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PRESS RELEASE 17 Dec 2004

JAAKKO PÖYRY GROUP PROVIDES ENGINEERING SERVICES FOR RENEWABLE ENERGY PRODUCTION AT UPM'S SHOTTON MILL

Electrowatt-Ekono Oy, which is a part of the Jaakko Pöyry Group's Energy business group, will provide implementation engineering for a sludge boiler plant to be built at UPM's Shotton paper mill in Wales, UK.

UPM will construct a sludge boiler plant for the Shotton mill, which would use sludge and biomass to produce heat and power. The electrical output will be some 20 MW. The sludge boiler plant comprises a new fuel handling system, fluidized bed boiler and a back-pressure steam turbine. Electrowatt-Ekono has been assigned to carry out the complete basic and implementation engineering of the sludge boiler plant including procurement services.

This assignment is a further continuation of the Jaakko Pöyry Group's longstanding business cooperation with UPM in industrial investment projects all around the world.

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 23 countries and employs 1470 experts worldwide.

JAAKKO PÖYRY GROUP OYJ

Teuvo Salminen

Deputy to President and CEO

Additional information by:

Vilho Salovaara, President, Electrowatt-Ekono Oy

Tel: +358 9 4691 359

www.poyry.com

DISTRIBUTION:

Major media