Lemminkäinen's Financial Statements bulletin 2009

LEMMINKÄINEN CORPORATION       FINANCIAL STATEMENTS BULLETIN       12.2.2010,
9:00 

LEMMINKÄINEN'S FINANCIAL STATEMENTS BULLETIN 2009:                              
Business diversity supported Lemminkäinen. Cash flow was good and the balance   
sheet was strengthened.                                                         


Summary for January-December 2009 (comparative figures 1-12/2008):              

- Net sales fell 21% to EUR 1,964.4 million (2,481.8)                           
- Operations abroad accounted for 27% or EUR 527.1 million (676.7) of net sales.
- The operating profit was EUR 23.3 million (123.2). The operating margin was   
1.2% (5.0). The operating profit was impaired by recognition of the remaining   
EUR 54 million of the infringement fine imposed by the Supreme Administrative   
Court. Excluding the charge, operating profit would have been EUR 77.3 million, 
representing 3.9% of net sales.                                                 
- The result before taxes was EUR -10.0 million (91.0)                          
- Earnings per share were EUR -1.53 (3.28)                                      
- The return on investment was 5.4% (17.7)                                      
- Cash flow from operating activities was EUR 64.2 million (24.6)               
- The equity ratio was 31.4% (26.2) and gearing was 108.6% (98.4)               
- The order book at the end of the accounting period was EUR 958.4 million      
(1,064.5)                                                                       
- The Board of Directors proposes that no dividend be paid for the accounting   
period                                                                          


Summary for October-December 2009 (comparative figures 10-12/2008):             

- Net sales fell 30% to EUR 519.6 million (742.5)                               
- The operating profit was down 67% to EUR 12.3 million (37.5)                  
- Net financing expenses were EUR 8.0 million (14.5)                            
- The result before taxes was EUR 4.3 million (23.0)                            
- Earnings per share were EUR -0.02 (0.55)                                      
- Cash flow from operating activities was EUR 67.7 million (212.8)              


Highlights of Q4/2009:                                                          

Housing sales in Finland continued at the brisk level of the previous three     
months, and a number of commercial property transactions were completed in the  
fourth quarter. The contracts for the Kuopio Life Cycle Project, which are      
altogether worth about EUR 93.5 million to Lemminkäinen, were also signed in the
fourth quarter.                                                                 

The paving season continued to be brisk during the October-November period, but 
the onset of winter brought the infrastructure construction season to an end    
earlier than in previous years. In the fourth quarter Lemminkäinen won the      
contracts for the construction works on both the eastern mouth of the Ring Rail 
Line's tunnel and for the Töölönlahti parking facility. The combined value of   
the projects is approx. EUR 49 million.                                         

The net sales and result of the Technical Building Services business sector     
developed steadily and the order book grew cautiously in spite of intensified   
competition. Among other contracts won during the fourth quarter, Lemminkäinen  
and Ilmarinen Pension Insurance Company signed a major servicing and maintenance
agreement.                                                                      

In the Building Products business sector, demand for roofing and waterproofing  
contracting continued to be satisfactory in the fourth quarter. The share of    
urban environment construction remained almost at the level of the previous     
year. The pick-up in residential construction boosted demand for pre-cast       
concrete elements towards the end of the year.                                  

In the fourth quarter of 2009 Lemminkäinen published its revised strategy, the  
main economic targets of which are profitable growth and strengthening of the   
Group's financial position.                                                     

Profitability and financial position in 2009:                                   

Net sales in all of Lemminkäinen's business sectors were down on the previous   
year due to poor general economic conditions. The impact was strongest in       
building construction, which had a slow first half of the year. However, the    
pick-up in housing production in Finland and Russia towards the end of the year 
improved the situation. Also brisk demand for paving work in Norway and Denmark 
as well as good success on the Finnish market also had a positive effect on net 
sales. Lemminkäinen's order book at the end of the accounting period was 10%    
down on the previous year.                                                      

The result for the 2009 accounting period was weakened by reduced volumes due to
the general economic situation. The net sales from building construction in     
particular were well down on the previous year. The profitability of building   
construction was also affected by weaker housing sales in Finland and Russia    
especially during the first half of the year. The Group's result was also       
impacted by the EUR 68.0 million infringement fine imposed by the Supreme       
Administrative Court, of which EUR 54 million was recognised in the third       
quarter of the year.                                                            

The personnel adjustment measures initiated at the end of 2008 continued, and at
the end of the accounting period there were about 1,200 fewer employees than    
twelve months earlier. The adjustment measures are still continuing, in addition
to which greater business efficiency is being sought by simplifying the Group's 
structure and reorganising the support functions, among other means.            

Lemminkäinen's equity ratio at the end of the accounting period was 31.4%       
(26.2), which was clearly higher than in the previous year. The Company's liquid
funds at the end of the accounting period were EUR 74.4 million (250.1). The EUR
150 million line of credit made available to Lemminkäinen remained unused at the
end of the accounting period. In addition to this credit facility, the Company  
has an unused TyEL pension premium loan allocation of approximately EUR 23      
million.                                                                        


President & CEO Timo Kohtamäki:                                                 

"The recession reduced the volume of construction both in Finland and around the
world. The year began in an atmosphere of uncertainty but brightened up in the  
second half, and the pick-up in construction was reflected in all of            
Lemminkäinen's business sectors. The Group's result fell short of the level     
achieved in the previous year.                                                  

Even though the year was challenging due to the weakened market situation, we   
did achieve some successes in all of our business sectors. In particular, the   
infrastructure markets of the Nordic countries kept Lemminkäinen's order book at
a good level, and the pick-up in housing sales in the second half of the year   
boosted the volume of building construction, in both Lemminkäinen and the sector
generally. The Technical Building Services and Building Products business       
sectors produced good results in challenging market conditions. Demand for      
servicing, maintenance and renovation construction rose slightly during the     
year, and their combined share in our overall business is already over a third. 

2009 was also significant because the results of the strategy work done during  
the year were published in the fourth quarter. The revised strategy marks out   
the path for our business over the next four years, and its economic targets are
profitable growth and strengthening of the Group's financial position. The      
strategic focus areas are renovation construction, technical building services, 
residential construction in Russia, and infrastructure construction in the      
Nordic countries. In addition, the Group's structure will be simplified and the 
entire Group unified under the Lemminkäinen brand.                              

Lemminkäinen has responded to the situation of construction market by adjusting 
the personnel levels of its business sectors in accordance with the present     
demand. The impact has been greatest in the Building Construction business      
sector, which now employs about a thousand fewer people than it did a year ago. 
In 2010 we will be seeking greater flexibility and efficiency in our operations 
through structural changes and reorganisation of support functions, among other 
means, as we move towards our strategic goal of creating one unified            
Lemminkäinen."                                                                  


Outlook for 2010                                                                

According to economic forecasts, Finland's gross domestic product is expected to
return to growth and construction activity is expected to increase slightly.    
Housing sales picked up towards the end of 2009, and they are expected to remain
stable in 2010 as well. Non-residential building construction is likely to      
remain slower than in previous years. Renovation construction will probably     
continue to grow steadily and demand for technical building services is expected
to increase slightly, too. In Russia, the pick-up in the housing market will    
continue and the volume of construction will probably grow in 2010.             

Even though there are no new major transport infrastructure projects in the bid 
preparation pipeline for 2010, projects already in progress will keep           
infrastructure builders busy. The pick-up in building construction will also    
provide work for infra builders. In Finland the government will be making       
further cuts in its spending on basic highway maintenance, and the weakened     
finances of the municipalities may also reduce the volume of infrastructure     
construction in future years.                                                   

The additional spending budgeted for infrastructure development in the other    
Nordic countries will continue, which will keep the markets of those countries  
favourable in the years ahead. The situation in the Baltic Countries will       
continue to be uncertain.                                                       

Demand for construction products closely follows the building construction      
cycle, and demand is expected to rise following the pick-up in residential      
construction in 2010.                                                           

Lemminkäinen estimates that net sales and the result before taxes for the 2010  
accounting period will be at the 2009 level, the infringement fine imposed by   
the SAC being excluded from the 2009 comparative figures.                       

Briefing                                                                        

A Finnish-language briefing for analysts and the media will be held at 10.00    
a.m. on 12 February at Lemminkäinen's head office. The street address is        
Salmisaarenaukio 2, Helsinki, Finland. Those wishing to attend are kindly asked 
to register in advance with the Investor Relations Officer, Merja Paulamäki, by 
phoning +358 2071 53367 or by e-mailing merja.paulamaki@lemminkainen.fi.        
Presentation material on the financial statements will be available on the      
Company's website at www.lemminkainen.com after the briefing.                   

Annual General Meeting, dividend and financial information 2010                 

Lemminkäinen Corporation's Annual General Meeting will be held at 10.00 a.m. on 
16 April 2010 at High Tech Center, HTC Helsinki, Tammasaarenkatu 1-5, Helsinki, 
Finland. The Board of Directors of Lemminkäinen Corporation will propose to the 
Annual General Meeting that no dividend be paid for the 2009 accounting period. 

The 2009 Financial Statements, the Report of the Board of Directors, and the    
Corporate Governance Statement will be published in Finnish and English during  
week 12/2010. The interim financial reviews will be published on 6 May, 5 August
and 4 November 2010. Lemminkäinen Corporation's annual summary and stock        
exchange bulletins can be viewed in their entirety on the Company's website at  
www.lemminkainen.com.                                                           

From 1 January 2010, Lemminkäinen will observe the interpretation IFRIC 15 -    
Agreements for the Construction of Real Estate, which was endorsed by the       
European Commission in July 2009. The interpretation provides guidance on when  
revenue stemming from the construction of real estate is to be recognised on the
basis of delivery, and when percentage-of-completion can be used as the         
recognition principle. In Lemminkäinen Group the new interpretation will affect 
especially the income recognition practice for own housing production, the basis
of which will change from percentage-of-completion to full completion and       
delivery.                                                                       

Comparative figures for 2009 conforming to the new accounting principles will be
published before the release of the first interim financial review in 2010.     


LEMMINKÄINEN CORPORATION                                                        
Corporate Communications                                                        


Additional information:                                                         
Timo Kohtamäki, President & CEO, tel. +358 2071 53263                           
Robert Öhman, CFO, tel. +358 2071 53515                                         
Merja Paulamäki, Investor Relations, tel. +358 2071 53367                       


APPENDICES                                                                      
Board of Directors' Report 1.1.-31.12.2009                                      
Tabulated Section of the                                                        
Financial Statements Bulletin                                                   

DISTRIBUTION                                                                    
NASDAQ OMX Helsinki                                                             
Key media                                                                       
www.lemminkainen.com                                                            



BOARD OF DIRECTORS' REPORT 2009                                                 

OPERATING ENVIRONTMENT                                                          

Finland                                                                         

Demand for construction declined strongly in 2009, the contraction being most   
clearly evidenced in the number of new building starts, especially in the first 
half of the year.                                                               

In Finland the emphasis in residential construction shifted, especially during  
the first half of the year, towards rental housing production, and new starts   
were made on some 14,000 state-subsidised rental housing units. Sales of        
dwellings in own housing developments picked up markedly from the level at the  
end of previous year, and the volume of own housing production started to grow  
cautiously towards the end of the year. Approximately 24,000 new housing starts 
were made in Finland during 2009, and that number is expected to be slightly    
higher in 2010.                                                                 

In non-residential building construction, demand for commercial and logistics   
buildings remained at a reasonable level, but there was a marked decline in the 
construction of office and industrial buildings during 2009. Finnish real estate
investors continued to invest in properties around the country, and the real    
estate investment market show signs of recovery. Real estate developments by    
public-sector organisations also had a positive impact on the non-residential   
construction market.                                                            

The volume of infrastructure construction fell from the good level of 2008, but 
it did not decline in the same way as the volume of other construction. The main
reason for the contraction in infrastructure construction in Finland was the    
completion of several major infra projects at the end of 2008 and the beginning 
of 2009. The volume of municipal infrastructure construction remained at a      
reasonable level. The contraction in building construction was reflected        
especially in reduced demand for geotechnical engineering work, mineral         
aggregates and ready-mix concrete.                                              

With the slowing in new construction, the emphasis in the technical building    
services sector has switched to renovation construction, due in part to the     
grants and incentives offered by the government. The volume of renovation       
construction rose slightly during 2009 and is expected to continue growing in   
the coming years. Demand for servicing and maintenance of technical building    
systems remained stable.                                                        

Operations abroad                                                               

In Scandinavia, government stimulus measures aimed at major projects and basic  
road-keeping helped to support the infrastructure markets at good levels. In    
Norway and Denmark demand for paving works was especially brisk. In Sweden the  
development of the rail network continued, which offered some significant       
contracts to geotechnical and rock engineering contractors.                     

In the Baltic Countries the construction market remained extremely challenging. 
A few EU-funded road projects helped to support the Baltic infrastructure       
markets.                                                                        

In Russia economic uncertainty continued and there was a marked decline in      
demand for construction from the level of the previous year. However, housing   
sales in Russia did pick up markedly towards the end of the year and they are   
expected to remain steady in 2010 as well.                                      


NET SALES, PROFIT AND FINANCIAL POSITION IN 2009                                

--------------------------------------------------------------------------------
| Key figures, EUR million         |          2009 |         2008 |       2007 |
--------------------------------------------------------------------------------
| Net sales                        |       1,964.4 |      2,481.8 |    2,174.1 |
--------------------------------------------------------------------------------
| of which operations abroad       |         527.1 |        676.7 |      581.6 |
--------------------------------------------------------------------------------
| Operating profit                 |          23.3 |        123.2 |      127.2 |
--------------------------------------------------------------------------------
| Operating margin, %              |           1.2 |          5.0 |        5.8 |
--------------------------------------------------------------------------------
| Profit before taxes              |         -10.0 |         91.0 |      111.2 |
--------------------------------------------------------------------------------
| Profit for accounting period     |         -23.7 |         63.5 |       80.6 |
--------------------------------------------------------------------------------
| of which profit share of parent  |         -26.1 |         55.9 |       72.9 |
| company's shareholders           |               |              |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR          |         -1.53 |         3.28 |       4.29 |
--------------------------------------------------------------------------------
| Dividend per share, EUR          |         0.0*) |         0.90 |       1.80 |
--------------------------------------------------------------------------------
| Return on investment, %          |           5.4 |         17.7 |       20.7 |
--------------------------------------------------------------------------------
| Return on equity, %              |          -7.4 |         19.2 |       27.5 |
--------------------------------------------------------------------------------
| Equity ratio, %                  |          31.4 |         26.2 |       32.7 |
--------------------------------------------------------------------------------
| Gearing, %                       |         108.6 |         98.4 |       87.2 |
--------------------------------------------------------------------------------
| Liquid funds                     |          74.4 |        250.1 |       78.5 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities     |         399.1 |        586.5 |      357.0 |
--------------------------------------------------------------------------------
*)Board of Directors' proposal to the AGM.                                      

Lemminkäinen Group's full-year net sales were EUR 1,964.4 million (2,481.8). Of 
that total, 73% (73) was generated in Finland, 17% (13) in other Nordic         
countries, 3% (4) in Russia, 4% (5) in the Baltic Countries and 3% (5) in other 
countries. The operating profit for the accounting period was EUR 23.3 million  
(123.2) and the operating margin was 1.2% (5.0).                                

Net sales in all of Lemminkäinen's business sectors were down on the previous   
year due to poor general economic conditions. The impact was strongest in       
building construction, which had a slow first half of the year. However, the    
pick-up in housing production in Finland and Russia towards the end of the year 
improved the situation. Also brisk demand for paving work in Norway and Denmark 
as well as good success on the Finnish market also had a positive effect on net 
sales. Lemminkäinen's order book at the end of the accounting period was 10%    
down on the previous year.                                                      

The result for the accounting period was EUR -23.7 million (63.5). The 2009     
result was weakened by reduced volumes due to the general economic situation.   
Net sales from building construction in particular were well down on the        
previous year. The profitability of building construction was also affected by  
weaker housing sales in Finland and Russia especially during the first half of  
the year. The Group's result was also impacted by the EUR 68.0 million          
infringement fine imposed by the Supreme Administrative Court, of which EUR 54  
million was recognised in the third quarter of the year. Excluding this charge, 
the Company's result before taxes would have been EUR 44 million (91.0).        
Financing expenses remained at almost the level of the previous year and were   
EUR 33.4 million (32.1).                                                        

The personnel adjustment measures initiated at the end of 2008 continued, and at
the end of the accounting period there were about 1,200 fewer employees than    
twelve months earlier. The adjustment measures are still continuing, in addition
to which greater business efficiency is being sought by simplifying the Group's 
structure and reorganising the support functions, among other means.            

Lemminkäinen's equity ratio at the end of the accounting period was 31.4%       
(26.2), which was clearly higher than in the previous year. Cash flow from      
operating activities was up on the previous year at EUR 64.2 million (24.6).    

The Company's liquid funds at the end of the accounting period were EUR 74.4    
million (250.1). The EUR 150 million line of credit made available to           
Lemminkäinen remained unused at the end of the accounting period. In addition to
this credit facility, the Company has an unused TyEL pension premium loan       
allocation of approximately EUR 23 million.                                     

--------------------------------------------------------------------------------
| Net sales by business sector, EUR |        2009 |      2008**) |        2007 |
| million                           |             |              |             |
--------------------------------------------------------------------------------
| Building Construction             |       867.7 |      1,207.5 |   1,042.9*) |
--------------------------------------------------------------------------------
| Infrastructure Construction       |       789.6 |        920.3 |     820.3*) |
--------------------------------------------------------------------------------
| Technical Building Services       |       233.8 |        269.9 |       230.2 |
--------------------------------------------------------------------------------
| Building Products                 |       132.7 |        156.0 |       133.8 |
--------------------------------------------------------------------------------
| Other operations and Group        |       -42.2 |        -52.2 |       -53.0 |
| eliminations                      |             |              |             |
--------------------------------------------------------------------------------
| Business sectors, total           |     1,981.5 |      2,501.5 |     2,174.1 |
--------------------------------------------------------------------------------
| Unallocated Items                 |       -17.1 |        -19.7 |             |
--------------------------------------------------------------------------------
| Group total (IFRS)                |     1,964.4 |      2,481.8 |     2,174.1 |
--------------------------------------------------------------------------------
| of which Operations abroad        |       527.1 |        676.7 |       581.6 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Operating profit by business      |        2009 |      2008**) |        2007 |
| sector, EUR million               |             |              |             |
--------------------------------------------------------------------------------
| Building Construction             |        36.6 |         69.7 |      71.7*) |
--------------------------------------------------------------------------------
| Infrastructure Construction       |        25.9 |         26.2 |      39.3*) |
--------------------------------------------------------------------------------
| Technical Building Services       |        12.2 |         16.3 |        11.9 |
--------------------------------------------------------------------------------
| Building Products                 |         6.5 |         10.5 |        11.1 |
--------------------------------------------------------------------------------
| Other operations                  |   -61,7***) |         -3.3 |        -6.7 |
--------------------------------------------------------------------------------
| Business sectors, total           |        19.5 |        119.4 |       127.2 |
--------------------------------------------------------------------------------
| Unallocated Items                 |         3.8 |          3.8 |             |
--------------------------------------------------------------------------------
| Group total (IFRS)                |        23.3 |        123.2 |       127.2 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Operating margin by business      |        2009 |      2008**) |        2007 |
| sector, %                         |             |              |             |
--------------------------------------------------------------------------------
| Building Construction             |         4.2 |          5.8 |       6.9*) |
--------------------------------------------------------------------------------
| Infrastructure Construction       |         3.3 |          2.8 |       4.8*) |
--------------------------------------------------------------------------------
| Technical Building Services       |         5.2 |          6.1 |         5.2 |
--------------------------------------------------------------------------------
| Building Products                 |         4.9 |          6.7 |         8.3 |
--------------------------------------------------------------------------------
| Group total (IFRS)                |         1.2 |          5.0 |         5.8 |
--------------------------------------------------------------------------------
*) Pro forma                                                                    
**) The standard governing operating segment reporting was adopted on 1.1.2009, 
and the comparative figures starting 1.1.2008 were also calculated in accordance
with the provisions of the same standard.                                       
***) includes a charge of EUR 54 million of the fine imposed by the Supreme     
Administrative Court.                                                           


ORDER BOOK                                                                      

--------------------------------------------------------------------------------
| Order book by business sector,   |         2009 |         2008 |        2007 |
| EUR million                      |              |              |             |
--------------------------------------------------------------------------------
| Building Construction            |        495.6 |        576.3 |       938.0 |
--------------------------------------------------------------------------------
| Infrastructure Construction      |        322.7 |        365.4 |       326.5 |
--------------------------------------------------------------------------------
| Technical Building Services      |        106.8 |         97.7 |       111.9 |
--------------------------------------------------------------------------------
| Building Products                |         33.3 |         25.2 |        37.7 |
--------------------------------------------------------------------------------
| Group, total                     |        958.4 |      1,064.5 |     1,414.1 |
--------------------------------------------------------------------------------
| of which international orders    |        206.8 |        263.1 |       284.0 |
--------------------------------------------------------------------------------

Lemminkäinen's order book at the end of the accounting period was down by tenth 
on the previous year. The market breakdown of the order book was Finland 78%    
(75), other Nordic countries 11% (16), Russia 2% (2), the Baltic Countries 5%   
(5) and other countries 4% (2).                                                 

Significant orders received in 2009                                             

In January Lemminkäinen and the Moldovan Road Administration agreed a highway   
upgrade contract worth EUR 13.5 million.                                        

In February an agreement was made with the Estonian Road Administration         
concerning a highway upgrade contract in Ida-Viru County. Lemminkäinen is the   
leading partner in the consortium and its share of the contracted works is about
a third. The whole contract is worth approx. EUR 31 million.                    

In March work began on the construction of Tammiston Tähti in Vantaa. The new   
commercial building has a total floor area of 4,900 m2 and will be completed in 
March 2010. The property was sold to Suomi Mutual Life Insurance Company in     
December 2009.                                                                  

In April an agreement was made with the Lithuanian Road Administration          
concerning basic improvement works to be carried out as a consortium project on 
the motorway between Vilnius and Klaipeda. The whole contract is worth approx.  
EUR 17 million. Lemminkäinen's share of the contracted works is over a third.   

In the summer an agreement was made concerning the project management contract  
for Cargotec's new multi-assembly unit (MAU) in Poland. The total value of the  
project for Lemminkäinen is approx. EUR 22 million. The works will be completed 
in summer 2010.                                                                 

In the summer, work began on the pedestrianisation of Keskuskatu street in      
downtown Helsinki. The total street area involved in the contract is about      
10,000 m² and the work will be carried out in the years 2009-2013. The contract 
is worth approx. EUR 6.8 million.                                               

In the summer Lemminkäinen and Paulig Oy made an agreement on the phased        
purchase of Paulig's old roastery site in the Vuosaari district of the Helsinki.
The site has been zoned as a residential area for about 2,000 residents.        
Planning work for the site is under way and construction is expected to start   
during 2010.                                                                    

In June Lemminkäinen made an agreement with IKEA concerning the construction of 
a new IKEA store in Tampere. The project is being carried out as a project      
management contract and will be completed in summer 2010. The contract is worth 
approx. EUR 18 million.                                                         

In the summer Lemminkäinen won contracts for the construction of numerous       
non-residential buildings of various types. The buildings are located in        
different parts of Finland and their combined value is approx. EUR 40 million.  
In addition to these, work began on the construction of shopping centre in      
Imatra in August. The total floor area of the building is approx. 6,000 m².     

In July work began on the phase 1 construction of Åbo Akademi University's      
campus in Pietarsaari. The floor area to be built in phase 1 of the project is  
almost 10,000 m² and it is scheduled for completion by November 2010.           

In the summer Lemminkäinen won the excavation and reinforcement contract for the
P-Hämppi underground parking facility in Tampere. The contract is worth approx. 
EUR 27 million and will be completed in spring 2011.                            

In August Lemminkäinen won a significant geotechnical engineering contract in   
Sweden. The project involves improving the stability of two concrete dams for   
safety reasons. The dams were constructed at                                    
Storfinnefors and Ramsele in the 1950s.The contract is worth approx. EUR 10     
million.                                                                        

In the autumn the development of the Jätkäsaari residential area in Helsinki    
began with an architectural competition. Lemminkäinen will build some 400       
housing units in the Saukonpaasi district. Construction work will begin in      
autumn 2010.                                                                    

In September an agreement was made with Oy Teboil Ab to extend the contract to  
provide technical facility management and maintenance services to Teboil's 450  
distribution points.                                                            

In September, work began on the construction of new premises for the Finnish    
Agency for Rural Affairs in Seinäjoki. The property, which has a floor area of  
6,400 m2 and will be completed in early 2011, was then sold to Etera Mutual     
Pension Insurance Company.                                                      

In October Lemminkäinen and Ilmarinen Mutual Pension Insurance Company extended 
their comprehensive, long-term partnership agreement concerning real estate     
services. The agreement covers the servicing and maintenance of technical       
systems in office and commercial properties as well as management services      
related to their day-to-day operation. The 21 properties in question have a     
combined floor area of approx. 350,000 m².                                      
                                                                                
In October Lemminkäinen started work on the replumbing and bathroom             
refurbishment of 189 housing units in the Vuosaari district of Helsinki. The    
contract raised the total number of housing units in which Lemminkäinen was     
carrying out replumbing and bathroom refurbishments in the old Vuosaari district
of Helsinki to 840.                                                             

In November work began on the construction of the Western Metro in Helsinki.    
Lemminkäinen won the first contract of the project, which involves the          
excavation of track and access tunnels in Ruoholahti. The contract is worth     
approximately EUR 10 million and will be completed in May 2011.                 

In December construction work began on a significant life-cycle project in      
Kuopio. The project entity encompasses the new construction and basic repair of 
four schools and one child day-care centre. Lemminkäinen will be responsible for
the maintenance and upkeep of the buildings for a period of 25 years. The total 
value of the project is EUR 93.5 million.                                       

In December Lemminkäinen won the contract for the construction works of the     
Töölönlahti underground parking facility and civil defence shelter in Helsinki. 
The contract will be completed in summer 2012 and is worth approx. EUR 35       
million.                                                                        

In December work began on the construction of the eastern mouth of the Ring Rail
Line's tunnel section in Vantaa. The contract will be completed in spring 2012  
and is worth approx. EUR 14 million.                                            

Lemminkäinen won two road construction contracts in Lithuania. Construction work
will begin in spring 2010. The contracts are partly funded by the EU and their  
combined value is EUR 12.3 million.                                             

Significant orders received after the accounting period                         

Lemminkäinen is to renew the track and field at Helsinki's Olympic Stadium. The 
contract will be completed at the end of July 2010 and is worth approx. EUR 4   
million.                                                                        


BALANCE SHEET, CASH FLOW AND FINANCING                                          

The consolidated balance sheet total at 31 December 2009 was EUR 1,033.7 million
(1,413.3). The return on investment was 5.4% (17.7) and the equity ratio 31.4%  
(26.2). Gearing was 108.6% (98.4).                                              

According to the cash flow statement, the cash flow from operating activities   
was EUR 64.2 million (24.6), the cash flow from investing activities EUR -18.5  
million (-27.9) and the cash flow from financing activities EUR -220.2 million  
(177.3). The cash flow for the accounting period includes the payment of        
dividends totalling EUR 18.0 million (32.6) for the 2008 accounting period.     

Working capital declined 24% to EUR 660.6 million (874.6) and net working       
capital fell 15% to EUR 348.9 million (411.9).                                  

Liquid funds at the end of the accounting period were EUR 74.4 million (250.1). 

The amount of interest-bearing debt at the end of the review period was EUR     
399.1 million (586.5), of which EUR 108.4 million was short-term debt and EUR   
290.7 million long-term debt. Interest-bearing net debt was EUR 324.7 million   
(336.4). Net financing expenses were EUR 33.4 million (32.1), representing 1.7% 
(1.3) of net sales.                                                             

Lemminkäinen's interest-bearing debt comprised loans from financial institutions
49%, commercial paper 1%, project loans related to own housing production and   
non-residential construction 11%, TyEL loans 22%, finance leasing liabilities   
14% and other liabilities 3%.                                                   

EUR 54 million of the EUR 68 million fine imposed by the Supreme Administrative 
Court was recognised on the income statement under “Other operating expenses” in
the third quarter of the year, which resulted in a covenant contained in the    
loan terms being breached. Lemminkäinen entered into negotiations with its      
banking consortium and made a new agreement that continued the financing        
arrangements in accordance with the original maturity and on almost the original
terms.                                                                          

The EUR 150 million line of credit made available to Lemminkäinen as part of the
renegotiated financing arrangements remains unused at the end of the review     
period. In addition to this credit facility, the Company has an unused TyEL     
pension premium loan allocation of approximately EUR 23 million.                


BUSINESS SECTORS                                                                

BUILDING CONSTRUCTION                                                           

--------------------------------------------------------------------------------
| Key figures, EUR million         |        2009 |        2008**) |     2007*) |
--------------------------------------------------------------------------------
| Net sales                        |       867.7 |        1,207.5 |    1,042.9 |
--------------------------------------------------------------------------------
| Operating profit                 |        36.6 |           69.7 |       71.7 |
--------------------------------------------------------------------------------
| Operating margin, %              |         4.2 |            5.8 |        6.9 |
--------------------------------------------------------------------------------
| Profit before taxes              |        24.7 |           56.7 |       64.6 |
--------------------------------------------------------------------------------
| Order book at end of period      |       495.6 |          576.3 |      938.0 |
--------------------------------------------------------------------------------
| Personnel (average)              |       2,356 |          3,159 |      3,055 |
--------------------------------------------------------------------------------
*) Pro forma                                                                    
**) The standard governing operating segment reporting was adopted on 1.1.2009, 
and the comparative figures starting 1.1.2008 were also calculated in accordance
with the provisions of the same standard.                                       

The net sales of the Building Construction business sector fell 28% to EUR 867.7
million (1,207.5). The business sector generated 82% of its net sales in        
Finland, 7% in other Nordic countries, 5% in Russia, and 6% in other countries. 

Building Construction's operating profit was down 47% to EUR 36.6 million       
(69.7). The business sector's result was satisfactory given the market          
conditions. The pick-up in the housing market and the completion of several real
estate deals in the fourth quarter improved the business sector's result at the 
end of the year.                                                                

The business sector's order book fell 14% to EUR 495.6 million (576.3). Orders  
from abroad contributed EUR 82.3 million (89.4) to the order book.              

Operations in Finland:                                                          

Sales of housing units were brisker than expected, and 771 (634) units in       
Lemminkäinen's own housing developments were sold during the accounting period. 
Lemminkäinen completed 533 (1,030) units in its own housing developments during 
the accounting period. As a consequence of the pick-up in the housing market,   
the Company resumed its own housing production during the third quarter, and new
starts were made on a total of 351 (504) own housing units during the accounting
period as a whole. At the end of the accounting period, 405 (587) housing units 
were under construction, of which 193 were unsold. The number of unsold         
completed housing units was 263 (496). There was a marked increase in the number
of contracted housing starts, with new starts being made on 1,090 (507) rental  
housing units in 2009. The total number of residential housing starts made by   
Lemminkäinen in Finland during 2009 was 1,444 (901).                            

--------------------------------------------------------------------------------
| Lemminkäinen's private-sector   |         2009 |          2008 |        2007 |
| housing production, Finland     |              |               |             |
--------------------------------------------------------------------------------
| Housing starts	                 |          351 |           504 |         852 |
--------------------------------------------------------------------------------
| Housing units sold              |          771 |           634 |         883 |
--------------------------------------------------------------------------------
| Unsold completed units          |          263 |           496 |         283 |
--------------------------------------------------------------------------------
| Completed                       |          533 |         1,030 |       1,488 |
--------------------------------------------------------------------------------
| Under construction at end of    |          405 |           587 |       1,123 |
| period                          |              |               |             |
--------------------------------------------------------------------------------
| of which unsold                 |          193 |           380 |         733 |
--------------------------------------------------------------------------------

At the end of the accounting period Lemminkäinen owned a total of 877,000 m2 of 
unused building rights in Finland, of which approx. 388,000 m2 were residential 
building rights. The Company also had binding or conditional co-operation and   
zoning agreements for about 818,000 m², of which about 332,000 m² are           
residential building rights. The value of the building plots was approx. EUR    
94.7 million (74.8).                                                            

The volume of non-residential building construction was clearly down on the     
previous year and demand for office buildings in particular was limited during  
the accounting period. Demand for commercial and logistics buildings remained at
a reasonable level. The real estate investment market showed signs of recovery  
towards the end of the year, but the threshold for builders to start new        
construction remained high.                                                     

The renovation construction market remained stable and the near-term outlook is 
also favourable. Government stimulus measures aimed at renovation construction  
have boosted demand for building repair works to some extent. Renovation        
construction accounted for about 17% of Lemminkäinen's building construction    
during the accounting period, and the share is expected to rise in the future.  

Operations abroad:                                                              

Operations abroad accounted for about 18% of the business sector's net sales in 
2009. Almost a third of this international business was in Russia. As a result  
of the international financial crisis, demand for construction fell sharply in  
Russia, but housing sales picked up towards the end of the year and the number  
of housing units sold in 2009 was significantly higher than in the previous     
year. Economic uncertainty persists in Russia, but housing sales are expected to
remain steady in 2010.                                                          

The number of housing units sold in Lemminkäinen's own developments in Russia   
during the accounting period was 133 (61).Work halted on 264 housing units in   
St. Petersburg was resumed during the accounting period. At the end of the      
accounting period the Company had 479 (306) housing units under construction, of
which 367 were unsold. The number of unsold completed units at the end of the   
accounting period was 22.                                                       

The value of the inventories that Lemminkäinen had tied up in Russia at the end 
of the accounting period was EUR 36.5 million.                                  

In Sweden there were no housing units under construction in Lemminkäinen's own  
housing developments at the end of the accounting period. The number of unsold  
completed units was 11. The number of housing units sold during the accounting  
period was 27.                                                                  

Future growth in building construction abroad will be sought from Russian       
residential construction, without forgetting traditional contracting. The main  
focus of other operations abroad is on industrial construction in countries such
as China, India and Poland.                                                     

The volume of telecommunication network construction was well down on the       
previous year.                                                                  


INFRASTRUCTURE CONSTRUCTION                                                     

--------------------------------------------------------------------------------
| Key figures, EUR million          |         2009 |     2008**) |      2007*) |
--------------------------------------------------------------------------------
| Net sales                         |        789.6 |       920.3 |       820.3 |
--------------------------------------------------------------------------------
| Operating profit                  |         25.9 |        26.2 |        39.3 |
--------------------------------------------------------------------------------
| Operating margin, %               |          3.3 |         2.8 |         4.8 |
--------------------------------------------------------------------------------
| Profit before taxes               |         16.0 |        16.8 |        36.3 |
--------------------------------------------------------------------------------
| Order book at end of period       |        322.7 |       365.4 |       326.5 |
--------------------------------------------------------------------------------
| Personnel (average)               |        3,453 |       3,658 |       3,365 |
--------------------------------------------------------------------------------
*) Pro forma                                                                    
**) The standard governing operating segment reporting was adopted on 1.1.2009, 
and the comparative figures starting 1.1.2008 were also calculated in accordance
with the provisions of the same standard.                                       

The net sales of the Infrastructure Construction business sector fell 14% to EUR
789.6 million (920.3). The business sector generated 54% of its net sales in    
Finland, 34% in the other Nordic countries, 10% in the Baltic Countries and 2%  
in Russia. In the Nordic countries the volumes of business remained at the level
of 2008, but, the volumes in especially the Baltic Countries and of mineral     
aggregate and ready-mix concrete business were down on the previous year due to 
the generally reduced level of construction. Also contributing to the decline of
net sales was the exceptionally early onset of winter, which shortened the      
infrastructure construction season.                                             

The business sector's operating profit was at the level of the previous year,   
and was EUR 25.9 million (26.2). The operating margin rose slightly thanks to   
good paving seasons in both Norway and Denmark. The result was impaired by poor 
market conditions in the Baltic Countries especially.                           

The business sector's order book was about 12% down on the previous year.       

Operations in Finland:                                                          

Lemminkäinen's paving operations were brisk all year and the effect of          
constrained municipal finances was less than expected. The Finnish paving market
as whole contracted: a total of some 5.6 million tonnes of asphalt mix was      
produced in Finland, which was 10% less than in the previous year. Despite the  
intensification of competition, Lemminkäinen held on to its position as the most
important actor in the industry.                                                

Competition in transport infrastructure construction is fierce and very few bids
will be prepared for new projects in 2010.                                      

The rock and geotechnical engineering market improved. Lemminkäinen won the lead
contract of the Western Metro construction project and, among others, the       
contracts for two underground parking caverns.                                  

The slowdown in building construction reduced demand for mineral aggregates and 
ready-mix concrete. Demand for crushing contracting was reasonable given the    
state of the market.                                                            

Operations abroad:                                                              

In Norway and Denmark demand for paving works was brisk during the review year  
and government stimulus measures in both countries will keep demand at a good   
level in 2010 as well.                                                          

In Sweden, Lemminkäinen continued to work on several tunnel construction        
contracts, the last of which are due to be completed during 2010. The market for
infrastructure in Sweden has remained good. Among other contracts won during the
accounting period, Lemminkäinen won the contract to improve the stability of two
concrete dams. The focus in tunnel construction is switching to the Stockholm   
area, where some significant infrastructure projects have been launched.        

The market situation in the Baltic Countries continued to be weak and           
Lemminkäinen adjusted its operations accordingly. The order book in Estonia and 
Lithuania remained at a satisfactory level, but the situation in Latvia was     
challenging. The Baltic infrastructure construction markets were supported by a 
few EU-funded highway projects.                                                 


TECHNICAL BUILDING SERVICES                                                     

--------------------------------------------------------------------------------
| Key figures, EUR million         |          2009 |      2008*) |        2007 |
--------------------------------------------------------------------------------
| Net sales                        |         233.8 |       269.9 |       230.2 |
--------------------------------------------------------------------------------
| Operating profit                 |          12.2 |        16.3 |        11.9 |
--------------------------------------------------------------------------------
| Operating margin, %              |           5.2 |         6.1 |         5.2 |
--------------------------------------------------------------------------------
| Profit before taxes              |          12.8 |        18.5 |        13.6 |
--------------------------------------------------------------------------------
| Order book at end of period      |         106.8 |        97.7 |       111.9 |
--------------------------------------------------------------------------------
| Personnel (average)              |         1,941 |       2,013 |       1,918 |
--------------------------------------------------------------------------------
*) The standard governing operating segment reporting was adopted on 1.1.2009,  
and the comparative figures starting 1.1.2008 were also calculated in accordance
with the provisions of the same standard.                                       

The net sales of the Technical Building Services business sector fell 13% to EUR
233.8 million (269.5). The operating profit was down by a quarter to EUR 12.2   
million (16.3). The business sector's result was good considering the           
challenging market conditions.                                                  

In spite of stiffening competition, the business sector's order book remained at
the level of the previous year and even began to grow towards the end of the    
year. The business sector's order book at the end of the accounting period was  
EUR 106.8 million (97.7).                                                       

Energy efficiency improvement and special expertise in areas such as            
refrigeration maintenance and installation have become significant competitive  
factors in the sector. The price level of materials rose moderately up until the
autumn, at which point the prices of raw materials such as copper started to    
rise sharply.                                                                   

With the slowdown in new building construction, the emphasis in technical       
building services switched to renovation construction, serving and maintenance. 
Supported by government stimulus measures, the modernisation of piped systems in
residential buildings increased during the year and that trend is expected to   
continue in the future, too. Demand for the business sector's industrial        
services fell during the accounting period as industry cut back on its          
investments and maintenance functions. The servicing, maintenance and repair of 
technical building systems already accounts for about a half of the business    
sector's net sales, and demand for such services is expected to remain good in  
the years ahead.                                                                

In spite of the difficult market situation, the servicing business in Russia    
grew during the accounting period and Lemminkäinen carried out some significant 
technical building services contracts in the St. Petersburg area.               

BUILDING PRODUCTS                                                               

--------------------------------------------------------------------------------
| Key figures, EUR million        |        2009 |       2008*) |          2007 |
--------------------------------------------------------------------------------
| Net sales                       |       132.7 |        156.0 |         133.8 |
--------------------------------------------------------------------------------
| Operating profit                |         6.5 |         10.5 |          11.1 |
--------------------------------------------------------------------------------
| Operating margin, %             |         4.9 |          6.7 |           8.3 |
--------------------------------------------------------------------------------
| Profit before taxes             |         5.8 |          9.9 |          10.5 |
--------------------------------------------------------------------------------
| Order book at end of period     |        33.3 |         25.2 |          37.7 |
--------------------------------------------------------------------------------
| Personnel (average)             |         762 |          839 |           749 |
--------------------------------------------------------------------------------
*) The standard governing operating segment reporting was adopted on 1.1.2009,  
and the comparative figures starting 1.1.2008 were also calculated in accordance
with the provisions of the same standard.                                       

The net sales of the Building Products business sector fell 15% to EUR 132.7    
million (156.0). The operating profit was down about 38% to EUR 6.5 million     
(10.5).                                                                         

The order book rose by a third and at the end of the accounting period was EUR  
33.3 million (25.2).                                                            

The year was a busy one as far as roofing and waterproofing contracting was     
concerned, and in spite of stiffening competition Lemminkäinen's market share   
rose. The change of emphasis in construction towards renovation construction    
increased the volume of yard and roofing repair works for housing companies.    
Sales and exports of roofing and waterproofing products fell during the         
accounting period. Increases in raw material costs were moderate and prices     
remained steady throughout the accounting period.                               

The slowdown in residential and non-residential building construction reduced   
demand for pre-cast concrete staircase and wall elements in the first half of   
2009, but the pick-up in construction activity was strongly reflected in demand 
for pre-cast concrete elements towards the end of the year. The market for      
sports and urban environment construction was good.                             


SHARES AND SHARE CAPITAL                                                        

The listed price of Lemminkäinen Corporation's share was EUR 13.05 (31.50) at   
the beginning of the accounting period and EUR 24.20 (13.05) at the end of the  
accounting period. The market capitalisation at the end of the accounting period
was EUR 411.9 million (222.1). Altogether 1.918.039 shares (3.185.174) were     
traded during the accounting period. The total value of the turnover was EUR    
41.0 million (87.3). At the end of the accounting period the Company had 5.017  
(4.511) shareholders.                                                           

Lemminkäinen's share capital is EUR 34,042,500. The Company has one share series
and the total number of issued shares is 17,021,250.                            

The Extraordinary General Meeting of Lemminkäinen Corporation, held on 12       
November 2009, decided in accordance with the proposal of the Board of          
Directors, to authorise the Board of Directors to resolve on a share issue      
and/or an issue of special rights entitling their holders to shares as referred 
to in Chapter 10. Section 1 of the Finnish Companies Act. In addition, the      
Extraordinary General Meeting decided to authorise the Board of Directors to    
decide on the acquisition of treasury shares.                                   


INVESTMENTS                                                                     

Investments made during the accounting period amounted to EUR 41.5 million      
(60.2). The most significant single investment made during the accounting period
was a new asphalt plant at Sammonmäki. The other investments were mainly        
replacement purchases of equipment for paving and mineral aggregate operations. 

PERSONNEL                                                                       

The average number of employees in the Group during the accounting period was   
8,626 (9,776), of whom 70% (71) worked in Finland, 12% (11) in other Nordic     
countries, 11% (11) in the Baltic Countries and 7% (7) in other countries.      

In the second half of 2008 Lemminkäinen began adjusting its personnel strength  
to meet the requirements of the prevailing market situation. The personnel      
reduction measures have so far affected about 1,500 employees. The biggest      
personnel reductions have been made in the Building Construction and Building   
Products business sectors. The adjustment measures have been continued after the
accounting period.                                                              

--------------------------------------------------------------------------------
| Personnel, average                |        2009 |        2008 |         2007 |
--------------------------------------------------------------------------------
| Hourly paid employees             |       5,559 |       6,490 |        6,084 |
--------------------------------------------------------------------------------
| Salaried staff                    |       3,067 |       3,286 |        3,117 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, total                  |       8,626 |       9,776 |        9,201 |
--------------------------------------------------------------------------------
| of whom working abroad            |       2,607 |       2,836 |        2,565 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of the       |       7,759 |       8,910 |        8,718 |
| accounting period                 |             |             |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total wages, salaries and other   |       329.3 |       358.1 |        327.2 |
| remuneration for the accounting   |             |             |              |
| period, EUR million               |             |             |              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Personnel by business sector,     |        2009 |        2008 |         2007 |
| average                           |             |             |              |
--------------------------------------------------------------------------------
| Building Construction             |       2,356 |       3,159 |        3,055 |
--------------------------------------------------------------------------------
| Infrastructure Construction       |       3,453 |       3,658 |        3,365 |
--------------------------------------------------------------------------------
| Technical Building Services       |       1,941 |       2,013 |        1,918 |
--------------------------------------------------------------------------------
| Building Products                 |         762 |         839 |          749 |
--------------------------------------------------------------------------------
| Parent company                    |         114 |         107 |          114 |
--------------------------------------------------------------------------------
| Total                             |       8,626 |       9,776 |        9,201 |
--------------------------------------------------------------------------------


ANNUAL GENERAL MEETING 2009 AND CORPORATE GOVERNANCE                            

Lemminkäinen Corporation's Annual General Meeting held on 17 March 2009 adopted 
the Company's annual accounts and financial statements for 2008 and granted the 
CEO and the members of the Board of Directors discharge from liability. The     
Annual General Meeting decided, in accordance with the Board of Directors'      
proposal, to pay a dividend of EUR 0.90 per share, i.e. a total dividend of EUR 
15,319,125. The dividend's record date was 20 March 2009 and the payment date   
was 27 March 2009.                                                              

Messrs. Berndt Brunow, Teppo Taberman, Juhani Mäkinen and Ms. Kristiina         
Pentti-von Walzel were re-elected to serve as members of the Board of Directors.
Messrs. Mikael Mäkinen, M.Sc.(Eng.) and Heikki Räty, M.Sc.(Econ.) were newly    
elected to serve as board members. PricewaterhouseCoopers Oy, a firm of         
authorised public accountants, were re-elected to serve as the Company's        
auditors, with Mr. Jan Holmberg, APA acting as the chief auditor.               

Lemminkäinen Corporation's Board of Directors held an organising meeting on 17  
March 2009. Berndt Brunow continues to serve as the Chairman of the Board, and  
Juhani Mäkinen as the Vice Chairman.                                            


EXTRAORDINARY GENERAL MEETING                                                   

The Extraordinary General Meeting of Lemminkäinen Corporation, held on 12       
November 2009. decided in accordance with the proposal of the Board of          
Directors, to authorise the Board of Directors to resolve on a share issue      
and/or an issue of special rights entitling their holders to shares as referred 
to in Chapter 10. Section 1 of the Finnish Companies Act. The number of shares  
to be issued, including the shares to be received on the basis of special       
rights, shall not exceed 4,200,000 shares. The proposed maximum amount of the   
authorisation corresponds to approximately 25% of all the current shares of the 
Company. The Board of Directors may decide to issue either new shares or own    
shares that may be held by the company (treasury shares).                       

In addition, the Extraordinary General Meeting decided to authorise the Board of
Directors to decide on the acquisition of treasury shares, in one or more       
instalments, using the unrestricted shareholders' equity of the Company. The    
authorisation is proposed to cover a maximum of 1,700,000 treasury shares,      
subject to the regulations of the Finnish Companies Act concerning the maximum  
amount of own shares that may be held by a company. The proposed maximum amount 
of the authorisation corresponds to approximately 10% of all the current shares 
of the Company.                                                                 


COMMITTEES OF THE BOARD OF DIRECTORS                                            

The Board of Directors chooses from among its members a Nomination Committee, an
Audit Committee, and a Remuneration Committee. The committees assist the Board  
of Directors by preparing pertinent matters for the Board's consideration. All  
of the Board members can participate in meetings of the Audit Committee and the 
Remuneration Committee                                                          

Lemminkäinen Corporation's Board of Directors held an organising meeting on 17  
March 2009. The compositions of the Audit Committee, Nomination Committee and   
Remuneration Committee were decided at the meeting. The Board of Directors      
elected Heikki Räty to serve as the Chairman of the Audit Committee, with Juhani
Mäkinen and Kristina Pentti-von Walzel serving as members. Berndt Brunow was    
elected to serve as the Chairman of the Nomination Committee, with Kristina     
Pentti-von Walzel and Teppo Taberman serving as members. Teppo Taberman was     
elected to serve as the Chairman of the Remuneration Committee, with Berndt     
Brunow and Mikael Mäkinen serving as members                                    


CHANGES IN THE COMPANY'S MANAGEMENT                                             

Tiina Mellas (nee. Kihlakaski), M.Sc. (Econ) was appointed to serve as          
Lemminkäinen Corporation's Executive Vice President, Human Resources and as a   
member of Lemminkäinen Group's Executive Board with effect from 7 January 2009. 

Robert Öhman, M.Sc. (Econ) was appointed to serve as Chief Financial Officer of 
Lemminkäinen Corporation and as a member of Lemminkäinen Group's Executive Board
with effect from 9 May 2009.                                                    

Marcus Karsten, M.Sc.(Econ.) was appointed to serve as Lemminkäinen             
Corporation's Executive Vice President, Technical Building Services and as a    
member of Lemminkäinen Group's Executive Board with effect from 1 January 2010. 
He was formerly the Managing Director of Tekmanni Service Oy, a company         
belonging to the Technical Building Services business sector.                   

Jukka Terhonen, M.Sc. (Eng.) was appointed to serve as Lemminkäinen             
Corporation's Executive Vice President, Building Construction, and as a member  
of Lemminkäinen Group's Executive Board with effect from 10 December 2009.      


LEGAL PROCEEDINGS                                                               

On 29 September 2009 the Supreme Administrative Court (SAC) ordered a number of 
Finnish asphalt industry companies to pay an infringement fine of EUR 82.55     
million, of which Lemminkäinen's share was EUR 68 million. The decision         
concluded the Finnish Competition Authority's claim made in 2004 for the        
imposition of a fine concerning violations of the Act on Competition            
Restrictions on seven companies operating in the asphalt industry during the    
period 1994-2002. The Finnish Competition Authority initially sought that an    
aggregate competition infringement fine of EUR 97 million should be imposed on  
the asphalt companies and the Finnish Asphalt Association, of which Lemminkäinen
was to pay EUR 68 million. The Market Court dismissed the Competition           
Authority's motion for the most part and in December 2007 ordered the asphalt   
companies to pay an infringement fine of EUR 19.4 million, of which Lemminkäinen
was to pay EUR 14 million. The SAC approved the infringement fine proposed by   
the Finnish Competition Authority in its entirety.                              

The difference between the infringement fine of EUR 68 million ordered by the   
SAC and the infringement fine of EUR 14 million ordered by the Market Court,    
i.e. EUR 54 million, was expensed in the third quarter of 2009. The infringement
fine of EUR 14 million ordered by the Market Court was expensed in the fourth   
quarter of 2007.                                                                
To date, 21 municipalities and the Finnish Road Administration have brought     
actions for the recovery of damages from Lemminkäinen and other asphalt         
companies in the District Court of Helsinki. The claimants contend that         
restrictions of competition have caused them damages. The Finnish Road          
Administration has claimed, in connection with work carried out for the Finnish 
State, at most EUR 10.5 million from Lemminkäinen and at most EUR 5.6 million   
jointly and severally with other asphalt companies. The claims presented in the 
statements of claim differ from each other as regards their amounts and grounds.
The claimants have reserved the right to alter, modify or extend their claims,  
but most of the claimants have not yet filed their finalised statements of claim
with the District Court.                                                        

The decision rendered by the SAC as it stands does not mean that Lemminkäinen or
the other asphalt industry companies actually caused the parties ordering       
asphalt works any damages. The SAC's decision does not concern the individual   
contracts that the claimants are citing in support of their claims. Neither does
the decision concern the pricing of individual contracts.                       

Lemminkäinen will examine the claims for damages and consider each claim        
separately. The Company's initial position is that the claims are without       
foundation.                                                                     

To the extent that the claimants eventually decide in their specified statements
of claim to pursue their legal actions against Lemminkäinen, they will be       
considered separately before the District Court of Helsinki and heard in the    
order determined by the court.                                                  

No provision for future expense has been made in respect of the statements of   
claims submitted so far to the district court by the municipalities and the     
Finnish Road Administration. It is likely that district court proceedings will  
continue into 2011.                                                             


RISKS AND UNCERTAINTIES                                                         

Lemminkäinen's business risks are divided into six categories: market risks,    
project risks, financing risks, credit loss risks, environmental risks, and     
accidents and damage. The measures necessary to manage the most significant     
identified risks have been specified.                                           
Market risk poses the most significant threat to Lemminkäinen in the near       
future. The international financial crisis and economic downturn are creating   
uncertainty in key sectors of Lemminkäinen's operating environment and making it
more difficult to foresee future changes. As a consequence of this, Lemminkäinen
has set about making the necessary adjustments to its business operations.      
Although housing sales have developed favourably, the general economic situation
is still unstable. For this reason new housing starts are being made only if a  
sufficiently high percentage of the units are reserved by buyers in advance.    
The aforementioned statements of claim submitted to the District Court of       
Helsinki by certain municipalities and the Finnish Road Administration pose a   
specific risk.                                                                  
Operating in a number of business sectors with differing cyclical behaviours is 
a cornerstone of Lemminkäinen's strategy. Fluctuating demand for new            
construction in Finland is counterbalanced by infrastructure construction.      
Building repair and maintenance account for more than a third of the Group's    
business.                                                                       
The Company's Annual Report and website provide more information on             
Lemminkäinen's risk management.                                                 


RESEARCH AND DEVELOPMENT                                                        

Lemminkäinen's research and development work focuses on the development of      
operational prerequisites as well as the development and quality assurance of   
products and services. Careful consideration of safety issues and environmental 
effects is an important principle in Lemminkäinen's development work. Products  
and services are developed in long-term collaboration with customers.           

The Group's business units and subsidiaries are responsible for their own       
research and development activities. Lemminkäinen's Central Laboratory carries  
out R&D at Group level. In 2009 the Group's research and development expenditure
accounted for 0.7% of net sales.                                                

THE ENVIRONMENT                                                                 

Lemminkäinen Group takes life-cycle and environmental perspectives into account 
when developing its operations, products and services. The management of        
environmental affairs and the effects of the Group's operations on the          
environment are continuously monitored by means of internal monitoring and      
control programmes.                                                             

The Company's Annual Report and website provide more information on             
Lemminkäinen's environmental issues.                                            

OUTLOOK FOR 2010                                                                

According to economic forecasts, Finland's gross domestic product is expected to
return to growth and construction activity is expected to increase slightly.    
Housing sales picked up towards the end of 2009, and they are expected to remain
stable in 2010 as well. Non-residential building construction is likely to      
remain slower than in previous years. Renovation construction will probably     
continue to grow steadily and demand for technical building services is expected
to increase slightly, too. In Russia, the pick-up in the housing market will    
continue and the volume of construction will probably grow in 2010.             

Even though there are no new major transport infrastructure projects in the bid 
preparation pipeline for 2010, projects already in progress will keep           
infrastructure builders busy. The pick-up in building construction will also    
provide work for infra builders. In Finland the government will be making       
further cuts in its spending on basic highway maintenance, and the weakened     
finances of the municipalities may also reduce the volume of infrastructure     
construction in future years.                                                   

The additional spending budgeted for infrastructure development in the other    
Nordic countries will continue, which will keep the markets of those countries  
favourable in the years ahead. The situation in the Baltic Countries will       
continue to be uncertain.                                                       

Demand for construction products closely follows the building construction      
cycle, and demand is expected to rise following the pick-up in residential      
construction in 2010.                                                           

Lemminkäinen estimates that net sales and the result before taxes for the 2010  
accounting period will be at the 2009 level, the infringement fine imposed by   
the SAC being excluded from the 2009 comparative figures.                       


BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFITS                    

The distributable shareholders' equity shown on the consolidated balance sheet  
as of 31 December 2009 amounts to EUR 217.772.976.72. The distributable         
shareholders' equity shown on the balance sheet of the parent company,          
Lemminkäinen Corporation, amounts to EUR 75,123,976.38 consisting of EUR        
72,636,193.59 in retained earnings from previous years and EUR 2,487,782.79 in  
profit for the accounting period.                                               

The Board of Directors of Lemminkäinen Corporation proposes to the Annual       
General Meeting that the Company would not pay any dividend for the accounting  
period ending 31 December 2009, in which case retained earnings would amount to 
EUR 75,123,976.38.                                                              


EVENTS AFTER THE ACCOUNTING PERIOD                                              

The areas of responsibility of Lemminkäinen's Executive Board members were      
redefined on 14 January 2010. The                                               
purpose of the changes is to streamline the management of central functions and 
achieve greater efficiency in the implementation of the new strategy.           

Significant orders received after the accounting period:                        

Lemminkäinen is to renew the track and field at Helsinki's Olympic Stadium. The 
contract will be completed at the end of July 2010 and is worth approx. EUR 4   
million.                                                                        

Helsinki, 12 February 2010                                                      

LEMMINKÄINEN CORPORATION                                                        
Board of Directors                                                              





TABULATED SECTION OF THE FINANCIAL STATEMENTS BULLETIN                          

ACCOUNTING PRINCIPLES                                                           

IFRS recognition and measurement principles have been observed in the           
preparation of the consolidated financial statements, which conform to IAS 34 - 
Interim Financial Reporting. The accounting principles of the 2009 annual       
financial statements have been applied when preparing the Financial Statements  
Bulletin.                                                                       

The information contained in the financial statements bulletin has not been     
audited.                                                                        

The standard governing operating segment reporting was adopted on 1.1.2009, and 
the comparative figures starting 1.1.2008 were also calculated in accordance    
with the provisions of the same standard. In addition, the figures for the      
financial year 2007 for the Building Construction and Infrastructure            
Construction business sectors are pro forma figures.                            

Standards and interpretations adopted from the beginning of 2009                

- IAS 1 (Revised), Presentation of Financial Statements. The aim of the standard
is to improve users' ability to analyse and compare the information given in    
financial statements by separating changes in equity of an entity arising from  
transactions with owners from other changes in equity.  Changes unrelated to    
owners are presented in the statement of comprehensive income.                  

- IFRS 8 Operating Segments. The standard requires that reportable segment      
information be based on internal segment reports that are reviewed by           
management. Lemminkäinen is reporting its interim financial reviews from the    
beginning of the 2009 accounting period in compliance with IFRS 8 Operating     
Segments. Adoption of the standard has no effect on the number or composition of
Lemminkäinen Group's operating segments, but it does change the content of the  
segment information. The standard has no effect on geographical segment         
information.                                                                    

The segment information reported to management is generally prepared according  
to the same principles as those applied in the consolidated financial           
statements. Imputed items are not considered in segment reporting. Such items   
include, among others, depreciation of assets acquired by finance leasing,      
interest separated from payments, warranty provisions, and unrealised gains or  
losses on derivatives. In segment reporting to management, finance leasing      
arrangements are treated as ordinary rental agreements, which deviates from the 
accounting principles of IFRS financial statements. Affiliated companies are    
combined in segment reporting in proportion to ownership share using the        
line-by-line method. In IFRS financial statements affiliated companies are      
combined by the equity method. In segment reporting, intersegment sales are not 
allocated to segments, owing to their minimal magnitude, and are not reported to
management. Comparative figures for segment reporting have been published in a  
separate release on 5 May 2009.                                                 

- IAS 23 (Revised) Borrowing Costs. The amended standard requires an entity to  
capitalise borrowing costs directly attributable to the acquisition,            
construction or production of a qualifying asset as part of the cost of that    
asset. The immediate expensing of such borrowing costs is prohibited.  Starting 
from 1 January 2009 the Group capitalises the borrowing costs in qualifying     
projects and in projects where income is recognised on the basis of percentage  
of completion.                                                                  

An assessment indicates that the following interpretations and standards have no
essential bearing on Lemminkäinen Group's interim financial review: IAS 32      
(Amendment), IFRS 7 (Amendment), IFRS 2, IFRIC 11, IFRIC 13, IFRIC 14 and IFRIC 
16.                                                                             

Effects of new interpretations of IFRS standards in the future                  

The standards and interpretations published by IASB and listed below will come  
into force in 2010 or thereafter. The Group has decided against their early     
adoption and will apply them in future accounting periods.                      

- IFRIC 15. Agreements for the Construction of Real Estate. The interpretation  
clarifies whether an agreement for the construction of real estate falls within 
the scope of IAS 11 Construction Contracts or IAS 18 Revenue, and when income   
from such construction projects can be recognised on the basis of percentage of 
completion. In Lemminkäinen Group the new interpretation will affect especially 
the income recognition practice for own housing production, the basis of which  
will change from percentage-of-completion to full completion and delivery from  
2010 onwards. The EU Commission endorsed the guidance in July 2009. The         
regulation will come into force from the beginning of the 2010 accounting       
period. The company estimates that the adoption of this interpretation will     
reduce shareholders' equity on the Company's opening balance sheet dated 1      
January 2009 by about EUR 5 million.                                            

- IFRIC 12 Service Concession Arrangements. The interpretation applies to       
contractual arrangements whereby a private-sector operator participates in the  
development, financing, operation or maintenance of public services             
infrastructure.                                                                 

- IFRS 3 (Revised), Business combinations. The revised standard continues to    
apply the acquisition method to business combinations, with some significant    
changes. For example, all payments to purchase a business are to be recorded at 
fair value at the acquisition date, with some contingent payments subsequently  
remeasured at fair value through income. Goodwill may be calculated based on the
parent company's share of net assets or it may include goodwill related to the  
minority interest. All transaction costs will be expensed.                      

- IAS 27 (Revised), Consolidated and separate financial statements. The revised 
standard requires the effects of all transactions with non-controlling interests
to be recorded in equity if there is no change in control. Thus, transactions   
with non-controlling interests will no longer result in goodwill or the         
recognition of gains or losses through profit or loss. The standard also        
specifies the accounting when control is lost. Any remaining interest in the    
entity is remeasured to fair value and a gain or loss is recognised through     
profit or loss.                                                                 

An assessment indicates that the following interpretations and standards have no
essential bearing on Lemminkäinen Group's financial statements: IAS 39          
(Amendment), IFRS 5 (Amendment), IFRIC 17 and IFRIC 18                          


FINANCIAL STATEMENTS AND OTHER TABULATED INFORMATION                            

1) Consolidated income statement                                                
2) Consolidated statement of comprehensive income                               
3) Consolidated balance sheet                                                   
4) Statement of source and application of funds                                 
5) Statement of changes in equity                                               
6) Consolidated income statement, quarterly                                     
7) Segment information                                                          
8) Economic trends and financial indicators                                     
9) Share-specific indicators                                                    
10) Tangible assets                                                             
11) Acquired and divested businesses                                            
12) Related-party transactions                                                  
13) Guarantees and contingent liabilities                                       
14) Legal proceedings                                                           

1) CONSOLIDATED INCOME STATEMENT                                                

--------------------------------------------------------------------------------
|                                   | 10-12/ |  10-12/ |     1-12/ |     1-12/ |
--------------------------------------------------------------------------------
| EUR mill.                         |   2009 |    2008 |      2009 |      2008 |
--------------------------------------------------------------------------------
| Net sales                         |  519.6 |   742.5 |   1,964.4 |   2,481.8 |
--------------------------------------------------------------------------------
| Operating income and expenses     | -500.1 |  -697.7 |  -1,908.4 |  -2,325.0 |
--------------------------------------------------------------------------------
| Depreciation                      |    7.6 |     7.2 |      34.3 |      34.9 |
--------------------------------------------------------------------------------
| Share of the results of           |    0.4 |    -0.1 |       1.5 |       1.2 |
| affiliated companies              |        |         |           |           |
--------------------------------------------------------------------------------
| Operating profit/loss             |   12.3 |    37.5 |      23.3 |     123.2 |
--------------------------------------------------------------------------------
| Financial expenses                |   13.1 |    27.9 |      54.1 |      50.7 |
--------------------------------------------------------------------------------
| Financial income                  |    5.2 |    13.4 |      20.7 |      18.5 |
--------------------------------------------------------------------------------
| Profit/loss before taxes          |    4.3 |    23.0 |     -10.0 |      91.0 |
--------------------------------------------------------------------------------
| Income taxes                      |   -3.5 |   -10.3 |     -13.7 |     -27.5 |
--------------------------------------------------------------------------------
| Profit/loss for the accounting    |    0.9 |    12.7 |     -23.7 |      63.5 |
| period                            |        |         |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of profit/loss for   |        |         |           |           |
| the accounting period             |        |         |           |           |
--------------------------------------------------------------------------------
| To shareholders of the parent     |   -0.3 |     9.3 |     -26.1 |      55.9 |
| company                           |        |         |           |           |
--------------------------------------------------------------------------------
| To minority interests             |    1.1 |     3.4 |       2.4 |       7.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS calculated from profit/loss attributable to parent company   |           |
| shareholders                                                     |           |
--------------------------------------------------------------------------------
| Earnings per share, diluted and   |  -0.02 |    0.55 |     -1.53 |      3.28 |
| undiluted, EUR                    |        |         |           |           |
--------------------------------------------------------------------------------

2) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                               

--------------------------------------------------------------------------------
|                                   |  10-12/ |  10-12/ |     1-12/ |    1-12/ |
--------------------------------------------------------------------------------
| EUR mill.                         |    2009 |    2008 |      2009 |     2008 |
--------------------------------------------------------------------------------
| Profit/loss for the accounting    |     0.9 |    12.7 |     -23.7 |     63.5 |
| period                            |         |         |           |          |
--------------------------------------------------------------------------------
| Translation difference            |     1.3 |    -4.9 |       3.3 |     -6.4 |
--------------------------------------------------------------------------------
| Hedging of net investment in      |         |     0.9 |      -0.4 |      1.6 |
| foreign subsidiary                |         |         |           |          |
--------------------------------------------------------------------------------
| Cash flow hedge                   |     0.3 |    -2.1 |      -0.2 |     -1.9 |
--------------------------------------------------------------------------------
| Other comprehensive income, total |     1.5 |    -6.1 |       2.7 |     -6.7 |
--------------------------------------------------------------------------------
| Comprehensive income for the      |     2.4 |     6.6 |     -21.0 |     56.8 |
| accounting period                 |         |         |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of comprehensive     |     1.3 |     3.2 |     -23.3 |     49.2 |
| income for the accounting period  |         |         |           |          |
--------------------------------------------------------------------------------
| To shareholders of  the parent    |     1.1 |     3.4 |       2.4 |      7.6 |
| company                           |         |         |           |          |
--------------------------------------------------------------------------------

3) CONSOLIDATED BALANCE SHEET                                                   

--------------------------------------------------------------------------------
| EUR mill.                                       |    12/2009 |       12/2008 |
--------------------------------------------------------------------------------
| Non-current assets                              |            |               |
--------------------------------------------------------------------------------
| Tangible assets                                 |      184.6 |         187.0 |
--------------------------------------------------------------------------------
| Goodwill                                        |       78.3 |          74.9 |
--------------------------------------------------------------------------------
| Other intangible assets                         |        2.7 |           2.5 |
--------------------------------------------------------------------------------
| Investments                                     |       12.8 |          10.7 |
--------------------------------------------------------------------------------
| Deferred tax asset                              |       12.8 |           7.2 |
--------------------------------------------------------------------------------
| Other non-current receivables                   |        7.5 |           6.3 |
--------------------------------------------------------------------------------
| Total                                           |      298.7 |         288.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                                  |            |               |
--------------------------------------------------------------------------------
| Inventories                                     |      355.4 |         398.2 |
--------------------------------------------------------------------------------
| Trade and other receivables                     |      305.1 |         476.3 |
--------------------------------------------------------------------------------
| Cash funds                                      |       74.4 |         250.1 |
--------------------------------------------------------------------------------
| Total                                           |      735.0 |       1,124.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets, total                                   |    1,033.7 |       1,413.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities            |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to shareholders of the      |            |               |
| parent company                                  |            |               |
--------------------------------------------------------------------------------
| Share capital                                   |       34.0 |          34.0 |
--------------------------------------------------------------------------------
| Share premium account                           |        5.8 |           5.8 |
--------------------------------------------------------------------------------
| Hedging reserve                                 |       -2.0 |          -1.7 |
--------------------------------------------------------------------------------
| Translation differences                         |       -1.7 |          -4.7 |
--------------------------------------------------------------------------------
| Retained earnings                               |      265.4 |         224.8 |
--------------------------------------------------------------------------------
| Profit/loss for the period                      |      -26.1 |          55.9 |
--------------------------------------------------------------------------------
| Shareholders' equity before minority interest   |      275.4 |         314.0 |
--------------------------------------------------------------------------------
| Minority interest                               |       23.7 |          27.8 |
--------------------------------------------------------------------------------
| Shareholders' equity, total                     |      299.0 |         341.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities                         |            |               |
--------------------------------------------------------------------------------
| Deferred tax liabilities                        |       19.0 |          18.7 |
--------------------------------------------------------------------------------
| Pension liabilities                             |        0.7 |           0.2 |
--------------------------------------------------------------------------------
| Provisions                                      |        1.8 |           2.2 |
--------------------------------------------------------------------------------
| Financial liabilities                           |      290.7 |         118.8 |
--------------------------------------------------------------------------------
| Other liabilities                               |        2.4 |           1.3 |
--------------------------------------------------------------------------------
| Total                                           |      314.6 |         141.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                             |            |               |
--------------------------------------------------------------------------------
| Accounts payable and other liabilities          |      303.4 |         455.6 |
--------------------------------------------------------------------------------
| Provisions                                      |        8.3 |           7.1 |
--------------------------------------------------------------------------------
| Financial liabilities                           |      108.4 |         467.7 |
--------------------------------------------------------------------------------
| Total                                           |      420.0 |         930.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities, total     |    1,033.7 |       1,413.3 |
--------------------------------------------------------------------------------

4) CONSOLIDATED STATEMENT OF CASH FLOWS                                         

--------------------------------------------------------------------------------
|                                                 |      1-12/ |         1-12/ |
--------------------------------------------------------------------------------
| EUR mill.                                       |       2009 |          2008 |
--------------------------------------------------------------------------------
| Profit/loss before taxes                        |      -10.0 |          91.0 |
--------------------------------------------------------------------------------
| Depreciation                                    |       34.3 |          34.9 |
--------------------------------------------------------------------------------
| Other adjustments                               |       33.9 |          26.7 |
--------------------------------------------------------------------------------
| Cash flow before change in working capital      |       58.1 |         152.6 |
--------------------------------------------------------------------------------
| Change in working capital                       |       52.3 |         -45.3 |
--------------------------------------------------------------------------------
| Financial items                                 |      -30.2 |         -31.4 |
--------------------------------------------------------------------------------
| Direct taxes paid                               |      -16.0 |         -51.2 |
--------------------------------------------------------------------------------
| Cash flow from operating activities             |       64.2 |          24.6 |
--------------------------------------------------------------------------------
| Cash flow provided by investing activities      |       11.9 |          15.2 |
--------------------------------------------------------------------------------
| Cash flow used in investing activities          |      -30.5 |         -43.2 |
--------------------------------------------------------------------------------
| Change in non-current receivables               |        0.0 |          -1.6 |
--------------------------------------------------------------------------------
| Drawings of loans                               |      562.3 |       1,740.4 |
--------------------------------------------------------------------------------
| Repayments of loans                             |     -764.6 |      -1,528.9 |
--------------------------------------------------------------------------------
| Dividends paid                                  |      -18.0 |         -32.6 |
--------------------------------------------------------------------------------
| Cash flow from financing activities             |     -220.2 |         177.3 |
--------------------------------------------------------------------------------
| Change in cash funds                            |     -174.6 |         174.0 |
--------------------------------------------------------------------------------
| Cash funds at beginning of period               |      250.1 |          78.5 |
--------------------------------------------------------------------------------
| Translation difference of cash funds            |       -1.1 |          -2.4 |
--------------------------------------------------------------------------------
| Cash funds at end of period                     |       74.4 |         250.1 |
--------------------------------------------------------------------------------

5) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                  

A = Share capital                                                               
B = Share premium account                                                       
C = Translation difference                                                      
D = Hedging reserve                                                             
E = Retained earnings                                                           
F = Minority interest                                                           
G = Shareholders' equity total                                                  

--------------------------------------------------------------------------------
| EUR mill.      |      A |      B |      C |     D |      E |      F |      G |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders'  |        |        |        |       |        |        |        |
| equity         |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| 1.1.2008       |   34.0 |    5.8 |    0.1 |   0.2 |  255.4 |   23.7 |  319.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reversal of    |        |        |        |       |    0.0 |        |    0.0 |
| dividend       |        |        |        |       |        |        |        |
| liability      |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| Dividend       |        |        |        |       |  -30.6 |   -2.9 |  -33.6 |
| distribution   |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| Change in      |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| minority       |        |        |        |       |        |   -0.6 |   -0.6 |
| interest       |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| Comprehensive  |        |        |        |       |        |        |        |
| income for     |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| the accounting |        |        |   -4.8 |  -1.9 |   55.9 |    7.6 |   56.8 |
| period         |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders'  |        |        |        |       |        |        |        |
| equity         |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| 31.12.2008     |   34.0 |    5.8 |   -4.7 |  -1.7 |  280.7 |   27.8 |  341.8 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| EUR mill.      | A      | B      | C      | D     | E      | F      | G      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders'  |        |        |        |       |        |        |        |
| equity         |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| 1.1.2009       | 34.0   | 5.8    | -4.7   | -1.7  | 280.7  | 27.8   | 341.8  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividend       |        |        |        |       | -15.3  | -2.0   | -17.3  |
| distribution   |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| Change in      |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| minority       |        |        |        |       |        | -4.5   | -4.5   |
| interest       |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| Comprehensive  |        |        |        |       |        |        |        |
| income for     |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| the accounting |        |        | 3.0    | -0.2  | -26.1  | 2.4    | -21.0  |
| period         |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders'  |        |        |        |       |        |        |        |
| equity         |        |        |        |       |        |        |        |
--------------------------------------------------------------------------------
| 31.12.2009     | 34.0   | 5.8    | -1.7   | -2.0  | 239.3  | 23.7   | 299.0  |
--------------------------------------------------------------------------------

6) CONSOLIDATED INCOME STATEMENT, QUARTERLY                                     

--------------------------------------------------------------------------------
|                                 | 10-12/ |   7-9/ |   4-6/ |   1-3/ | 10-12/ |
--------------------------------------------------------------------------------
| EUR mill.                       |   2009 |   2009 |   2009 |   2009 |   2008 |
--------------------------------------------------------------------------------
| Net sales                       |  519.6 |  563.2 |  544.6 |  336.9 |  742.5 |
--------------------------------------------------------------------------------
| Operating income and expenses   | -500.1 | -562.3 | -505.3 | -340.6 | -697.7 |
--------------------------------------------------------------------------------
| Depreciation                    |    7.6 |   12.5 |    9.5 |    4.7 |    7.2 |
--------------------------------------------------------------------------------
| Share of the results of         |    0.4 |    1.1 |    0.3 |   -0.2 |   -0.1 |
| affiliated companies            |        |        |        |        |        |
--------------------------------------------------------------------------------
| Operating profit/loss           |   12.3 |  -10.5 |   30.1 |   -8.6 |   37.5 |
--------------------------------------------------------------------------------
| Financial expenses              |   13.1 |   10.5 |   10.4 |   20.1 |   27.9 |
--------------------------------------------------------------------------------
| Financial income                |    5.2 |    4.1 |    1.2 |   10.3 |   13.4 |
--------------------------------------------------------------------------------
| Profit/loss before taxes        |    4.3 |  -16.8 |   20.9 |  -18.4 |   23.0 |
--------------------------------------------------------------------------------
| Income taxes                    |   -3.5 |   -7.9 |   -6.2 |    3.9 |  -10.3 |
--------------------------------------------------------------------------------
| Profit/loss for the accounting  |    0.9 |  -24.7 |   14.7 |  -14.6 |   12.7 |
| period                          |        |        |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of the profit/loss |        |        |        |        |        |
| for the accounting period       |        |        |        |        |        |
--------------------------------------------------------------------------------
| To shareholders of the parent   |   -0.3 |  -24.5 |   13.7 |  -15.0 |    9.3 |
| company                         |        |        |        |        |        |
--------------------------------------------------------------------------------
| To minority interests           |    1.1 |   -0.2 |    1.0 |    0.4 |    3.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS calculated from profit/loss attributable to parent     |        |        |
| company shareholders                                       |        |        |
--------------------------------------------------------------------------------
| Earnings per share, diluted and |        |        |        |        |        |
| undiluted,                      |        |        |        |        |        |
--------------------------------------------------------------------------------
| EUR                             |  -0.02 |  -1.44 |   0.80 |  -0.88 |   0.55 |
--------------------------------------------------------------------------------

7) SEGMENT INFORMATION                                                          

IFRS 8 Operating Segment Reporting requires that reported segment information be
based on internal segment reporting to management, which in Lemminkäinen Group  
means the President of Lemminkäinen Corporation, who is the chief operative     
decision-maker. Internal segment reporting to management covers net sales,      
depreciation, operating profit, financial items, profit before taxes,           
non-current assets, inventories and trade receivables.                          

The segment information reported to management is generally prepared according  
to the same principles as those applied in the consolidated financial           
statements. Imputed items are not considered in segment reporting. Such items   
include, among others, depreciation of assets acquired by finance leasing,      
interest separated from payments, warranty provisions, and unrealised gains or  
losses on derivatives. In segment reporting to management, finance leasing      
arrangements are treated as ordinary rental agreements, which deviate from the  
accounting principles of IFRS financial statements. Affiliated companies are    
combined in segment reporting in proportion to ownership share using the        
line-by-line method. In IFRS financial statements affiliated companies are      
combined by the equity method. In segment reporting, intersegment sales are not 
allocated to segments, owing to their minimal magnitude, and are not reported to
management.                                                                     

BLDCO = Building Construction                                                   
INFRA = Infrastructure Construction                                             
TECBS = Technical Building Services                                             
BLDPR = Building Products                                                       
OTHER = Other operations                                                        
ELIM = Group eliminations                                                       
SEGM = Segments total                                                           
RECON = Reconciling items                                                       
TOTAL = Group total, IRFS                                                       

--------------------------------------------------------------------------------
| EUR     |     |      |     |      |        |       |        |       |        |
| mill.   |     |      |     |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| 1-12/20 | BLD | INFR | TEC | BLDP |  OTHER |  ELIM |   SEGM | RECON |  TOTAL |
| 09      |  CO |    A |  BS |    R |        |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net     | 867 | 789. | 233 | 132. |   10.3 | -52.5 | 1,981. | -17.1 | 1,964. |
| sales   |  .7 |    6 |  .8 |    7 |        |       |      5 |       |      4 |
--------------------------------------------------------------------------------
| Depreci |     |      |     |      |        |       |        |       |        |
| -       |     |      |     |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| ation   | 2.6 | 31.5 | 0.8 |  2.4 |    0.8 |       |   38.1 |  -3.9 |   34.3 |
--------------------------------------------------------------------------------
| Operati |     |      |     |      |        |       |        |       |        |
| ng      |     |      |     |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| profit/ | 36. | 25.9 | 12. |  6.5 |  -61.7 |       |   19.5 |   3.8 |   23.3 |
| loss    |   6 |      |   2 |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| Financi |     |      |     |      |        |       |        |       |        |
| al      |     |      |     |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| items   | -11 | -9.9 | 0.6 | -0.7 |   -9.3 |       |  -31.2 |  -2.1 |  -33.4 |
|         |  .9 |      |     |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| Profit/loss   |      |     |      |        |       |        |       |        |
--------------------------------------------------------------------------------
| before  | 24. | 16.0 | 12. |  5.8 |  -71.0 |       |  -11.7 |   1.6 |  -10.0 |
| taxes   |   7 |      |   8 |      |        |       |        |       |        |
--------------------------------------------------------------------------------

The reconciling items for net sales comprise EUR -18.0 million from the equity  
share treatment of affiliated companies and the treatment difference between    
entries made to net sales and other income.                                     

The reconciling items for operating profit comprise EUR 1.3 million in personnel
expenses, EUR 3.4 million from the IFRS treatment of finance leasing, EUR -0.2  
million from the equity share treatment of affiliated companies and EUR -0.7    
million in other closing entries.                                               

The reconciling items for financial items are EUR -1.7 million in finance       
leasing interest, as well as exchange rate differences, interest timing         
differences, and unrealised gains and losses on derivatives..                   

--------------------------------------------------------------------------------
| EUR     |       |     |     |      |       |       |        |       |        |
| mill.   |       |     |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| 1-12/20 | BLDCO | INF | TEC | BLDP | OTHER |  ELIM |   SEGM | RECON |  TOTAL |
| 08      |       |  RA |  BS |    R |       |       |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net     | 1,207 | 920 | 269 | 156. |  13.5 | -65.7 | 2,501. | -19.7 | 2,481. |
| sales   |    .5 |  .3 |  .9 |    0 |       |       |      5 |       |      8 |
--------------------------------------------------------------------------------
| Depreci |       |     |     |      |       |       |        |       |        |
| -       |       |     |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| ation   |   2.9 | 30. | 0.8 |  2.6 |   0.9 |       |   37.9 |  -3.0 |   34.9 |
|         |       |   7 |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| Operati |       |     |     |      |       |       |        |       |        |
| ng      |       |     |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| profit/ |  69.7 | 26. | 16. | 10.5 |  -3.3 |       |  119.4 |   3.8 |  123.2 |
| loss    |       |   2 |   3 |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| Financi |       |     |     |      |       |       |        |       |        |
| al      |       |     |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| items   | -13.0 | -9. | 2.2 | -0.5 |  -7.0 |       |  -27.8 |  -4.4 |  -32.1 |
|         |       |   4 |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| Profit/ |       |     |     |      |       |       |        |       |        |
| loss    |       |     |     |      |       |       |        |       |        |
--------------------------------------------------------------------------------
| before  |  56.7 | 16. | 18. |  9.9 | -10.3 |       |   91.6 |  -0.6 |   91.0 |
| taxes   |       |   8 |   5 |      |       |       |        |       |        |
--------------------------------------------------------------------------------

The reconciling items for net sales stem from the equity share treatment of     
affiliated companies (EUR -17.5 million) and other operating income recognised  
as net sales in segment reporting.                                              

The reconciling items for operating profit comprise EUR 1.1 million in personnel
expenses, EUR 0.8 million in gains from the sale of derivatives, EUR 3.3 million
from the IFRS treatment of finance leasing, EUR -0.2 million from the equity    
share treatment of affiliated companies and EUR -1.2 million from the other     
closing entries.                                                                

The reconciling items for financial items are finance leasing interest of EUR   
-1.5 million as well as exchange rate differences, interest timing differences, 
and unrealised gains and losses on derivatives.                                 

--------------------------------------------------------------------------------
| NET SALES                         |   10-12/ |  10-12/ |    1-12/ |    1-12/ |
--------------------------------------------------------------------------------
| EUR mill.                         |     2009 |    2008 |     2009 |     2008 |
--------------------------------------------------------------------------------
| Building Construction             |    260.8 |   426.9 |    867.7 |  1 207.5 |
--------------------------------------------------------------------------------
| Infrastructure Construction       |    178.8 |   222.3 |    789.6 |    920.3 |
--------------------------------------------------------------------------------
| Technical Building Services       |     65.2 |    76.5 |    233.8 |    269.9 |
--------------------------------------------------------------------------------
| Building Products                 |     33.6 |    34.2 |    132.7 |    156.0 |
--------------------------------------------------------------------------------
| Other operations                  |      2.1 |     3.7 |     10.3 |     13.5 |
--------------------------------------------------------------------------------
| Group eliminations                |    -19.2 |   -17.2 |    -52.5 |    -65.7 |
--------------------------------------------------------------------------------
| Segments total                    |    521.4 |   746.3 |  1,981.5 |  2,501.5 |
--------------------------------------------------------------------------------
| Reconciling items                 |     -1.8 |    -3.8 |    -17.1 |    -19.7 |
--------------------------------------------------------------------------------
| Group total, IFRS                 |    519.6 |   742.5 |  1,964.4 |  2,481.8 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS             |   10-12/ |  10-12/ |    1-12/ |    1-12/ |
--------------------------------------------------------------------------------
| EUR mill.                         |     2009 |    2008 |     2009 |     2008 |
--------------------------------------------------------------------------------
| Building Construction             |     15.0 |    35.5 |     36.6 |     69.7 |
--------------------------------------------------------------------------------
| Infrastructure Construction       |     -5.1 |    -4.8 |     25.9 |     26.2 |
--------------------------------------------------------------------------------
| Technical Building Services       |      3.2 |     3.7 |     12.2 |     16.3 |
--------------------------------------------------------------------------------
| Building Products                 |      1.0 |     1.2 |      6.5 |     10.5 |
--------------------------------------------------------------------------------
| Other operations                  |     -3.4 |    -0.1 |    -61.7 |     -3.3 |
--------------------------------------------------------------------------------
| Segments total                    |     10.8 |    35.6 |     19.5 |    119.4 |
--------------------------------------------------------------------------------
| Reconciling items                 |      1.5 |     1.9 |      3.8 |      3.8 |
--------------------------------------------------------------------------------
| Group total, IFRS                 |     12.3 |    37.5 |     23.3 |    123.2 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| NET SALES, QUARTERLY            | 10-12 |  7-9/ |    4-6/ |   1-3/ |  10-12/ |
|                                 |     / |       |         |        |         |
--------------------------------------------------------------------------------
| EUR mill.                       |  2009 |  2009 |    2009 |   2009 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building Construction           | 260.8 | 174.7 |   233.4 |  198.7 |   426.9 |
--------------------------------------------------------------------------------
| Infrastructure Construction     | 178.8 | 310.5 |   228.3 |   71.9 |   222.3 |
--------------------------------------------------------------------------------
| Technical Building Services     |  65.2 |  52.6 |    60.6 |   55.3 |    76.5 |
--------------------------------------------------------------------------------
| Building Products               |  33.6 |  42.6 |    37.8 |   18.6 |    34.2 |
--------------------------------------------------------------------------------
| Other operations                |   2.1 |   2.9 |     2.9 |    2.5 |     3.7 |
--------------------------------------------------------------------------------
| Group eliminations              | -19.2 |  -8.8 |   -14.9 |   -9.6 |   -17.2 |
--------------------------------------------------------------------------------
| Segments total                  | 521.4 | 574.5 |   548.0 |  337.5 |   746.3 |
--------------------------------------------------------------------------------
| Reconciling items               |  -1.8 | -11.3 |    -3.4 |   -0.6 |    -3.8 |
--------------------------------------------------------------------------------
| Group total, IFRS               | 519.6 | 563.2 |   544.6 |  336.9 |   742.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS,          | 10-12 |  7-9/ |    4-6/ |   1-3/ |  10-12/ |
| QUARTERLY                       |     / |       |         |        |         |
--------------------------------------------------------------------------------
| EUR mill.                       |  2009 |  2009 |    2009 |   2009 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building Construction           |  15.0 |   0.5 |    11.4 |    9.7 |    35.5 |
--------------------------------------------------------------------------------
| Infrastructure Construction     |  -5.1 |  34.6 |    14.1 |  -17.8 |    -4.8 |
--------------------------------------------------------------------------------
| Technical Building Services     |   3.2 |   3.8 |     2.6 |    2.5 |     3.7 |
--------------------------------------------------------------------------------
| Building Products               |   1.0 |   4.7 |     3.2 |   -2.5 |     1.2 |
--------------------------------------------------------------------------------
| Other operations                |  -3.4 | -56.0 |    -2.1 |   -0.2 |    -0.1 |
--------------------------------------------------------------------------------
| Segments total                  |  10.8 | -12.2 |    29.2 |   -8.3 |    35.6 |
--------------------------------------------------------------------------------
| Reconciling items               |   1.5 |   1.7 |     0.9 |   -0.4 |     1.9 |
--------------------------------------------------------------------------------
| Group total, IFRS               |  12.3 | -10.5 |    30.1 |   -8.6 |    37.5 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| ASSETS                                          |              |             |
--------------------------------------------------------------------------------
| EUR mill.                                       |      12/2009 |     12/2008 |
--------------------------------------------------------------------------------
| Building Construction                           |        338.5 |       467.5 |
--------------------------------------------------------------------------------
| Infrastructure Construction                     |        263.1 |       294.5 |
--------------------------------------------------------------------------------
| Technical Building Services                     |         30.5 |        33.0 |
--------------------------------------------------------------------------------
| Building Products                               |         46.1 |        46.3 |
--------------------------------------------------------------------------------
| Other operations                                |         43.6 |        41.0 |
--------------------------------------------------------------------------------
| Segments total                                  |        721.7 |       882.2 |
--------------------------------------------------------------------------------
| Assets unallocated to segments                  |              |             |
--------------------------------------------------------------------------------
| and Group eliminations, total                   |        312.0 |       531.1 |
--------------------------------------------------------------------------------
| Group total, IFRS                               |      1,033.7 |     1,413.3 |
--------------------------------------------------------------------------------

8) ECONOMIC TRENDS AND FINANCIAL INDICATORS                                     

--------------------------------------------------------------------------------
|                                                 |      12/2009 |     12/2008 |
--------------------------------------------------------------------------------
| Return on equity, %                             |         -7.4 |        19.2 |
--------------------------------------------------------------------------------
| Return on investment, %                         |          5.4 |        17.7 |
--------------------------------------------------------------------------------
| Operating profit, % of net sales                |          1.2 |         5.0 |
--------------------------------------------------------------------------------
| Equity ratio, %                                 |         31.4 |        26.2 |
--------------------------------------------------------------------------------
| Gearing, %                                      |        108.6 |        98.4 |
--------------------------------------------------------------------------------
| Interest-bearing net debt, EUR million          |        324.7 |       336.4 |
--------------------------------------------------------------------------------
| Gross investments, EUR million                  |              |             |
--------------------------------------------------------------------------------
| (incl. leasing purchases)                       |         41.5 |        60.2 |
--------------------------------------------------------------------------------
| Order book, EUR mill.                           |        958.4 |     1,064.5 |
--------------------------------------------------------------------------------
| - of which foreign orders, EUR mill.            |              |             |
--------------------------------------------------------------------------------
| Average number of employees                     |        206.8 |       263.1 |
--------------------------------------------------------------------------------
| Employees at end of period                      |        8,626 |       9,776 |
--------------------------------------------------------------------------------
| Net sales, EUR mill.                            |        7,759 |       8,910 |
--------------------------------------------------------------------------------
| - of which operations abroad, EUR mill.         |      1,964.4 |     2,481.8 |
--------------------------------------------------------------------------------
| % of net sales                                  |              |             |
--------------------------------------------------------------------------------
| Return on equity, %                             |        527.1 |       676.7 |
--------------------------------------------------------------------------------
| Return on investment, %                         |         26.8 |        27.3 |
--------------------------------------------------------------------------------

9) SHARE-SPECIFIC INDICATORS                                                    
--------------------------------------------------------------------------------
|                                                 |      12/2009 |     12/2008 |
--------------------------------------------------------------------------------
| Earnings per share, EUR                         |        -1.53 |        3.28 |
--------------------------------------------------------------------------------
| Equity per share, EUR                           |        16.18 |       18.45 |
--------------------------------------------------------------------------------
| Dividend per share, EUR                         |       0.00*) |        0.90 |
--------------------------------------------------------------------------------
| Dividend to earnings ratio, %                   |          0.0 |        27.4 |
--------------------------------------------------------------------------------
| Market capitalisation, EUR mill.                |              |             |
--------------------------------------------------------------------------------
| Share price at end of period, EUR               |        411.9 |       222.1 |
--------------------------------------------------------------------------------
| Trading volume during period,                   |        24.20 |       13.05 |
--------------------------------------------------------------------------------
| 1,000 shares                                    |        1,918 |       3,185 |
--------------------------------------------------------------------------------
| Number of issued shares, 1,000 shares           |       17,021 |      17,021 |
--------------------------------------------------------------------------------
*) Hallituksen esitys yhtiökokoukselle                                          

10) TANGIBLE ASSETS                                                             

--------------------------------------------------------------------------------
| EUR mill.                                       |      12/2009 |     12/2008 |
--------------------------------------------------------------------------------
| Acquisition cost at beginning of accounting     |        444.8 |       411.5 |
| period                                          |              |             |
--------------------------------------------------------------------------------
| Translation difference                          |          5.1 |        -6.6 |
--------------------------------------------------------------------------------
| Increases                                       |         35.5 |        56.6 |
--------------------------------------------------------------------------------
| Increases from acquired businesses              |          3.9 |         2.3 |
--------------------------------------------------------------------------------
| Decreases                                       |        -30.8 |       -18.8 |
--------------------------------------------------------------------------------
| Transfers between items                         |         -0.1 |        -0.3 |
--------------------------------------------------------------------------------
| Accumulated depreciation                        |       -273.7 |      -257.8 |
--------------------------------------------------------------------------------
| Carrying value at the end of accounting period  |        184.6 |       187.0 |
--------------------------------------------------------------------------------

11) ACQUIRED AND DIVESTED BUSINESSES                                            

ACQUIRED BUSINESSES                                                             

Description of acquired companies, businesses and shareholdings                 

The business operations of EH-Tekno Oy, a company specialised in urban          
environment construction, were acquired on 1.1.2009. The company's business is  
metal and steel construction works as well as the design, construction and      
contracting of sports and outdoor areas.                                        

100% of Lødingen Stenindustri AS was acquired on 1.9.2009. The company's        
business is stone quarrying and crushing.                                       

100% of OÜ Magistraali was acquired on 16.10.2009. The company's business is    
asphalt production, road construction repair and maintenance, and road markings.

Aggregated figures for the acquired businesses                                  

--------------------------------------------------------------------------------
|                                      |        Carrying |         Fair values |
|                                      |         amounts |          recognised |
--------------------------------------------------------------------------------
|                                      |  before merging |       after merging |
--------------------------------------------------------------------------------
| EUR mill.                            |      31.12.2009 |          31.12.2009 |
--------------------------------------------------------------------------------
| Tangible and intangible assets       |             1.4 |                 2.7 |
--------------------------------------------------------------------------------
| Inventories                          |             0.5 |                 0.5 |
--------------------------------------------------------------------------------
| Trade and other receivables          |             0.3 |                 0.3 |
--------------------------------------------------------------------------------
| Cash and cash equivalents            |             0.3 |                 0.3 |
--------------------------------------------------------------------------------
| Assets                               |             2.5 |                 3.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deferred tax liabilities             |                 |                 0.4 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities         |             0.5 |                 0.5 |
--------------------------------------------------------------------------------
| Other liabilities                    |             0.7 |                 0.7 |
--------------------------------------------------------------------------------
| Liabilities total                    |             1.2 |                 1.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net assets                           |             1.3 |                 2.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost, total              |             3.2 |                 3.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill, total                      |                 |                 0.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transaction price paid in cash       |                 |                 3.2 |
--------------------------------------------------------------------------------
| Cash funds of acquired subsidiary    |                 |                -0.3 |
--------------------------------------------------------------------------------
| Cash flow effect                     |                 |                 2.9 |
--------------------------------------------------------------------------------

The full-year net sales of the acquired businesses in 2009 was approx. EUR 1.3  
million. The effect of the acquired businesses on the Group's operating profit  
for the accounting period was approx. EUR -0,3 million.                         

DIVESTED BUSINESSES                                                             

At the end of the accounting period the Group did not have any businesses       
classified as being held-for-sale under IFRS 5. There were no discontinued      
operations in the Group during the accounting period.                           


12) RELATED-PARTY TRANSACTIONS                                                  

--------------------------------------------------------------------------------
| EUR mill.                                      |      12/2009 |      12/2008 |
--------------------------------------------------------------------------------
| Sales of goods and services                    |              |              |
--------------------------------------------------------------------------------
| To affiliates                                  |          0.5 |          0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchases of goods and services                |              |              |
--------------------------------------------------------------------------------
| From affiliates                                |          6.4 |          4.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trade receivables                              |              |              |
--------------------------------------------------------------------------------
| From affiliates                                |          0.0 |          0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accounts payable                               |              |              |
--------------------------------------------------------------------------------
| To affiliates                                  |          0.0 |          0.0 |
--------------------------------------------------------------------------------

13) GUARANTEES AND CONTINGENT LIABILITIES                                       

--------------------------------------------------------------------------------
| EUR mill.                                      |     12/2009 |       12/2008 |
--------------------------------------------------------------------------------
| Securities for own commitments                 |             |               |
--------------------------------------------------------------------------------
| Property mortgages                             |        80.0 |           1.5 |
--------------------------------------------------------------------------------
| Business mortgages                             |     1,221.3 |          40.6 |
--------------------------------------------------------------------------------
| Bonds pledged as security                      |         0.6 |           0.3 |
--------------------------------------------------------------------------------
| Deposits                                       |         0.1 |           0.2 |
--------------------------------------------------------------------------------
| Total                                          |     1,302.0 |          42.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Guarantees                                     |             |               |
--------------------------------------------------------------------------------
| On behalf of affiliated companies              |         0.0 |          49.1 |
--------------------------------------------------------------------------------
| On behalf of others                            |        34.7 |          19.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minimum lease payments of irrevocable lease    |             |               |
| agreements                                     |             |               |
--------------------------------------------------------------------------------
| One year or less                               |             |               |
--------------------------------------------------------------------------------
| Over one year but no more                      |        11.1 |           9.9 |
--------------------------------------------------------------------------------
| than five years                                |             |               |
--------------------------------------------------------------------------------
| Over five years                                |        24.9 |          26.6 |
--------------------------------------------------------------------------------
| Total                                          |        20.7 |          18.9 |
--------------------------------------------------------------------------------
|                                                |        56.7 |          55.4 |
--------------------------------------------------------------------------------
| Purchase commitments of investments            |             |               |
--------------------------------------------------------------------------------
|                                                |        11.1 |          13.2 |
--------------------------------------------------------------------------------
| Derivative contracts                           |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward foreign exchange contracts             |             |               |
--------------------------------------------------------------------------------
| Nominal value                                  |             |               |
--------------------------------------------------------------------------------
| Fair value                                     |        36.6 |          81.2 |
--------------------------------------------------------------------------------
|                                                |        -1.7 |           5.1 |
--------------------------------------------------------------------------------
| Interest rate options, calls purchased         |             |               |
--------------------------------------------------------------------------------
| Nominal value                                  |             |               |
--------------------------------------------------------------------------------
| Fair value                                     |         0.0 |           1.4 |
--------------------------------------------------------------------------------
|                                                |         0.0 |           0.0 |
--------------------------------------------------------------------------------
| Interest rate options, puts written            |             |               |
--------------------------------------------------------------------------------
| Nominal value                                  |             |               |
--------------------------------------------------------------------------------
| Fair value                                     |         0.0 |           1.4 |
--------------------------------------------------------------------------------
|                                                |         0.0 |           0.0 |
--------------------------------------------------------------------------------
| Interest rate swap contracts                   |             |               |
--------------------------------------------------------------------------------
| Nominal value                                  |             |               |
--------------------------------------------------------------------------------
| Fair value                                     |        59.6 |          71.9 |
--------------------------------------------------------------------------------
| Guarantees                                     |        -3.2 |          -2.7 |
--------------------------------------------------------------------------------

The fair value of contracts is the gain or loss arising from closure of the     
contract based on the market price on the accounting date.                      

14) LEGAL PROCEEDINGS                                                           

On 29 September 2009 the Supreme Administrative Court (SAC) ordered a number of 
Finnish asphalt industry companies to pay an infringement fine of EUR 82.55     
million, of which Lemminkäinen's share was EUR 68 million. The decision         
concluded the Finnish Competition Authority's claim made in 2004 for the        
imposition of a fine concerning violations of the Act on Competition            
Restrictions on seven companies operating in the asphalt industry during the    
period 1994-2002. The Finnish Competition Authority initially sought that an    
aggregate competition infringement fine of EUR 97 million should be imposed on  
the asphalt companies and the Finnish Asphalt Association, of which Lemminkäinen
was to pay EUR 68 million. The Market Court dismissed the Competition           
Authority's motion for the most part and in December 2007 ordered the asphalt   
companies to pay an infringement fine of EUR 19.4 million, of which Lemminkäinen
was to pay EUR 14 million. The SAC approved the infringement fine proposed by   
the Finnish Competition Authority in its entirety.                              

The difference between the infringement fine of EUR 68 million ordered by the   
SAC and the infringement fine of EUR 14 million ordered by the Market Court,    
i.e. EUR 54 million, was expensed in the third quarter of 2009. The infringement
fine of EUR 14 million ordered by the Market Court was expensed in the fourth   
quarter of 2007.                                                                
To date, 21 municipalities and the Finnish Road Administration have brought     
actions for the recovery of damages from Lemminkäinen and other asphalt         
companies in the District Court of Helsinki. The claimants contend that         
restrictions of competition have caused them damages. The Finnish Road          
Administration has claimed, in connection with work carried out for the Finnish 
State, at most EUR 10.5 million from Lemminkäinen and at most EUR 5.6 million   
jointly and severally with other asphalt companies. The claims presented in the 
statements of claim differ from each other as regards their amounts and grounds.
The claimants have reserved the right to alter, modify or extend their claims,  
but most of the claimants have not yet filed their finalised statements of claim
with the District Court.                                                        

The decision rendered by the SAC as it stands does not mean that Lemminkäinen or
the other asphalt industry companies actually caused the parties ordering       
asphalt works any damages. The SAC's decision does not concern the individual   
contracts that the claimants are citing in support of their claims. Neither does
the decision concern the pricing of individual contracts.                       

Lemminkäinen will examine the claims for damages and consider each claim        
separately. The Company's initial position is that the claims are without       
foundation.                                                                     

To the extent that the claimants eventually decide in their specified statements
of claim to pursue their legal actions against Lemminkäinen, they will be       
considered separately before the District Court of Helsinki and heard in the    
order determined by the court.                                                  

No provision for future expense has been made in respect of the statements of   
claims submitted so far to the district court by the municipalities and the     
Finnish Road Administration. It is likely that district court proceedings will  
continue into 2011.