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STOCK EXCHANGE RELEASE 23 Nov 1999

JAAKKO PÖYRY GROUP AND FINNFUND ESTABLISH A PRIVATE EQUITY FUND IN ENERGY FIELD

Ekono Energy Ltd (EKONO), a Jaakko Pöyry Group company, and Finnish Fund for Industrial Cooperation Ltd (FINNFUND) have joined forces and established a jointly managed private equity fund, Private Energy Market Fund LP (later referred to as the FUND). The FUND will make equity and quasi equity investments in growing energy markets. The size of the FUND is EUR 50 million. The FUND is a closed end fund with operating life of 15 years.

The investor base consists of Finnish institutional investors; Sampo Group, Pohjola Group and FINNFUND. Jaakko Pöyry Group also participates in the FUND as an investor. The FUND will be managed by a separate management company, Emerging Power Partners Ltd, which is owned by FINNFUND and EKONO.

The FUND will invest mainly in private sector energy companies, which have potential for superior growth and profitability. The funds will be allocated into approx. 10 ventures during the first five years of operations. The average investment will be in the range of EUR 3 million.

Ekono Energy Ltd (EKONO), a Jaakko Pöyry Group company, is Finland´s largest independent consulting and engineering company in the energy field. EKONO has engineered more than 50 percent of all power plants in Finland and has been involved in numerous international projects.

EKONO´s services cover the whole spectrum of the project life cycle from business strategic consulting assignments through project preparation and project implementation to the operations improvement.

Finnish Fund for Industrial Cooperation Ltd (FINNFUND) is a development finance company for financing entrepreneurial activities and industrial investments in emerging countries. FINNFUND also provides fund management services in various fields, including energy sector.

JAAKKO PÖYRY GROUP OYJ

Erkki Pehu-Lehtonen

Teuvo Salminen

Additional information by:

Mr. Herkko Lehdonvirta, Managing Director Emerging Power Partners Ltd

Tel: +358 9 8947 4337, +358 40 502 8300

www.poyry.com

DISTRIBUTION

Helsinki Exchanges

Stockholm Stock Exchange

Major Media