EVOX RIFA GROUP OYJ STOCK EXCHANGE BULLETIN on January 18, 2002 at 12:30 p.m.

EVOX RIFA GROUP CONTINUES CUTTING COSTS

Evox Rifa Group Oyj’s Finnish subsidiary, Evox Rifa Oy, commences personnel negotiations in order to further improve efficiency of its operations. The negotiations concern permanent lay-offs of 40 people at the capacitor factory in Suomussalmi.

The reasons for personnel reduction are both productional and economic and are part of the cost cutting measures by which Evox Rifa Group Oyj reacts to the changed market situation which started already in the spring of 2001. Part of the personnel at Suomussalmi factory has been temporarily laid off since the spring of 2001. Order backlog has continuously been staying on a low level, and no change to the situation is foreseen.

The decisions on lay-offs of about 150 people in the Evox Rifa’s Swedish manufacturing units have been made already earlier.

Due to the declining revenues for 2001 and in spite of the saving measures taken, the company’s result for 2001 will remain negative, as informed earlier.

EVOX RIFA GROUP OYJ

Harri Launonen
President

Evox Rifa designs, manufactures and markets globally capacitor based solutions to key industrial sectors, in which the need of passive components is continuously growing. Key sectors are telecommunications, automotive electronics, industrial electronics and consumer electronics. Evox Rifa concentrates on plastic film and paper as well as electrolytic capacitors. The strength of Evox Rifa is to develop special capacitor solutions in close cooperation with customers.

FURTHER INFORMATION FROM:

Evox Rifa Group Oyj
Harri Launonen
president
tel: +358 9 5406 5001
harri.launonen@evoxrifa.com

DISTRIBUTION: Helsinki Exchanges, main media