Stock exchange releases

Nokian Tyres plc Stock Exchange Release January 20, 2004 4.50 p.m.

RUSSIAN PROJECTS

As there is still speculation in the stock market and media concerning Nokian Tyres and Amtel, we hereby inform that no merger discussions, but a further development of cooperation is in progress.

Nokian Tyres plc

Raila Hietala-Hellman
Vice President, Communications and Investor RelationsDistribution:

Hex and major media
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