FOR A GREAT DAY AT WORK

CRAMO PLC

Investor material

EQUITY STORY

Why invest in Cramo

2

Cramo in briefA leading equipment rental service company

Russia

Denmark

GermanyPoland

CzechRepublic

Austria Hungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Romania

Moldova

Bulgaria

Slovenia

Croatia

Bosnia and Herzegovina

Serbia

Macedonia

Albania

Kalinin-grad

Cramo is one of the largest equipment rental service companies in Europe, with operations in 16 countries and 2013 sales of EUR 657 million.

Cramo is also the no.1 player in both construction and non-construction modular space in the Nordic countries.

In 2013, Cramo posted EBITA of EUR 80 million (12,2% of sales). The company operates under the Cramo brand in Nordic and Baltic

countries, Poland and the Czech Republic. In Germany, Austria and Hungary, under Theisen Baumaschinen brand, and in Russia and Ukraine under the brand of Fortrent (50% owned JV).

In addition to strong market position and brand, Cramo’s key strength is extensive rental concept combined with flexible business model and operational efficiency.

Cramo's 2,400 employees serve over 150,000 customers. Cramo was founded in 1953 and is listed on the Helsinki Stock

Exchange.

2013 sales by industry segment 2013 sales by product group* 2013 sales by business segment

14 countries + Fortrent in Russia and Ukraine

Number of depots 357

48 %

15 %

14 %

4 %11 %

8 % Sweden

Finland

Norway

Denmark

Central Europe

Eastern Europe

55 %

24 %

15 %3 %

4 %Construction

Other Industry

Public sector

Households

Other

31 %

17 %23 %

27 %

2 %Tools

Constr equipment

Access equipment

Modular space

Other

* Sales generated from rental-related services have been allocated to product groups

3

Key industry and company specific driversCramo is well positioned to capitalise on attractive rental industry fundamentals with further upside potential from recovering economy.

Economic indicators improving

Structural change drives rental growth

Cramo is well-positioned

Ambition to deliver

Shareholder structure

Europe shows signs of recovery in 2014. Confidence indicators on construction and rental business conditions show improvement

although there are regional variations.

Rental is a growing industrial services business with additional growth drivers to construction. Eg increasing rental penetration, outsourcing, rental related services, environmental issues,

demographics and attractive rental economics will drive industry growth. → Equipment rental growth rate has surpassed construction growth.

Favourable geographical exposure towards stronger European economies. Cramo has gained strong market position and scale benefits through a period of rapid growth. → Current focus is on profitability and cash flow through operational excellence. Efficiency improvements boost the degree of operational leverage. Non-construction modular space business provides stability.

Clear strategy to drive operational excellence and gain long-lasting competitive advantage. Cramo targets above-market growth and EBITA margin above 15% over a business cycle. Gearing is targeted below 100% while distributing stable dividend of about 40% of EPS.

Near term outlook Eurozone is estimated to take an upward turn in 2014. Market-specific differences in construction and the demand for rental are still considerable. Cramo’s guidance is for improving sales and EBITA margin in 2014.

High free float and good liquidity. Cramo has two core shareholders holding above 5% stake. Foreign shareholders own ~ 42% of the company.

4

Leading indicatorsCramo has a favorable geographical exposure towards stronger European economies.

Construction output* Construction confidence (seasonally adjusted)**

* Sources: Euroconstruct, Nov 2013 and VTT, Dec 2013. Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (Oct 2013); Sweden - Sveriges Byggindustrier (December 2013); Denmark - Dansk Byggeri (Nov 2013). ** Source: European Commission

-80

-60

-40

-20

0

20

40

60

Jan-

07

Ma

y-07

Sep

-07

Jan-

08

Ma

y-08

Sep

-08

Jan-

09

Ma

y-09

Sep

-09

Jan-

10

Ma

y-10

Sep

-10

Jan-

11

Ma

y-11

Sep

-11

Jan-

12

Ma

y-12

Sep

-12

Jan-

13

Ma

y-13

Sep

-13

Jan-

14

Sweden Finland Denmark Germany PolandConstruction output, % change

2013E 2014F 2015F

-2,7 % 0,5 %

(-3,0%) (-1,0%)

-0,4 % 1,6 %

(-0,2%) (+3,0%)

Norway 3,7 % 3,6 % 3,7 %

2,4 % 3,3 %

(-0,8%) -2,9 %

Baltic Countries 2,0 % -1,0 % 0,0 %

Poland -8,9 % 3,5 % 4,4 %

Czech Republic -8,2 % -4,2 % -0,9 %

Slovakia -7,8 % -0,8 % 1,8 %

Russia -1,0 % 2,0 % 5,0 %

Germany 0,3 % 2,7 % 1,2 %

Austria 0,5 % 1,2 % 1,3 %

Finland 1,6 %

Sweden 2,9 %

Denmark 4,2 %

5

Construction volume trends for selected countriesSigns of gradual recovery in 2014…

Source: Euroconstruct, November 2013

Finland Sweden

Norway Germany

100

89

9597

9491 92 93

96

70

80

90

100

110

120

2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O

Residential construction Non-residential constructionCivil engineering Total construction

100

9499

10299 99 100

103106

80

90

100

110

120

130

140

2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O

Residential construction Non-residential constructionCivil engineering Total construction

10098

100

105104 104

107108 109

80

90

100

110

120

2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O

Residential construction Non-residential constructionCivil engineering Total construction

100 98 97104

109113

117122 124

80

100

120

140

160

2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O

Residential construction Non-residential constructionCivil engineering Total construction

Cramo’s current rental fleet in Germany is still focused on the civil engineering sector

6

Confidence among European rental companies…which consequently improves confidence among rental operators. Business conditions and rental activity improved notably in H2 2013.

Source: ERA / IRN Rental Tracker Survey June 2009 – December 2013 (International Rental News/European Rental Association)

Improving

Declining

Current rental activity & conditions in Europe Q4 2013 Nominal rental market growth estimates

-80 %

-60 %

-40 %

-20 %

0 %

20 %

40 %

60 %

80 %

Q2/

09

Q3/

09

Q4/

09

Q1/

10

Q2/

10

Q3/

10

Q4/

10

Q1/

11

Q2/

11

Q3/

11

Q4/

11

Q1/

12

Q2/

12

Q3/

12

Q4/

12

Q1/

13

Q2/

13

Q3/

13

Q4/

13

Current business conditions Quarterly activity year-on-year

-5,5 %

2,3 %

1,8 %

-0,9 %

0,7 %

-17,2 %

3,5 %

2,3 %

3,7 %

1,9 %

4,0 %

3,6 %

4,5 %

3,0 %

2,7 %

2,8 %

3,7 %

5,5 %

-20% -15% -10% -5% 0% 5% 10%

Finland

Sweden

Norway

Denmark

Germany

Poland

2013F 2014F 2015F

7

0,0 %

0,5 %

1,0 %

1,5 %

2,0 %

2,5 %

3,0 %

3,5 %

4,0 %

Long-term rental growth drivers Rental is a growing industrial services business that is driven by strong structural growth drivers…

Rental penetration and market size*

*Source: European Rental Association. Penetration = rental turnover / construction output

Total market size in Europe EUR 24bn (2013E)

→ Nordic countries EUR 3,3bn (2012) Increasing rental penetration, outsourcing

Rental-related services

Exchange of manpower for machinery

Environmental concerns, energy efficiency and sustainability

Renovation construction

Demographic changes

Capital conservationStorage space

Inventory controlSite downtimeCost control

Disposal costs

Rental economics

Penetration (%)

Bubble size describes market volume

PresenceNo presence

UKEUR 6,1 bn2,55%

FranceEUR 3,9 bn1,55%

SwedenEUR 1,5 bn3,3%

PolandEUR 0,40 bn0,5%

GermanyEUR 3,5 bn1,35%

NorwayEUR 0,95 bn2,0%

DenmarkEUR 0,43 bn1,7%

FinlandEUR 0,46 bn1,4%

Cramo is the clear #1 in the most advanced rental market in Europe…

…and has established a strong foothold in the 3rd largest market by volume.

Growth drivers

8

Rental vs. construction growth…which means growth has clearly surpassed construction market growth over the cycle.

Changes in rental revenues vs construction output*

* Source: ERA, FIEC data**Source: Construction growth rates from Euroconstruct (VTT is the Euroconstruct partner institute in Finland), June 2013. Rental growth rates and estimates from VTT, June 2013

Case Finland: Volume index (real terms)**

95

100

105

110

115

120

2009 2010 2011 2012E 2013F 2014F

Fin

nish

ren

tal

and

cons

truc

tion

volu

me

inde

x (2

009=

100)

Rental market

Construction market

13%

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

2006 2007 2008 2009 2010 2011 2012

Total equipment rental market

Top 50 European rental companies

European construction output

9

828

657

647

460

420

397

336

332

290

288

0 200 400 600 800 1000

Loxam

Cramo

Ramirent

Kilotou

Sarens

Speedy Hire

Algeco Scotsman

Aggreko

Mediaco Levage

Zeppelin Rental

Leading European rental companiesCramo is # 2 in Europe

Areas of operation

Construction equipment, tools

Construction equipment, tools

Construction equipment, tools, modular space

Cranes

Power, temperature control and compressors

Construction equipment, tools, party/events, accomod.

Construction equipment, tools

Modular space

Source: International Rental News, June 2013, Company reports

Type of operation

France

FRA, IRE, UK, GER, SPA, BEL, SWI, LUX, DEN, MOR

FIN, SWE, NOR, DEN, RUS, EST, LAT, LIT, POL, CZE, SLO, HUN, UKR

FIN, SWE, NOR, DEN, RUS, EST, LAT, LIT, POL, CZE, SLO, HUN, UKR, GER, AUS

UK, IRE, Middle East, North Africa

Germany, Austria, the Czech republic, Slovakia, Russia

Europe, North America, Middle East, Brazil, Australia/NZ, Asia

(France)

(Finland)

(Finland)

(UK)

(France)

(Belgium)

(US)

(France)

(UK)

(Germany)

Worldwide

Global

FranceCranes, construction equipment

Construction equipment, tools

European Sales (EUR million)

(2012)

(2013)

(2013)

(2012)

(2012)

(2012)

(2012)

(2012)

(2012)

(2012)

10

0 %

5 %

10 %

15 %

20 %

25 %

0

100

200

300

400

500

600

700

800

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EB

ITA

mar

gin,

%

Sal

es,

EU

R m

illio

n

Sales EBITA margin

Strategy

Cramo has gained its strong market position through international expansion Current focus is on profitability and cash flow through operational excellence.

Domestic growth International expansion Operational excellence

Acquisition of Theisen (GER), Tidermans (SWE) and Stavdal (NOR)

Acquisition of Cramo Group

…and >15% margin over the cycle

06-11 CAGR 44%

Target of above market sales growth…

Main focus on profitability and cash flow

Main focus on international growth

11

2011 2012 2013

Sales 10 % 10 % 8 %

EBITA 2 % 8 % 9 %

2011 2012 2013

Sales 309 322 317

EBITA-% 19 % 18 % 17 %

-13 %-8 %-3 %2 %7 %12 %17 %22 %

0

50

100

150

200

250

300

2011 2012 2013

Sales 10 % 10 % 11 %

EBITA 4 % 0 % -1 %

2011 2012 2013

Sales 35 38 29

EBITA-% -6 % -13 % 0 %

-13 %-8 %-3 %2 %7 %12 %17 %22 %

0

50

100

150

200

250

300

2011 2012 2013

Sales 5 % 5 % 4 %

EBITA -3 % -6 % 0 %

2011 2012 2013

Sales 12 % 12 % 14 %

EBITA 1 % 6 % 7 %

2011 2012 2013

Sales 45 % 46 % 48 %

EBITA 70 % 67 % 63 %

2011 2012 2013

Sales 19 % 16 % 15 %

EBITA 25 % 25 % 22 %Russia

Denmark

GermanyPoland

CzechRepublic

Austria Hungary

Slovakia

Ukraine

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Kalinin-grad

2011 2012 2013

Sales 71 67 75

EBITA-% 5 % 0 % -1 %

-13 %-8 %-3 %2 %7 %12 %17 %22 %

0

50

100

150

200

250

300

2011 2012 2013

Sales 79 84 91

EBITA-% 1 % 6 % 7 %

-13 %-8 %-3 %2 %7 %12 %17 %22 %

0

50

100

150

200

250

300

Geographical segmentsSweden is the largest contributor, followed by Finland. Target is to continue positive trend in Norway and EE and turn CE’s and Denmark’s contribution positive.

SalesEBITA-%

EBITA

Share of GroupShare of Group

Share of Group

Share of Group

Share of Group

Share of Group

SWEDEN

NORWAY

CENTRAL EUROPE

EASTERN EUROPE

DENMARK

Note: excluding non-allocated items

2011 2012 2013

Sales 128 113 103

EBITA-% 16 % 19 % 19 %

-13 %-8 %-3 %2 %7 %12 %17 %22 %

0

50

100

150

200

250

300

2011 2012 2013

Sales 67 70 53

EBITA-% 3 % 10 % 16 %

-13 %-8 %-3 %2 %7 %12 %17 %22 %

0

50

100

150

200

250

300 FINLAND

12

Long-lasting competitive advantage through must-win battlesCramo is executing its strategy through must-win battles.

Must-Win Battles 2011-13 Achievements in 2013 Objectives for 2014

11Roll-out the renewed Cramo Rental ConceptRoll-out the renewed Cramo Rental Concept

• Renewed Cramo Rental Concept implemented, special focus in NO and GER

• Dynamic pricing in SWE

• Renewed Cramo Rental Concept implemented, special focus in NO and GER

• Dynamic pricing in SWE

• Continue implementation and best practice sharing across the Group

• Further roll out dynamic pricing

• Continue implementation and best practice sharing across the Group

• Further roll out dynamic pricing

22Implement Cramo ProcessesImplement Cramo Processes

• Harmonised rental platform implemented in DEN and GER

• Harmonised processes

• Harmonised rental platform implemented in DEN and GER

• Harmonised processes

• Continue implementation, benefit harvesting and best practice sharing across the Group

• Continue implementation, benefit harvesting and best practice sharing across the Group

33 Develop Cramo PeopleDevelop Cramo People• Cramo training and career

development programme implemented in selected countries

• One Cramo share program

• Cramo training and career development programme implemented in selected countries

• One Cramo share program

• Continue implementation and best practice sharing across the Group

• Continue implementation and best practice sharing across the Group

44Implement Cramo Performance ManagementImplement Cramo Performance Management

• Cramo Performance Management model implemented down to depot level in all countries

• Cramo Performance Management model implemented down to depot level in all countries

• Continue implementation and best practice sharing across the group

• Continue implementation and best practice sharing across the group

55Drive Profitable Growth in Modular Space in NO & DENDrive Profitable Growth in Modular Space in NO & DEN

• Profitable growth targets achieved in NO and DEN

• Foothold established in the Baltics, POL and GER

• Profitable growth targets achieved in NO and DEN

• Foothold established in the Baltics, POL and GER

• Further strengthen ”1 position” in the Nordics

• Continue expansion outside the Nordics

• Further strengthen ”1 position” in the Nordics

• Continue expansion outside the Nordics

13

Operational Excellence in practiseEmphasis on each individual’s and team’s efforts in securing sales, containing cost structure and improving capital efficiency.

WELL BALANCED COSTAND DIFFERENTIATIONAPPROACH

CRAMO PERFORMANCE MANAGEMENT CULTUREAND VALUES

IMPLEMENTATION OF MUST-WIN BATTLES

CUSTOMER OFFERINGS AND

SALES EXCELLENCE

Practical examples:

1. Implementation of Cramo Rental Concept

2. Constant development of innovative offerings

3. Implementation of modern pricing strategy

PROCESSES EFFICIENCY

Practical examples:

1. Harmonised business and support processes

2. Implementation of harmonised ERP system

3. Implementation of harmonised BI solution

CAPITAL EFFICIENCY

Practical examples:

1. Pan-European fleet optimisation program

2. Net working capital reduction program

3. Development of sourcing

How do we drive

Operational Excellence?

What does Operational Excellence mean in practice?

Sweden/Finland: Further improve contribution level, seek innovative ways to increase potential.Norway/Denmark/CE: Continue the positive trend in Norway, turn Central Europe’s and Denmark’s contribution to positive.Fortrent JV/EE: Capture high value creation potential

Fixed cost savings of EUR 24m in 2013 NWC down from 4,2% of sales to 2,9%

1458,2 66,3

37,7

34,4

-80

-60

-40

-20

0

20

40

60

80

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Q1

/13

Q2

/13

Q3

/13

Q4

/13

Qu

art

erl

y c

ash

flo

w (

EU

R m

)

Cash flow from operations Cash flow after investments

Operational excellence drives cash flowCash flow is seasonally weighted towards the year-end. Cash flow after investments is typically counter-cyclical in the equipment rental industry.

Quarterly cash flow development

20132012201120102009

Acquisition of Theisen Group

Acquisition of Tidermans in Sweden and Stavdal in Norway

Formation of Fortrent and outsourcing cases in Norway

All time high operative cash flow in Q4/2013

15

Company XEUR millionTotal sales 100

Direct costs -35

Gross Profit 65Gross Margin 65 %

Other operating income 1Other operating income ratio 1 %

Indirect costs -40Indirect cost ratio 40 %

Capital costs -14Capital cost ratio 14 %

EBITA 12EBITA margin 12 %

Year NDegree of operating leverage

=

Gross marginEBITA margin

=

65%12%

=

5.4

+5.4x

Note: The above example is illustrative, seeking to only highlight the potential impact of operating leverage. Note that full leverage is achieved only if potential increase in sales can be generated with the existing fleet size and cost base. Of further note is that the above equation does not consider price increases

5 %

27 %

Sales change EBITA change

High operating leverage – illustrationFocus on operational excellence further boosts the degree of operational leverage when volumes return.

2013 sales EUR 95m

Medium lease duration

29,400 modular units

Non-construction modular space

Sch

ools

Day

car

e

Offi

ce s

pace

Acc

omm

odat

ion

Construction

Site

hut

s

Rental price

Qu

alit

y

14,4% of Group 12,3% of Group (2013)

F20Flexi huts

A507 Series

A-Series

B-Series

C60PK 2000

C100

C309-Series

C40

C80

C10

Nordic 2013 modular space sales EUR 81m

EUR 192m invested capital (YE 2013)

Long lease durations

15,400 modular units

Utilisation stable at around 85%

Central ventilation

Local ventilation

Energy efficiency

Clear no. 1 player in Nordic modular spaceNordic modular space all together accounted for 27% of Group sales in 2013. Cramo’s energy efficient solutions have been designed for Nordic conditions.

16

17

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

100 000

Q4

/08

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Q1

/13

Q2

/13

Q3

/13

Q4

/13

Tim

e ut

ilisa

tion,

%

Qua

rter

ly R

12m

Nor

dic

mod

ular

spa

ce s

ales

, E

UR

100

0

Sales Time utilisation*

Non-construction modular space provides stabilityNon-construction modular space is an attractive business with longer contract length, higher utilisation and better margins than in construction rental services on average.

Rolling 12-month Nordic sales and utilisation (non-construction)

Note: Excluding modular space production and customised modules rental businesses in Finland which was divested in Q1/2012 and customised modular space portfolio in Finland which was divested in Q1/2010.* Time utilisation = Days modules are on rent for a given period / Total available days for the period, where “on-rent day” refers to a day when a unit is in control of the renter and is earning revenue.

End markets

08-13 CAGR 6,3%

10,6 %14,7 % 12,6 % 11,1 % 12,3 % 12,3 %

2008 2009 2010 2011 2012 2013Sh

are

of

Gro

up

s

ale

s

Cramo’s strategic target is to further build up profitable modular space business by strengthening no.1 position in Nordic countries and gaining bigger foothold outside Nordics.

In 2014, Cramo launched a new sub-brand, Adapteo, and is preparing to launch another new energy efficient module.

58 %37 %

5 %

Public sector Other industry

Construction industry

18

ProfitabilityProfitability

EBITA-% > 15 % of

sales over a business

cycle

EBITA-% > 15 % of

sales over a business

cycle

Debt leverageDebt leverage

Gearing maximum

100 %

Gearing maximum

100 %

SalesSales

Sales growth faster

than the market

Sales growth faster

than the market

Return on equityReturn on equity

ROE > 12 % over a

business cycle

ROE > 12 % over a

business cycle

Profit distribution

Profit distribution

Profit distribution

policy: stability, with

appr. 40 % of EPS

Profit distribution

policy: stability, with

appr. 40 % of EPS

EPS DPS

?

Group Financial Target level (sales growth is compared to INR Europe 50 development)

* Board proposal

*

Financial targetsCramo aims to grow faster than the market, reach >15% EBITA and >12% ROE over the cycle. Gearing is targeted below 100% while distributing stable dividend ca. 40% of EPS.

19

0%

10%

20%

30%

40%

50%

60%

0

20

40

60

80

100

120

Oct

12

Nov

12

Dec

12

Jan

13

Fe

b 13

Ma

r 13

Apr

13

Ma

y 13

Jun

13

Jul 1

3

Aug

13

Sep

13

Oct

13

Nov

13

Dec

13

Jan

14

EU

R m

illio

n

Share turnover (lhs)* Foreign ownership (rhs)**

10 largest shareholders (12/2013) Monthly share turnover (EURm)

Private placement of 4 645 479 shares (10.9%).

*Source: ThomsonReuters (venues: Helsinki, Chi-X Europe, Stockholm, BATS, Turquoise, BATS, CHI-X OTC, BOAT, LES, POSIT, UBS MTF, Instinet BlockMatch, SIGMA X MTF, Burgundy)

**Source: Euroclear (month-end).

Two core shareholders above 5% → Free float ~ 85% Foreign ownership ~ 42% (up 19 %-points in 2013) Top management holds 201,545 Cramo shares

Shareholders and liquidityCramo’s high free float ensures good liquidity. Liquidity has improved substantially since the private placement of 11% of shares in September.

# Shareholder Shares %

1 Hartwall Capital Oy Ab 4 491 702 10,482 Rakennusmestarien Säätiö 2 129 422 4,973 Nordea Nordenfund 1 251 507 2,924 Varma Mutual Pension Insurance Company 968 387 2,265 Odin Finland 825 518 1,936 Fondita Nordic Micro Cap 775 000 1,817 Investment fund Aktia Capital 600 000 1,408 OP-Focus Non-UCITS Fund 477 744 1,129 OP-Delta Fund 468 605 1,09

10 OP-Finland Value Fund 451 741 1,05

Ten largest owners, total 12 439 626 29,03

Nominee registered 15 537 301 36,26Others 14 867 406 34,70

Total 42 844 333 100,00

20

Future prospectsSince the summer of 2013, economic uncertainty has given way to a more stable development in Europe

The economies in the Eurozone are estimated to take an upward turn in 2014. Growth is expected particularly in the second half of the year

Market-specific differences in construction and the demand for rental are still considerable in Europe.

In the long term, the equipment rental market is expected to grow faster than the construction market. Changes in demand usually follow those in construction with a delay and may be strong.

The European Rental Association (ERA) is expecting equipment rental to grow in all of Cramo’s main market areas in 2014.

Guidance for 2014: “In 2014, Cramo Group’s EBITA margin will continue to improve compared to 2013. Cramo Group’s sales is also expected to grow in 2014, however, exact sales is exposed to changing exchange rates.”

21

Strong market position and economies of

scale

Strong track record of

growth and operational efficiency

Stability and growth from

modular space solutions

Strong brand and total offering

(products and services)

Experienced and committed management

team

Well-positioned to benefit from

attractive industry

fundamentals

Strong free cash flow generation

Clear strategy to drive

profitability and cash flow

Well positioned for growth, margin expansion and strong cash flow

…mission to build flexibility and efficiency through rental solutions.

Vision to be the role model in rental and…

22

APPENDICES

23

Listed peer companies and share price development

US equipment rental companies

United Rentals H&E Equipment Services

Mobile Mini

Modular space companies

Speedy Hire

GAM

Aggreko

GL Events

Cramo

Ramirent

Ashtead

Lavendon

European equipment rental companies Share price development

60

100

140

180

220

260

300

340

380

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep

-12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep

-13

Nov

-13

Jan-

14

31 D

ed 2

012

= 10

0

Cramo

Ramirent

Ashtead

Lavendon

Speedy Hire

GAM

Aggreko

GL Events

United Rentals

H&E

Mobile Mini

24

Product offering in detailProduct offering covers every building phase from start to finish

Tools Access equipment

Construction equipment Modular space

25

Service offering in detailServices are an important part of being a total rental solutions provider

26

Summary of key figures

Change Change

EUR million (unless otherwise stated) % %

INCOME STATEMENT

Sales 175,1 184,6 -5,1 % 657,3 688,4 -4,5 %

EBITDA 48,2 46,2 4,3 % 173,8 179,6 -3,2 %Operating profit (EBITA) before amortisation and impairment of intangible assets resulting from acquisitions

24,8 21,9 12,9 % 79,9 78,0 2,4 %

Operating profit/loss (EBIT) 21,8 17,3 26,3 % 66,8 64,5 3,6 %

Profit/Loss before tax (EBT) 18,0 12,1 49,7 % 51,9 44,3 17,4 %

Profit/Loss for the period 16,3 14,2 14,7 % 42,8 38,7 10,4 %

SHARE-RELATED INFORMATIONEarnings per share (EPS), EUR 0,38 0,34 11,9 % 1,01 0,94 8,0 %

Earnings per share (EPS), diluted, EUR 0,38 0,34 10,9 % 1,00 0,93 7,4 %

Shareholders' equity per share, EUR 11,56 11,58 -0,2 %

BALANCE SHEET

Equity ratio, % 47,1 % 48,6 %

Gearing, % 72,9 % 65,1 %

Net interest-bearing liabilities 364,8 346,9 5,2 %

OTHER INFORMATION

Return on investment, rolling 12-month, % 7,7 % 7,3 %

Return on equity, rolling 12-month, % 8,3 % 7,5 %

Gross capital expenditure (incl. acquisitions) 30,7 25,6 19,9 % 129,6 125,1 3,6 %

of which related to acquisitions and business combinations -0,5 29,1 0,8

Cash flow from operating activities 66,3 58,2 14,0 % 160,3 146,0 9,8 %

Cash flow after investments 34,4 37,7 -8,7 % 50,3 62,2 -19,2 %

Average number of personnel, FTE 2 463 2 664 -7,5 %

Number of personnel at end of period, FTE 2 416 2 555 -5,4 %

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10-12/ 2012

1-12/ 2013

1-12/ 2012

27

Consolidated income statement

Change ChangeEUR (1 000) % %

SALES 175 124 184 603 -5,1 % 657 315 688 391 -4,5 %Other operating income 3 526 3 316 6,3 % 10 007 11 321 -11,6 %Production for own use 0 0 3 657

Materials and services -63 426 -68 182 7,0 % -228 002 -241 301 5,5 %Employee benefit expenses -36 077 -37 173 2,9 % -138 732 -143 728 3,5 %Other operating expenses -31 996 -36 334 11,9 % -127 385 -138 763 8,2 %Depreciation and impairment on tangible assets and assets held for sale

-23 451 -24 283 3,4 % -93 868 -101 571 7,6 %

Share of profit/loss of joint ventures 1 064 -2 53300,0 % 613 43 1325,6 %EBITA 24 765 21 945 12,9 % 79 948 78 048 2,4 %% of sales 14,1 % 11,9 % 12,2 % 11,3 %

Amortisation and impairment on intangible assets resulting from acquisitions and disposals

-2 938 -4 659 36,9 % -13 150 -13 569 3,1 %

OPERATING PROFIT/LOSS (EBIT) 21 827 17 285 26,3 % 66 799 64 479 3,6 %% of sales 12,5 % 9,4 % 10,2 % 9,4 %Finance costs (net) -3 793 -5 237 27,6 % -14 857 -20 223 26,5 %PROFIT/LOSS BEFORE TAXES 18 034 12 050 49,7 % 51 941 44 257 17,4 %% of sales 10,3 % 6,5 % 7,9 % 6,4 %Income taxes -1 733 2 158 -180,3 % -9 160 -5 508 -66,3 %PROFIT/LOSS FOR THE PERIOD 16 300 14 208 14,7 % 42 781 38 749 10,4 %% of sales 9,3 % 7,7 % 6,5 % 5,6 %

10-12/ 2013

10-12/ 2012

1-12/ 2013

1-12/ 2012

28

Consolidated balance sheet31.12. 31.12. Change

EUR (1 000) 2013 2012 %ASSETS NON-CURRENT ASSETS Tangible assets 606 625 615 034 -1,4 %Goodwill 165 352 169 736 -2,6 %Other intangible assets 101 100 111 751 -9,5 %Deferred tax assets 14 820 14 604 1,5 %Available-for-sale financial investments 347 349 -0,6 %Investments in joint ventures 17 475 97Loan receivables 20 250Trade and other receivables 1 129 1 071 5,4 %TOTAL NON-CURRENT ASSETS 927 099 912 641 1,6 %

CURRENT ASSETS Inventories 7 841 9 689 -19,1 %Trade and other receivables 127 236 136 435 -6,7 %Income tax receivables 1 343 4 794 -72,0 %Derivative financial instruments 2 053 303 577,6 %Cash and cash equivalents 4 770 10 340 -53,9 %TOTAL CURRENT ASSETS 143 243 161 562 -11,3 %Assets held for sale 4 369 3 540 23,4 %Assets to be transferred to joint venture 30 392

TOTAL ASSETS 1 074 710 1 108 136 -3,0 %

31.12. 31.12. ChangeEUR (1 000) 2013 2012 %EQUITY AND LIABILITIES EQUITY Share capital 24 835 24 835 0,0 %Other reserves 318 742 304 373 4,7 %Fair value reserve 119 119 0,0 %Hedging fund -6 726 -8 144 17,4 %Translation differences -2 288 7 500 -130,5 %Retained earnings 165 900 154 324 7,5 %EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY 500 582 483 007 3,6 %Hybrid capital 49 630TOTAL EQUITY 500 582 532 637 -6,0 %

NON-CURRENT LIABILITIES Interest-bearing liabilities 269 881 271 713 -0,7 %Derivative financial instruments 6 001 8 861 -32,3 %Deferred tax liabilities 75 337 80 188 -6,0 %Retirement benefit obligations 1 644 1 574 4,4 %Other non-current liabilities 3 341 752 344,3 %TOTAL NON-CURRENT LIABILITIES 356 204 363 087 -1,9 %CURRENT LIABILITIES Interest-bearing liabilities 99 719 87 577 13,9 %Derivative financial instruments 422 1 347 -68,7 %Trade and other payables 112 022 119 460 -6,2 %Income tax liabilities 5 761 1 055 446,1 %TOTAL CURRENT LIABILITIES 217 923 209 439 4,1 %Liabilities to be transferred to joint venture 2 974TOTAL LIABILITIES 574 127 575 499 -0,2 %

TOTAL EQUITY AND LIABILITIES 1 074 710 1 108 136 -3,0 %

29

Cash flow statement

1-12/ 1-12/EUR (1 000) 2013 2012

Net cash flow from operating activities 160 253 145 992

Net cash flow from investing activities -109 976 -83 776

Cash flow from financing activitiesChange in interest-bearing receivables -121 2 528Change in finance lease liabilities -29 755 -39 353Change in interest-bearing liabilities 42 492 -21 591Hybrid capital -56 000 -6 000Proceeds from share options exercised 6 141 3 633Dividends paid -17 747 -12 374

Net cash flow from financing activities -54 990 -73 157

Change in cash and cash equivalents -4 713 -10 941

Cash and cash equivalents at period start 10 340 22 532Cash to be transferred to joint venture -2 005Translation differences -857 754

Cash and cash equivalents at period end 4 770 10 340

30

Segment performance

Change ChangeSALES, EUR (1 000) % %Finland 26 667 28 576 -6,7 % 102 577 112 666 -9,0 %Sweden 87 358 88 109 -0,9 % 316 670 322 359 -1,8 %Norway 22 273 23 384 -4,8 % 90 916 84 167 8,0 %Denmark 7 285 8 965 -18,7 % 28 512 37 684 -24,3 %Central Europe 19 440 16 981 14,5 % 74 652 66 973 11,5 %Eastern Europe 13 512 19 916 -32,2 % 52 826 70 263 -24,8 %Inter-segment sales -1 411 -1 328 -6,3 % -8 837 -5 720 -54,5 %Group sales 175 124 184 603 -5,1 % 657 315 688 391 -4,5 %

Change ChangeEBITA, EUR (1 000) % %Finland 6 231 6 530 -4,6 % 19 312 20 975 -7,9 %Sweden 14 576 16 157 -9,8 % 55 334 57 578 -3,9 %Norway 2 040 1 788 14,1 % 6 600 5 319 24,1 %Denmark 87 -3 607 102,4 % 30 -5 022 100,6 %Central Europe 233 826 -71,8 % -1 062 -236 -350,0 %Eastern Europe 3 546 3 191 11,1 % 8 204 6 722 22,0 %Non-allocated capital gains and other income 2 196Non-allocated Group activities -1 944 -2 900 33,0 % -8 766 -9 761 10,2 %Eliminations -3 -42 92,9 % 297 277 7,2 %Group EBITA 24 765 21 945 12,9 % 79 948 78 048 2,4 %

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10-12/ 2012

1-12/ 2013

1-12/ 2012

10-12/ 2013

10-12/ 2012

1-12/ 2013

1-12/ 2012

31

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