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STOCK EXCHANGE RELEASE 13 Oct 1999

JAAKKO PÖYRY GROUP AWARDED A HIGH SPEED RAILWAY PROJECT IN TAIWAN


Taiwan High Speed Rail Corporation (THSRC), has appointed

Electrowatt Engineering Ltd. (EWE), a Jaakko Pöyry Group company and a member of IREG - International Railway Engineering Group,

as the Independent Checking Engineer/Independent Site Engineer

(ICE/ISE) for the Taiwan High Speed Rail project. IREG is a joint

venture between UK consultant Mott MacDonald, Electrowatt

Engineering of Switzerland, DE-Consult of Germany and French

consultant SYSTRA. Electrowatt Engineering's share of the

contract (first 2 years) amounts to approx. EUR 5.4 million. The

new railway will be brought into service in 2005.

The project comprises a new high speed rail link between Taipei

and Kaohsiung - over 345 km long, including over 300 km of

viaducts and tunnels. The design speed is set at 350 km/h in

order to achieve a journey time of 90 min. The railway project is

designed with a view to the serious earthquake problems in

Taiwan. There will be earthquake specialists on IREG's team to

review the design in this respect.

This EUR 15.4 billion project is currently one of the most

challenging BOT transport projects in the world. THSRC is a joint

venture of major Taiwanese industrial and financial companies.

The project is financed partly by THSRC, local and overseas

private investment and loan financing. The recent earthquake in

Taiwan has no long term impact on the project because of the size

and importance of the investment.

The contract value of EUR 21.6 million covers a 2-year period

with the option for continuing until the new railway is brought

into service in 2005. Electrowatt Engineering Ltd has a 25 %

share in the contract (EUR 5.4 million) and also serves as

Financial Co-ordinator of the joint venture.

Electrowatt Engineering Ltd is already strongly involved in the

build-up of the high speed rail network in Germany and has also

contributed to high speed rail projects in Switzerland, Italy and

South Korea.

JAAKKO PÖYRY GROUP OYJ

Erkki Pehu-Lehtonen

Teuvo Salminen

Additional information by:

Mr. Johann Schmieder, Head Infrastructure Division, Electrowatt

Engineering Ltd,

tel: +49 7621 930 00, +49 1727 666 126

www.poyry.com

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