WULFF-GROUP PLC FINANCIAL STATEMENTS BULLETIN FOR THE FINANCIAL PERIOD 1 January – 31 December 2008

WULFF-GROUP PLC FINANCIAL STATEMENT RELEASE 6 FEBRUARY 2009 AT 9.00 A.M.

WULFF-GROUP PLC FINANCIAL STATEMENTS BULLETIN FOR THE FINANCIAL PERIOD 1 January
– 31 December 2008

Wulff-Group’s turnover in 2008 increased slightly and its operating profit,
excluding one-off items, improved year-over-year. Both turnover and operating
profit for 2008, excluding one-off items, rose by 2.8 per cent. The Group’s
turnover amounted to EUR 76.2 million (EUR 74.1 million). Operating profit,
excluding one-off items totalled EUR 2.36 million (EUR 2.30 million). Operating
profit, including one-off items amounted to EUR 2.26 million (EUR 5.40 million).
Profit before extraordinary items decreased by 66.2 per cent to EUR 1.54 million
(EUR 4.55 million). Net profit was down 85.0 per cent, totalling EUR 0.45
million (EUR 3.03 million), and earnings per share (EPS) decreased to EUR 0.07
(EUR 0.47).

The Group’s profit for 2008, including one-off items, includes a one-off 100
thousand write-down on the goodwill generated by the acquisition of Entre
Marketing Ltd. The one-off items for 2007 include the sales profit of EUR 3.50
million from the Wulff facilities sold in November 2007 and EUR 400 thousand
write-down on the goodwill of Entre Marketing Ltd.

The Board of Directors proposes a dividend of EUR 0.05 per share (EUR 0.18 per
share), which corresponds to 72.8% of earnings per share (38.3%).

Wulff-Group’s turnover in the last quarter of 2008 decreased by 9.2%
year-over-year. Turnover totalled EUR 20.2 million (EUR 22.2 million). Operating
profit, including one-off items, was EUR 0.73 million (EUR 4.10 million).
Excluding one-off items, operating profit was EUR 0.83 million, which
corresponds to 4.1% of turnover (EUR 1.00 million, 4.5%). Earnings per share
were EUR 0.06 (EUR 0.40).

TURNOVER AND PROFIT DEVELOPMENT

Wulff-Group’s turnover rose by 2.8% over the previous year, amounting to EUR
76.2 million (EUR 74.1 million). Turnover growth was influenced by continued
good contract sales, as well as the acquisitions of Entre Marketing in May 2007
and Ibero Liikelahjat in October 2008.

Heikki Vienola, CEO: “The economic slowdown that started last year had an impact
on the Group’s fourth-quarter result. Economic uncertainties affected especially
our business gift operations, where sales dropped from the previous year. I am
glad to note, however, that our turnover rose in 2008 despite the challenging
market conditions. What was reassuring in our performance development was the
notable rise in profitability reported by Wulff Oy and KB-tuote. Our
streamlining programmes have been successful. I believe that our new strategic
policies will help us to perfect our services and achieve our targets. The
solutions we offer, such as the Wulff MiniBar office supplies service and the
KB-tuote business gift service, are designed to enhance the business of our
customers. Our services help them to achieve clear savings in expenses.”

In 2008 operating profit, excluding one-off items, was EUR 2.36 million (EUR
2.30 million), which corresponds to 3.1% (3.1%) of turnover. Including one-off
items, operating profit amounted to EUR 2.26 million (EUR 5.40 million).
Operating profit for 2007 was increased by the capital gains of EUR 3.50 million
on the divestment of the Wulff building. Profit before extraordinary items was
EUR 1.54 million (EUR 4.55 million). Earnings per share were EUR 0.07, compared
to the EUR 0.47 the year before. Net profit decreased by 85.0%, amounting to EUR
0.45 million (EUR 3.03 million).

In 2008, a one-off write-down of EUR 100 thousand was made on the goodwill that
arose on the acquisition of Entre Marketing. This had a negative effect on the
fourth-quarter and full-year operating profit of 2008. The 2008 result for Entre
Marketing was in the red.

Return on investment (ROI) amounted to 7.2 per cent (17.6%) and return on equity
(ROE) to 3.7 per cent (16.5 %). Equity per share amounted EUR 3.09, compared to
EUR 3.17 the year before.

FINANCING AND INVESTMENTS

Cash flow from business operations in the review period amounted to EUR 1.15
million (EUR 2.11 million).

The balance sheet total on 31 December 2008 was EUR 39.5 million (EUR 42.3
million). The Group’s equity ratio at the end of the review period totalled
51.0% (48.7%). Net gearing was 16.9% (15.9%).

The investments in fixed assets entered in the balance sheet amounted to EUR
0.92 million (EUR 1.17 million), or 1.2% (1.6%) of turnover. They mainly
consisted of the Wulff facilities in Vantaa, vehicles and the development of IT
systems.

OFFICE SUPPLIES MARKET

The markets for office supplies have been growing at a steady annual rate of a
few per cent in recent years. Growth remained much the same in 2008. Market
growth in Finland was approximately three per cent, in Sweden four per cent and
in Norway three per cent. The Estonian market dropped by five per cent.

The consolidation trend, which has characterised the sector in recent years,
continued in 2008. In June-July 2008, Staples, Inc., an office supplies company
from the USA, acquired the share capital of Corporate Express, an international
supplier of office products listed on the Amsterdam Stock Exchange. Staples,
Inc. had made public offers for the acquisition of Corporate Express since
February 2008. In July 2008, Office Depot, Wulff’s co-operation partner and one
of the world’s biggest office supplies companies, acquired a majority holding in
AGE Kontor & Data AB, a Swedish vendor of office products.

The Group’s position in the business gift market got a further boost in October,
when Wulff acquired Ibero Liikelahjat Oy, one of Finland’s leading advertising
and business gift companies.

PERSONNEL

Wulff-Group employed 412 (467) people at the end of 2008, and an average of 440
(440) over the review period. A total of 83 (99) employees worked in Sweden,
Norway and Estonia. The Ibero Liikelahjat acquisition had an increasing impact
on the Group’s headcount. On the other hand, the headcount was reduced, among
other things, by Entre Marketing’s production employees transferring to Silver
Zombie.

Around 65 per cent of the Group’s personnel is employed in various sales tasks,
while the remaining 35 per cent work in administration and logistics.
Forty-eight per cent of the staff are men and 52 per cent women. Over half of
Wulff-Group’s employees are under 40 years of age.

Co-operation between the Group’s recruitment, HR and training activities was
enhanced in autumn 2008. Recruitment was transferred under the Wulff brand from
Vendiili Oy, a subsidiary focused on recruiting activities. Thanks to the new
arrangement, all recruitment-related marketing will support the Wulff brand.

Wulff-Group will continue to emphasise recruiting in 2009. It will carry on its
close co-operation with labour administration and educational institutes in the
field. Trends in the general employment situation are expected to positively
affect the interest in sales work and to improve Wulff’s opportunities to
recruit potential sales representatives.

SHARE-BASED INCENTIVE PLAN

The Board of Directors of Wulff-Group Plc decided on 6 February 2008 on a new
share-based incentive plan for the Wulff-Group key personnel. The Plan includes
three earning periods which are calendar years 2008, 2009 and 2010. The
potential reward from the Plan for the earning period 2008 will be based on
achieved results.

The potential reward from the earning period 2008 will be paid as the Company’s
shares and in cash in 2009. The potential rewards to be paid on the basis of the
Plan correspond approximately to the value of a maximum total of 70,000
Wulff-Group Plc shares. It is prohibited to transfer the shares during the
restriction period, maximum of three years. If a key person’s employment or
service ends during the restriction period, he/she must return the shares given
as reward to the Company without compensation.

The Board of Directors decided to allocate a total of 17,913 Wulff-Group Plc
shares for the scheme’s earnings period 2008. The scheme’s impact on pre-tax
results in 2008 was EUR 63 thousand.

CHANGE OF THE BUSINESS NAME

The Annual General Meeting of Wulff-Group Plc decided on the change of business
name to Wulff-Group Plc on 4 April 2008. The name of Wulff, a company
established in 1890, strengthens the company’s renown as a trustworthy
forerunner of good quality and as the market leader within the office business.
The Wulff brand is clearly visible in all marketing operations of the Group. The
change of name does not change the operations of the subsidiaries. The names and
businesses of the subsidiaries of the group and Wulff Oy Ab remain the same.

The change was entered into the Trade Register on 21 April 2008. Following the
corporate name change, the trading code of the company’s share on the OMX Nordic
Exchange in Helsinki was renamed to WUF1V. The change took effect in the trade
system on 22 April 2008.

EVENTS IN 2008

Jani Puroranta, MSc (Econ.) and MBA, was appointed Chief Business Development
Officer of the Wulff-Group and member of Group Management as of 2 January 2008.
Puroranta is responsible for acquisitions and the development of strategy
jointly with the Group’s management. Born in 1974, Puroranta transfers to
Wulff-Group from McKinsey & Company, a global consulting firm. From 2002 to 2004
he worked at OMX Exchanges as Senior Vice President, Business Development &
Support, and as a member of the management team, among other things. In
addition, Puroranta has worked as a partner at Privanet Capital and in various
management positions in the Helsinki Stock Exchange.

The sales and profitability of Wulff Oy Ab, which specialises in the contract
sales of office supplies and generates around 40 per cent of the Wulff Group’s
turnover, developed positively in 2008, although economic uncertainties had a
negative impact on the sales and performance development in the fourth quarter.

In January 2008, Wulff Oy Ab was elected as one of the top seven in the highly
recognised European Office Products Awards 2008 event. Wulff, which was awarded
in the Reseller of the Year category, is the first Nordic company to have scored
a top placing in the event. In December, Wulff received an honourable mention
for its logistics reform in the Green Freight and Logistics competition. The
contest was a part of the Intelligent Energy Europe programme launched by the
European Commission.

The profitability of KB-tuote, specialist in the contract sales of business and
advertising gifts, developed excellently in 2008. The company acquired new
contract customers during the year. In the review period, the company made big
inputs into its product and customer strategy and focused on improving
profitability. It enhanced co-operation with goods suppliers and shifted the
focus of sales to its own collection. Its Estonian subsidiary, KB Eesti, posted
a profitable result.

Sales in the business area for direct sales improved moderately in the review
period. In direct sales, the focus was on managerial training in sales, as well
as on enhancing the recruitment process and induction training. The
administrative and logistics organisation of the Group’s direct sales was
renewed in the autumn. By making inter-organisational co-operation even closer,
the Group aims to achieve further synergy in operations and introduce
flexibility into sales support services. The Group’s direct sales business
consists of eleven direct sales companies in Finland, all of which sell computer
accessories, office supplies, corporate promotional products and ergonomic
products.

In direct sales, Naxor first-aid products were transferred under the newly
established Naxor Care Oy, which specialises in first-aid equipment sales, in
November. Naxor corporate image and office supplies sales are handled by Naxor
Finland Oy.

The direct sales companies and Wulff-Group Plc enjoyed great visibility at the
September 2008 Secretary&Assistant trade fair, the main event in the world of
office solutions open to the general public. Wulff-Group was one of the event’s
main co-operation partners.

Wulff-Group’s Scandinavian operations developed favourably in the Group’s
Norwegian subsidiary. The measures taken by Nordisk Profil AS to expand its
operations and enhance profitability resulted in sales growth and better
results. The main challenge to business in Sweden is still to increase the
number of employees in sales by finding skilled new recruits.

Entre Marketing Oy, a provider of fair and event marketing services that has
been included in the consolidated financial statements as of 9 May 2007, took
measures to achieve the financial and strategic targets for 2008. Over the year,
the focus was sharpened by reorganising operations and concentrating on core
business. Profitability developed positively compared to the previous year,
although business remained unprofitable in the review period.

As a result of the cooperation negotiations carried out in June, Entre Marketing
cut its headcount by four. In addition to this, Entre decided to sell its
production unit to Silver Zombie in July. According to the agreement, 12
employees in Entre Marketing’s production unit transferred to Silver Zombie. The
employees started at Silver Zombie in July as old employees. In December, Entre
Marketing Oy moved to new facilities in Ruoholahti, Helsinki.

The business of Ibero Liikelahjat Oy, Wulff-Group’s newest acquisition,
developed positively during the last quarter. Wulff-Group Plc acquired the
entire share capital of Ibero Liikelahjat Oy from Progift Oy by an agreement
signed on 1 October 2008. For the financial year ended on 31 December 2007,
Ibero Liikelahjat Oy, a company selling and marketing business and advertising
gifts, posted net sales of EUR 3.3 million, an operating profit of EUR 0.5
million and a net profit of EUR 0.4 million. The company’s balance sheet total
on 31 December 2007 was EUR 1.7 million, of which equity stood at EUR 0.5
million. The company’s showroom, operating facilities and warehouse are located
in Pitäjänmäki, Helsinki. Ibero Liikelahjat Oy employs 12 people, five of which
are sales professionals.

The basic acquisition price of the acquired shares is EUR 700,000 and 100,000
shares of Wulff-Group. A targeted new issue of shares to the seller party was
realised in November 2008. The new shares have a so-called lock-up condition
concerning them. 50,000 pieces of the shares will be released from the transfer
restriction in December 31, 2009, and the remaining 50,000 shares in December
31, 2011. The final acquisition price will be based on the financial performance
during the years 2008 to 2011. Ibero Liikelahjat continues its operations as an
independent unit in its own business premises. Tanu Rautio continued as the
Managing Director of Ibero Liikelahjat Oy. The acquisition strengthened the
Group’s business and advertising gift sales and its position in the corporate
promotional products market.

In December the management and administration of Wulff-Group Plc moved from the
Salomonkatu facilities in the Helsinki city centre to the Wulff building in
Vantaa. In addition to the parent company, the Wulff building houses nine of the
Group’s subsidiaries. Working on the same premises makes communication between
the parent company and the subsidiaries easier and enables the Group’s strategic
targets to be achieved faster. The move will also bring savings in terms of
fixed costs.

DECISIONS MADE BY THE ANNUAL GENERAL MEETING

Wulff-Group Plc’s Annual General Meeting held on 4 April 2008 unanimously
adopted the financial statements for 2007 and discharged the members of the
Board and the CEO from liability for the financial year.

In accordance with the proposal of the Board of Directors the Annual General
Meeting decided to pay a dividend of EUR 0.18 per share for the financial year
2007. The record date for the dividend payment was 9 April 2008, and the payment
was made on 16 April 2008.

The Annual General Meeting confirmed the Board of Directors’ proposals for
amendments to the Articles of Association. The following amendments were
resolved:
– Change of the business name to Wulff-Group Plc and the domicile to Helsinki
(Section 1).
– Further specification of the company’s business sector (Section 2).
– Deletion of the following Sections, rendered obsolete by the amendments to the
Companies Act: Section 3 (minimum and maximum share capital), Section 4 (nominal
value) and Section 12 (financial period).
– Abbreviation of Section 5 by removal of the now obsolete transitional
regulations for incorporation into the book-entry system.
– Revision of the convocation period to the minimum 17 days stipulated in the
Act, and deletion of the now obsolete reference to the book-entry system
(Section 11).
– Linking of the date and time of the Annual General Meeting to the end of the
financial period (Section 13).
The amendments to the Articles of Association were entered in Trade Register on
21 April 2008.

The Annual General Meeting adopted the Board’s proposals concerning the
authorisation to perform share issues and to buy the company’s own shares.

The number of members of the Board was confirmed at six. The following members
were re-elected: Ari Lahti, Ere Kariola, Ari Pikkarainen, Pentti Rantanen,
Sakari Ropponen and Heikki Vienola. In its organising meeting held on 22 April
2008, the Board of Directors elected Ari Lahti as its Chairman.

SHARES, SHARE CAPITAL AND SHAREHOLDERS

Wulff-Group Plc has one share series. Each share has one voting right.
Wulff-Group’s shares are quoted on NASDAQ OMX Helsinki’s list in Small Cap
market value group in the Consumer Discretionary sector. The company’s trading
code is WUF1V (before 22 April 2008 BTN1V).

The closing value of the company’s share on 31 December 2008 was EUR 2.30 (EUR
3.39). In 2008 the trading volume of Wulff’s share amounted to 229,762 shares
(416,346 shares), or 3.5% (6.4%) of shares outstanding, which corresponds to EUR
712,944 (EUR 1,712,001). The highest share price in 2008 was EUR 3.75 (EUR 4.90)
and the lowest EUR 2.14 (EUR 3.30). The market value of the company’s share at
the end of the year was EUR 15.2 million (EUR 22.1 million).

The nominal value of the share was eliminated in spring 2008 based on a decision
made by the Annual General Meeting. The number of shares and the share capital
were raised in the review period. The company’s share capital on 31 December
2008 was EUR 2,650,000.00 (EUR 2,603,051.20), consisting of 6,607,628 shares
(6,507,628).

On 5 November 2008, based on the share issue authorisation given by the Annual
General Meeting on 4 April 2008, the Board of Directors of Wulff-Group Plc
decided on a directed share issue of 100,000 shares to Progift Oy, the seller of
Ibero Liikelahjat Oy. In conjunction with the issue, Wulff’s share capital was
raised by EUR 46,948.80. The new shares and the share capital increase were
registered in the Trade Register on 17 November 2008. The new shares grant the
same rights to holders as previously issued shares. The shares were admitted for
public trading on NASDAQ OMX Helsinki Oy as a series corresponding to that of
previously issued shares on 15 December 2008.

Wulff-Group Plc has no option schemes currently in force.

At the end of December 2008 Wulff had 630 (642) shareholders. On 31 December
2008 Wulff-Group held 27,254 of its own shares (0 shares). The company’s major
shareholders were:

——————————————————————————–
| 1. | Vienola Heikki | 2,523,405 shares | 38.2% |
——————————————————————————–
| 2. | Pikkarainen Ari | 1,391,475 shares | 21.1% |
——————————————————————————–
| 3. | Varma Mutual Pension Insurance Company | 450,000 shares | 6.8% |
——————————————————————————–
| 4. | Tapiola Mutual Pension Insurance | 350,000 shares | 5.3% |
| | Company | | |
——————————————————————————–
| 5. | Tapiola General Mutual Insurance | 283,900 shares | 4.3% |
| | Company | | |
——————————————————————————–
| 6. | Nordea Nordic Small Cap equity fund | 109,383 shares | 1.7% |
——————————————————————————–
| 7. | Tapiola Mutual Life Assurance Company | 100,000 shares | 1.5% |
——————————————————————————–
| 8. | Progift Oy | 100,000 shares | 1.5% |
——————————————————————————–
| 9. | Hietala Pekka | 84,100 shares | 1.3% |
——————————————————————————–
| 10. | SR Arvo Finland Value | 74,833 shares | 1.1% |
——————————————————————————–
| 11. | The Local Government Pensions | 70,000 shares | 1.1% |
| | Institution | | |
——————————————————————————–
| 12. | ESR eQ Pikkujättiläiset | 68,900 shares | 1.0% |
——————————————————————————–
| 13. | Sundholm Göran | 50,000 shares | 0.8% |
——————————————————————————–
| 14. | Ågerfalk Veijo | 45,000 shares | 0.7% |
——————————————————————————–
| 15. | Laakkonen Mikko | 40,000 shares | 0.6% |
——————————————————————————–
| 16. | Keskinäinen kiinteistö Oy Vanha | 28,000 shares | 0.4% |
| | Talvitie 12 | | |
——————————————————————————–
| 17. | Wulff-Group Plc | 27,254 shares | 0.4& |
——————————————————————————–
| 18. | Tapiola Corporate Life Insurance Ltd | 27,200 shares | 0.4% |
——————————————————————————–
| 19. | Cardia Invest Oy | 23,800 shares | 0.4% |
——————————————————————————–
| 20. | Brade Oy | 22,000 shares | 0.3% |
——————————————————————————–

No changes in holdings that would have merited a notice of change took place in
2008.

TREASURY SHARES

The Board of Directors of Wulff-Group Plc decided in its meeting on 6 February
2008 to initiate a share buyback in accordance with the authorisation given to
it at the Annual General Meeting on 4 April 2007. Treasury share acquisition was
initiated on 14 February 2008. With the said authorization, a total of 15,890
shares were acquired before the next Annual General Meeting which took place on
4 April 2008. The acquired shares represent 0.2% of the share capital and votes
of Wulff-Group.

The Board of Directors of Wulff-Group Plc decided in its meeting on 22 April
2008 to initiate a share buyback of maximum of 300,000 own shares in accordance
with the authorisation given to it at the Annual General Meeting on 4 April
2008. Treasury share acquisition was initiated on 12 May 2008. By 31 December
2008, a total of 9,628 shares have been acquired with the said authorization.
The acquired shares represent 0.1% of the share capital and votes of
Wulff-Group.

The shares were purchased through public trading at NASDAQ OMX Helsinki in a
proportion other than that of current shareholder holdings at the market price
determined in public trading at the time of purchase.

During the review period, the Group received a total of 1,736 company shares
previously included in the incentive system for subsidiary sales.

Wulff-Group held 27,254 of its own shares on 31 December 2008, which represents
0.4% of the Group’s shares and votes. The company did not hold its own shares in
2007.

SEGMENT INFORMATION

Companies in the Wulff-Group Plc are sales and marketing companies of office
supplies. The Group’s organisation structure is divided into five areas
depending on their operating concept and field. All the areas are presented as a
single reportable business segment. In other words, the Group’s reportable
information, in its entirety, forms this business segment’s information. The
business areas have similar financial characteristics and risk profiles, common
customers and similar products.

Wulff-Group’s secondary segment reporting is based on geographical segments. A
market area forms a segment if its net sales account for more than 10 % of the
Group’s net sales. The net sales of segments are presented according to customer
locations, while assets and investments are presented by their location and
target.

RISKS AND UNCERTAINTIES OF THE NEAR FUTURE

Wulff-Group’s business experiences seasonal change, and a significant share of
the company’s turnover and profit is generated in the fourth quarter. The main
uncertainty factors in the near future are related to the profit development of
Entre Marketing and the economic sentiment. The demand for corporate promotional
products and event marketing services may begin to change, as the general
economic sentiment takes a downward turn.

The economic uncertainties and the retardation of economic growth that began in
late 2008 also affect the operations of Wulff-Group Plc. An extended decline in
the general economic situation may have a negative impact on office supplies and
services, and consequently on Wulff-Group’s operations.

BOARD OF DIRECTORS’ DIVIDEND PROPOSAL

The parent company’s balance sheet shows distributable profits of EUR 4.78
million, of which retained earnings account for EUR 5.80 million and the parent
company’s loss for the period -EUR 1.02 million. The Group’s profit for the
period is EUR 0.45 million, or EUR 0.07 per share (EUR 0.47). The Board of
Directors propose to the Annual General Meeting that a dividend of EUR 0.05 (EUR
0.18) per share be paid for 2008. This corresponds to 72.8% of the review
period’s EPS and totals EUR 0.33 million. EUR 4.44 million will be retained in
shareholders’ equity.

No dividend will be paid to shares owned by the company itself at the time of
the decision on the profit distribution.

EVENTS AFTER THE REVIEW PERIOD

The Group’s Board of Directors decided on 5 February 2009 to change the
organisational structure from the previous five business areas to two divisions.
The new divisions are Contract Customers and Direct Sales.

The pro forma turnover for Contract Customers division in 2008 totalled EUR 54.4
million, pro forma operating profit EUR 2.3 million and the pro forma operating
profit percentage was 4.2%, including the full-year figures for Ibero
Liikelahjat Oy, which was included in the consolidated financial statements as
of 1 October 2008. The pro forma turnover for Direct Sales division in 2008
totalled EUR 25.2 million, pro forma operating profit EUR 1.6 million and the
pro forma operating profit percentage was 6.4%.

In future, the Group reports financial information for both Contract Customers
and Direct Sales divisions.

OUTLOOK FOR 2009

The weaker economic situation has also clearly affected the demand for office
supplies and has increased uncertainty in operating environments, making it
difficult to precisely predict the outlook for 2009. In the coming year, the
company will implement its profitability enhancement programme and boost
operations. The current economic situation offers an excellent opportunity to
increase the headcount in sales. Wulff is also prepared to carry out
acquisitions in line with its strategy.

ANNUAL GENERAL MEETING AND FINANCIAL REPORTING IN 2009

The Annual General Meeting of Wulff-Group Plc will be held in Helsinki on 24
April 2009 at 12 p.m. The company will send out invitations to shareholders in
week 12.

The company’s annual report and financial statements for 2008 will be published
on 20 March 2009.

Wulff-Group publishes three interim reports in 2009 as follows:
Interim Report January-March 2009 May 7, 2009 at 9.00 a.m.
Interim Report January-June 2009 August 11, 2009 at 9.00 a.m.
Interim Report January-September 2009 November 6, 2009 at 9.00 a.m.

ACCOUNTING PRINCIPLES

This financial statements bulletin has been prepared in compliance with the
recognition and measurement principles of the IFRS standards, but not all the
requirements of IAS 34 have been taken into account in preparations. The tables
of this interim report are presented in a so-called condensed version. The
accounting principles are the same as those used in the financial statements for
2007. These financial statements have not been audited.

MEETING FOR INVESTORS, ANALYST AND MEDIA

Wulff-Group Plc will arrange a meeting with investors, analysts and media in
Hotel Palace, Eteläranta 10, Helsinki on 6 February 2009 starting at noon.

CONDENCED FINANCIAL STATEMENTS AND NOTES

——————————————————————————–
| Wulff-Group Plc | | | (1000 euro) |
——————————————————————————–
——————————————————————————–
| CONSOLIDATED INCOME | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 |
| STATEMENT | | | | |
——————————————————————————–
——————————————————————————–
| TURNOVER | 20 154 | 22 200 | 76 178 | 74 087 |
——————————————————————————–
——————————————————————————–
| Other operating income | 70 | 3 537 | 745 | 3 727 |
——————————————————————————–
——————————————————————————–
| Materials and services | 11 151 | 11 757 | 42 234 | 39 456 |
——————————————————————————–
| Employee benefits expenses | 4 500 | 5 293 | 18 124 | 17 644 |
——————————————————————————–
| Depreciation and | 371 | 774 | 1 175 | 1 735 |
| amortization | | | | |
——————————————————————————–
| Other operating expenses | 3 477 | 3 819 | 13 125 | 13 581 |
——————————————————————————–
——————————————————————————–
| OPERATING PROFIT | 725 | 4 095 | 2 264 | 5 399 |
——————————————————————————–
——————————————————————————–
| Financial income and | -26 | -331 | -728 | -852 |
| expenses | | | | |
——————————————————————————–
——————————————————————————–
| PROFIT BEFORE | 698 | 3 764 | 1 535 | 4 547 |
| EXTRAORDINARY ITEMS AND | | | | |
| TAXES | | | | |
——————————————————————————–
——————————————————————————–
| Extraordinary items | 0 | 0 | 0 | 0 |
——————————————————————————–
——————————————————————————–
| PROFIT BEFORE TAXES | 698 | 3 764 | 1 535 | 4 547 |
——————————————————————————–
——————————————————————————–
| Income taxes | 251 | 1 050 | 773 | 1 353 |
——————————————————————————–
| Minority interest | 60 | 98 | 309 | 166 |
——————————————————————————–
——————————————————————————–
| NET PROFIT | 388 | 2 616 | 454 | 3 028 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED BALANCE SHEET | (1000 euro) |
——————————————————————————–
——————————————————————————–
| Assets | 12/2008 | 12/2007 |
——————————————————————————–
——————————————————————————–
| FIXED ASSETS | | |
——————————————————————————–
——————————————————————————–
| Intangible assets | 582 | 587 |
——————————————————————————–
| Goodwill | 8 356 | 7 204 |
——————————————————————————–
| Tangible assets | 2 338 | 2 829 |
——————————————————————————–
| Investments held for sale | 194 | 310 |
——————————————————————————–
| Investments | 147 | 144 |
——————————————————————————–
| Deferred tax assets | 691 | 954 |
——————————————————————————–
——————————————————————————–
| TOTAL FIXED ASSETS | 12 307 | 12 028 |
——————————————————————————–
——————————————————————————–
| CURRENT ASSETS | | |
——————————————————————————–
| Inventories | 10 904 | 10 903 |
——————————————————————————–
| Trade receivables | 7 572 | 8 292 |
——————————————————————————–
| Other receivables | 3 764 | 4 796 |
——————————————————————————–
| Cash and cash equivalents and financial assets | 4 903 | 6 316 |
| recognised at fair value | | |
——————————————————————————–
——————————————————————————–
| TOTAL CURRENT ASSETS | 27 143 | 30 306 |
——————————————————————————–
——————————————————————————–
| TOTAL ASSETS | 39 451 | 42 335 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Equity and liabilities | 12/2008 | 12/2007 |
——————————————————————————–
| | | |
——————————————————————————–
| EQUITY | | |
——————————————————————————–
| Share capital | 2 650 | 2 603 |
——————————————————————————–
| Share premium fund | 7 662 | 7 662 |
——————————————————————————–
| Non-restricted equity | 223 | 0 |
——————————————————————————–
| Retained earnings | 8 004 | 6 293 |
——————————————————————————–
| Net profit | 454 | 3 028 |
——————————————————————————–
——————————————————————————–
| Minority interest | 1 137 | 1 048 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY | 20 131 | 20 634 |
——————————————————————————–
——————————————————————————–
| LIABILITIES | | |
——————————————————————————–
| Long-term liabilities | | |
——————————————————————————–
| interest-bearing | 6 533 | 7 491 |
——————————————————————————–
| Short-term liabilities | | |
——————————————————————————–
| interest-bearing | 1 780 | 1 669 |
——————————————————————————–
| accounts payable and other liabilities | 11 007 | 12 542 |
——————————————————————————–
——————————————————————————–
| TOTAL LIABILITIES | 19 320 | 21 702 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY AND LIABILIIES | 39 451 | 42 335 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Dec 31st 2008 | |
——————————————————————————–
| | | | | | | (1000 euro) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Non-r | Retai | Total | Minor- | Total |
| | capit | premi | estri | n-ed | | ity | |
| | al | um | cted | earn- | | inte-r | |
| | | fund | equit | ings | | est | |
| | | | y | | | | |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Equity Jan 1 | 2 603 | 7 662 | 0 | 9 321 | 19 586 | 1 048 | 20 634 |
| 2008 | | | | | | | |
——————————————————————————–
——————————————————————————–
| Net profit | | | | 454 | | 309 | 763 |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Dividends | | | | -1 | | -159 | -1 327 |
| paid | | | | 168 | | | |
——————————————————————————–
——————————————————————————–
| Investments | | | | -115 | | | -115 |
| available or | | | | | | | |
| sale: | | | | | | | |
| Valuation | | | | | | | |
| gains or | | | | | | | |
| losses | | | | | | | |
| recognised | | | | | | | |
| under | | | | | | | |
| shareholders’ | | | | | | | |
| equity | | | | | | | |
——————————————————————————–
——————————————————————————–
| Directed | 47 | | 223 | | | | 270 |
| share issue | | | | | | | |
——————————————————————————–
——————————————————————————–
| Translation | | | | -37 | | -61 | -98 |
| differences | | | | | | | |
——————————————————————————–
——————————————————————————–
| Treasury | | | | -43 | | | -43 |
| share | | | | | | | |
| acquisition | | | | | | | |
——————————————————————————–
——————————————————————————–
| Taxes related | | | | 47 | | 0 | 47 |
| to items | | | | | | | |
| recognised | | | | | | | |
| under | | | | | | | |
| shareholders’ | | | | | | | |
| equity | | | | | | | |
——————————————————————————–
——————————————————————————–
| Equity Dec 31 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 |
| 2008 | | | | | | | |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Dec 31st 2007 |
——————————————————————————–
| | | | | | (1000 euro) |
——————————————————————————–
| | Share | Share | Retain- | Total | Minor-i | Total |
| | capita | premiu | ed | | ty | |
| | l | m fund | earn-in | | inte-re | |
| | | | gs | | st | |
——————————————————————————–
| | | | | | | |
——————————————————————————–
| Equity Jan 1 2007 | 2 603 | 7 662 | 7 037 | 17 302 | 889 | 18 190 |
——————————————————————————–
——————————————————————————–
| Net profit | | | 3 028 | | 166 | 3 194 |
——————————————————————————–
——————————————————————————–
| Dividends paid | | | -781 | | -86 | -867 |
——————————————————————————–
——————————————————————————–
| Investments | | | 69 | | | 69 |
| available or sale: | | | | | | |
| Valuation gains or | | | | | | |
| losses recognised | | | | | | |
| under | | | | | | |
| shareholders’ | | | | | | |
| equity | | | | | | |
——————————————————————————–
——————————————————————————–
| Financial | | | 0 | | | 0 |
| instruments | | | | | | |
| recognised under | | | | | | |
| shareholders’ | | | | | | |
| equity | | | | | | |
——————————————————————————–
——————————————————————————–
| Translation | | | -13 | | -2 | -15 |
| differences | | | | | | |
——————————————————————————–
——————————————————————————–
| Changes in | | | 0 | | 81 | 81 |
| shareholders | | | | | | |
——————————————————————————–
——————————————————————————–
| Taxes related to | | | -18 | | | -18 |
| items recognised | | | | | | |
| under | | | | | | |
| shareholders’ | | | | | | |
| equity | | | | | | |
——————————————————————————–
——————————————————————————–
| Equity Dec 31 2007 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 |
——————————————————————————–

——————————————————————————–
| KEY RATIOS | | | (1000 euro) |
——————————————————————————–
| | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 |
——————————————————————————–
——————————————————————————–
| Turnover | 20 154 | 22 200 | 76 178 | 74 087 |
——————————————————————————–
| Increase in turnover % | -9.2 % | 17.7 % | 2.8 % | 19.4 % |
——————————————————————————–
——————————————————————————–
| Operating profit | 725 | 4 095 | 2 264 | 5 399 |
——————————————————————————–
| % of turnover | 3.6 % | 18.4 % | 3.0 % | 7.3 % |
——————————————————————————–
——————————————————————————–
| Profit before taxes | 698 | 3 764 | 1 535 | 4 547 |
——————————————————————————–
| % of turnover | 3.5 % | 17.0 % | 2.0 % | 6.1 % |
——————————————————————————–
——————————————————————————–
| Net profit | 388 | 2 616 | 454 | 3 028 |
——————————————————————————–
| % of turnover | 1.9 % | 11.8 % | 0.6 % | 4.1 % |
——————————————————————————–
——————————————————————————–
| Equity ratio % | | | 51.0 % | 48.7 % |
——————————————————————————–
——————————————————————————–
| Return on equity (ROE) % | | | 3.7 % | 16.5 % |
——————————————————————————–
——————————————————————————–
| Return on investment (ROI) | | | 7.2 % | 17.6 % |
| % | | | | |
——————————————————————————–
——————————————————————————–
| Gearing % | | | 16.9 % | 15.9 % |
——————————————————————————–
——————————————————————————–
| Investments in fixed | 265 | 268 | 915 | 1 171 |
| assets | | | | |
——————————————————————————–
| % of turnover | 1.3 % | 1.2 % | 1.2 % | 1.6 % |
——————————————————————————–
——————————————————————————–
| Average number of | | | 440 | 440 |
| personnel | | | | |
——————————————————————————–
| Number of personnel at end | | | 412 | 467 |
| of period | | | | |
——————————————————————————–
——————————————————————————–
| Earnings per share, euro | 0.06 | 0.40 | 0.07 | 0.47 |
——————————————————————————–
——————————————————————————–
| Equity per share, euro | | | 3.09 | 3.17 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED CASH FLOW | (1000 euro) |
——————————————————————————–
| | 1-12/08 | 1-12/07 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from operations: | | |
——————————————————————————–
| Payments received from sales | 76 398 | 74 328 |
——————————————————————————–
| Payments received from other operating income | 235 | 227 |
——————————————————————————–
| Amounts paid for operating expenses | -74 983 | -71 820 |
——————————————————————————–
| Cash flow from business operations before | 1 650 | 2 735 |
| financial items and taxes | | |
——————————————————————————–
| Financial costs paid | -560 | -641 |
——————————————————————————–
| Interest received from operations | 172 | 146 |
——————————————————————————–
| Direct taxes paid | -110 | -131 |
——————————————————————————–
| Cash flow from operations | 1 152 | 2 109 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from investments: | | |
——————————————————————————–
| Investments in tangible and intangible assets | -1 050 | -1 070 |
——————————————————————————–
| Sale of tangible and intangible assets | 777 | 6 709 |
——————————————————————————–
| Acquisition of shares in subsidiaries | 123 | -1 373 |
——————————————————————————–
| Sale of shares in subsidiaries | 0 | 0 |
——————————————————————————–
| Sale of other investments | 0 | 0 |
——————————————————————————–
| Loans granted | -71 | -414 |
——————————————————————————–
| Cash flow from investments | -221 | 3 852 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from financing activities: | | |
——————————————————————————–
| Paid dividends | -1 327 | -867 |
——————————————————————————–
| Received dividends | 74 | 465 |
——————————————————————————–
| Short-term investments (increase -) | -124 | -198 |
——————————————————————————–
| Loan withdrawals | 1 547 | 1 128 |
——————————————————————————–
| Loan repayments | -2 396 | -2 300 |
——————————————————————————–
| Cash flow from financing activities | -2 226 | -1 772 |
——————————————————————————–
| | | |
——————————————————————————–
——————————————————————————–
| Change in liquid assets | -1 295 | 4 189 |
——————————————————————————–

——————————————————————————–
| TREASURY SHARES | | |
——————————————————————————–
| | 1-12/08 | 1-12/07 |
——————————————————————————–
| Number of treasury shares held by the Group | 27 254 | 0 |
——————————————————————————–
| % of share capital and votes | 0.4 % | 0.0 % |
——————————————————————————–
| Number of shares at the end of the review period | 6 607 628 | 6 507 628 |
——————————————————————————–

——————————————————————————–
| KEY RATIOS PER QUARTER | | (1000 euro) |
——————————————————————————–
——————————————————————————–
| | 10-12/0 | 7-9/08 | 4-6/08 | 1-3/08 | 10-12/0 | 7-9/07 |
| | 8 | | | | 7 | |
——————————————————————————–
| Turnover | 20 154 | 16 170 | 20 706 | 19 148 | 22 200 | 16 358 |
| (1000 euro) | | | | | | |
——————————————————————————–
| Operating profit | 725 | 307 | 854 | 378 | 4 095 | 204 |
| (1000 euro) | | | | | | |
——————————————————————————–
| Net profit | 388 | -97 | 354 | -192 | 2 616 | -5 |
| (1000 euro) | | | | | | |
——————————————————————————–
| Earnings per | 0.06 | -0.01 | 0.05 | -0.03 | 0.40 | 0.00 |
| share, euro | | | | | | |
——————————————————————————–

WULFF-GROUP PLC
Board of Directors

www.wulff-group.com

Further information:

Heikki Vienola, CEO
Tel. +358 9 5259 0050 or +358 50 65 110
e-mail: heikki.vienola@wulff.fi

Sirpa Väisänen, IR Officer
Tel. +358 9 5259 0050 or 0400 943 243
e-mail: sirpa.vaisanen@wulff.fi

Distribution:

NASDAQ OMX Helsinki
www.wulff-group.com
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