CRAMO PLC

INTERIM

REPORT1.1.2008 – 30.9.2008

POWERING YOUR BUSINESS

2

CEO Vesa Koivula

CFO Martti Ala-Härkönen

3

Contents

� Cramo Group in brief and

market outlook

� Interim report Q3/2008

� Agility in action

� Appendix

� Additional financial information

4

Cramo Group in briefQ3 2008 results meeting expectations

� Equipment rental� Modular space

� Sales 436,5 MEUR (+23,8 %)� EBITA 82,3 MEUR (+17,9 %)

� EPS, undiluted EUR 1,37 (-2,1 %)

� EPS, diluted EUR 1,37 (-0,7 %)

Business segments

Key financials 1-9 / 2008

Depot network

Personnel

No. of rental equipment

� Approximately 225.000

Russia

Denmark

GermanyPoland

CzechRepublic

AustriaHungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Romania

Moldova

St. Petersburg

� Founded in 1953� Listed on the Helsinki Stock Exchange since

1988, on the main list since 1998� Modular space as the second business

segment since 2000� Acquisition of Cramo on January 1, 2006;

Name change to Cramo Plc on November 24, 2006

History

Bulgaria

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia

Albania

Moscow

� 298 depots (9/2008)

� 11 countries

� 2.564 (average 1-9/2008)

Yekaterinburg

5

Global financial turmoil

• The instability of the North American and European financial markets has escalated into a global financial crisis. The situation has worsened particularly in the latter part of Q3 2008

• Increasing signs of escalation from financial crisis into general economic downturn

• Near and mid-term future increasingly uncertain

• Financial crisis affects cost and availability of funds for construction and investments

6

3,8 %

1,3 %

0,6 %

1,2 %

1,5 %

6,6 %

4,3 %

6,5 %

3,9 %

1,4 %

0,8 %

1,2 %

1,5 %

6,7 %

4,5 %

7,2 %

3,0 %

0,5 %

0,1 %

0,2 %

0,5 %

6,1 %

3,4 %

5,7 %

2,2 %

-0,3 %

-0,7 %

-0,5 %

-0,2 %

5,1 %

2,5 %

3,2 %

-3,0 % -1,0 % 1,0 % 3,0 % 5,0 % 7,0 % 9,0 %

Total world

Total advanced

economies

US

Euro area

Japan

Total emerging and

developing econ.

CEE

CIS

2009E (Apr-2008) 2009E (Jul-2008)

2009E (Oct-2008) 2009E (Nov-2008)

4,9 %

2,7 %

2,8 %

2,3 %

1,9 %

7,1 %

5,3 %

6,4 %

3,7 %

1,3 %

0,5 %

1,4 %

1,4 %

6,7 %

4,4 %

7,0 %

4,1 %

1,7 %

1,3 %

1,7 %

1,5 %

6,9 %

4,6 %

7,8 %

3,9 %

1,5 %

1,6 %

1,3 %

0,7 %

6,9 %

4,5 %

7,2 %

3,7 %

1,4 %

1,4 %

1,2 %

0,5 %

6,6 %

4,2 %

6,9 %

0,0 % 1,0 % 2,0 % 3,0 % 4,0 % 5,0 % 6,0 % 7,0 % 8,0 % 9,0 %

Total world

Total advanced

economies

US

Euro area

Japan

Total emerging and

developing econ.

CEE

CIS

2008E (Apr-2007) 2008E (Apr-2008) 2008E (Jul-2008)

2008E (Oct-2008) 2008E (Nov-2008)

Declining economic growthSlowdown throughout the world

Real GDP growth 2008E Real GDP growth 2009E

Source: IMF, World Economic Outlook (April 2007, April 2008, July 2008, October 2008 and November 2008)

7

Impact of turmoil on Cramo Group

• Cramo Group’s business performance continued in line with expectations

during Q3. Economic uncertainty overall has increased since mid-

September

– Continued difficult market situations in the Baltics and Denmark

– Positive performance has continued to date in Finland, Sweden,

Norway, and CEE (except the Baltics)

– Modular space business is performing particularly well, clearly

bringing stability to the Group’s operations

• New residential construction sector has remained particularly weak in

most markets. Also within new non-residential construction, investments

are being cut and projects have been postponed

• Competitive pressures have increased as growth rates start to level off

• Cost of funding has increased and capital markets are not functioning

properly

8

Determined actions to ensure competitivenessPrompt actions already taken which have secured Q3 2008 results

• Fast response profitability and efficiency improvement measures started already in H1 2008 in select markets and expanded to other markets in Q3

• Continuous focus on building long-term customer relationships throughout the Group, including outsourcing deals

– Strengthened market position resulting in increased competitiveness

• Determined cost reduction actions already taken

– Cost adjustments in markets with slower growth contributed to the Group’s performance

– The Group, in the normal course of its business, is constantly monitoring and adjusting its cost base, including its personnel costs

• Other cost reduction activities on-going based on contingency plans

• Significant reductions in investments already in Q3

• Fleet transfer and optimization activities accelerated

• Additional finance commitments secured in October-November

9

• Winning market share in existing markets

• New markets, product areas, services & customer segments

• Acquisition and outsourcing opportunities

• Rental penetration

• Outsourcing

• Technological innovations

• Rental-related services

• Consolidation

Growth drivers in rental businessLong-term growth potential despite short-term turbulence

• Growing construction market

• Solid industrial investments, increasing public sector spending,facilitated also by EU funding

Underlying market growth

Excess rental market growth

• Focus on core business

• Improved efficiency and ROI

• Improved quality, safety and regulatory compliance

Growth in excess of the rental market

+

Underlying / customer market growth

Customer needs

Financial –Improve ROI

Right equipment –At the right time

Service –High availability

Norms & safety –Risk reduction

Rental growth driversReasons to rent

Note: Partially based on material by the European Rental Association, June 2007

Additional growth drivers / opportunities

+

10

Q3 / 2008

11

83,6

96,7105,5

116,6

107,3116,4

129,0

143,8

126,8

154,0 155,7

0

20

40

60

80

100

120

140

160

180

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

illion)

2006 actual 2007 actual 2008 actual

Cramo quarterly sales development Strong growth continued in Q3/2008

Y-o-Y growth08 vs. 07

Y-o-Y growth07 vs. 06

+20,3%(+24,6%)*

Note: Organic growth 1-9/2008 amounted to 19,6%

* Growth from continuing operations, excluding the Netherlands, which was divested by the end of Q107.

+28,4%(+29,2%)*

+22,2%(+25,7%)*

+23,3%(+27,2%)*

+18,2%(+21,5%)*

+32,3%(+32,3%)*

+20,7%(+20,7%)*

12

9,8

15,1

25,022,9

16,7

22,4

30,7

26,1

17,4

30,7

34,2

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

illion)

2006 actual 2007 actual 2008 actual

Cramo quarterly EBITA development Clear EBITA growth in Q3 2008 – Profitability increased in Sweden, Finland and

Modular Space, while weakened in Western Europe and Central and Eastern Europe

EBITA-% 11,8% 15,6% 19,7%15,5% 19,3% 18,2%13,7% 19,9% 23,7% 23,8% 22,0%

13

0,08

0,21

0,34

0,170,14

0,31

0,43

0,49

0,28

0,48

0,62

0,48

0,26

0,52

0,59

0,00

0,10

0,20

0,30

0,40

0,50

0,60

0,70

Q1 Q2 Q3 Q4

Quarterly diluted EPS (EUR)

2005 2006 2007 2008

Quarterly EPS performance (diluted)EPS in Q3/2008 decreased slightly compared to 2007

Note: 2005 EPS is for Rakentajain Konevuokraamo

Y-o-Y growth08 vs. 07

-7,1% +8,3% -4,8%

14

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

Q1/06

Q2/06

Q3/06

Q4/06

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Quarterly gross CapEx to

depreciation or EBITDA

Gross CapEx / EBITDA

Gross CapEx / Depreciation

Gross CapEx 2006-08 Gross CapEx / EBITDA & Depr. 2006-08

Capital ExpenditureGrowth investments brought to an end during Q3

Note: Gross CapEx does not include operational leasing or acquisitions.

27,628,8 27,8 27,7

40,8

52,2

31,7

50,8

58,4

75,7

35,2

0

10

20

30

40

50

60

70

80

Q1 Q2 Q3 Q4

Quarterly gross capital expenditure (EUR m

illion)

2006 2007 2008

15

-13,2

-20,6

-68,1

-38,9

-1,9-2,0-0,8

-80

-70

-60

-50

-40

-30

-20

-10

0

Q1 Q2 Q3 Q4

Quarterly cash flow after investm

ents (EUR m

illion)

Cash flow after investments 2007

Cash flow after investments 2008

Cash flow from operations 2007-08 Cash flow after investments 2007-08

Cash flow Solid operative cash flow, near break-even after investments in Q3

Note: CFO = Cash flow from operating activities

Acquisitions

EUR 28,5m

Acquisitions

EUR 8,6m27,4

15,0

35,8

60,4

16,4

27,7

34,3

0

10

20

30

40

50

60

70

Q1 Q2 Q3 Q4

Quarterly cash flow from operations (EUR m

)

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

Quarte

rly cash flo

w fro

m operatio

ns to

sales

CFO 2007 CFO 2008

CFO / Sales 2007 CFO / Sales 2008

16

37,1 %

35,2 %

37,0 %

38,2 %

39,1 %

36,9 %

38,2 %

37,3 %

35,9 %

32,0 %

32,4 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

Q1 Q2 Q3 Q4

Equity ratio %

2006 2007 2008

116,9 %

124,0 %

115,8 %

104,6 %

106,9 % 118,4 %

109,1 %

109,4 %

126,5 %

147,1 %

151,3 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

Q1 Q2 Q3 Q4

Gearing %

2006 2007 2008

Gearing 2006-08 Equity ratio 2006-08

Capital structureBalance sheet again improving after growth investments, further

improvement expected in 2009

17

288,3

175,0

59,8

60,0

20,0

35,0

5,9

3,8

13,0

532,9

73,0

128,0

0

100

200

300

400

500

600

Interest bearing

liabilities

(30.9.2008)

Open commitments

(30.9.2008)

Additional

commitments

opened by

11.11.2008

Interest bearing liabilities (EUR m

)

Bank & Pension loans Repurchase liabilities

Rent advances Finance lease liabilities

Commercial papers Open commitments non-current

Open commitments current

Debt structure Debt maturity 30.9.2008

Debt structure and maturityIncreasing available facilities, good maturity structure

Facilities have been

increased to cover

maturing commercial

papers

6,6

44,6 43,0 37,0 34,0

192,9

115,0

42,4

19,0

164,0

63,6

43,037,0 34,0

192,9

0

50

100

150

200

250

Q4 2008 2009 2010 2011 2012 2012+Interest bearing liabilities (EUR m

)

Commercial papers

Current loans from non-current (2012+) credit limits

Other interest-bearing liabilities

18

Risk management at Cramo GroupIncreased focus on risk management in a new market environment

• Enterprise risk management framework

at Group level

– Operating companies’ risk assessed in

business plans

• Active identification, assessment and

monitoring of risks

– Business risks

– Financial risks

– Environmental risks

– Insurance coverage

• Continuous and systematic activities

aimed at preventing risks from

materializing to secure Cramo Group’s

long-term competitiveness

Risk management principles Business risk management

• Proactive monitoring

– Forward-looking indicators and early-

warning signals

• Monthly follow-up by country

• Operational hedges

– Control of asset intensity

• Fleet financing strategy � including

operational leasing and rental sharing

• Fleet management strategy �

standardized fleet, fleet as a Group

resource, fleet transfers and optimization

– Control of business exposure –

Modular space (long-term rental)

– Control of customer exposure –

Expansion of customer base

– Control of geographic exposure –

Expansion in the growing CEE area,

# 1 or 2 in each market

• Contingency planning

19

16,7 %

18,5 %

19,5 %

18,4 %

17,7 %

18,0 %

16,9 %

0 %

5 %

10 %

15 %

20 %

25 %

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Rolling 12-m

onth ROE-%

18,7 %

19,5 %

19,8 %

19,3 %

18,7 %

19,0 %

18,7 %

0 %

5 %

10 %

15 %

20 %

25 %

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Rolling 12-m

onth EBITA-%

21,5 % 23,0 %

24,1 %

23,4 %

21,1 %

24,2 %

23,7 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Rolling 12-m

onth sales growth (y-o-y) %

Sales growth, rolling

Cramo Group financial targetsSales growth (8th quarter in a row) and EBITA margin (3rd year in a row)

above targets

EBITA margin, rolling ROE, rolling

New Target: 10% => 18% New Target: 15% => 18% New Target: 18% => 22%

18 %

18 % 18 %

22 %

20

Sales by segment

Equipment rental

86,6 %

EUR 436,5 million

Equipment rental

84,8 %

EUR 352,7 million

Sales 1-9/2008 Sales 1-9/2007

Western Europe

17,4 %

Modular space

13,4 %

Finland

15,1 %

Sweden

41,1 %

Central and Eastern

Europe

13,1 %

Western Europe

15,2 %

Central and Eastern

Europe

11,2 %

Sweden

43,1 %

Finland

15,3 %

Modular space

15,2 %

21

EBITA by segment

Equipment rental

78,9 %

EUR 82,3 million

Equipment rental

81,7 %

EUR 69,8 million

EBITA 1-9/2008 EBITA 1-9/2007

Western Europe

5,6 %

Modular space

21,1 %Finland

13,9 %

Sweden

47,9 %

Central and Eastern

Europe

11,5 %

Western Europe

6,2 %

Central and Eastern

Europe

15,8 %

Sweden

46,1 %

Finland

13,5 %

Modular space

18,3 %

22

Equipment rental – Finland

� The sales of the Finnish equipment rental operations developed as planned.

Sales increased by 14,8% in Q3 2008 compared to a year earlier

� Strong growth in demand slowed down in Q3 2008, impacting sales

� Problems in availability of financing due to financial crisis have led to

postponement of several construction projects

� Demand for equipment rental services continues to grow faster than actual

equipment rental

� Measures initiated in Q2 2008 to enhance profitability have improved

profitability to expected level. However, profitability in 2008 is expected to fall

slightly short of last year’s level

� Statutory cooperation discussions with personnel in Cramo Finland on-going,

to discuss permanent and temporary layoffs

� According to RT* the Finnish construction is estimated to grow by 4% in 2008

and decrease by 3% in 2009

� Sharp decrease in new housing starts (residential cons. decline 4% in 2009)

� Number of new commercial construction projects decrease

� Civil engineering expected to remain at 2008 level in 2009

� Renovation is still projected to increase steadily (+3,5% in 2009)

Q3 2008 highlights Finland – 62 depots

*The Confederation of Finnish Construction Industries, October 2008

Note: Number of depots compared to end of 2007

62 (-4)

7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

(EUR 1 000) 2008 2007 % 2008 2007 % 2007

Sales 24 947 21 733 14,8 % 66 415 54 864 21,1 % 75 761

EBITA 6 983 5 478 27,5 % 11 692 10 336 13,1 % 14 493

EBITA-% 28,0 % 25,2 % 17,6 % 18,8 % 19,1 %

23

Equipment rental – Sweden

� Sales of the Swedish rental operations continued as expected in Q3; sales

growth slowed down to 11,1%

� Demand for rental services continued to grow, and economic uncertainty

did not yet affect Cramo’s business in Q3

� Uncertainty has increased and several construction projects have been

postponed after the reporting period

� The weakening Swedish krona affecting sales growth in euros

� EBITA increased to EUR 16,2 (14,2) million and EBITA-% increased to 26,5%

(25,8%) in the third quarter

� The weakening of the Swedish krona will reduce sales growth in Q4 as

measured in euros

� According to the Swedish Construction Federation*, construction is estimated

to grow by 4% in 2008 and 1% in 2009

� Residential construction is expected to decline by 4% in 2009; new

residential construction is expected to go down by 11%, while housing

renovation is expected to grow by 6%.

� Public sector investments are expected to maintain growth in commercial

construction at 1%, while civil engineering is expected to grow by 10% in

2009.

Sweden – 107 depots

107 (+3)

*Sveriges Byggindustrier, October 2008

Note: Number of depots compared to end of 2007

Q3 2008 highlights

7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

(EUR 1 000) 2008 2007 % 2008 2007 % 2007

Sales 61 242 55 138 11,1 % 181 298 154 338 17,5 % 214 515

EBITA 16 214 14 248 13,8 % 40 288 35 343 14,0 % 47 952

EBITA-% 26,5 % 25,8 % 22,2 % 22,9 % 22,4 %

24

Equipment rental – Western Europe(Norway, Denmark, The Netherlands until 31.3.2007)

� Strong sales growth continued in Norway and Denmark

� Cramo succeeded in boosting its market share in both countries

� Growth expected to continue in Q4

� Measures taken in Q1 2008 to improve profitability have clearly contributed to

the result in Norway. In Denmark, the market situation is more challenging

and profitability is likely to improve at a slower rate

� In Denmark, the slowdown in construction and fragmented competition

complicate the market situation. As a result, Cramo has already reduced

personnel in Denmark and further reductions will be considered as required

� EBITA in Western Europe was at previous year’s level in Q3

� Cramo has concluded several outsourcing agreements in Denmark and

Norway within the last 12 months that are important with regard to the

development of long-term customer relationships.

� According to forecast* published in October, new residential and commercial

construction are expected to decline in 2009 in Norway. Renovation and civil

engineering are expected to grow in 2009

� In Denmark**, residential construction is expected to decrease markedly but

civil engineering will grow

Western Europe – 49 depots

27 (+1)

22 (+5)

*Norwegian Prognosesenteret AS, October 2008

**Danmark Statistik, September 2008; Euroconstruct, June 2008

Note: Number of depots compared to end of 2007

Q3 2008 highlights

7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

(EUR 1 000) 2008 2007 % 2008 2007 % 2007

Sales 26 999 19 053 41,7 % 76 732 54 345 41,2 % 77 462

EBITA 2 064 2 028 1,8 % 4 749 4 777 -0,6 % 6 487

EBITA-% 7,6 % 10,6 % 6,2 % 8,8 % 8,4 %

25

Equipment rental – Central and Eastern Europe*(Estonia, Latvia, Lithuania, Poland, Czech Republic, Russia, Slovakia as of April 1)

� Strong sales growth in CEE continued at 44,4% in Q3 2008

� Good demand, together with organic and acquisitive growth actions

contributed to sales growth. For the full year, 50% growth target is unlikely

to be reached. Weakening currencies in the CEE have an impact on growth

� In Q1-Q3/2008, CEE sales excl. Estonia increased by 85 %; Central Europe

(Poland, Czech, Slovakia) grew by 98% and Russia by 225 %

� Profitability suffered from the levelling-off demand in the Baltics, tightening

competition and increasing cost levels

� Cost base has been adjusted in all the Baltic countries

� While strong expansion and more difficult market will affect the overall

profitability for 2008, good level of profitability still expected

� Rental markets in the Baltics have slowed down due to a decline in

construction. The outlook for housing construction has turned to a more

conservative direction also in Russia. While the outlook remains good in

Poland, the Czech and Slovakia, economic uncertainty has become visible

� Cramo is preparing for the weakening market situation by enhancing the

structure of its depot network, making adjustments in costs and the number of

personnel and increasing efforts to optimise the rental fleet between markets.

� The long-term outlook in rental business remains good in CEE

Central & Eastern Europe – 80 depots

19 (+1)

17 (+12)

14 (-1)

18 (+5)

5 (+2)

5 (+4)

*Previously Other Europe

Note: Number of depots compared to end of 2007

Q3 2008 highlights

2 (+2)

7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

(EUR 1 000) 2008 2007 % 2008 2007 % 2007

Sales 23 476 16 263 44,4 % 57 578 40 081 43,7 % 58 202

EBITA 5 159 5 887 -12,4 % 9 638 12 146 -20,6 % 17 082

EBITA-% 22,0 % 36,2 % 16,7 % 30,3 % 29,3 %

26

Modular space(Finland, Sweden, Norway, Denmark)

� Modular Space total sales were up by 10,8% in Q3 compared to 2007

� Rental operations accounted for more than 70 % of the sales

� EBITA was EUR 6,1 (4,9) million in Q3 2008, EBITA-% increased to 30,0 %

� Both utilisation rates and the order book value remained high. Order book

continued to strengthen further, particularly in Finland

� Cramo signed several new long-term rental agreements, the most significant

of which concerns day-care centres delivered to the city of Espoo

� The economic uncertainty is reflected in longer decision-making times for

new rental contracts

� Competition for the supply of modular space is increasing, but clear market

growth has kept price levels and profitability good

� As a result of reduced investments, production capacity will be downsized

� Statutory cooperation discussions initiated in modular space production

� Cramo aims to further increase the share of long-term rental agreements in

proportion to sales operations, bringing stability to the Group’s operations

� Postponed construction projects expected to show as positive demand for

modular space rental

Modular space order bookQ3 2008 highlights

7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

(EUR 1 000) 2008 2007 % 2008 2007 % 2007

Sales 20 367 18 376 10,8 % 59 143 54 350 8,8 % 76 733

EBITA 6 110 4 851 26,0 % 17 767 14 047 26,5 % 19 358

EBITA-% 30,0 % 26,4 % 30,0 % 25,8 % 25,2 %

65,7 69,9

70,2 74,5

87,2

84,1

83,4 89,3

91,4

92,7

105,3

7,0

7,5 8,3

7,5

9,6

5,5

5,3

7,8 8,3

6,6

10,4

90,4 %

90,4 %

89,5 %

90,9 %

89,4 %

89,8 % 93,8 %

94,4 %

92,1 %

91,8 %

94,1 %

0

20

40

60

80

100

120

3/06

6/06

9/06

12/06

3/07

6/07

9/07

12/07

3/08

6/08

9/08

Order book (EUR m

)

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Share of re

ntal (%

of to

tal o

rder b

ook)

Rental Sales Share of rental

27

Agility in action

28

Cramo Group strategy 2008-11Business agility in a fast changing environment

Fleet-related agility• Fleet mobility; w./acc. OpCos

• Standardised fleet

• Fleet life cycle management

Financial agility• Operational leasing

• Rental sharing

• Capital utilisation in focus

Organisational agility• Scale vs entrepreneurship

• Network-based organisation

• HR mobility

Managerial agility• Timely decision-making

• Change management

• Agile governance model

Cost-related agility• Fixed ���� variable costs

• Outsourcing fixed costs

• Group functions slim

Market-related agility• Focus on customer needs

• Penetrating new markets

• Cramo Concept development

Business

Agility

29

Contingency plan actions going forwardAgility in action

• Due to the modern fleet, no need for new investments; limited need for maintenance capital expenditure

• Focus on the optimization of current fleet

– Internal transfer of equipment: improved processes, systems and organization

– External sale of used equipment: increased group-level coordination and support

– Improved internal fleet management processes: increased focus on utilizations, increased centralization (hub structure, repair & maintenance operations)

• Fixed cost adjustments to continue in order to focus on profitability

– Denmark, the Baltics, Modular space production

– Contingency plans and actions in place for addressing possible performance shortfalls in any Cramo market

• Improvements in financial flexibility

– Focus on cash flow and reduction of indebtedness

– New committed facilities negotiated to address further financing needs

• Tightened risk management activities

– Increased activity on collections and control of trade receivables

• However … not forgetting about investing in the right people and on furtherbuilding ”One Cramo”

30

Preparing for tomorrow gives Cramo a

unique opportunity

• Prompt adaptation to changes is key in the rental industry

and one of Cramo’s strengths; pro-activity and agility will

create tomorrow’s winner

• All-time high investments in recent years make Cramo

well prepared to meet present and near future demand

– Solid market positions achieved in all markets

• The aftermath of the financial crisis will likely give rise to

new opportunities (acquisitions, outsourcing etc.) at

attractive prices

• Positive long-term growth drivers of rental remain

unchanged

– Rental is usually preferred alternative when money is scarce

• Cramo is well-positioned in emerging markets

– In CEE there is still permanent pent-up demand for

construction

31

Future prospectsSummary outlook for the immediate future

� Economic uncertainty overall has increased since mid-September. The Group sees a negative development in construction volumes particularly in the Nordic region and the Baltic countries in 2009

� Cramo anticipates, however, that the impact on the demand for rental services will not be as severe as it is feared to be in construction in general

� Continued growth is also anticipated in the demand for modular space

� Cramo Group has embarked on an “investment holiday”for the balance of 2008 and total 2009 and, instead of investing in new equipment, will focus on optimising the use of existing fleet throughout the whole Group

� The Group reconfirms its sales growth guidance at above 18% and an EBITA above 18% of sales in 2008, in line with the Group’s financial targets. However, the risk level has increased

� In 2009, in a volatile environment, the Group expects to achieve a positive cash flow after investments and a lower gearing

32

Cramo – Rental company of the year in 2008

Cramo was selected Rental

company of the year 2008 in

European Rental Association’s first

ever Rental Awards ceremony held

in Amsterdam on June 4, 2008

Appendix

34

Key figuresChange Change

EUR (1 000) % %

INCOME STATEMENT FIGURES

Sales 155 697 128 962 20,7 % 436 486 352 655 23,8 % 496 428

Operating profit before amortisation on intangible

assets resulting from acquisitions (EBITA) 34 215 30 736 11,3 % 82 310 69 819 17,9 % 95 963

Operating profit (EBIT) 32 255 29 739 8,5 % 77 225 66 713 15,8 % 91 844

Profit before tax (EBT) 24 517 25 451 -3,7 % 58 926 55 276 6,6 % 75 808

Profit for the period 18 019 19 221 -6,3 % 41 917 42 806 -2,1 % 57 485

PER-SHARE FIGURES

Earnings per share (EPS) before amort. on intangible

assets resulting from acquisitions, diluted, EUR 0,65 0,65 0,0 % 1,53 1,48 3,4 % 2,00

Earnings per share (EPS), undiluted, EUR 0,59 0,63 -6,3 % 1,37 1,40 -2,1 % 1,88

Earnings per share (EPS), diluted, EUR 0,59 0,62 -4,8 % 1,37 1,38 -0,7 % 1,87

Equity per share, EUR 11,39 10,52 8,3 % 10,88

BALANCE SHEET FIGURES

Equity ratio, % 32,4 % 38,2 % 37,3 %

Gearing, % 147,1 % 109,1 % 109,4 %

Net interest-bearing liabilities 513 694 351 788 46,0 % 364 985

OTHER KEY FIGURES

Return on equity, rolling 12-month ROE, % 16,9 % 19,5 % 18,4 %

Gross capital expenditure 169 270 124 711 35,7 % 175 494

% of sales 38,8 % 35,4 % 35,4 %

Average personnel 2 564 2 134 20,1 % 2 070

7-9/

2008

7-9/

2007

1-9/

2008

1-9/

2007

1-12/

2007

35

Consolidated income statement

Change Change

EUR (1 000) % %

SALES 155 697 128 962 20,7 % 436 486 352 655 23,8 % 496 428

Other operating income 1 097 885 24,0 % 9 994 7 431 34,5 % 7 798

Change in inventories -536 1 332 -140,2 % 446 2 969 -85,0 % 966

Production for own use 2 866 4 016 -28,6 % 12 833 10 457 22,7 % 15 379

Materials and services -22 793 -28 551 -20,2 % -85 116 -74 873 13,7 % -106 396

Employee benefits -28 769 -25 732 11,8 % -88 951 -74 434 19,5 % -101 608

Amortisation on intangible assets

resulting from acquisitions -1 961 -997 96,6 % -5 085 -3 106 63,7 % -4 119

Depreciation -22 353 -16 055 39,2 % -62 567 -45 119 38,7 % -62 356

Other operating expenses -50 995 -34 121 49,5 % -140 816 -109 267 28,9 % -154 248

OPERATING PROFIT 32 255 29 739 8,5 % 77 225 66 713 15,8 % 91 844

% of sales 20,7 % 23,1 % 17,7 % 18,9 % 18,5 %

Finance costs (net) -7 739 -4 288 80,5 % -18 300 -11 437 60,0 % -16 036

PROFIT BEFORE TAX 24 517 25 451 -3,7 % 58 926 55 276 6,6 % 75 808

% of sales 15,7 % 19,7 % 13,5 % 15,7 % 15,3 %

Income taxes -6 497 -6 230 4,3 % -17 008 -12 470 36,4 % -18 323

PROFIT FOR THE PERIOD 18 019 19 221 -6,3 % 41 917 42 806 -2,1 % 57 485

% of sales 11,6 % 14,9 % 9,6 % 12,1 % 11,6 %

1-12/

2007

7-9/

2008

7-9/

2007

1-9/

2008

1-9/

2007

36

Consolidated balance sheet

30.9. 30.9. Change 31.12.

EUR (1 000) 2008 2007 % 2007

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 621 860 443 913 40,1 % 487 038

Goodwill 159 390 152 088 4,8 % 152 367

Other intangible assets 108 651 90 236 20,4 % 95 359

Available-for-sale investments 317 334 -5,1 % 332

Receivables 5 329 1 695 214,4 % 3 954

Deferred income tax assets 9 159 4 136 121,4 % 2 974

TOTAL NON-CURRENT ASSETS 904 707 692 402 30,7 % 742 024

CURRENT ASSETS

Inventories 20 250 18 992 6,6 % 16 903

Trade and other receivables 140 982 124 515 13,2 % 117 548

Cash and cash equivalents 19 200 14 699 30,6 % 18 489

TOTAL CURRENT ASSETS 180 433 158 206 14,0 % 152 940

TOTAL ASSETS 1 085 139 850 608 27,6 % 894 964

30.9. 30.9. Change 31.12.

EUR (1 000) 2008 2007 % 2007

EQUITY AND LIABILITIES

EQUITY

Share capital 24 835 24 835 0,0 % 24 835

Share issue 0 0 0

Share premium fund 186 910 186 910 0,0 % 186 910

Fair value reserve 117 117 0,0 % 117

Hedging fund 6 877 4 347 58,2 % 6 334

Translation differences -8 528 2 666 -419,9 % -1 867

Retained earnings 138 905 103 545 34,1 % 117 351

TOTAL EQUITY 349 116 322 420 8,3 % 333 680

RESERVES

Reserves 347 235 47,7 % 363

NON-CURRENT LIABILITIES

Deferred income tax liabilities 73 545 62 551 17,6 % 62 200

Interest-bearing liabilities 321 064 294 168 9,1 % 274 087

CURRENT LIABILITIES

Trade and other payables 129 237 98 915 30,7 % 115 247

Interest-bearing liabilities 211 830 72 319 192,9 % 109 387

TOTAL LIABILITIES 735 676 527 953 39,3 % 560 921

TOTAL EQUITY AND

LIABILITIES 1 085 139 850 608 27,6 % 894 964

37

Cash flow statement

1-9/ 1-9/ 1-12/

EUR (1 000) 2008 2007 2007

Cash flows from operating activities 78 373 78 243 138 653

Cash flows from investing activities -187 215 -113 111 -175 234

Cash flows from financing activities

Proceeds from issue of share capital 1 258 1 258

Dividends paid -19 929 -15 326 -15 326

Increase (+) / decrease (-) in liabilities 101 698 29 317 34 393

Increase (+) / decrease (-) in lease liabilities 28 120 -7 783 -6 590

Cash flows from financing activities, total 109 889 7 466 13 735

Net change in cash and cash equivalents 1 047 -27 402 -22 846

Cash and cash equivalents at period-start 18 489 41 823 41 823

Translation difference -336 278 -488

Cash and cash equivalents at period-end 19 200 14 699 18 489

38

Segment performance7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

SALES, EUR (1 000) 2008 2007 % 2008 2007 % 2007

Equipment rental

Finland 24 947 21 733 14,8 % 66 415 54 864 21,1 % 75 761

Sweden 61 242 55 138 11,1 % 181 298 154 338 17,5 % 214 515

Western Europe 26 999 19 053 41,7 % 76 732 54 345 41,2 % 77 462

Central and Eastern Europe 23 476 16 263 44,4 % 57 578 40 081 43,7 % 58 202

Equipment rental, total 136 666 112 187 21,8 % 382 023 303 628 25,8 % 425 940

- between the segments -96 -35 174,3 % -206 -133 54,9 % -227

Modular space 20 367 18 376 10,8 % 59 143 54 350 8,8 % 76 733

- between the segments -1 239 -1 567 -20,9 % -4 473 -5 190 -13,8 % -6 017

Eliminations -1 335 -1 602 -16,7 % -4 679 -5 323 -12,1 % -6 244

Sales, total 155 697 128 962 20,7 % 436 486 352 655 23,8 % 496 428

Netherlands' share of W.E. 0 0 0 2 954 2 954

7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/

EBITA, EUR (1 000) 2008 2007 % 2008 2007 % 2007

Equipment rental

- Finland 6 983 5 478 27,5 % 11 692 10 336 13,1 % 14 493

- Sweden 16 214 14 248 13,8 % 40 288 35 343 14,0 % 47 952

- Western Europe 2 064 2 028 1,8 % 4 749 4 777 -0,6 % 6 487

- Central and Eastern Europe 5 159 5 887 -12,4 % 9 638 12 146 -20,6 % 17 082

Equipment rental, total 30 421 27 642 10,1 % 66 368 62 602 6,0 % 86 014

Modular space 6 110 4 851 26,0 % 17 767 14 047 26,5 % 19 358

Non-allocated capital gains 0 0 0,0 % 6 025 4 026 49,7 % 4 026

Non-allocated Group activ. -2 138 -1 552 37,8 % -7 068 -10 327 -31,6 % -12 859

Eliminatons -177 -204 -13,2 % -782 -529 47,8 % -576

EBITA, total 34 215 30 736 11,3 % 82 310 69 819 17,9 % 95 963

Netherlands' share of W.E. 0 0 0 193 193