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STOCK EXCHANGE RELEASE 23 Nov 2004

*JAAKKO PÖYRY GROUP OYJ:SHARES SUBSCRIBED WITH WARRANTS

EXCHANGE NOTICE 458/2004, 23 November 2004  SHARES

JAAKKO PÖYRY GROUP OYJ:SHARES SUBSCRIBED WITH WARRANTS

A total of 50 700 Jaakko Pöyry Group Oyj's shares have
been subscribed with the Jaakko Pöyry Group Oyj's
warrants attached to the bond with warrants issued in
1998. The shares will be traded on the Helsinki Stock
Exchange as old shares as of 24 November 2004.

Identifiers of Jaakko Pöyry Group Oyj's share:

Trading code:                        JPG1V
ISIN code:                           FI0009006696
Orderbook id:                        24281
Number of shares:                    13 858 601


HELSINKI STOCK EXCHANGE
Janne Seppänen
Vice President Surveillance Finland