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STOCK EXCHANGE RELEASE 5 Oct 1999

JAAKKO PÖYRY GROUP AWARDED A RAILWAY MODERNISATION PROJECT IN BUENOS AIRES


Electrowatt Engineering Ltd (EWE), a Jaakko Pöyry Group company,

has been awarded a modernisation project of Argentina's first

underground railway line. All the line equipment, the permanent

way and the stations are being modernised in the context of the

Buenos Aires Urban Transport Project financed by the World Bank.

The modernisation work is scheduled to take two years. The value

of the deal is approx. EUR 1.3 million.

Argentina's first underground railway line which is also the

first and thus the oldest in the southern hemisphere in Latin

America, was built in Buenos Aires in the years 1911-1913. It has

a total length of some 7 km and serves 14 stations in all. Since

the main line came into service in 1913 it has been operated

essentially with the original infrastructure and the original

rolling stock.

Electrowatt Engineering (EWE) has been appointed together with

two local firms to supervise construction and oversee project

management of the modernisation work. The total value of the

contract is approx. EUR 3.8 million, of which EWE's share amounts

to approx. EUR 1.3 million.

In addition to this interesting and challenging project, EWE is

currently involved in other transportation projects in Valencia

and Maracaibo (both in Venezuela), Mexico City and in Bangkok.

JAAKKO PÖYRY GROUP OYJ

Erkki Pehu-Lehtonen

Teuvo Salminen

For further information please contact:

Mr. Gerhard Schmitz, Head of Transportation Department Latin

America, Electrowatt Engineering Ltd. Zurich/Switzerland

Tel. +41 1 385 21 46

E-mail:

www.poyry.com

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