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PRESS RELEASE 2 May 2001

JAAKKO PÖYRY GROUP APPOINTED MAIN ENGINEERING CONSULTANT FOR M-REAL'S DEVELOPMENT PROJECT


JP-Engineering Oy, which is a part of the Jaakko Pöyry Group's Forest Industry business group, has been appointed main engineering consultant for M-real Oyj's wallpaper base and paperboard development project. The total value of the contract is about EUR 3 million.

M-real is developing its wallpaper base and paperboard production by concentrating its wallpaper base production in the Kyröskoski mill and by rebuilding the existing wallpaper base and paperboard machine at Äänekoski for the production of high-quality folding boxboard. The assignment of JP-Engineering Oy comprises the engineering work outside the machine supply for the wallpaper base machine at Kyro and for the stock preparation department and board machine at Äänekoski. JP-Engineering's subsidiary Papes Oy will provide part of the services. The Kyröskoski project is scheduled to be completed in the spring of 2002. The new stock preparation department at Äänekoski will be taken into use in the autumn of 2001 and the rebuilt board machine in the autumn of 2002.

The assignment stems from the close co-operation between M-real and JP-Engineering throughout the 1990s in developing the company's wallpaper base and paperboard production.

JAAKKO PÖYRY GROUP OYJ

Satu Lyytinen

Investor Relations

For additional information please contact:

Tapio Aalto, President, JP-Engineering Oy

Tel. +358 9 8947 3401, +358 400 432 868

Matti Kuusikko, Vice President, JP-Engineering Oy

Tel. +358 3 2724 201, +358 400 621 462

www.poyry.com

DISTRIBUTION:

Major media