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Press Release

Cargotec's Board of Directors Elected Ilkka Herlin as Chairman

7/12/2005

Cargotec's Board of Directors elected in the Extraordinary Shareholders' Meeting has in its first organizing meeting elected, in accordance with the proposal of the Nomination Committee, Ilkka Herlin as Chairman of the Board and Henrik Ehrnrooth as Deputy Chairman. Cargotec's Senior Executive Vice President and CFO Kari Heinistö will serve as secretary to the Board of Directors. In addition, the Board of Directors decided to establish two committees to assist in its work, an Audit Committee and a Nomination and Compensation Committee.
 
The Board of Directors appointed among its members Karri Kaitue as Chairman of the Audit Committee while Ilkka Herlin and Peter Immonen were selected as members of the Committee. Board members Tapio Hakakari, Ilkka Herlin and Peter Immonen were appointed by the Board of Directors to the Nomination and Compensation Committee, with Ilkka Herlin acting as Chairman of the Committee. 
 
The Board of Directors has also reviewed the independence of its members as defined in the corporate governance recommendation of the Helsinki Stock Exchange. The Board of Directors stated that all its members are independent with the exception of Ilkka Herlin who has a significant shareholding in the Company.