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STOCK EXCHANGE RELEASE 19 Dec 2003

SHARES SUBSCRIBED WITH WARRANTS: JAAKKO PÖYRY GROUP OYJ

HEX HELSINKI     SECURITIES EXCHANGE  RELEASE 358/2003
                 SHARES               19 December 2003

SHARES SUBSCRIBED WITH WARRANTS: JAAKKO PÖYRY GROUP OYJ

A total of 35 350 Jaakko Pöyry Oyj's shares have been
subscribed with the Jaakko Pöyry Oyj's warrants attached
to the bond with warrants issued in 1998. The shares will
be traded on the Helsinki Exchanges as old shares as of
22 December 2003.

Identifiers of Jaakko Pöyry Oyj's share:

Trading code:                        JPG1V
ISIN code:                           FI0009006696
Number of shares:                    13 966 901


HELSINKI EXCHANGES
Pekka Peiponen