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Press release

Ilkka Herlin re-elected as Chairman of the Board of Cargotec Corporation

2/28/2006

Cargotec's Board of Directors elected in the Annual General Meeting has in its organizing meeting elected Ilkka Herlin to continue as Chairman of the Board and Henrik Ehrnrooth to continue as Deputy Chairman. Cargotec's Senior Executive Vice President and CFO Kari Heinistö will continue as secretary to the Board of Directors.
 
Two permanent committees assist Cargotec's Board of Directors in its work. The Board of Directors elected among its members Ilkka Herlin, Peter Immonen and Karri Kaitue as members of the Audit Committee. Karri Kaitue was elected by the Board to continue as Chairman of the Audit Committee. Board members Carl-Gustaf Bergström (as of May 1, 2006), Tapio Hakakari, Ilkka Herlin and Peter Immonen were elected to the Nomination and Compensation Committee. Ilkka Herlin was elected by the Board to continue as chairman of the Nomination and Compensation Committee.
 
The Board of Directors 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 its members are except for Carl-Gustaf Bergström independent of the company and except for Ilkka Herlin independent of significant shareholders of the company.