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STOCK EXCHANGE RELEASE 28 Apr 2004

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           April 28, 2004 at 2.15 p.m.

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

Pursuant to Jaakko Pöyry Group Oyj's Bond Loan with Warrants issued in
1998, 50 700 new shares have been subscribed. Following these
subscriptions, the company's registered share capital will increase by
EUR 50 700 from EUR 13 807 901 to EUR 13 858 601 and the total number of
authorized shares will increase to 13 858 601. The increase in share
capital should be registered in the Trade Register on May 7, 2004. The
subscribed shares entitle to dividends for the financial year 2004 and
to other shareholders' rights once they have been registered in the
Trade Register.

Jaakko Pöyry Group Oyj's Annual General Meeting on March 3, 2004 decided
that an additional dividend of EUR 0.50 per share will be paid for the
financial year 2003. The record date for the additional dividend is
November 23, 2004. The new shares subscribed with warrants during 2004
do not entitle to additional dividend for the financial year 2003.
Accordingly, they cannot be combined with the company´s share JPG1V
until after the said record date. The new shares subscribed with
warrants will be registered with the Finnish Central Securities
Depository as a separate book entry category.

The company intends to register the new shares for trading under their
own trading code on the Main List of the Helsinki Exchanges. This will
be announced separately. The new shares will be taken up for trading
together with the old shares JPG1V after the record date for the
additional dividend. This is expected to take place on November 24,
2004.

The subscription period for all warrants ends on April 30, 2005. A total
of 660 315 shares have been subscribed with the warrants on April 28,
2004.

JAAKKO PÖYRY GROUP OYJ


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


Additional information by:
Anne Viitala, Group General Counsel, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2811

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
Major media