INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008 (unaudited)


Finnlines Plc    Stock Exchange Release 28 October, 2008                        


INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008 (unaudited)                        


The Finnlines Group recorded revenue totalling EUR 577.9 (505.4) million.       
Operating profit was EUR 42.1 (57.2, including vessel sales gain of EUR 12,3    
million) million. Profit before taxes was EUR 16.5 (35.9, incl. vessels sales   
gain of 12,3 million) million. Return on equity (ROE) was 4.3 (8.8) % and return
on investment (ROI) was 4.5 (7.5) %.                                            
Market development                                                              

During the year, the unitized sea transport via Finnish ports have been         
continuously pacing down with imports growing constantly more than exports thus 
increasing the imbalance in the traffic.                                        
The restructuring of the Finnish forest industry has also had an impact on the  
export volumes. In January-August, the paper exports transported by sea were    
8,8% less than during the comparable period in 2007.                            

Similar pacing down has been apparent in trailer and lorry volumes between      
Southern Sweden and Germany. The cumulative growth rate for January-September   
was still 3%, but during July and September decrease was -2%.                   
The passenger traffic between Finland and Germany increased by 7,8% and         
decreased by 1,7% between Finland and Sweden during January-August.             

Bunker prices have increased substantially in 2008. The price for the Rotterdam 
LS180 used as a reference reached its peak in mid-July, when the price was 100  
per cent higher than the 2007 average prices (quoted in USD). Since July, the   
bunker prices have come down but at the end of September were still 44 percent  
above the 2007 average.                                                         

Group structure                                                                 

Finnlines is one of the largest European shipping companies specialising in     
liner cargo services. The Group's operations are centred on sea transports in   
the Baltic Sea and North Sea areas and on providing port services mainly in     
Finland. Through its subsidiaries and associated companies, the Group has       
operations in eight northern European countries and in Russia. The Group's      
services are also offered throughout Europe via an extensive network of agents. 
There were no significant changes in the Group structure during the reporting   
period.                                                                         

Significant events during the reporting period                                  

The Annual General Meeting                                                      

The Board of Directors of Finnlines Plc proposed to the AGM held on 15 April    
2008 that no dividend be paid out for the fiscal year 2007 due to the sizeable  
investment in the five vessels already in operation and the commitments of the  
vessel renewal programme as well as to the investments in the Vuosaari harbour. 

The minority shareholders (more than 10% of the shares) used their rights to    
require the postponement of the handling of the closing of the books and the    
discharge of the Board to a continued meeting. The meeting also decided to      
postpone the Board of Directors' proposal for authorization to increase the     
share capital to the same meeting.                                              

The AGM decided that the company's Board of Directors has seven members. Mr.    
Emanuele Grimaldi, Mr. Gianluca Grimaldi, Mr. Diego Pacella, Mr. Heikki Laine,  
Mr. Antti Pankakoski, Mr. Olav K. Rakkenes and Mr. Jon-Aksel Torgersen were     
unanimously re-elected. Finnlines' Board of Directors elected Mr. Jon-Aksel     
Torgersen as Chairman and Mr. Diego Pacella as Vice Chairman of the Board. The  
firm of authorised public accountants Deloitte & Touche Oy was appointed as the 
company's auditors, with Mikael Leskinen, APA, as the principally responsible   
auditor.                                                                        

The Continued Annual General Meeting was held on 20 May, 2008. In his speech at 
the Meeting, Christer Antson, President and CEO, explained that Group           
contribution has been given, like in previous years, to Finnlines' 100% owned   
ship-owning companies, which have invested in new vessels or converted older    
vessels.                                                                        
The Continued AGM approved, after voting, the financial statements and          
discharged the company's officers from liability for the financial year 2007.   
Ilmarinen Mutual Pension Insurance Company informed that it will apply for a    
special audit in the company.                                                   
The Meeting decided, after voting, that the minimum dividend required by the    
minority (more than 10% of shares) will be paid. The total amount of dividends  
paid is EUR 180,216.40 ie. EUR 0.00443 per share. The dividend record date was  
23 May 2008 and the dividend payment date was 30 May 2008.                      
The Board of Directors was, after voting, authorized to resolve on the issuance 
of shares. The company may, on the basis of the authorization, issue new shares 
in one or several instalments, so that the aggregate maximum number of new      
shares  will be 10,000,000 shares. The authorization includes the right for     
direct issue of shares, in deviation from the shareholders' pre-emptive         
subscription right on the terms and conditions prescribed by law. The           
authorization is valid until the next Annual General Meeting.                   

Fleet                                                                           

In April, Finnlines bought MS Finnmill and MS Finnpulp and two other vessels, MS
Finnkraft and MS Finnhawk, which all were under time charter in Finnlines       
traffic, at the total amount of EUR 121 million. This deal settled the          
litigation process relating to the purchase options of Finnpulp and Finnmill.   
Finnkraft and Finnhawk are currently plying under the Finnish flag and Finnmill 
and Finnpulp under the Swedish flag.                                            

Traffic                                                                         

The operations at the terminals of Lübecker Hafengesellschaft (LHG) in Lübeck   
harbours suffered  from actions of the stevedoring workers' union during the    
first quarter of the year. The union protested against the planned privatisation
of LHG.                                                                         
The cargo volumes transported during January-September totalled approximately   
629,000 (584,000 in 2007) units (lorries, trailers), 92,000 (72,000) cars (not  
including cars of the passengers) and, in addition, 2,247,000(1,941,000) tonnes 
of freight not possible to measure by the unit. In addition, some 482,000       
(337,000) passengers (including freight-related passengers) were transported in 
2008.                                                                           

Financial performance                                                           

The Finnlines Group recorded revenue totalling EUR 577.9 (505.4 in 2007)        
million. Shipping and Sea Transport Services generated revenue amounting to EUR 
503.6 (429.5) million and Port Operations EUR 96.6 (100.4) million. Other income
from operations amounted to EUR 1.8 (14.4) million. The main part (EUR 12       
million) of the 2007 amount generated from the sales gain of the two  vessels   
sold during the third quarter of 2007. This was also the main reason for the    
considerably lower third quarter result than to the third quarter  result in    
2007. The expenses were mostly affected by the fuel oil price increases.        
Operating profit was EUR 42.1 (57.2, incl. sales gain of vessels) million. The  
port operations in Oslo (Norsteve) were moved to a new  location resulting in   
losses of revenue and one-time expenses for the Port Operations segment.        
Financial income was EUR 2.2 (3.3) million and financial expenses totalled EUR  
-27.8 (-24.6) million. Profit before taxes was EUR 16.5 (35.9, incl. vessel     
sales gain 12,3) million. Return on equity (ROE) was 4.3 (8.8) % and return on  
investment (ROI) was 4.5 (7.5) %.                                               

Investments and financing                                                       

The Group's investments were EUR 208.4 (368.3) million, consisting mainly of the
down-payments for the six roro/vessels ordered from Jinling shipyard, from the  
purchased four roro vessels and of investments in the Vuosaari harbour.         
Interest-bearing net debt amounted to EUR 896.3 (738.5) million. The next year's
payments for the Jingling newbuilding project, totalling approximately EUR 8    
million, are due during the second half of 2009. At the end of September, 55% of
the loans were fixed rate and the rest were floating rate loans. The duration   
(average interest rate period) of the debt portfolio was approximately. 56      
months. On 30 September 2008, the granted but non-utilised credit facilities    
totalled EUR 179 million. The equity ratio calculated from the balance sheet was
28.8 (31.0) %. Gearing was 199.4 (170.9) %.                                     

Personnel                                                                       

The Group employed an average of 2,461 (2,340) people during the period,        
consisting of 1,496 (1,478) employees on shore and 965 (862) persons at sea.    

The Finnlines share                                                             

The Company's registered share capital on 30 September 2008 was EUR 81,383,916  
divided into 40,691,958 shares. A total of 7.1 (8.6) million Finnlines shares   
were traded on the NASDAQ OMX Helsinki Ltd during the period. The market        
capitalisation of the Company's stock at the end of September was EUR 477.3     
(594.1) million. Earnings per share (EPS) during the period were EUR 0.34       
(0.69). Shareholders' equity per share was EUR 11.01 (10.57).                   

Risks                                                                           

In addition to the earlier published investment programme, Finnlines  purchased 
four roro vessels at the price of EUR 121 million in April. The deal was        
financed with  long-term debts.                                                 

The company has invested and will invest during 2003-2011 over one billion euros
in the renewal of the fleet and ports. Due to the investment programme the net  
interest-bearing debt has increased and will continue to increase. This is also 
reflected on the consolidated equity ratio. Otherwise there are no material     
changes in the risks disclosed in the notes to the financial statements 2007.   

Litigation                                                                      

The arbitration proceedings commenced last year between the owners of MS        
Finnmill and MS Finnpulp and Finnlines Plc were withdrawn in April when the     
parties closed the deal on these vessels. The main dispute concerned the        
validity and terms of the purchase options of the vessels.                      
On 26 June 2008, Finnlines Plc received a request for a statement of reply from 
the County Administrative Board of South-Finland to the application made by     
Mutual Pension Insurance Company Ilmarinen on executing a special audit of      
accounts. The application letter of Ilmarinen, addressed to the County          
Administrative Board was dated 19 June, 2008. In the application letter         
Ilmarinen demands that the County Administrative Board orders a special audit to
be executed in Finnlines Plc's administration and accounting between 1.1. -     
31.12.2007 as it is prescribed in The Companies Act (21.7.2006/624) 7:7 §.      
Finnlines Plc submitted its reply by the given time limit of 15 September, 2008.
Mutual Pension Insurance Company Ilmarinen has initiated action against         
Finnlines Plc in the City Court of Helsinki. Ilmarinen objects to the decision  
of  Finnlines' Annual General Meeting held on 20 May 2008 to distribute EUR     
180,216.39 as a minimum dividend. Ilmarinen demands primarily that the minimum  
dividend is to be altered to EUR 17,181,000. Secondarily Ilmarinen demands that 
the resolution taken by the AGM on 20 May, 2008 is to 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 interest of the company and its shareholders. The company  prepared 
a detailed response together with its legal adviser and submitted it to the City
Court of Helsinki within the given time limit of 30 days.                       
Mr. Tomas Lindholm, attorney at law from Roschier Attorneys Ltd., acts as legal 
adviser to Finnlines.                                                           

Outlook for 2008                                                                

The new Vuosaari harbour will start operations as planned at the end November   
2008. The project has tied up a lot of resources and expenses over the year and 
additional non-recurring expenses will arise from the move and the start-up     
phase of the new harbour.                                                       

The economic environment in Europe has worsened rapidly and creates uncertainty 
for business development. It is expected that Finnlines' whole year operating   
profit will fall behind the comparable figure in previous year. Due to the      
investments in the new vessels, vessel conversions and the Vuosaari harbour,    
there will be a substantial increase in the depreciation and interest expenses  
compared to 2007.                                                               

The next report, financial statement bulletin for the year 2008, will           
be published on 18 February 2009.                                               


Finnlines Plc                                                                   
The Board of Directors                                                          



ENCLOSURES     Profit and loss account                                          
               Balance sheet                                                    
               Changes in shareholders equity                                   
               Cash flow statement                                              
               Revenue and operating result by business segments                
               Property, plant and equipment                                    
               Financial indicators                                             
               Contingencies and commitments                                    
               Revenue and operating profit by quarter 


DISTRIBUTION   NASDAQ OMX Helsinki Ltd                                          
               Main media                                                       


All figures unaudited                                                           




--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT AND LOSS     |         |          |           |          |
| ACCOUNT                          |         |          |           |          |
--------------------------------------------------------------------------------
| 1,000 EUR              |  7-9/08 |  7-9/07 |   1-9/08 |    1-9/07 |  1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue                | 193,849 | 176,525 |  577,898 |   505,410 |  685,464 |
--------------------------------------------------------------------------------
| Other income from      |     668 |  13,479 |    1,808 |    14,388 |   15,320 |
| operations             |         |         |          |           |          |
--------------------------------------------------------------------------------
| Materials and services | -75,176 | -55,324 | -206,570 |  -146,206 | -205,904 |
--------------------------------------------------------------------------------
|   Personnel expenses   | -31,031 | -29,276 |  -91,073 |   -87,359 | -116,648 |
--------------------------------------------------------------------------------
| Depreciation,          | -15,243 | -14,035 |  -44,059 |   -39,046 |  -53,081 |
| amortisation  and      |         |         |          |           |          |
| other write-offs       |         |         |          |           |          |
--------------------------------------------------------------------------------
| Other operating        | -62,507 | -64,641 | -195,913 |  -190,003 | -256,334 |
| expenses               |         |         |          |           |          |
--------------------------------------------------------------------------------
| Total operating        | -183,95 | -163,27 | -537,616 |  -462,615 | -631,968 |
| expenses               |       8 |       4 |          |           |          |
--------------------------------------------------------------------------------
| Operating profit       |  10,559 |  26,730 |   42,090 |    57,183 |   68,816 |
--------------------------------------------------------------------------------
| Financial income       |  -1,008 |     557 |    2,176 |     3,300 |    5,258 |
--------------------------------------------------------------------------------
| Financial expenses     |  -9,282 |  -9,961 |  -27,776 |   -24,553 |  -33,956 |
--------------------------------------------------------------------------------
| Profit before taxes    |     270 |  17,325 |   16,489 |    35,930 |   40,118 |
--------------------------------------------------------------------------------
| Income taxes *)        |     658 |  -3,637 |   -2,099 |    -7,544 |   -5,725 |
--------------------------------------------------------------------------------
| Profit for the         |     928 |  13,688 |   14,390 |    28,386 |   34,393 |
| reporting period       |         |         |          |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution:          |         |         |          |           |          |
--------------------------------------------------------------------------------
| Parent company         |     680 |  13,512 |   13,914 |    28,030 |   33,900 |
| shareholders           |         |         |          |           |          |
--------------------------------------------------------------------------------
| Minority interest      |     248 |     176 |      476 |       356 |      493 |
--------------------------------------------------------------------------------
|                        |     928 |  13,688 |   14,390 |    28,386 |   34,393 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit attributable to parent company shareholders    |           |          |
--------------------------------------------------------------------------------
| calculated as earnings per share           |          |           |          |
| (EUR/share)                                |          |           |          |
--------------------------------------------------------------------------------
| Undiluted earnings per |    0.02 |    0.33 |     0.34 |      0.69 |     0.83 |
| share                  |         |         |          |           |          |
--------------------------------------------------------------------------------
| Diluted  earnings per  |    0.02 |    0.33 |     0.34 |      0.69 |     0,83 |
| share                  |         |         |          |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------


*)Taxes have been estimated based on the profit for the reporting               
period.                                                                         


--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, IFRS    |            |             |             |
--------------------------------------------------------------------------------
| 1,000 EUR                           |    30/9/08 |     30/9/07 |    31/12/07 |
--------------------------------------------------------------------------------
| ASSETS                              |            |             |             |
--------------------------------------------------------------------------------
| Non-current assets                  |            |             |             |
--------------------------------------------------------------------------------
| Property, plant and equipment       |  1,300,775 |   1,130,773 |   1,139,576 |
--------------------------------------------------------------------------------
| Goodwill                            |    108,660 |     108,660 |     108,660 |
--------------------------------------------------------------------------------
| Other intangible assets             |      8,798 |      10,007 |       9,899 |
--------------------------------------------------------------------------------
| Investment properties               |      1,581 |       1,585 |       1,584 |
--------------------------------------------------------------------------------
| Share of associated companies       |      1,526 |       1,526 |       1,526 |
--------------------------------------------------------------------------------
| Other financial assets              |      4,797 |       4,797 |       4,797 |
--------------------------------------------------------------------------------
| Receivables                         |      3,856 |      10,612 |       9,173 |
--------------------------------------------------------------------------------
| Deferred tax assets                 |      1,941 |       1,862 |       2,051 |
--------------------------------------------------------------------------------
|                                     |  1,431,934 |   1,269,822 |   1,277,265 |
--------------------------------------------------------------------------------
| Current assets                      |            |             |             |
--------------------------------------------------------------------------------
| Inventories                         |      8,325 |       6,121 |       6,908 |
--------------------------------------------------------------------------------
| Accounts receivable and other       |    102,258 |     101,348 |      91,191 |
| receivables                         |            |             |             |
--------------------------------------------------------------------------------
| Income tax receivables              |         52 |         505 |          63 |
--------------------------------------------------------------------------------
| Bank and cash                       |     18,339 |      17,998 |      26,913 |
--------------------------------------------------------------------------------
|                                     |    128,974 |     125,972 |     125,075 |
--------------------------------------------------------------------------------
| Total assets                        |  1,560,908 |   1,395,794 |   1,402,340 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDER'S EQUITY                |            |             |             |
--------------------------------------------------------------------------------
| Equity attributable to parent company shareholders                           |
--------------------------------------------------------------------------------
| Share capital                       |     81,384 |      81,384 |      81,384 |
--------------------------------------------------------------------------------
| Share premium account               |     24,525 |      24,525 |      24,525 |
--------------------------------------------------------------------------------
| Fair value reserves                 |     -4,625 |      -2,838 |      -4,544 |
--------------------------------------------------------------------------------
| Translation differences             |        233 |         210 |         152 |
--------------------------------------------------------------------------------
| Retained earnings                   |    346,335 |     326,730 |     332,601 |
--------------------------------------------------------------------------------
|                                     |    448,105 |     430,012 |     434,118 |
--------------------------------------------------------------------------------
| Minority interest                   |      1,543 |       1,995 |       1,534 |
--------------------------------------------------------------------------------
| Total shareholders' equity          |    449,395 |     432,006 |     435,652 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES                         |            |             |             |
--------------------------------------------------------------------------------
| Long-term liabilities               |            |             |             |
--------------------------------------------------------------------------------
| Deferred tax liabilities            |    104,870 |      96,409 |     103,910 |
--------------------------------------------------------------------------------
| Interest free liabilities           |        827 |           0 |       1,314 |
--------------------------------------------------------------------------------
| Pension liabilities                 |      2,736 |       2,454 |       2,358 |
--------------------------------------------------------------------------------
| Provisions                          |      2,281 |       3,656 |       2,284 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities        |    762,813 |     610,841 |     593,817 |
--------------------------------------------------------------------------------
|                                     |    873,527 |     713,360 |     703,682 |
--------------------------------------------------------------------------------
| Current liabilities                 |            |             |             |
--------------------------------------------------------------------------------
| Accounts payable and other          |     85,036 |      94,584 |      99,459 |
| liabilities                         |            |             |             |
--------------------------------------------------------------------------------
| Income tax liabilities              |        331 |       9,123 |         491 |
--------------------------------------------------------------------------------
| Provisions                          |      1,901 |         435 |         672 |
--------------------------------------------------------------------------------
| Current interest-bearing            |    150,718 |     146,284 |     162,384 |
| liabilities                         |            |             |             |
--------------------------------------------------------------------------------
|                                     |    237,986 |     250,428 |     263,006 |
--------------------------------------------------------------------------------
| Total liabilities                   |  1,111,513 |     963,787 |     966,688 |
--------------------------------------------------------------------------------
| Total shareholders' equity and      |  1,560,908 |   1,395,794 |   1,402,340 |
| liabilities                         |            |             |             |
--------------------------------------------------------------------------------


Changes in Consolidated Shareholders' Equity                                    
--------------------------------------------------------------------------------
| 1,000 EUR         |       Share  | Share issue |   Fair value |       Trans- |
|                   |      capital |     premium |     reserves |       lation |
|                   |              |             |              |       diffe- |
|                   |              |             |              |       rences |
--------------------------------------------------------------------------------
| Shareholders´     |       81,384 |      24,525 |            0 |           28 |
| equity 1.1.2007   |              |             |              |              |
--------------------------------------------------------------------------------
| Cash flow         |              |             |       -2,838 |              |
| hedges            |              |             |              |              |
--------------------------------------------------------------------------------
| Translation       |              |             |              |          182 |
| differences       |              |             |              |              |
--------------------------------------------------------------------------------
| Profit for        |              |             |              |              |
| reporting period  |              |             |              |              |
--------------------------------------------------------------------------------
| Total recognised  |              |             |       -2,838 |          182 |
| income for the    |              |             |              |              |
| period            |              |             |              |              |
--------------------------------------------------------------------------------
| Dividend          |              |             |              |              |
--------------------------------------------------------------------------------
| Shareholders´     |       81,384 |      24,525 |       -2,838 |          210 |
| equity  30.9.2007 |              |             |              |              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| 1,000 EUR        |    Retained  |      Total |     Minority  |        Total  |
|                  |     earnings |            |      interest |        equity |
--------------------------------------------------------------------------------
| Shareholders´    |      315,791 |    421,728 |         2,028 |       423,757 |
| equity           |              |            |               |               |
| 1.1.2007         |              |            |               |               |
--------------------------------------------------------------------------------
| Cash flow        |              |     -2,838 |               |        -2,838 |
| hedges           |              |            |               |               |
--------------------------------------------------------------------------------
| Translation      |              |        182 |             3 |           185 |
| differences      |              |            |               |               |
--------------------------------------------------------------------------------
| Profit for       |       28,030 |     25,374 |           356 |        28,386 |
| reporting period |              |            |               |               |
--------------------------------------------------------------------------------
| Total            |       28,030 |     25,374 |           359 |        25,733 |
| recognised       |              |            |               |               |
| income for       |              |            |               |               |
| the period       |              |            |               |               |
--------------------------------------------------------------------------------
| Dividend         |      -17,091 |    -17,091 |          -392 |       -17,483 |
--------------------------------------------------------------------------------
|                  |      -17,091 |    -17,091 |          -392 |       -17,483 |
--------------------------------------------------------------------------------
| Shareholders´    |      326,730 |    430,012 |         1,995 |       432,007 |
| equity           |              |            |               |               |
| 30.9.2007        |              |            |               |               |
--------------------------------------------------------------------------------





Changes in Consolidated Shareholders' Equity                                    
--------------------------------------------------------------------------------
| 1,000 EUR         |       Share  | Share issue |   Fair value |       Trans- |
|                   |      capital |     premium |     reserves |       lation |
|                   |              |             |              |       diffe- |
|                   |              |             |              |       rences |
--------------------------------------------------------------------------------
| Shareholders´     |       81,384 |      24,525 |       -4,544 |          152 |
| equity 1.1.2008   |              |             |              |              |
--------------------------------------------------------------------------------
| Cash flow hedges  |              |             |          -81 |              |
--------------------------------------------------------------------------------
| Translation       |              |             |              |           81 |
| differences       |              |             |              |              |
--------------------------------------------------------------------------------
| Profit for        |              |             |              |              |
| reporting period  |              |             |              |              |
--------------------------------------------------------------------------------
| Total recognised  |              |             |          -81 |           81 |
| income for the    |              |             |              |              |
| period            |              |             |              |              |
--------------------------------------------------------------------------------
| Dividend          |              |             |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders´     |       81,384 |      24,525 |       -4,625 |          233 |
| equity  30.9.2008 |              |             |              |              |
--------------------------------------------------------------------------------







--------------------------------------------------------------------------------
| 1,000 EUR        | Retained     |      Total | Minority      |        Total  |
|                  | earnings     |            | interest      |        equity |
--------------------------------------------------------------------------------
| Shareholders´    |      332,601 |    434,118 |         1,534 |       435,652 |
| equity           |              |            |               |               |
| 1.1.2008         |              |            |               |               |
--------------------------------------------------------------------------------
| Cash flow hedges |              |        -81 |               |           -81 |
--------------------------------------------------------------------------------
| Translation      |              |         81 |               |            81 |
| differences      |              |            |               |               |
--------------------------------------------------------------------------------
| Profit for       |       13,914 |     13,914 |           476 |        14,390 |
| reporting period |              |            |               |               |
--------------------------------------------------------------------------------
| Total            |       13,914 |     14,167 |           476 |        14,390 |
| recognised       |              |            |               |               |
| income for       |              |            |               |               |
| the period       |              |            |               |               |
--------------------------------------------------------------------------------
| Dividend         |         -180 |       -180 |          -467 |          -647 |
--------------------------------------------------------------------------------
|                  |         -180 |       -180 |          -467 |          -647 |
--------------------------------------------------------------------------------
| Shareholders´    |      346,335 |    447,852 |         1,543 |       449,395 |
| equity           |              |            |               |               |
| 30.9.2008        |              |            |               |               |
--------------------------------------------------------------------------------


Consolidated Cash Flow Statement                                                
--------------------------------------------------------------------------------
| 1,000 EUR                           |     1-9/08 |      1-9/07 |     1-12/07 |
--------------------------------------------------------------------------------
| Cash flow from operations:          |            |             |             |
--------------------------------------------------------------------------------
| Profit for reporting period         |     14,390 |      28,386 |      34,393 |
--------------------------------------------------------------------------------
| Adjustments:                        |            |             |             |
--------------------------------------------------------------------------------
|   Non-cash transactions             |     43,088 |      27,623 |      39,561 |
--------------------------------------------------------------------------------
|   Interest expense and other        |     25,708 |      19,978 |      28,937 |
|   financial expenses                |            |             |             |
--------------------------------------------------------------------------------
|   Taxes                             |      2,099 |       7,544 |       5,725 |
--------------------------------------------------------------------------------
| Changes in working capital:         |            |             |             |
--------------------------------------------------------------------------------
|   Change in accounts                |    -10,500 |     -11,406 |          66 |
|   receivable and other              |            |             |             |
|   receivables                       |            |             |             |
--------------------------------------------------------------------------------
|   Change in current assets          |     -1,206 |        -709 |      -1,496 |
--------------------------------------------------------------------------------
|   Change in accounts payable        |     -7,441 |      15,120 |      11,766 |
|   and other liabilities             |            |             |             |
--------------------------------------------------------------------------------
|   Change in provisions              |      1,602 |          86 |         197 |
--------------------------------------------------------------------------------
| Interest paid                       |    -28,579 |     -19,968 |     -20,988 |
--------------------------------------------------------------------------------
| Interest received                   |      1,026 |       1,020 |       1,397 |
--------------------------------------------------------------------------------
| Taxes                               |     -1,256 |      -1,152 |      -1,087 |
--------------------------------------------------------------------------------
| Other financing items               |     -1,497 |      -2,278 |      -3,948 |
--------------------------------------------------------------------------------
| Net cash flow from operations       |     37,434 |      64,244 |      94,524 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities:             |             |             |
--------------------------------------------------------------------------------
| Investments in tangible and         |   -208,195 |    -369,776 |    -392,780 |
| intangible assets                   |            |             |             |
--------------------------------------------------------------------------------
| Sale of tangible assets             |      1,230 |      29,823 |      30,819 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries         |       -194 |         200 |         200 |
| Disposal of associated companies    |            |             |             |
--------------------------------------------------------------------------------
| Proceed sale of investment          |            |         243 |         243 |
--------------------------------------------------------------------------------
| Reduction in share capital,         |            |             |        -598 |
| minority interest                   |            |             |             |
--------------------------------------------------------------------------------
| Dividends received                  |          6 |           3 |          16 |
--------------------------------------------------------------------------------
| Net cash flow from investing        |   -207,153 |    -339,507 |    -362,099 |
| activities                          |            |             |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities:             |             |             |
--------------------------------------------------------------------------------
| Borrowing                           |    237,000 |     309,307 |     309,307 |
--------------------------------------------------------------------------------
| Net change in current               |    -14,840 |      64,277 |      79,907 |
| interest-bearing liabilities        |            |             |             |
--------------------------------------------------------------------------------
| Repayment of loans                  |    -60,715 |     -81,663 |     -96,440 |
--------------------------------------------------------------------------------
| Increase / decrease of long-term    |        352 |         383 |         770 |
| receivables                         |            |             |             |
--------------------------------------------------------------------------------
| Dividends paid                      |       -647 |     -17,483 |     -17,483 |
--------------------------------------------------------------------------------
| Net cash flow from financing        |    161,150 |     274,821 |     276,062 |
| activities                          |            |             |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents |     -8,569 |        -442 |       8,487 |
--------------------------------------------------------------------------------
| Cash and cash equivalents           |     26,913 |      18,436 |      18,436 |
| on 1 January                        |            |             |             |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate     |         -5 |           3 |          10 |
| changes                             |            |             |             |
--------------------------------------------------------------------------------
| Cash and cash equivalents on        |     18,339 |      17,998 |      26,913 |
| September 30 / December 31          |            |             |             |
--------------------------------------------------------------------------------


REVENUE AND OPERATING RESULT BY BUSINESS SEGMENTS (PRIMARY SEGMENT)             
--------------------------------------------------------------------------------
| 1,000 EUR         |  1-9/08 |      % |   1-9/07 |      % |  1-12/07 |      % |
--------------------------------------------------------------------------------
| Sales             |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| Shipping and sea  | 503,587 |   87,1 |  429,480 |   85.0 |  585,067 |   85.3 |
| transport         |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| Port operations   |  96,557 |   16,7 |  100,396 |   19.9 |  133,155 |   19.4 |
--------------------------------------------------------------------------------
| Eliminations      | -22,246 |   -3,8 |  -24,466 |   -4.8 |  -32,758 |   -4.8 |
| (intragroup)      |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| External sales    | 577,898 |  100.0 |  505,410 |  100.0 |  685,464 |  100.0 |
--------------------------------------------------------------------------------
| Operating profit  |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| Shipping and sea  |  42,255 |        |   50,453 |        |   61,653 |        |
| transport         |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| Port operations   |    -166 |        |    6,730 |        |    7,163 |        |
--------------------------------------------------------------------------------
| Operating profit  |  42,090 |        |   57,183 |        |   68,816 |        |
| total             |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| Financial items   | -25,601 |        |  -21,253 |        |  -28,698 |        |
--------------------------------------------------------------------------------
| Profit            |  16,489 |        |   35,930 |        |   40,118 |        |
| before taxes      |         |        |          |        |          |        |
--------------------------------------------------------------------------------
| Income taxes      |  -2,099 |        |   -7,544 |        |   -5,725 |        |
--------------------------------------------------------------------------------
| Profit for        |  14,390 |        |   28,386 |        |   34,393 |        |
| reporting period  |         |        |          |        |          |        |
| continuing        |         |        |          |        |          |        |
| operations        |         |        |          |        |          |        |
--------------------------------------------------------------------------------

PROPERTY, PLANT AND EQUIPMENT                                                   

--------------------------------------------------------------------------------
| 1,000 EUR                     |      30/9/08 |       30/9/07 |      31/12/07 |
--------------------------------------------------------------------------------
|                               |              |               |               |
--------------------------------------------------------------------------------
| Historical cost at the        |    1,410,479 |     1,084,491 |     1,084,491 |
| beginning of the period       |              |               |               |
--------------------------------------------------------------------------------
| Translation differences       |         -408 |           159 |            -8 |
--------------------------------------------------------------------------------
| Additions                     |      204,206 |       367,004 |       389,559 |
--------------------------------------------------------------------------------
| Disposals                     |       -4,914 |       -60,732 |       -63,598 |
--------------------------------------------------------------------------------
| Reclassifications             |              |               |            19 |
--------------------------------------------------------------------------------
| Historical cost at the end of |    1,609,363 |     1,390,923 |     1,410,479 |
| the period                    |              |               |               |
--------------------------------------------------------------------------------
| Accumulated depreciation at   |     -269,319 |      -264,926 |      -264,926 |
| the beginning of the period   |              |               |               |
--------------------------------------------------------------------------------
| Translation differences       |          234 |          -108 |            11 |
--------------------------------------------------------------------------------
| Cumulative depreciation on    |        4,554 |        44,082 |        46,694 |
| reclassifications and         |              |               |               |
| disposals                     |              |               |               |
--------------------------------------------------------------------------------
| Depreciations                 |      -42,476 |       -37,612 |       -51,098 |
--------------------------------------------------------------------------------
| Accumulated depreciations at  |     -307,007 |      -258,564 |      -269,319 |
| the end of the period         |              |               |               |
--------------------------------------------------------------------------------
| Book value                    |    1,302,356 |     1,132,358 |     1,141,160 |
--------------------------------------------------------------------------------


FINANCIAL INDICATORS                                                            
--------------------------------------------------------------------------------
|                                |       1-9/08 |       1-9/07 |       1-12/07 |
--------------------------------------------------------------------------------
| Operating profit as % of       |          7.3 |         11.3 |          10.0 |
| revenue                        |              |              |               |
--------------------------------------------------------------------------------
| ROE, %                         |          4.3 |          8.8 |           8.0 |
--------------------------------------------------------------------------------
| ROI, %                         |          4.5 |          7.5 |           6.9 |
--------------------------------------------------------------------------------
| Gearing, %                     |        199.4 |        170.9 |         167.4 |
--------------------------------------------------------------------------------
| Gross capital                  |        204.2 |        368.3 |         391.3 |
| expenditure, MEUR              |              |              |               |
--------------------------------------------------------------------------------
|   % of revenue                 |         35.3 |         72.9 |          57.1 |
--------------------------------------------------------------------------------
| Equity ratio, %                |         28.8 |         31.0 |          31.1 |
--------------------------------------------------------------------------------
| Shareholders' equity/          |        11.01 |        10.57 |         10.67 |
| share, EUR                     |              |              |               |
--------------------------------------------------------------------------------
| Number of shares during        |       40,692 |       40,692 |        40,692 |
| period, average (1000)         |              |              |               |
--------------------------------------------------------------------------------
| Number of shares at            |       40,692 |       40,692 |        40,692 |
| end of period (1000)           |              |              |               |
--------------------------------------------------------------------------------
| Market capitalisation,         |        477.3 |        594.1 |         620.6 |
| EUR million                    |              |              |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average personnel              |              |              |               |
--------------------------------------------------------------------------------
|   Shore-based personnel        |        1,496 |        1,478 |         1,470 |
--------------------------------------------------------------------------------
|   Sea-borne personnel          |          965 |          862 |           865 |
--------------------------------------------------------------------------------
|   Personnel total              |        2,461 |        2,340 |         2,335 |
--------------------------------------------------------------------------------


Financial ratios have been calculated according to the same principles as in    
financial statements 2007.                                                      


--------------------------------------------------------------------------------
| CONTINGENCIES AND COMMITMENTS  |      30/9/08 |       30/9/07 |     31/12/07 |
--------------------------------------------------------------------------------
| 1,000 EUR                      |              |               |              |
--------------------------------------------------------------------------------
| Vessel hires                   |              |               |              |
--------------------------------------------------------------------------------
| Within 12 months               |       68,459 |        89,821 |       89,899 |
--------------------------------------------------------------------------------
| Between one and five years     |       98,745 |        67,105 |       51,614 |
--------------------------------------------------------------------------------
| After five years               |            0 |             0 |            0 |
--------------------------------------------------------------------------------
|                                |      167,204 |       156,926 |      141,513 |
--------------------------------------------------------------------------------
| Other leases                   |              |               |              |
--------------------------------------------------------------------------------
| Within 12 months               |        7,172 |         5,278 |        5,673 |
--------------------------------------------------------------------------------
| Between one and five years     |       22,111 |        11,955 |       21,537 |
--------------------------------------------------------------------------------
| After five years               |       38,925 |         8,462 |       42,689 |
--------------------------------------------------------------------------------
|                                |       68,208 |        25,695 |       69,899 |
--------------------------------------------------------------------------------
Collateral given:                                                               
Borrowings secured by given mortgages                                           
--------------------------------------------------------------------------------
| Loans from financial           |      670,181 |       540,681 |      531,461 |
| institutions                   |              |               |              |
--------------------------------------------------------------------------------
| Vessel mortgages provided as   |      843,500 |       723,500 |      723,500 |
| guarantees for the above loans |              |               |              |
--------------------------------------------------------------------------------

Other guarantees given on behalf of the Group:                                  
--------------------------------------------------------------------------------
| Collateral                     |        1,675 |         2,518 |        2,517 |
--------------------------------------------------------------------------------
| Mortgages                      |          606 |           606 |          606 |
--------------------------------------------------------------------------------
Other guarantees given on behalf of the others:                                 
--------------------------------------------------------------------------------
| Collateral                     |            0 |         1,027 |        1,200 |
--------------------------------------------------------------------------------
| Mortgages                      |            0 |           431 |              |
--------------------------------------------------------------------------------
Other commitments given by group on behalf of subsidiaries:                     
--------------------------------------------------------------------------------
| Commitments                    |        6,000 |         6,000 |        6,000 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Obligations for capital        |      137,488 |       211,319 |      197,137 |
| expenditure                    |              |               |              |
--------------------------------------------------------------------------------
| Other obligations              |           84 |           107 |          101 |
--------------------------------------------------------------------------------



Open derivative instruments:		                                                  
--------------------------------------------------------------------------------
| 1,000 EUR        | 30/9/0 | 30/9/0 | 31/12/07 | 30/9/08 | 30/9/07 | 31/12/07 |
|                  |      8 |      7 |          |         |         |          |
--------------------------------------------------------------------------------
|                  |         Fair value         |       Contract amount        |
--------------------------------------------------------------------------------
| Currency         |   -270 | -2,495 |   -3,845 |  20,555 |  86,325 |   64,126 |
| forwards         |        |        |          |         |         |          |
--------------------------------------------------------------------------------
| Interest rate    |    146 |   -513 |     -327 | 120,000 | 120,000 |  120,000 |
| swaps            |        |        |          |         |         |          |
--------------------------------------------------------------------------------



Contingent liabilities                                                          

Finnsteve's Leasehold Agreement:                                                
When the new Vuosaari harbour is operational, Finnsteve Oy will transfer its    
port operations from Helsinki's West Harbour and North Harbour to Vuosaari.     
Finnsteve and the Port of Helsinki have made a leasehold agreement, which       
obliges the leaseholder to dismantle and remove any buildings, plants and       
equipment (including foundations) located in the area. The extent of the        
liabilities arising from this depends on future town planning and is therefore  
difficult to estimate. According to the managements present estimate, it is not 
material, however.                                                              




REVENUE AND OPERATING RESULT BY QUARTER                                         
--------------------------------------------------------------------------------
| MEUR              |  Q1/08 |   Q1/07 |   Q2/08 |   Q2/07 |   Q3/08 |   Q3/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shipping and sea  |  160.0 |   132.5 |   173.4 |   146.4 |   170.2 |   150.6 |
| transport         |        |         |         |         |         |         |
--------------------------------------------------------------------------------
| Port operations   |   32.4 |    33.3 |    33.5 |    33.5 |    30.7 |    33.5 |
--------------------------------------------------------------------------------
| Eliminations      |   -7.3 |    -8.4 |    -7.9 |    -8.5 |    -7.0 |    -7.6 |
| (intragroup)      |        |         |         |         |         |         |
--------------------------------------------------------------------------------
| External sales    |  185.1 |   157.4 |   199.0 |   171.4 |   193.8 |   176.5 |
--------------------------------------------------------------------------------
| Operating profit  |        |         |         |         |         |         |
--------------------------------------------------------------------------------
| Shipping and sea  |   12.7 |    11.0 |    17.5 |    14.9 |    12.0 |    24.5 |
| transport         |        |         |         |         |         |         |
--------------------------------------------------------------------------------
| Port operations   |    1.3 |     2.5 |     0.0 |     2.0 |    -1.4 |     2.2 |
--------------------------------------------------------------------------------
| Operating profit  |   14.0 |    13.5 |    17.5 |    16.9 |    10.6 |    26.7 |
| total             |        |         |         |         |         |         |
--------------------------------------------------------------------------------
| Financial items   |   -8.5 |    -5.2 |    -6.8 |    -6.7 |   -10.3 |    -9.4 |
--------------------------------------------------------------------------------
| Profit            |    5.5 |     8.3 |    10.7 |    10.2 |     0.3 |    17.3 |
| before taxes      |        |         |         |         |         |         |
--------------------------------------------------------------------------------
| Income taxes      |   -1.0 |    -1.7 |    -1.8 |    -2.2 |     0.7 |    -3.6 |
--------------------------------------------------------------------------------
| Profit for the    |    4.6 |     6.6 |     8.9 |     8.1 |     0.9 |    13.7 |
| reporting period  |        |         |         |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS (undiluted)   |   0.11 |    0.16 |    0.22 |    0.20 |    0.02 |    0.33 |
--------------------------------------------------------------------------------
| EPS (diluted)     |   0.11 |    0.16 |    0.22 |    0.20 |    0.02 |    0.33 |
--------------------------------------------------------------------------------



Related Party Transactions                                                      

There were no material related party transactions during the reporting period.  

Reporting                                                                       

The interim report includes a summary of the financial statements for the period
in accordance with the IAS 34. The accounting principles are the same as in the 
financial statements of 2007. This interim report is unaudited.