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STOCK EXCHANGE RELEASE 14 May 2004

JAAKKO PÖYRY GROUP AWARDED EUR 7.8 MILLION ASSIGNMENT TO UPGRADE POWER PLANT IN THE PHILIPPINES

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           May 14, 2004 at 10.00 a.m.

JAAKKO PÖYRY GROUP AWARDED EUR 7.8 MILLION ASSIGNMENT TO UPGRADE POWER
PLANT IN THE PHILIPPINES

Electrowatt-Ekono (Philippines) Inc., which is part of the Jaakko Pöyry
Group's Energy business group, has been awarded engineering, supply and
construction contracts by United Pulp & Paper Corporation for the 30 MW
power plant upgrading project at their mill in Calumpit, Bulacan,
Philippines. The total value of the contracts is EUR 7.8 million, and
the project execution time is 20 months.

In the project the primary fuel of the plant will be changed from heavy
fuel oil to coal by replacing the old oil-fired boiler with a new
circulating fluidized bed boiler while the existing steam turbine plant
will remain in operation. Electrowatt-Ekono's contracts cover erection
and balance-of-plant works for the new 133 t/h coal-fired boiler.
Electrowatt-Ekono will also provide engineering, supply, installation
and commissioning of electrical and fuel handling systems.

United Pulp & Paper Corporation is a subsidiary of Siam Kraft Industry
Co. Ltd. of Thailand.

The Energy business group, operating under the brand name Electrowatt-
Ekono, had net sales of EUR 98 million in 2003. Electrowatt-Ekono has
offices in 22 countries and employs 1100 experts worldwide.

JAAKKO PÖYRY GROUP OYJ


Erkki Pehu-Lehtonen                 Teuvo Salminen
President and CEO                   Deputy to President and CEO


Additional information by:
Richard Pinnock, President & CEO, Electrowatt-Ekono, Zurich, Switzerland
Tel. +41 76 356 2451
Ari Asikainen, Head Business Area Power & Heat, Espoo, Finland
Tel. +358 9 469 11
Nicky Gemperle, President, Electrowatt-Ekono (Philippines) Inc., Makati,
Philippines
Tel. +63 2 811 2472

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
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