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STOCK EXCHANGE RELEASE 4 Jan 2005

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           January 4, 2005 at 10.00 a.m.

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

Pursuant to Jaakko Pöyry Group Oyj's Bond Loan with Warrants of 1998,
179 400 new shares have been subscribed with the warrants between
December 10 and December 31, 2004. The share subscriptions and the
consequential increase of the company's registered share capital will be
handled at the Board Meeting of the company on February 2, 2005.

According to the terms and conditions of the bond loan, the subscribed
new shares entitle to dividends for the financial year 2004. Other
shareholders' rights commence on the date of registration into the Trade
Register.

The subscription period for all warrants ends on April 30, 2005. A total
of 911 565 shares have been subscribed with the warrants on December 31,
2004. An aggregate of 1.3 million shares in the company can be
subscribed with these warrants.

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
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