MARKET OUTLOOK 2012
Overall, the new residential construction market is expected to weaken in 2012 while renovation and infrastructure construction markets are expected to develop more favourably, especially in the Nordic countries. However, Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist.

According to the forecast published by the Confederation of Finnish Construction Industries RT in October 2011, construction output is expected to be at the same level and according to VTT construction output will decrease by 2.2% in 2012 in Finland.

According to forecast published by the Swedish Construction Federation in 8 February 2012, construction output will decrease by 1% in 2012 in Sweden.

According to the forecast published by Euroconstruct in November 2011, construction is expected to grow by 6% in 2012 in Norway and by 4% in 2012 in Denmark.

In Europe East countries construction is expected to increase by 8% in 2012 in Estonia, by 0–5% in Russia and decrease by 4% in Latvia and Lithuania. In Europe Central countries Euroconstruct forecasts construction to grow by 4% in 2012 in Poland, by 3% in Slovakia but decrease by 2% in Hungary and by 4% in Czech Republic.

RAMIRENT OUTLOOK 2012
In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011.

MARKET OUTLOOK 2011

Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, especially in the Nordic countries until the end of 2011, while demand for commercial construction remains weak. Also, the improved balance between supply and demand indicates a healthier price level in our markets.

However, due to the current financial turmoil the market risks have increased. Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist.

RAMIRENT OUTLOOK 2011

Ramirent reiterates its outlook for 2011. As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is expected to improve compared to 2010.

MARKET OUTLOOK 2011

Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, especially in the Nordic countries, while demand for commercial construction remains
weak. Taking this into account, Ramirent expects the recovery in its markets to continue. Also, the improved balance between supply and demand indicates a healthier price level. However, due to the current financial turmoil the market risks have increased. Ramirent maintains a cautious
stance since uncertainties in the macroeconomic development persist.

RAMIRENT OUTLOOK 2011

Ramirent reiterates its outlook for 2011. As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is expected to improve compared to
2010.

MARKET OUTLOOK 2011

Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, while demand for commercial construction remains weak, especially in the Nordic
countries.

According to the forecast published by VTT Expert Service Oy on 2 May 2011, construction is expected to grow by 4% and rental of construction machinery and equipment by 10% in 2011 in Finland.

According to the forecast published by the Swedish Construction Federation in February 2011, construction is expected to grow by 7% in 2011 in Sweden.

According to the forecast published by Euroconstruct in December 2010, construction is expected to grow by 3% in 2011 in Norway and by 3% in 2011 in Denmark.

In Europe East countries construction is expected to increase by 10% in 2011 in Estonia, by 4% in Latvia, by 5% in Lithuania and by 3 to 7% in Russia.

In Europe Central countries Euroconstruct forecasts construction to
grow by 13% in 2011 in Poland and, by 5% in Hungary but decrease by 3% in Slovakia and by 3% in Czech Republic. Taking this to account, Ramirent expects the recovery in the rental markets to continue. The improved balance between supply and demand in certain product groups indicates a healthier price level going forward.

RAMIRENT OUTLOOK 2011

Ramirent reiterates its outlook for 2011. As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is expected to improve
compared to 2010.

MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, while demand for commercial construction remains weak, especially in the Nordic countries. The improved balance between supply and demand in certain product groups indicates a healthier price level going forward.

According to the forecast published by the Confederation of Finnish Construction Industries RT in October 2010, construction is expected to grow by 3% in 2011 in Finland.

According to the forecast published by the Swedish Construction Federation in October 2010, construction is expected to grow by 5% in 2011 in Sweden.

According to the forecast published by Euroconstruct in December 2010, construction is expected to grow by 3% in 2011 in Norway.

According to the forecast published by Euroconstruct in December 2010, construction is expected to grow by 3% in 2011 in Denmark.

According to the forecast published by Euroconstruct in December 2010, construction is expected to grow by 3% in 2011 in Norway, and by 3% in 2011 in Denmark. In Europe East countries construction is expected to increase by 10% in 2011 in Estonia, by 4% in Latvia, by 5% in Lithuania and, by 3 to 7% in Russia.

In Europe Central countries Euroconstruct forecasts construction to grow by 13% in 2011 in Poland and, by 5% in Hungary but decrease by 3% in Slovakia and by 3% in Czech Republic.

RAMIRENT OUTLOOK 2011

As a result of increased construction activity and improving price levels, net sales are expected to increase in
2011, and the result before taxes is expected to improve compared to 2010 .