during the period under review.
At the end of June, cash in hand and at banks amounted to EUR 33.7
million, and interest-bearing debts to EUR 37.1 million, hence
interest-bearing net debts amounted to EUR 3.4 million. The net
debt/equity ratio (gearing) was 3.3 (25.7) per cent.

A decision to close down the alcohol plant contracting business,
which is a part of the Energy business group, has been made and
hence a EUR 6 million expense burdens the result of the Energy
business group.

The surplus refunded by the Swedish Staff Pension Society, SPP,
which was confirmed during the year 2000 but not taken into account
in the operating profit for last year, was booked during the period
under review. The refund, totalling EUR 4.9 million, is included on
the line "other" in the key figure specification by business group.

Business Groups

Forest Industry

Net sales for the period under review were EUR 78.9 (73.4) million.
Operating profit amounted to EUR 9.8 (5.6) million. Profitability
was good. The order stock amounted to EUR 82.2 (71.8 at the end of
2000) million.

Forest Industry Consulting

Net sales for the period under review were EUR 23.8 (27.1) million.
Operating profit was EUR 0.6 (3.4) million. The order stock amounted
to EUR 23.0 (25.6) million.

                                                               2

The weakening economic growth has resulted in reduced demand for
consulting services, affecting the business group's result. A
program to improve the business group's internal processes and
efficiency was started at the beginning of the year 2001. No major
consultancy fees from mergers & acquisitions activities were booked
during the period under review.

Energy

Net sales for the period under review were EUR 67.1 (88.7) million.
Operating profit was EUR -3.8 (4.7) million. The order stock
amounted to EUR 91.2 (111.6) million.

The decrease in net sales was primarily due to the reduced volume of
the turn-key projects business. A decision to discontinue the loss-
making alcohol plant contracting business has been made. This
business generated net sales of about EUR 31 million in the year
2000. The Group's aim is to improve its relative profitability and
to raise its operating profit to more than eight per cent of net
sales. Because of the nature of the contracting business its
profitability is lower than that of consulting and engineering
projects. To cover the expenses of discontinuing the alcohol plant
contracting business, the business group has booked an expense of
EUR 6 million.

Decisions on new energy investments have been postponed due to the
weakening economic growth and the uncertainty of the energy market
development. This has had an impact on the capacity utilization rate
and operating profit of the business group. The business group's
capacity has been adjusted to correspond to the demand.

Infrastructure & Environment

Net sales for the period under review were EUR 53.2 (48.9) million.
Operating profit was EUR 3.5 (3.1) million. The profitability was in
accordance with set targets. The order stock was EUR 96.2 (96.5)
million.

The target set for the telecommunications business, which is part of
the Infrastructure & Environment business group, is to double the
sales volume to EUR 20 million in 2001. Investments in third-
generation telecommunications networks in Europe have been postponed
by 6 to 12 months.  For this reason, the planned doubling of the
sales volume will not be achieved in 2001. Because the volume growth
target is primarily based on realignment and training of the Group's
current project implementation resources, the failure to reach the
planned growth target will not weaken the business group's result
for 2001.

Group Structure

Efforts to further develop the Group's structure and business
operations have continued during the current year. Jaakko Pöyry AB,
Sweden, which is a part of the Forest Industry business group, has
                                                               3

acquired the remaining shareholding, 49 per cent, of Rigel Konsult i
Gävle AB.  In response to the globalisation of the forest products
industry, the local office network of the Forest Industry business
group will be expanded in North America and Western Europe. There
are also plans to expand the operations of the Energy and the
Infrastructure & Environment business groups.

Order Stock

The Group's order stock has remained good, totalling EUR 292.6
million at the end of June, compared with EUR 305.5 million at the
end of the year 2000. The order stock for consulting and engineering
work declined by EUR 6.1 million and the order stock for turn-key
projects by EUR 6.8 million during the period under review.

Capital Expenditure

The Group's capital expenditure for the period under review totalled
EUR 3.7 (6.0) million. The capital expenditure consisted mostly of
costs related to computer software, systems and hardware.

Share Capital and Shares

The total number of shares at the end of the year 2000 was
13 724 136. A total of 152 400 new shares were subscribed during the
review period based on warrants pursuant to the bond loan with
warrants of 1998. In addition, 56 025 new shares were subscribed in
July 2001. Following these subscriptions, the number of shares
totals 13 932 561.

The bond loan with warrants issued in 1998 to all Jaakko Pöyry Group
employees carries subscription rights for a total of 1.3 million of
the company's shares, with the subscription period beginning partly
(390 000 shares) on April 1, 2000, partly (390 000 shares) on April
1, 2001, and partly on April 1, 2002 (520 000 shares). The
subscription period ends for all warrants on April 30, 2005. A total
of 262 275 shares have been subscribed based on the warrants.

The Annual General Meeting on March 8, 2001 authorised the Board of
Directors to decide on an increase of share capital by a new issue
and/or by taking a convertible loan and/or by issuing option rights,
so that based on the new issue, the convertible bonds and option
rights, the share capital can be increased by a maximum of EUR 1.0
million by issuing for subscription a maximum of 1.0 million new
shares. The authorisation is in force until March 8, 2002.

The Annual General Meeting authorised the Board of Directors to
acquire and convey the company's own shares to a maximum of 5.0 per
cent of the company's share capital. The Board of Directors decided
on March 8, 2001 to exercise the authorisations. The authorisations
are in force until March 8, 2002.

The company's shares are quoted on the Helsinki Exchanges. The
average trading price during the period under review was EUR 19.59,
                                                               4

with a high of EUR 21.00 and a low of EUR 17.00. A total of 1.3
million of the company's shares (equalling 9.2 per cent of the total
number of shares) were traded, corresponding to a turnover of EUR
24.7 million.

The Annual General Meeting approved the Board of Directors' proposal
that a dividend of EUR 0.60 be paid per share for the year 2000 (EUR
0.45 for the year 1999), totalling EUR 8.2 million. The dividends
were paid on March 20, 2001.

Prospects

Jaakko Pöyry Group's order stock has remained firm during the first
half year, creating a good basis for the Group's operations for the
rest of the year. However the economic conditions have weakened
during the spring and summer in Europe, which is the Group's main
market area. This might have an impact on the Group's operations
toward the end of 2001.

The Forest Industry business group's earnings and order stock are
good. The business group's operating profit will increase compared
with last year. The Forest Industry Consulting business group's
earnings will depend on the general economic development within the
forest products industry and particularly on the amount of
investment banking success fees and their timing. The business group
has currently assignments that will most probably materialise during
2001. The earnings of the Energy business group will depend on
investment decisions in the energy sector and their timing. The
earnings development of the Infrastructure & Environment business
group will be stable during the second half of the year.

The Jaakko Pöyry Group's main financial targets are to improve
earnings per share by an average of 15.0 per cent per year and to
achieve a return of investment (ROI) of at least 20.0 per cent. The
Group's earnings, order stock and market position are good. Although
the overall economic environment has declined during 2001, the Group
has the potential to achieve its financial targets.


Vantaa, August 2, 2001

JAAKKO PÖYRY GROUP OYJ
Board of Directors



JAAKKO PÖYRY GROUP OYJ



Erkki Pehu-Lehtonen                 Teuvo Salminen



                                                               5

For additional information, please contact:

Erkki Pehu-Lehtonen, President and CEO, Jaakko Pöyry Group Oyj,
tel. +358 9 8947 2999, +358 400 468 084
Teuvo Salminen, Executive Vice President, Jaakko Pöyry Group Oyj,
tel. +358 9 8947 2872, +358 400 420 285
Satu Lyytinen, Investor Relations, Jaakko Pöyry Group Oyj,
tel. +358 9 8947 3002, +358 40 526 3388

www.poyry.com


DISTRIBUTION:
Helsinki Exchanges
Major media
                                                               6

JAAKKO PÖYRY GROUP



Consolidated Statement of Income       1-6/2001  1-6/2000  1-12/2000
(EUR million)


NET SALES                                223.0     238.9      474.5

Other operating income                     0.9       1.0        2.2

Share of associated companies' results     0.2       0.1       -0.1

Operating expenses                      -203.7    -218.7     -431.7

Depreciation and value decrease           -6.4      -6.6      -13.1

OPERATING PROFIT                          14.0      14.7       31.8
Proportion of net sales, %                 6.3       6.2        6.7

Financial income and expenses             -1.0      -1.4       -1.7

PROFIT AFTER FINANCIAL ITEMS              13.0      13.3       30.1
Proportion of net sales, %                 5.8       5.6        6.4

Extraordinary items                        0.0       0.0        0.0

PROFIT BEFORE APPROPRIATIONS,
TAXES AND MINORITY INTEREST               13.0      13.3       30.1


Income taxes                              -3.6      -4.2       -9.0

Minority interest                         -0.5      -1.3       -1.9

NET PROFIT FOR THE PERIOD                  8.9       7.8       19.2

                                                               7

                                        June 30   June 30  December 31
Consolidated Balance Sheet                2001      2000         2000
(EUR million)

ASSETS

FIXED ASSETS

Consolidation goodwill                    33.8      38.2         35.8
Intangible and tangible assets            38.8      40.5         39.3
Non-current investments                   17.8      17.7         13.4

CURRENT ASSETS

Receivables                              187.4     180.4        184.3
Investments, cash in hand and at banks    33.7      34.8         37.5

                                          311.5     311.6        310.3

SHAREHOLDERS' EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY                      99.6      83.7         97.4

MINORITY INTEREST                          5.0       6.1          5.2

LIABILITIES *)

Non-current liabilities                   17.7      29.2         22.4
Current liabilities                      189.2     192.6        185.3

                                          311.5     311.6        310.3

*) Interest bearing liabilities            37.1      57.9         34.9
   Non-interest bearing liabilities       169.8     163.9        172.8

                                                               8

                                        June 30   June 30 December 31
Contingent Liabilities                    2001      2000        2000
(EUR million)

Pledged assets and mortgages for own debt
 Pledged assets                             0.0       2.3         2.3
 Mortgages, real estate                     1.1       1.2         1.1
 Mortgages on company assets                2.6       6.3         6.1

Other obligations
 Pledged assets                             2.5       2.5         2.6
 Mortgages, real estate                     1.4       2.2         1.4
 Rent and leasing obligations              61.5      62.6        63.5
 Pension obligations                        0.4       0.4         0.4
 Other obligations                         33.4      32.8        28.7

For others
 Pledged assets                             1.7       2.5         2.5
 Mortgages, real estate                     3.8       3.8         3.8


Derivative Instruments


 Foreign exchange forward contracts,       21.8      22.2        15.3
notional values
 Currency options, bought                   5.0                  10.0
 Currency options, sold                     5.0                  15.0

                                                               9


Key Figures                              1-6/2001  1-6/2000   1-12/2000


Earnings / share, EUR                       0.64      0.57        1.40
 Corrected with dilution effect              0.60      0.53        1.28

Shareholders' equity / share, EUR           7.18      6.13        7.10

Return on investment, % p.a.                19.8      21.7        25.1

Return on equity, % p.a.                    18.1      20.6        22.3

Equity ratio, %                             43.6      35.5        42.2

Equity / Assets ratio, %                    33.6      28.8        33.3

Net debt / Equity ratio (gearing), %         3.3      25.7        -2.5

Consulting and engineering, EUR million    272.6     284.6       278.7
EPC, EUR million                            20.0      66.2        26.8
Order Stock total, EUR million             292.6     350.8       305.5

Capital expenditure, operating, EUR          3.6       5.9         9.9
million
Capital expenditure in shares, EUR           0.1       0.1         2.5
million

Personnel in group companies in average    4 581     4 545       4 558
Personnel in group companies at the end    4 603     4 644       4 572
of the period
Personnel in associated companies at the     207       167         174
end of the period

                                                               10


Key Figures for the Business Groups    1-6/01  1-6/00  1-12/2000
(EUR million)

NET SALES

Forest Industry                          78.9    73.4      140.8
Forest Industry Consulting               23.8    27.1       53.0
Energy                                   67.1    88.7      180.9
Infrastructure & Environment             53.2    48.9      102.7
Other                                     0.0     0.8       -2.9

Total                                   223.0   238.9      474.5

OPERATING PROFIT

Forest Industry                           9.8     5.6       12.7
Forest Industry Consulting                0.6     3.4        4.8
Energy                                   -3.8     4.7        8.1
Infrastructure & Environment              3.5     3.1        8.6
Other                                     3.9    -2.1       -2.4


OPERATING PROFIT TOTAL                   14.0    14.7       31.8

Financial items                          -1.0    -1.4       -1.7

PROFIT AFTER FINANCIAL ITEMS             13.0    13.3       30.1

ORDER STOCK

Forest Industry                          82.2    70.7       71.8
Forest Industry Consulting               23.0    22.2       25.6
Energy                                   91.2   163.7      111.6
Infrastructure & Environment             96.2    94.2       96.5

Total                                   292.6   350.8      305.5

Consulting and engineering              272.6   284.6      278.7
EPC                                      20.0    66.2       26.8

Total                                   292.6   350.8      305.5

NET SALES BY AREA

The Nordic countries                     75.3    74.7      149.0
Other Europe                             80.0    88.7      177.7
Asia                                     32.8    32.1       86.8
North America                            15.0    17.6       26.9
South America                            12.5     8.3       20.0
Other                                     7.4    17.5       14.1

Total                                   223.0   238.9      474.5

                                                               11

Key Figures for the Business Groups   7-9/99  10-12/99 1-3/00 4-6/00
(EUR million)

NET SALES

Forest Industry                        24.9      34.1   36.2   37.2
Forest Industry Consulting              9.3      10.3   11.8   15.3
Energy                                 29.7      45.4   40.4   48.3
Infrastructure & Environment           22.4      28.5   25.9   23.0
Other                                  -0.1      -0.6    0.4    0.4

Total                                  86.2     117.7  114.7  124.2

OPERATING PROFIT

Forest Industry                         2.9       3.9    3.7    1.9
Forest Industry Consulting              0.3       1.0    0.5    2.9
Energy                                  1.5       4.3    2.4    2.3
Infrastructure & Environment            2.1       1.8    2.1    1.0
Other                                  -0.6      -2.2   -1.6   -0.5


OPERATING PROFIT TOTAL                  6.2       8.8    7.1    7.6

Financial items                        -0.3      -0.8   -0.7   -0.7

PROFIT AFTER FINANCIAL ITEMS            5.9       8.0    6.4    6.9

ORDER STOCK

Forest Industry                        76.4      70.5   76.7   70.7
Forest Industry Consulting             19.8      21.2   23.2   22.2
Energy                                176.1     165.4  167.8  163.7
Infrastructure & Environment           91.9      91.8   89.9   94.2

Total                                 364.2     348.9  357.6  350.8

Consulting and engineering            297.4     292.3  295.7  284.6
EPC                                    66.8      56.6   61.9   66.2

Total                                 364.2     348.9  357.6  350.8

                                                               12

Key Figures for the Business Groups      7-9/00  10-12/00 1-3/01 4-6/01
(EUR million)

NET SALES

Forest Industry                           35.7      31.7   40.0   38.9
Forest Industry Consulting                12.6      13.3   12.1   11.7
Energy                                    45.2      47.0   34.1   33.0
Infrastructure & Environment              24.9      28.9   26.9   26.3
Other                                      0.2      -3.9    0.0    0.0

Total                                    118.6     117.0  113.1  109.9

OPERATING PROFIT

Forest Industry                            2.9       4.2    5.1    4.7
Forest Industry Consulting                 1.2       0.2    0.2    0.4
Energy                                     1.0       2.4   -4.4    0.6
Infrastructure & Environment               2.8       2.7    2.1    1.4
Other                                      0.4      -0.7    4.5   -0.6


OPERATING PROFIT TOTAL                     8.3       8.8    7.5    6.5

Financial items                           -0.3       0.0   -0.6   -0.4

PROFIT AFTER FINANCIAL ITEMS               8.0       8.8    6.9    6.1

ORDER STOCK

Forest Industry                           66.0      71.8   93.5   82.2
Forest Industry Consulting                25.1      25.6   22.8   23.0
Energy                                   137.0     111.6   90.3   91.2
Infrastructure & Environment              97.8      96.5   95.5   96.2

Total                                    325.9     305.5  302.1  292.6

Consulting and engineering               283.9     278.7  278.6  272.6
EPC                                       42.0      26.8   23.5   20.0

Total                                    325.9     305.5  302.1  292.6