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STOCK EXCHANGE RELEASE 9 Feb 2004

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Announcement
                           February 9, 2004 at 4.00 p.m.

SHARES SUBSCRIBED WITH WARRANTS IN JAAKKO PÖYRY GROUP OYJ

Pursuant to Jaakko Pöyry Group Oyj's Bond Loan with Warrants of 1998,
3700 new shares have been subscribed. Following these subscriptions, the
company's registered share capital will increase by EUR 3700 from EUR
13 966 901 to EUR 13 970 601 and the total number of authorized shares
will increase to 13 970 601. The increase in share capital should be
registered in the Trade Register on February 13, 2004. 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 February 16, 2004.

The subscription period for all warrants ends on April 30, 2005. A total
of 609 615 shares have been subscribed with the warrants on February 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