1(20) Finnlines Plc Stock Exchange Release 2 March FINANCIAL STATEMENT BULLETIN JANUARY-DECEMBER 2009 (Unaudited) SUMMARY

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1 1(20) Finnlines Plc Stock Exchange Release 2 March 2010 FINANCIAL STATEMENT BULLETIN JANUARY-DECEMBER 2009 (Unaudited) SUMMARY October-December Q4 - Revenue EUR million (EUR million), decline 22.6% - Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 9.3 million (EUR 12.0 million) - Earnings per share were (-0.32) EUR/share January-December Revenue EUR million (EUR million prev. year), decline 32.8% - Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 37.4 million (EUR 98.1 million) - Earnings per share were (0.01) EUR/share GROUP KEY FIGURES MEUR Revenue EBITDA EBIT % of revenue EBT Result for the period EPS, EUR * ROE, % ROI,% Gearing, % Equity ratio, % *Key indicators per share have been retroactively adjusted with the share issue adjustment factor. EBITDA = Result before interest, taxes, depreciation and amortisation and impairment losses. EBIT = Result before interest and taxes EBT = Result before taxes Full-year revenue dropped 32.8% compared to Despite the very difficult market situation, the Company was already able to turn to a positive EBITDA during the second quarter through significant cost control measures. The main items addressed throughout the year, in addition to the changes in the traffic, were the surplus tonnage, vessel costs, IT costs, administration costs, headcount and the sale of non-core assets. The Company Finnlines is one of the largest North-European liner shipping companies, providing sea transport services mainly in the Baltic and the North Sea. In addition to freight, the Company s ro-pax vessels carry passengers between five countries and eight ports. The Company also provides port services in Helsinki, Turku and Kotka. The company has subsidiaries or sales offices in Germany, Belgium, the UK, Sweden, Denmark, Poland and Russia. Finnlines is a Finnish listed company and part of the Italian Grimaldi Group. Market development The sharp drop in volumes that had been realised in the last quarter of 2008 has stabilised on this low level during During the year, the Finnish seaborne imports carried in container, lorry and trailer units fell by 24% and exports

2 2(20) by 21% compared to previous year (measured in tons). The trailer and lorry volumes transported by sea between the Southern Sweden and Germany declined by 20% compared to Private and commercial passenger traffic between Finland and Germany decreased by 11% due to low number of lorry drivers and increased by 1 % between Finland and Sweden. Significant events during the reporting period Traffic Finnlines has carried out numerous changes on different routes in order to optimise the utilisation of its fleet. In mid- February, MS Nordlink was moved from the Malmö-Travemünde route to the Helsinki-Travemünde route. At the same time, MS Transeuropa was transferred from the Helsinki-Travemünde route to the Lübeck-St.Petersburg route. In mid- April, MS Finneagle was moved from the Naantali-Kapellskär route to the Malmö-Travemünde route and further, MS Europalink was moved from the Malmö-Travemünde route to the Helsinki-Travemünde route. From the beginning of June 2009, the Company started up a set of new, fast and comfortable Motorways of the Sea for freight and passengers between Finland and Poland (Helsinki-Gdynia-Helsinki) and between Poland and Germany (Gdynia-Travemünde-Gdynia). At the beginning of December Rostock was included in the route network as the Starclass vessels plying between Helsinki-Gdynia-Travemünde started calling at Rostock. The Star-class ro-pax ferries continue their daily sailings from Travemünde to Helsinki. The new services enable Finnlines to offer three ports on the Southern Baltic Sea as a gateway for transports to or from Finland: Travemünde as a port for Western Europe, Benelux and western Germany; Rostock for the southeastern part of Germany and Southern and South-Eastern Europe; and Gdynia for goods flows to and from Poland and Eastern Europe. Additionally, from May 2009, Finnlines offers all its freight customers a wide range of destinations in 13 Mediterranean countries. This is done in cooperation with Grimaldi Group. The Company has also started a new weekly link between Helsinki and St. Petersburg. The route is interconnected at all the destinations served by Finnlines and Grimaldi Lines. The cargo volumes transported during January-December totalled approximately 596,000 (814,000 in 2008) units, 38,000 (117,000) cars (not including cars of the passengers) and, in addition 2,001,000 (2,915,000) tons of freight not possible to measure in units. In addition, some 533,000 passengers were transported (around 612,000 in 2008), a decline of 13%, which figure includes freight-related passengers. The number of pure passengers (excluding lorry drivers) transported by the company increased by 11%. Savings The fleet capacity was adjusted to new market requirements both on number of ships as well as the correct allocation of tonnage towards specific trades. With this measure the company was able to generate considerable savings. At the beginning of 2009, the Group operated a fleet of 39 vessels. In April Finnlines Plc's subsidiary Hanseatic Shipping sold MS Finnhansa to Grimaldi Group at the market price of EUR 40 million with a call option for repurchase the vessel at the same price. The vessel Finnhansa had been left idle due to the economic situation and the selling of the vessel reduced the costs of Finnlines. The Company booked a profit of about EUR 4.4 million on the sale of the vessel. The vessel had not been repurchased by the end of During 2009, 9 chartered vessels were redelivered to the owners. Out of them, 4 were redelivered in December and one in January 2010 thus primarily affecting 2010 savings amount. The Group operated an average of 33 vessels during the main part of the year. Of the 33 vessels, 23 were in the Groups own traffic, 9 chartered out and one laid-up since June. A new purchasing department was established and all purchases are performed and managed by this department. This move together with a general savings programme has proved to be a very efficient way to cut expenses substantially. During the whole year there were temporary lay-offs in the ports where the Company is operating and the number of employees were reduced in the offices.

3 3(20) New CEO for Finnlines Group Finnlines Plc s President and CEO, Mr. Christer Antson, resigned on 23 March. Mr. Uwe Bakosch was appointed new President and CEO on 24 March. He started working at the end of June Mr. Emanuele Grimaldi, member of the Board, acted as temporary President and CEO for the Company from 24 March until the end of June. Mr. Bakosch, aged 51, is a German citizen. His previous positions have been among others: Managing Director of ATG Autotransport Logistic GmbH (100% subsidiary of Deutsche Bahn), Executive Vice President of DB Intermodal, Scandlines AG - Member of the Board, Managing Director of Scandlines Deutschland GmbH, as well as Scandlines Danmark AS, Commercial Director at United European Car Carriers A/S, as well as various managerial functions in Volkswagen AG and in Island View Shipping in South Africa. Hybrid bond Finnlines issued a hybrid bond in order to strengthen the Group's capital structure on 23 March. The principal amount of the bond was EUR 21 million and the coupon of the bond was 12% per annum. The bond had no maturity but it included an option for the Company to redeem the bonds after three years or at any time in certain events including issue of new shares. The bond was subscribed by the Company's two main shareholders. Following the successful share issue in June, the Company redeemed the hybrid bond together with accrued interest on 4 August During the last quarter 2009, the company had no subordinated loans or other hybrid bonds. Annual General Meeting The Annual General Meeting approved the Financial Statements and discharged the Company's officers from liability for the financial year No dividend was paid for the year The meeting decided that the number of Board Members be six. The following Board Members were re-elected; Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella (vice chairman), Mr Antti Pankakoski, Mr Olav K. Rakkenes and Mr Jon-Aksel Torgersen (chairman). The yearly compensation to the Board will remain unchanged as follows: the chairman EUR 50,000, the vice-chairman EUR 40,000 and the member EUR 30,000. Deloitte & Touche Oy was re-elected as the Company's auditor for the fiscal year The Board of Directors was authorised to resolve on the issuance of shares. The Board of Directors may, on the basis of the authorisation, resolve on the issuance of shares in one or several instalments, so that the aggregate number of shares to be issued shall not exceed 20,000,000 shares. The Board of Directors can decide on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization is valid until the Annual General Meeting to be held in The share issue authorization granted to the Board of Directors in May 2008 was cancelled. The Articles of Association ( 10) of the Company was amended as follows: "The Shareholders' Meeting shall be announced in a national newspaper chosen by the Board, no earlier than three months before the Shareholders' Meeting and no later than 21 days before the Shareholders' Meeting." Share issue The Company resolved upon a rights issue in which the Company offered up to 6,781,993 shares to be subscribed for by the shareholders based on their pre-emptive subscription rights so that each shareholder had the pre-emptive right to subscribe for new shares for the subscription price of EUR 5.50 per share in proportion to the number of shares in the Company they already hold. The total maximum amount of the rights issue amounted to up to EUR 37.3 million. The shares offered for subscription in the rights issue represented at a maximum approximately 16.7 per cent of the total number of the shares prior to the rights issue. The shares were offered to the shareholders for subscription on 29 May Each shareholder received one subscription right for each share. The subscription rights were subject to

4 4(20) public trading on NASDAQ OMX Helsinki during the period 4-10 June A holder of the subscription rights was entitled to subscribe for one new share for every six subscription rights. The subscription period commenced on 4 June 2009 and expired on 17 June Grimaldi Group had undertaken to ensure that new shares were subscribed in the rights issue amounting to a value of EUR 24,221,659. The subscription undertaking given by Grimaldi Group concerned 4,403,938 new shares. The reason for the rights issue was the repayment of the hybrid bond, which the Company had issued in spring 2009 in order to strengthen the Company s capital structure and working capital financing. In the rights issue 6,129,079 shares were subscribed. The amount corresponds to 90.4% of the offered shares. The gross proceeds raised by Finnlines Plc in the rights issue were EUR 33,709,935. Shares subscribed for in the offering were subject to public trading on the NASDAQ OMX Helsinki during June 2009 as interim shares. The new 6,129,079 Finnlines Plc shares subscribed for were registered with the Finnish Trade Register on 25 June The new shares carry shareholders rights from the date of registration. The new shares were taken to public trading on NASDAQ OMX Helsinki together with the old shares on 26 June Following the registration of the new shares with the Trade Register, the number of Finnlines Plc s shares amounts to 46,821,037 shares and share capital to EUR 93,642,074. Special audit The County Administrative Board of Southern Finland appointed Hannu Niilekselä (APA) to perform a special audit of accounts and administration of Finnlines Plc for the reporting period from 1 January 2007 to 31 December The special audit related to the following matters and operations: - group contributions granted to subsidiaries - audit of the fact that no group contribution has been granted from subsidiaries to the parent company - dividends paid by subsidiaries to the parent company - investment programme - the sale of two vessels by parent company to subsidiaries. The County Administrative Board rejected the application in respect of applying special audit to cover the accounts and administration as whole for the reporting period from 1 January 2007 to 31 December 2007, only above mentioned matters should be included in special audit. On 14 September 2009, Mr. Hannu Niilekselä issued his report addressed to the General Meeting of Shareholders of Finnlines Plc. The report, which will be presented to the shareholders of Finnlines Plc at the Annual General Meeting of Shareholders in spring 2010, does not include anything that gives the Company any reason to change its earlier view according to which the measures taken have had commercial grounds and that the Company has in all respects acted in the best interest of the Company and its shareholders. Refunded fairway dues The Administrative Court of Helsinki has rendered three decisions based on which it can be firmly argued that the Acts on the fairway dues in force until 1 January 2006 were not in accordance with the European Community legislation. Consequently, the Company applied for refund of fairway dues for 2005, amounting to EUR 2.8 million. The main part of these have been refunded to the Company by the end of Finnlines will also apply for refund for other years for which the documents are available. At this stage, no estimates of the amounts or the handling time can be given. Financial performance October-December 2009 During October-December, the Finnlines Group recorded revenue totalling EUR (157.8 in 2008) million, a decline of 22.6 %. Shipping and Sea Transport Services generated revenue amounting to EUR (140.2) million and Port Operations EUR 16.8 (25.5) million. The internal revenue between the segments was 5.9 (7.8) million. Other income from operations amounted to EUR 1.3 (0.6) million. Result before depreciation and amortisation (EBITDA) was EUR 9.3 (12.0) million. Result before interest and taxes (EBIT) was EUR -5.5 (-6.7) million. Financial income was EUR 1.0 (1.2) million and financial expenses totalled EUR -6.7 (-14.3) million. Result before taxes (EBT) was EUR (-

5 5(20) 19.7) million. Earnings per share (EPS) were EUR (-0.32). Return on equity (ROE) was -7.0 (-12.1) % and return on investment (ROI) was -1.4 (-1.9) %. January-December 2009 The Finnlines Group recorded revenue totalling EUR (735.7 in 2008) million, a decline of 32.8%. Shipping and Sea Transport Services generated revenue amounting to EUR (643.7) million and Port Operations EUR 73.2 (122.1) million. The internal revenue between the segments was 23.7 (30.1) million. Other income from operations amounted to EUR 13.4 (2.4) million. This included the sales gain amounting EUR 4.4 million from the sales of vessel MS Finnhansa, a sales of gain EUR 1.9 million from the sales of subsidiary shares, a sales gain of EUR 4.3 million from the sales of apartments and warehouses, and a sales gain of EUR 0.5 million from the sale of a small port operation. Result before depreciation and amortisation (EBITDA) was EUR 37.4 (98.1) million. Result before interest and taxes (EBIT) was EUR (35.4) million. Financial income was EUR 3.9 (3.4) million and financial expenses totalled EUR (-42.0) million. Result before taxes (EBT) was EUR (-3.2) million. Earnings per share (EPS) were EUR (0.01). Return on equity (ROE) was -9.7 (0.2) % and return on investment (ROI) was -1.7 (2.9) %. Investments and financing The Group's capital expenditure was EUR 28.0 (236.3) million. Interest-bearing net debt amounted to EUR (900.1) million. The equity ratio calculated from the balance sheet was 29.4 (28.5) %. Gearing was (205.5) %. The liquidity of the Company was good during the period under review. At the end of the period, cash and deposits together with unused committed working capital credits and the undrawn part of committed credits for newbuildings amounted to EUR million. Personnel The Group employed an average of 2,234 (2,436) persons during the period, consisting of 1,280 (1,464) persons on shore and 954 (972) persons at sea. The personnel expenses (including other social costs) for the reporting period totalled EUR (122.9) million. Group structure The Group has started a significant process to merge group companies and businesses, with the aim of making savings in administration and personnel costs. The process results in a leaner company structure with 18 subsidiaries less. Finnlines Plc and its wholly owned subsidiaries, Ropax Oy Eagle, Ropax Oy Fellow, Ropax Oy Maid, Ropax Oy Star and FL-Sailor's Shop Oy were merged at the end of the year. The assets and liabilities of the mentioned subsidiaries were transferred without liquidation proceedings to the parent company Finnlines Plc. In the mergers, no consideration was paid as the parent company owns all the shares in the mentioned merging subsidiaries. In October, the Company sold its 66.7 per cent share in Finnwest N.V. In November the operations done by Norsteve Oslo A/S in Sjursoya port were sold. The other operations of that company were sold already earlier during the year. At the end of the year, the Group had 31 companies (of which 26 operational companies) left out of 49 companies at the end of the previous year. At the same time, and on a parallel track the Group brought forward successfully some deleveraging initiatives as to sell non-core companies and assets. Research and development The aim of Finnlines' research and development work is to find and introduce new practical solutions and operating methods, which enable the company to better and more cost-efficiently meet customer needs. The Vuosaari Harbour was opened at the end of 2008 and the start-up phase continued in In addition to an increased capacity, it will enable us to provide faster and more efficient port and terminal services to our customers. A

6 6(20) great deal of effort was put into the planning of the operations in the harbour area, which will ensure efficient, smooth and safe cargo handling in the harbour, not forgetting passengers. Finnlines introduced new ro-pax vessels to the Company's fleet in As a result, sailing schedules and operational models on the company's main routes have been altered and new service modes have been developed also in The Company's operative and customer management systems are under ongoing development and improvement and special efforts will be put into developing procurement and passenger services related systems. The new IT systems are aimed at enhancing efficiency and improving sales and day-to-day customer service. Research and development costs are not significant, considering the extent of the company's operations. The Finnlines share The company s registered share capital on 31 December 2009 was EUR 93,642,074 divided into 46,821,037 shares. A total of 2.7 (8.6) million Finnlines shares were traded on the NASDAQ OMX Helsinki during the period. The market capitalisation of the Company s stock at the end of December was EUR (262.5) million. Earnings per share (EPS) during the period were EUR (0.01). Shareholders equity per share was EUR 9.07 (10.51). At the end of the year, Grimaldi Group's holding and share of votes in Finnlines was per cent. Key indicators per share have been retroactively adjusted with the share issue adjustment factor due to the share issue of Finnlines Plc and the new shares registered with the Trade Register on 26 June Risks The most significant operative risk in shipping is involved in vessel and sea safety. Accidents at sea may have harmful consequences for humans and the environment and can also cause financial losses. The ships in Finnlines' service have safety management systems which are audited and improved through appropriate training and regular safety drills. Cargo handling practices play an important role in ensuring safe sea traffic. In the past year, the company reassessed its cargo handling practices, updated the instructions and stepped up the monitoring of cargo handling and cargo securing in ports. The majority of the Group s assets consist of its fleet. The fleet is always insured to its full value. Accidents and engine damage can result in interruptions of operations, which are covered by loss of earnings policies. Well-functioning information systems and data security are of vital importance in all situations. Failures in information systems cause extra work, disturbances in service, loss of potential cargoes, data security risk and erosion of customer confidence. The company s operative information systems are under ongoing development and improvement. The technical failure prevention systems have been built on effective exploitation of modern technology. In addition, for stevedoring operations, operating models have been created in case of major failures in the IT systems. Technological data security solutions will prevent third parties from accessing Finnlines' internal and customers' data. Due to the substantial investment programme, the net interest-bearing debt has increased and this is reflected on the consolidated equity ratio. More detailed information on Finnlines' risks can be found in financial statements included in the company's Annual Report. The legal cases are presented under Legal proceedings. There are no other material risks than those disclosed in the Annual Report Legal proceedings MS Finnbirch sank in November 2006 in the southern Baltic. She was under time charter to Finnlines from her owners Lindholm Shipping, Sweden. Sjö- & Handelsrätten (Sea and Commercial Court) in Copenhagen gave judgement on 9 November 2009, on the division of the limitation fund established by the Owners of the vessel among the claimants. The judgement became final on 4 January At the end of March 2009, there was an oil spill on MS Finneagle on the way from Kapellskär to Naantali. As a result, approximately 4 m 3 of light fuel oil leaked from the vessel into the sea between the Åland Sea and the Port of Naantali.

7 7(20) The Finnish authorities initiated investigations, which are still pending. The vessel or the Company has not received any notice or information on any environmental damage. The Company immediately started its own investigations and is working in cooperation with the authorities in order to clarify the matter. Possible damages will be covered by the Company s P&I Insurance. Mutual Pension Insurance Company Ilmarinen initiated action against Finnlines Plc in the Helsinki District Court. Ilmarinen objects to the decision of Finnlines Annual General Meeting held in May 2008 to distribute EUR 180, as a minimum dividend. Ilmarinen demands primarily that the minimum dividend be altered to EUR 17,181,000. Secondarily Ilmarinen demands that the AGM s resolution be declared null and void. Additionally, Ilmarinen demands Finnlines to pay its legal expenses. Finnlines considers the action groundless. The company considers that the measures taken have had commercial grounds and that it has in all respects acted in the best interests of the company and its shareholders. The matter is in process at the District Court of Helsinki. Mr. Hannu Niilekselä (APA), who was appointed to perform a special audit of accounts and administration of Finnlines Plc for the reporting period from 1 January 2007 to 31 December 2007 on Ilmarinen s request, issued in September 2009 his report, which will be presented to the shareholders of Finnlines Plc at the Annual General Meeting of Shareholders in spring The report does not include anything that gives the Company reason to change its earlier view, according to which the measures taken have had commercial grounds and that the Company has in all respects acted in the best interests of the Company and its shareholders. In 2008, the Administrative Court of Helsinki rendered decisions based on which it can be firmly argued that the Acts on the fairway dues in force until 1 January 2006 were not in accordance with the Community legislation. Consequently, the Company applied for refund of fairway dues for 2005, amounting to EUR 2.8 million. The main part of these have been refunded to the Company by the end of Finnlines will also apply for refund for other years for which the documents are available. At this stage, no estimates of the amounts or the handling time can be given. Finnlines German subsidiary has been taken to the City Court of Lübeck by its former Managing Director regarding the termination of his Service Agreement in December The Company considers the legal grounds for the termination to be valid. The former management of Finnlines port operations subsidiary has been summoned to the Helsinki District Court to answer for infringing the labour protection and working hour protection laws in the port of Helsinki. On the day of signing of the financial statements the court proceedings are under way. Taxation of internal vessel sales carried out in 2007 by Finnlines Swedish subsidiary includes uncertainties. The decision of the tax authorities was that a SEK 97.2 (EUR 9.5) million tax debt should be paid. The Company has though been granted postponement of this payment as it has appealed in the matter. As the Company recorded a deferred tax liability due the temporary timing difference in the tax year in question, the matter does not have any significant effect on the Company s result in Finnlines received information on the last day of January 2010 that the Transport Workers Union has filed on legal actions against Finnlines port operations subsidiary for the compensation of the weekend work. The Company considers the basis of the action groundless and will reply to the submission of the Union in the given time limit. Environment and safety Finnlines places high priority on the environmental aspects of its operations. The Company seeks to continuously improve its environmental programmes while considering the requirements of sustainable development, the needs of customers and partners, as well as the demands imposed by society. Finnlines focuses on optimising its transports and routes to achieve the highest possible utilisation on both southbound and northbound voyages, which minimises environmental stress per transported cargo unit. The Company is continuously looking for ways to reduce fuel and energy consumption. Fuel consumption depends on many factors: route, amount of cargo, speed and engine power. Schedule planning is one tool to reduce fuel consumption. An electronic operation optimising tool has been trialled on one vessel. The six new ships to be delivered from China in will be fitted with a rudder/propeller combination technology that is designed to achieve significant reductions in fuel consumption. All of Finnlines' ro-pax ships have been incorporated into the environmental certificate issued by LRQA (Lloyd's Register Quality Assurance). Certification complies with the requirements of the ISO standard. In 2009, two ropax ships and ship management functions were audited by LRQA. Most of the other ships in Finnlines service and port operators also have the ISO certificate.

8 8(20) All vessels have been certified in accordance with the International Safety Management Code. All ships also comply with the requirements of the International Ship and Port Facility Security Code (ISPS). The safety management system is developed through crew training and internal audits. Safety drills are held together with the authorities annually. In its annual report, Finnlines publishes a report of environmental and safety issues. Corporate Governance Finnlines applies the Finnish Corporate Governance Code for listed companies issued in The Corporate Governance Statement can be reviewed at the corporate website ( Events after the Balance Sheet Date Mr. Jon-Aksel Torgersen stepped down as the Chairman of Finnlines Plc. Mr. Torgersen will continue his position as a member of the Board of the Company. The Board of Directors appointed Mr. Emanuele Grimaldi Executive Chairman of Finnlines Plc. These changes took place on 14 January The Group s management is not aware of any other events after the balance sheet date than those described in this report that could have a material impact on the Group s financial position or the figures or calculations reported in its financial statements. The Finnish stevedores will start a strike in all Finnish seaports on 4 March 2010 unless an agreement is reached in the negotiations which are led by the state conciliator. Outlook for 2010 The rapidly deteriorated economic conditions in Europe and the whole world impacted Finnlines operations in The Company has responded to the sharp drop in cargo volumes by drastically reducing tonnage and employing the vessels left in a much more efficient way, by initiating structural measures in order to improve competitiveness, by increasing synergies and economies of scale within the Grimaldi Group and by personnel adjustments, divestments and redelivery of excess tonnage. The Company expects the whole year 2010 result to be positive due to the significantly lower cost structure in 2010, even if the economic conditions do not improve rapidly. However, the first quarter of the year could be affected by the labour market disputes in Finland. Dividend Distribution Proposal The Board of Directors will propose to the Annual Shareholders' Meeting that no dividend be paid out for 2009 due to the weak financial performance and the ongoing investment programme. Annual General Meeting Finnlines Plc s Annual General Meeting will be held from on Wednesday, 14 April 2010 at Hotel Scandic Continental, Mannerheimintie 46, Helsinki. The financial statements, the Board of Directors Report and the annual report for 2009 will be published on 23 March 2010 at latest, and will be available at: or at Finnlines headquarters, Porkkalankatu 20 A, Helsinki. The first interim report of the year 2010, 1 January 31 March, will be published on Tuesday, 11 May Finnlines Plc The Board of Directors

9 9(20) ENCLOSURES -Consolidated statement of comprehensive income, IFRS -Consolidated balance sheet, IFRS -Consolidated statement of changes in equity, IFRS -Consolidated statement of cash flows, IFRS -Profit and loss account, parent company, FAS -Balance sheet, parent company, FAS -Revenue and result by business segment -Property, plant and equipment -Financial indicators -Contingencies and commitments -Revenue and result by quarter DISTRIBUTION NASDAQ OMX Helsinki Ltd. Main media The information is unaudited

10 10(20) SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES (UNAUDITED) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS EUR 1,000 1 Oct 31 Dec Oct 31 Dec Jan - 31 Dec Jan - 31 Dec 2008 Revenue 122, , , ,747 Other income from operations 1, ,413 2,429 Materials and services -44,635-51, , ,187 Personnel expenses -26,108-31, , ,944 Depreciation, amortisation and other write-offs -14,802-18,630-61,012-62,690 Other operating expenses -43,428-62, , ,912 Total operating expenses -128, , , ,732 Result before interest and taxes (EBIT) -5,537-6,646-23,617 35,443 Financial income 1,007 1,246 3,922 3,422 Financial expenses -6,695-14,263-31,724-42,039 Result before taxes -11,225-19,663-51,419-3,174 Income taxes 3,747 6,244 9,713 4,145 Result for the reporting period -7,478-13,419-41, Other comprehensive income: Exchange differences on translating foreign operations Change in hedging reserve Deferred tax revaluation -1,481 1,481-1,481 1,481 Income tax relating to components of other comprehensive income Total comprehensive income -8,694-11,455-43,977 2,936 Result attributable to: Parent company shareholders -7,503-13,407-41, Minority interest ,478-13,419-41, Total comprehensive income attributable to: Parent company shareholders -8,718-11,443-43,908 2,471 Minority interest ,694-11,455-43,977 2,936 Result attributable to parent company shareholders calculated as earnings per share (EUR/share): Undiluted earnings per share * Diluted earnings per share * Average number of shares: Undiluted * 46,821,037 41,528,302 44,384,929 41,528,302 Diluted * 46,821,037 41,528,302 44,384,929 41,528,302 *Key indicators per share have been retroactively adjusted with the share issue adjustment factor. In EPS calculation the hybrid bond interest is deducted from the result.

11 11(20) CONSOLIDATED BALANCE SHEET, IFRS EUR 1, Dec Dec 2008 ASSETS Non-current assets Property, plant and equipment 1,240,057 1,311,969 Goodwill 105, ,644 Other intangible assets 11,342 12,947 Investment properties 1,577 1,580 Share of associated companies 1,514 1,526 Other financial assets 4,792 4,793 Receivables 894 3,848 Deferred tax assets 3,567 2,734 1,369,386 1,445,041 Current assets Inventories 6,530 5,252 Accounts receivable and other receivables 64,345 73,474 Income tax receivables Bank and cash 6,103 10,509 76,996 89,312 Total assets 1,446,382 1,534,352 SHAREHOLDER'S EQUITY Equity attributable to parent company shareholders Share capital 93,642 81,384 Share premium account 24,525 24,525 Fair value reserve -4,822-2,807 Translation differences Unrestricted equity reserve 21,015 Retained earnings 290, , , ,409 Minority interest 876 1,531 Total equity 425, ,940 LIABILITIES Long-term liabilities Deferred tax liabilities 87,660 96,835 Interest-free liabilities Pension liabilities 2,355 3,026 Provisions 4,312 4,277 Interest-bearing liabilities 721, , , ,201 Current liabilities Accounts payable and other liabilities 73,714 78,293 Income tax liabilities Provisions 1,280 2,930 Current interest-bearing liabilities 129, , , ,212 Total liabilities 1,020,731 1,096,412 Total equity and liabilities 1,446,382 1,534,352

12 12(20) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2008, IFRS Equity attributable to parent company shareholders Share issue premium Translation differences Fair value reserves Retained earnings EUR 1,000 Share capital Shareholders equity 1 January ,384 24, , ,601 Total comprehensive income for the year 227 1, Dividend -180 Shareholders equity 31 December ,384 24, , ,927 EUR 1,000 Total Minority interest Total shareholders equity Shareholders equity 1 January ,118 1, ,651 Total comprehensive income for the year 2, ,936 Dividend Shareholders equity 31 December ,409 1, ,940 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2009, IFRS Equity attributable to parent company shareholders Share issue premium Translation differences Fair value reserves Unrestricted equity reserve EUR 1,000 Share capital Shareholders equity 1 January ,384 24, ,807 Total comprehensive income for the year * ,016 Share issue 12,258 21,015 Shareholders equity 31 December ,642 24, ,822 21,015 Retained earnings Hybrid bond Total Minority interest Total shareholders equity EUR 1,000 Shareholders equity 1 January , , ,940 Total comprehensive income for the year -41,637-43, ,977 Share issue 33,274 33,274 Issue of hybrid bond 20,906 20,906 20,906 Repayment of the hybrid bond ,906-21,000-21,000 Hybrid bond interest Decrease in interest in subsidiary Dividend Shareholders equity 31 December , , ,651 * Including EUR million reversal of deferred tax revaluation adjustment due to restatement of the financial statements for 2007 and 2008 of certain Swedish subsidiaries as part of appeal relating to 2007 taxation.

13 13(20) CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS EUR 1,000 1 Jan-31 Dec Jan-31 Dec 2008 Cash flows from operating activities Result for reporting period -41, Adjustments: Non-cash transactions 49,584 61,563 Unrealised foreign exchange gains (-) / losses (+) ,945 Financial income and expenses 28,270 35,672 Taxes -9,713-4,145 Changes in working capital: Change in accounts receivable and other receivables 11,063 17,446 Change in inventories -1,278 1,866 Change in accounts payable and other liabilities -1,312-20,434 Change in provisions -2,200 3,230 Interest paid -31,141-34,101 Interest received 334 1,383 Taxes paid -1,218-2,747 Other financing items -1,370-1,261 Net cash generated from operating activities -1,154 62,387 Cash flow from investing activities Acquisition of subsidiaries -194 Investments in tangible and intangible assets -25, ,849 Investment in shares -251 Sale of tangible assets 49,121 1,537 Disposal of subsidiaries 2,114 Proceeds from sale of investments Dividends received Net cash used in investing activities 26, ,501 Cash flows from financing activities Proceeds from share issue 33,274 Loan withdrawals 8, ,267 Net increase in current interest-bearing liabilities 9,801-45,867 Repayment of loans -81,143-78,700 Increase / decrease in long-term receivables Dividends paid Hybrid bond 20,906 Hybrid bond repayment -20,906 Net cash used in financing activities -30, ,747 Change in cash and cash equivalents -4,423-16,367 Cash and cash equivalents 1 January 10,509 26,913 Effect of foreign exchange rate changes Cash and cash equivalents 31 December 6,103 10,509

14 14(20) PROFIT AND LOSS ACCOUNT, PARENT COMPANY, FAS EUR 1,000 1 Jan - 31 Dec Jan - 31 Dec 2008 Revenue 269, ,448 Other income from operations Materials and services -96,868-72,830 Personnel expenses -24,211-25,536 Depreciation, amortisation and other write-offs -13,242-11,694 Other operating expenses -170, ,096 Total operating expenses -304, ,156 Result before interest and taxes (EBIT) -33,993 2,121 Financial income and expenses -8,040-6,565 Result before extraordinary items -42,033-4,444 Extraordinary items 42,178 Result before appropriations and taxes 145-4,444 Appropriations ,444 Income taxes 0 0 Result for the reporting period 0 0

15 15(20) BALANCE SHEET, PARENT COMPANY, FAS EUR 1, Dec Dec 2008 ASSETS Non-current assets Intangible assets 9,919 11,420 Tangible assets 720, ,213 Investments Shares in Group companies 312, ,236 Other investments 5,898 5,646 1,049, ,517 Current assets Inventories 4,227 1,491 Long-term receivables 320, ,340 Short-term receivables 113, ,840 Bank and cash 2,518 2, , ,234 Total assets 1,490,330 1,439,751 SHAREHOLDER'S EQUITY Equity Share capital 93,642 81,384 Share premium account 24,525 24,525 Unrestricted equity reserve 21,452 Retained earnings 92,747 92,747 Result for the period , ,657 Accumulated appropriations 213, ,270 LIABILITIES Long-term liabilities Interest-free liabilities Interest-bearing liabilities 802, , , ,156 Current liabilities Interest-free liabilities 42,241 29,256 Interest-bearing liabilities 199, , , ,668 Total liabilities 1,044,313 1,096,824 Total equity and liabilities 1,490,330 1,439,751

16 16(20) REVENUE AND RESULT BY BUSINESS SEGMENTS 1 Oct-31 Dec Oct-31 Dec Jan-31 Dec Jan-31 Dec 2008 MEUR % MEUR % MEUR % MEUR % Revenue Shipping and sea transport Port operations Eliminations (intragroup) External sales Result before interest and taxes (EBIT) Shipping and sea transport*) Port operations Result before interest and taxes (EBIT) total Financial items Result before taxes Income taxes Result for reporting period *) Based on the legally binding decision of the Helsinki Admistrative Court, Custom Districts have collected incorrect fairway dues until On the basis of the decision, the Company has applied for refund of fairway dues for 2005, amounting to EUR 2.8 million. This sum is included in the result of Shipping and Sea Transport Services.

17 17(20) PROPERTY, PLANT AND EQUIPMENT Reporting period starting 1 January 2008 EUR 1,000 Land Buildings Vessels and ship shares Machinery and equipment Advance payments & acquisitions under constr. Acquisition cost 1 January ,739 1,164,970 81, ,014 1,408,880 Exchange rate differences ,471-1,493 Acquisition of subsidiaries Increases 1, ,197 20,663 82, ,963 Disposals -58-1,475-5,281-6,814 Reclassification 60,216 13,676-73, Acquisition cost 31 December ,638 1,289, , ,401 1,631,595 Accumulated depreciation, amortisation and write-offs 1 Jan 0-29, ,558-49, ,305 Exchange rate differences Cumulative depreciation on reclassifications and disposals 43 1,427 4,949 6,418 Depreciation for the reporting period -3,029-48,264-6,189-57,481 Accumulated depreciation, amortisation and write-offs 31 Dec 0-32, ,395-50, ,627 Book value 31 December ,417 1,052,297 59, ,401 1,311,969 Total Reporting period starting 1 January 2009 EUR 1,000 Land Buildings Vessels and ship shares Machinery and equipment Advance payments & acquisitions under constr. Acquisition cost 1 January ,638 1,289, , ,401 1,631,595 Exchange rate differences Increases 1,047 10,407 3,208 12,108 26,769 Sales of assets Disposals ,788-49,168-9, ,198 Reclassifications ,924-3,924 0 Acquisition cost 31 December ,943 1,254, , ,545 1,570,900 Accumulated depreciation, amortisation and write-offs 1 Jan 0-32, ,395-50, ,627 Exchange rate differences Cumulative depreciation on reclassifications and disposals 22,642 13,788 5,969 42,399 Cumulative depreciation on sales of assets ,157 Depreciation for the reporting period ,003-7,320-58,435 Accumulated depreciation, amortisation and write-offs 31 Dec 0-7, ,610-51, ,843 Book value 31 December , ,244 51, ,545 1,240,057 Total

18 18(20) FINANCIAL INDICATORS 1 Oct 31 Dec Oct 31Dec Jan 31 Dec Jan - 31 Dec 2008 Result before interest and taxes (EBIT)as % of revenue ROE, % ROI, % Gearing, % Gross capital expenditure, MEUR % of revenue Equity ratio, % Shareholders equity/share, EUR * Adjusted number of shares during period, average (1000)* 46,821 41,528 44,385 41,528 Adjusted number of shares at end of period (1000) * 46,821 41,528 46,821 41,528 Number of shares at end of period (1000) 46,821 40,692 46,821 40,692 Market capitalisation, EUR million Average personnel Shore-based personnel 1,229 1,426 1,280 1,464 Sea-borne personnel Personnel total 2,179 2,415 2,234 2,436 *Key indicators per share have been retroactively adjusted with the share issue adjustment factor. In EPS calculation the hybrid bond interest is deducted from the result.

19 19(20) CONTINGENCIES AND COMMITMENTS EUR 1, Dec Dec 2008 Minimum lease payable in relation to fixed-term leases: Vessel leases (Group as lessee): Within 12 months 39,200 69, years 42,571 83,485 81, ,346 Vessel leases (Group as lessor): Within 12 months 3,872 7, years 0 1,829 3,872 9,043 Other leases (Group as lessee): Within 12 months 7,057 7, years 21,511 21,947 After five years 19,869 25,917 48,437 55,421 Collateral given Loans secured by mortgages Loans from financial institutions 699, ,478 Vessel mortgages provided as guarantees for the above loans 1,153,500 1,113,500 Other guarantees given on behalf of the Group Collateral Mortgages Other obligations 120, , , ,608 Guarantees given on behalf of subsidiaries Guarantees given on behalf of the subsidiaries 6,913 6,000 6,913 6,000 1,281,992 1,242,108 VAT adjustment liability related to real estate investments 12,430 13,477 Open derivative instruments: Fair value Contract amount 1000 EUR 31 Dec Dec Dec Dec 2008 Currency forwards ,408 29,405 Interest rate swaps -2,369-3, , ,000

20 20(20) REVENUE AND RESULT BY QUARTER MEUR Q1/09 Q1/08 Q2/09 Q2/08 Q3/09 Q3/08 Q4/09 Q4/08 Revenue Shipping and sea transport Port operations Eliminations (intragroup) External revenue Result before interest and taxes (EBIT) Shipping and sea transport Port operations Result before interest and taxes (EBIT)total Financial items Result before taxes Income taxes Result for the reporting period EPS (undiluted) * EPS (diluted) * *Key indicators per share have been retroactively adjusted with the share issue adjustment factor. In EPS calculation the hybrid bond interest is deducted from the result. Related Party Transactions Finnlines Plc issued a hybrid bond in order to strengthen the Group's capital structure on 23 March. The principal amount of the bond was EUR 21 million and the coupon of the bond was 12 per cent per annum. The bond was subscribed by the two main shareholders. EUR 18 million was subscribed and paid by companies belonging to Grimaldi Group. The bond was paid back on 4 August In April Finnlines Plc's subsidiary Hanseatic Shipping sold MS Finnhansa to Grimaldi Group at the market price of EUR 40 million with a one month's notice call option for repurchase by Finnlines Plc at the same price. In 2009, Finnlines sublet five ro-ro vessels to Grimaldi Group. Two of them were redelivered by the end of September. During the fourth quarter 2009 and the first quarter 2010 two vessels were redelivered to Finnlines as capacity was needed for the new services opened between Kotka/ Helsinki Gothenburg Bilbao. The subletting contract for the remaining vessel will expire by the end of the second quarter Mr. Emanuele Grimaldi, member of the Board, acted as temporary President and CEO for the Company from 24 March until the end of June. No salary or other compensation was paid by Finnlines for his work. Otherwise there were no material related party transactions during the reporting period. Reporting The financial statement bulletin includes a summary of the financial statements for the period in accordance with the IAS 34 Interim Financial Reporting. This interim report is unaudited. Changes in Accounting Policies The Group adopted the IAS 1 standard, Presentation of Financial Statements, for the reporting period beginning on 1 January The revised standard mainly change the way the financial statements are presented. Change in IAS 1 has an impact mainly on the presentation of the profit and loss account and the statement of changes in shareholders equity. In 2008, the Group investigated the impact of the new IFRS 8 Operating Segments standard on the segment information to be published. According to IFRS 8, the segment information to be presented has to be based on the internal reporting provided to the Group management and on the same accounting principles used in this reporting. The Group management follows up the profitability of the business and makes the most important business and asset allocation decisions based on the segment structure used earlier. Thus adoption of IFRS 8 did not noticeably change the information to be presented. The segment information is based on the internal reporting structure of the Group. The Group adopted the new standard as of 1 January Otherwise the accounting policies are the same as in the financial statements of 2008.