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STOCK EXCHANGE RELEASE 9 Dec 2004

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           December 9, 2004 at 3.30 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, 71 850 new shares have been subscribed. Following these
subscriptions, the company's registered share capital will increase by
EUR 71 850 from EUR 13 858 601 to EUR 13 930 451 and the total number of
authorized shares will increase to 13 930 451. The aim is to have the
increase in share capital registered in the Trade Register on December
17, 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. The new shares will be joined to the
old shares and are expected to be available for public trading on the
main list of the Helsinki Exchanges on December 20, 2004.

The subscription period for all warrants ends on April 30, 2005. A total
of 732 165 shares have been subscribed with the warrants on December 9,
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