Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Rectangle 212 + Rectangle 212 + Rectangle 212 Created with Sketch. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Twitter Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta.

STOCK EXCHANGE RELEASE 2 Dec 2003

JAAKKO PÖYRY GROUP SIGNED MEMORANDUM OF UNDERSTANDING CONCERNING ACQUISITION IN AUSTRIA

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           December 2, 2003 at 9.00 a.m.       1(2)

JAAKKO PÖYRY GROUP SIGNED MEMORANDUM OF UNDERSTANDING CONCERNING
ACQUISITION IN AUSTRIA

Jaakko Pöyry Group Oyj and Verbund AG announce that they are engaged in
mutual negotiations concerning the sale of the consulting and
engineering company Verbundplan GmbH, which is owned by Verbund, to
Jaakko Pöyry Group Oyj. A Memorandum of Understanding concerning the
deal was signed on December 1, 2003. The closure of the transaction is
subject to completion and approval of the due diligence process of
Verbundplan, finalisation of contractual negotiations and approvals by
the boards of directors of both parties. The objective is to close the
deal by February 28, 2004.

The parties have agreed that Jaakko Pöyry Group Oyj initially will
acquire 74.9 per cent of Verbundplan GmbH. After the deal, Verbundplan
will continue its operations as an independent company, as a part of the
Jaakko Pöyry Group.

The Verbundplan group is a leading Austrian consulting and engineering
firm. It has over 300 employees and its net sales for 2003 are about EUR
37 million. In addition, the company has a 43 per cent stake in AQUATIS
a.s., a company operating in the Czech Republic. Verbund holds a 52 per
cent stake in AQUATIS, and the target of Jaakko Pöyry Group and Verbund
is that this 52 per cent stake will be sold to Jaakko Pöyry Group Oyj as
well. AQUATIS has 170 employees and its net sales for 2003 are about EUR
5 million. The operations of Verbundplan and AQUATIS have been
profitable in 2003.

Approximately 50 per cent of Verbundplan's net sales is derived from the
energy sector. The main business areas in the energy sector are
hydropower, renewable energy, transmission networks and management
consulting. Twenty per cent of the company's net sales is derived from
transportation and infrastructure systems, with special expertise e.g.
in tunnelling, and 30 per cent from water and environment projects.
AQUATIS operates in the water and environment sector. Austria accounts
for about half of Verbundplan's net sales. The company's main
international markets are in Eastern Europe and in countries where
hydropower accounts for a notable part of energy production.

The Jaakko Pöyry Group is one of the world's leading consulting and
engineering firms. The Group employs about 4800 experts in 35 countries,
and its net sales for 2002 were EUR 407 million. The Group has three
core areas of expertise: forest industry, energy and infrastructure &
environment. Verbundplan complements the Jaakko Pöyry Group's
geographical coverage in the energy and infrastructure & environment
sectors, and expands the Group's expertise e.g. in transmission
networks. Verbundplan also strengthens the Group's resource base, for
example in hydropower and tunnelling. In addition, Verbundplan opens up
new opportunities for the Group, as the EU expands into Eastern Europe.
Following the deal, the company will be able to make use of the Jaakko
Pöyry Group's international network of offices to further
internationalise its activities.

                                                               2(2)

Verbund is the largest producer and distributor of electrical energy in
Austria. Its net sales for 2002 were EUR 2072 million. Verbund AG's
shares are quoted at the Vienna Stock Exchange, in Frankfurt, London and
in the form of ADR's in the United States.

JAAKKO PÖYRY GROUP OYJ



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


Additional information:
Erkki Pehu-Lehtonen, President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2999, +358 400 468 084

www.poyry.com
www.verbund.at

DISTRIBUTION
Helsinki Exchanges
Major Media