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STOCK EXCHANGE RELEASE 10 Dec 2003

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           December 10, 2003 at 2.45 p.m.

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

Pursuant to Jaakko Pöyry Group Oyj's Bond Loan with Warrants of 1998,
36 350 new shares have been subscribed. Following these subscriptions,
the company's registered share capital will increase by EUR 36 350 from
EUR 13 930 551 to EUR 13 966 901 and the total number of authorized
shares will increase to 13 966 901. The increase in share capital should
be registered in the Trade Register on December 19, 2003. The subscribed
shares shall entitle to dividends for the financial year 2003 and to all
other shareholders' rights as of the registration in the Trade Register.
The new shares should be available for public trading on the Helsinki
Exchanges on December 22, 2003.

The subscription period for all warrants ends on April 30, 2005. A total
of 605 915 shares have been subscribed with the warrants on December 10,
2003.

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, +358 40 511 6151

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
Major media