WULFF-GROUP PLC INTERIM REPORT 1 JANUARY – 31 MARCH 2009

WULFF-GROUP PLC INTERIM REPORT 7 MAY 2009, AT 9.00 A.M.

WULFF-GROUP PLC INTERIM REPORT 1 JANUARY – 31 MARCH 2009

Wulff-Group’s turnover and operating profit declined in the review period.
Turnover decreased by 12.6 %, totalling EUR 16.7 million (EUR 19.1 million). The
Group generated an operating loss of EUR 0.14 million (EUR 0.38 million profit).
Result for the period showed a loss of EUR 0.31 million (EUR -0.19 million).
Earnings per share (EPS) fell to EUR -0.05 (EUR – 0.03).

THE GROUP’S NET SALES AND PROFIT DEVELOPMENT

Wulff-Group Plc’s net sales decreased by 12.6% year-on-year, totalling EUR 16.7
million (EUR 19.1 million). The decreased turnover can be attributed to the
weakened demand in both divisions due to the general economic situation.

Wulff-Group’s operating loss was EUR 0.14 million (operating profit of EUR 0.38
million), representing -0.8% (2.0%) of net sales. Loss before extraordinary
items totalled EUR 0.22 million (profit of EUR 0.05 million). Earnings per share
(EPS) dropped to EUR -0.05 from EUR -0.03 a year earlier. The Group made a loss
of EUR 0.31 million after financial expenses in the first quarter (EUR -0.19
million).

The decline in turnover due to the market slow-down that began in late 2008
continued in the first quarter of 2009. Says CEO Heikki Vienola: ”The decrease
in financial activity was reflected in our first-quarter results. Uncertainties
had an impact on our sales, particularly in the field of business gifts, already
late last year, so we knew to expect weaker demand also in our other product
groups. At the Group level, operational savings have been sought through a cost
savings programme designed jointly with our employees. As a result of the
codetermination talks carried out in March, the Group companies made operational
adjustments and reorganisations to adapt to the current economical situation.
These measures will bring as annual savings of approximately EUR 450,000. Our
key effort in response to the economical challenges is focusing on sales.
According to our reviewed strategy, we will make strong inputs into
division-specific business development. Our two complementary service models
enable us to offer customers both cost savings and the best service.”

THE GROUP’S ORGANISATIONAL CHANGE

The Board of Directors of Wulff-Group Plc confirmed the Group’s revised strategy
and organisational change on 5 February 2009. The goal is to refine the
operating models in order to provide better service to customers and to adjust
the corporate structure in line with the revised strategy.

Wulff-Group’s vision is to become the fastest growing and most profitable
top-ranking office supplies company in the Nordic market. The company’s goal is
to help corporate customers to succeed in their own business by providing them
with innovative products and services in a way that suits them best.

The Group moved from a structure with five business areas to one with two
business divisions – Contract Customers and Direct Sales. The Group’s new
management team consists of Heikki Vienola, CEO, Ari Pikkarainen, Deputy CEO,
Jani Puroranta and Veijo Ågerfalk, Executive Vice Presidents, and Petri Räsänen,
CFO. The new division structure was adopted on 5 February 2009.

The new divisions are also new segments of Wulff Group. The third segment
comprises the Group’s internal and external support services. The Group’s
operating profit is the financial result of the segments.

CONTRACT CUSTOMERS DIVISION

The vision of the Contract Customers division is to be the market leader in
Finnish business contract sales of office supplies, business and promotional
gifts, as well as fair and event marketing services. The mission of the Contract
Customers division is to be most sought-after partner in the business and to
offer customers comprehensive solutions for enhancing offices and promoting
sales. The division comprises Wulff Oy Ab, KB-tuote Oy, Ibero Liikelahjat Oy and
Entre Marketing Oy. Jani Puroranta, MSc (Econ.), MBA, was appointed as Executive
Vice President and Head of Contract Customers Division on 5 February 2009.
Puroranta previously worked as Chief Business Development Officer of
Wulff-Group.

The turnover for Contract Customers division for the review period amounted to
EUR 11.6 million (EUR 13.3 million) and the operating loss totalled EUR 0.14
million (EUR 0.04 million). The reference figures are pro forma; they include
the 2008 turnover and operating profit of Ibero Liikelahjat Oy that was
consolidated into the Group on 1 Oct. 2008.

”In an economically challenging situation customers start seeking solutions that
enable cost savings and release in-house resources for core business activities.
The solutions we offer our contractual customers – such as Wulff’s Apaja office
supply service and the business gift services of KB-tuote and Ibero Liikelahjat
Oy – are designed to bring our customers enhanced business efficiency and clear
cost savings. Furthermore, Entre Marketing’s fair and event marketing services
are based on profitable contacts, and Entre’s revamped service concept has been
widely complimented by our customers. Our new strategic guidelines and the
division-based management model will help us serve our customers even better. I
believe that our service quality and competitive edge will bring us new
customers also in the future,” says Jani Puroranta, Executive Vice President and
Head of Contract Customers Division.

The turnover of Wulff Oy that sells office supplies and computer accessories
declined in comparison with the corresponding period of last year. The decline
can be attributed to the weakened demand by major, export-oriented industrial
companies. Due to cost savings and personnel cuts, the customer companies have
also cut back their office supply purchases. Wulff Oy was successful in new
customer acquisition in the review period. Wulff Oy Ab’s turnover represents
approximately 40 per cent of Wulff-Group Plc’s turnover.

In the field of selling and marketing business and advertising gifts, KB-tuote
Oy continued to expand its contractual customer base according to its goals. The
prospects of demand for corporate promotional products have been very
challenging in the first quarter of the year, and operations have been adjusted
to the market situation through such measures as personnel lay-offs. KB-Tuote Oy
provides major corporations with an outsourced business gift service whereby the
customer can order products designed in line with the company brand through an
electronic order system.

Thanks to the streamlining measures and cost savings programme implemented last
year, Entre Marketing Oy made profit in the first quarter of the year. The
implemented changes enable Entre to increasingly focus on its core business and
enhance its competitive edge, as outlined in its strategy. Entre’s revamped
service offering comprises Finnish trade fairs, international trade fairs,
marketing events, marketing and communication services and e-services.

The newest company acquired by Wulff-Group, Ibero Liikelahjat Oy, showed
positive business development in the first quarter of the year, despite the
challenging situation in the field of corporate promotional product sales. Being
a medium-sized company, Ibero Liikelahjat is a flexible and fast company and
partner for its customers. Wulff-Group Plc acquired the entire share capital of
Ibero Liikelahjat Oy from Progift Oy in October 2008.

DIRECT SALES DIVISION

The vision of the Direct Sales division is to be the biggest and most profitable
direct sales company in the Nordic countries and neighbouring regions, which
pulls along over 300 entrepreneurial sales professionals to success. The mission
of the Direct Sales division is to make the activities of its customers more
flexible with innovative products and the most professional, personal and local
service in the field. The division comprises the direct sales companies in
Finland, Sweden and Norway. Veijo Ågerfalk was appointed as Executive Vice
President and Head of Direct Sales Division on 5 February 2009. Veijo Ågerfalk
has solid experience in direct sales, accumulated over the more than 15 years he
has served as the Managing Director of Wulff-Group Plc’s Scandinavian companies
Beltton Svenska AB and Nordisk Profil AS.

The turnover for Direct Sales division for the review period amounted to EUR 5.4
million (EUR 6.9 million) and the operating loss for the division totalled EUR
0.26 million (operating profit of EUR 0.42 million).

Executive Vice President Veijo Ågerfalk: ”At Direct Sales, we have made major
inputs into supervisor training, induction training and enhancing our
recruitment process. Providing our new salespeople with the best possible
competence is a contribution to our future success. Those with sales skills are
the most successful in challenging economic conditions. These development
projects are investments that will also increase shareholder value in the long
run.”

Direct Sales revamped its sales activity monitoring and company profitability
monitoring practices in the review period. A cost-savings programme, planned
jointly with the personnel, is expected to have an impact on the profitability
already in the third quarter. In addition, management practices were unified in
Finland: Jarkko Vehviläinen, the long-time head of Vinstock Oy and Beltton Oy,
was appointed Managing Director of Naxor Care Oy and Suomen Rader Oy.
Vehviläinen will also continue as the Managing Director of Vinstock Oy and
Beltton Oy in addition to his new responsibilities.

The declined demand has also affected the Group’s Scandinavian business
development. However, Nordisk Profil of Norway has been able to maintain a good
level of sales and profits, given the current situation, thanks to the
investments in operational expansion and profitability improvement. In Sweden,
the biggest challenges lie with finding and recruiting skilled salespeople.

FINANCING AND INVESTMENTS

Cash flow from business operations amounted to EUR -0.22 million (EUR 0.41
million). The company’s cash position is good.

The consolidated balance sheet total at the end of the period amounted to EUR
38.2 million (EUR 40.5 million) and the equity ratio was 51.6% (50.4%). The
investments in fixed assets entered in the balance sheet amounted to EUR 0.36
million, or 2.2% (EUR 0.19 million, 1.0%) of net sales.

PERSONNEL

Wulff-Group Plc had 413 (455) employees at the end of the review period and an
average of 413 (461) employees over the period. A total of 85 (92) employees
worked in Sweden, Norway and Estonia. A total of 165 (178) employees worked at
Contract Customers division and a total of 235 (263) at Direct Sales division.

EVENTS IN THE REVIEW PERIOD

In order to streamline operations and improve profitability, the Finnish
subsidiaries of Wullf-Group Plc – Beltton Oy, KB-tuote Oy, Suomen Rader Oy and
Vinstock Oy – as well as the parent company conducted codetermination talks with
their personnel in accordance with the Act on Co-operation within Undertakings
in early March 2009. The negotiations were initiated due to the downward turn in
the demand for the office supplies and services caused by the present market
situation, production-related and financial issues as well as changes related to
business reorganisation.

The cooperation negotiations applied to the personnel in administration, support
functions and logistics of the subsidiaries and the parent company. The
subsidiaries and the parent company that participated in the co-operation
negotiations employ a total of 160 persons, of which approximately 35 per cent
work in administration, sales support and logistics. As a result of
negotiations, the subsidiaries and the parent company reduced its staff by a
total of 6 people and laid-off temporarily a total of 13 people. These measures
are expected to result in cost-savings of approximately EUR 250,000 during 2009.

As a result of the co-operation negotiations, the Group will also carry out a
cost-savings programme planned jointly with the personnel, through which the
company expects to achieve approximately an additional EUR 100,000 as
cost-savings during this year. In addition to measures taken as a result of the
co-operation negotiations, a temporary management salary cut has been carried
out, which is expected to result in cost-savings of approximately EUR 100,000.

The cooperation negotiations were carried out in compliance with the cooperation
act. The negotiations were carried out in order to secure the company’s
competitiveness and operational viability in the future.

The reorganisation implemented in March unified and clarified management
practices in Wulff-Group Plc’s Direct Sales in Finland. Jarkko Vehviläinen, the
long-time head of Vinstock Oy and Beltton Oy, was appointed Managing Director of
Naxor Care Oy and Suomen Rader Oy on 27 March 2009. Vehviläinen will also
continue as the Managing Director of Vinstock Oy and Beltton Oy in addition to
his new responsibilities. Vehviläinen has extensive experience in managing
direct sales companies. He has been the Executive Vice President of Beltton Oy
and Vinstock Oy since 2003 and the Managing Director since April 2004. His
career with the Group began already in 1998 when he joined Vinstock Oy as a
sales representative.

TREASURY SHARES

During the first quarter, the Board of Directors used the authorisation to
repurchase treasury shares given by the AGM 4 April 2008 and repurchased 15,615
shares. The acquired shares represent 0.2% of the share capital and votes of
Wulff-Group.

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

Wulff-Group’s Board of Directors confirmed the rewards in the share-based
incentive plan for 2008 on 5 February 2009. The Board decided to assign 17,913
of the company shares held by the company without consideration to the
recipients of the reward as the share portion of the incentive. In accordance
with the terms of the share-based incentive plan, 65% of the reward is paid as
shares and 35% in cash. For the 2008 earning period, the recipients of the
reward are three persons in corporate management or other key positions and six
persons in sales. The handover date for the shares was 20 February 2009.

The Group’s registered share capital on 31 March 2009 amounted to EUR
2,650,000.00 and the total amount of shares is 6,607,628. Wulff Group held
24,956 of its own shares on 31 March 2009, which represents 0.4% of the Group’s
shares.

DECISIONS MADE BY THE ANNUAL GENERAL MEETING

Wulff-Group Plc’s Annual General Meeting held on 24 April 2009 unanimously
adopted the financial statements for 2008 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 0.05 per share for the financial year
2008. The record date for the dividend payment was 29 April 2009, and the
payment will be made on 7 April 2009.

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 24 April
2009, the Board of Directors elected Ari Lahti as its Chairman.

RISKS AND UNCERTAINTIES IN 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
general economic downtrend will weaken the demand for office supplies. The
slowdown of economic growth and financial uncertainty that began in late 2008
are also reflected in Wull-Group Plc’s business and will have a negative effect
on turnover development.

EVENTS AFTER THE REVIEW PERIOD

The Board of Directors of Wulff-Group Plc decided in its meeting on 24 April
2009 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 24 April
2009. The shares will be purchased through public trading at NASDAQ OMX Helsinki
Ltd in a proportion other than that of current shareholder holdings. The shares
will be purchased at the market price determined in public trading at the time
of purchase.

According to the authorisation, the treasury shares can be acquired to carry out
acquisitions or other business-related arrangements, to improve the company’s
capital structure, to support the implementation of the company’s incentive
scheme or to be cancelled or disposed of.

The acquisition of the company’s own shares shall start at the earliest on 8 May
2009 and end by the next Annual General Meeting at the latest.

OUTLOOK FOR 2009

The weaker economic situation has also clearly affected the demand for office
supplies. Company management believes that the turnover and operating profit
will remain below the previous year’s levels but nevertheless stay in the black.
During 2009, the company will continue its profitability enhancement programme
and boosting operations. The current economic situation offers an excellent
opportunity to increase the headcount in sales. Wulff-Group is also prepared to
carry out acquisitions in line with its strategy.

ACCOUNTING PRINCIPLES APPLIED IN THE INTERIM REPORT

This interim report 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 IFRS 8 Operating
Segments standard has been applied since the beginning of the financial year
2009. Apart from this, the accounting principles are the same as in the
financial statements for 2008. The tables of this interim report are presented
in a so-called condensed version. This interim report has not been audited.

FINANCIAL REPORTING

Wulff-Group Plc will publish financial reports in 2009 as follows:
– Interim Report 1.1. – 30.6.2009 on Tuesday, 11 August 2009
– Interim Report 1.1. – 30.9.2009 on Friday 6 November 2009.

CONDENCED FINANCIAL STATEMENTS AND NOTES

——————————————————————————–
| Wulff-Group Plc | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| CONSOLIDATED INCOME STATEMENT | 1-3/2009 | 1-3/2008 | 1-12/2008 |
——————————————————————————–
——————————————————————————–
| TURNOVER | 16 745 | 19 148 | 76 178 |
——————————————————————————–
——————————————————————————–
| Other operating income | 51 | 442 | 745 |
——————————————————————————–
——————————————————————————–
| Materials and services | 9 452 | 10 370 | 42 234 |
——————————————————————————–
| Employee benefits expenses | 4 251 | 4 868 | 18 124 |
——————————————————————————–
| Depreciation | 220 | 292 | 1 075 |
——————————————————————————–
| Impairment of goodwill | 0 | 0 | 100 |
——————————————————————————–
| Other operating expenses | 3 011 | 3 681 | 13 125 |
——————————————————————————–
——————————————————————————–
| OPERATING PROFIT | -139 | 378 | 2 264 |
——————————————————————————–
——————————————————————————–
| Financial income | 51 | 73 | 363 |
——————————————————————————–
| Financial expenses | -129 | -401 | -1 091 |
——————————————————————————–
——————————————————————————–
| PROFIT BEFORE EXTRAORDINARY ITEMS | -217 | 50 | 1 535 |
| AND TAXES | | | |
——————————————————————————–
——————————————————————————–
| Extraordinary items | 0 | 0 | 0 |
——————————————————————————–
——————————————————————————–
| PROFIT BEFORE TAXES | -217 | 50 | 1 535 |
——————————————————————————–
——————————————————————————–
| Income taxes | 78 | 163 | 773 |
——————————————————————————–
| Minority interest | 16 | 79 | 309 |
——————————————————————————–
——————————————————————————–
| NET PROFIT | -311 | -192 | 454 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED BALANCE SHEET | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| Assets | 31.3.2009 | 31.3.2008 | 31.12.2008 |
——————————————————————————–
| | | | |
——————————————————————————–
| FIXED ASSETS | | | |
——————————————————————————–
——————————————————————————–
| Intangible assets | 620 | 627 | 582 |
——————————————————————————–
| Goodwill | 8 356 | 7 204 | 8 356 |
——————————————————————————–
| Tangible assets | 2 419 | 2 507 | 2 338 |
——————————————————————————–
| Other financial assets | 360 | 462 | 341 |
——————————————————————————–
| Deferred tax assets | 706 | 992 | 691 |
——————————————————————————–
| | | | |
——————————————————————————–
| TOTAL FIXED ASSETS | 12 462 | 11 792 | 12 307 |
——————————————————————————–
——————————————————————————–
| CURRENT ASSETS | | | |
——————————————————————————–
| Inventories | 10 304 | 10 587 | 10 904 |
——————————————————————————–
| Trade and other receivables | 11 495 | 12 296 | 11 336 |
——————————————————————————–
| Financial assets recognised at the | 230 | 2 792 | 275 |
| fair value in the income statements | | | |
——————————————————————————–
| Cash and cash equivalents | 3 719 | 3 013 | 4 628 |
——————————————————————————–
——————————————————————————–
| TOTAL CURRENT ASSETS | 25 749 | 28 687 | 27 143 |
——————————————————————————–
——————————————————————————–
| TOTAL ASSETS | 38 213 | 40 480 | 39 451 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Equity and liabilities | 31.3.2009 | 31.3.2008 | 31.12.2008 |
——————————————————————————–
——————————————————————————–
| Share of shareholders’ equity that belongs |
| to owners of the Parent Company |
——————————————————————————–
| Share capital | 2 650 | 2 603 | 2 650 |
——————————————————————————–
| Share premium fund | 7 662 | 7 662 | 7 662 |
——————————————————————————–
| Invested unrestricted equity fund | 223 | 0 | 223 |
——————————————————————————–
| Retained earnings | 8 382 | 9 279 | 8 005 |
——————————————————————————–
| Net profit | -311 | -192 | 454 |
——————————————————————————–
——————————————————————————–
| Minority interest | 1 114 | 1 049 | 1 137 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY | 19 720 | 20 400 | 20 131 |
——————————————————————————–
——————————————————————————–
| LIABILITIES | | | |
——————————————————————————–
| Long-term liabilities | | | |
——————————————————————————–
| Interest-bearing | 6 300 | 7 634 | 6 533 |
——————————————————————————–
| Short-term liabilities | | | |
——————————————————————————–
| Interest-bearing | 1 702 | 1 462 | 1 780 |
——————————————————————————–
| Accounts payable and other | 10 492 | 10 984 | 11 007 |
| liabilities | | | |
——————————————————————————–
——————————————————————————–
| TOTAL LIABILITIES | 18 494 | 20 079 | 19 320 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY AND LIABILITIES | 38 213 | 40 480 | 39 451 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Mar 31st 2009 |
——————————————————————————–
| | | | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Invest | Retain | Total | Minor- | Total |
| | capit | premiu | -ed | -ed | | ity | |
| | al | m fund | un- | earn- | | inte- | |
| | | | restr- | ings | | rest | |
| | | | icted | | | | |
| | | | equity | | | | |
| | | | fund | | | | |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Equity Jan 1 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 |
| 2009 | | | | | | | |
——————————————————————————–
——————————————————————————–
| Net profit | | | | -311 | | 16 | -295 |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Dividends paid | | | | 0 | | -58 | -58 |
——————————————————————————–
——————————————————————————–
| Investments | | | | 14 | | | 14 |
| available or | | | | | | | |
| sale: | | | | | | | |
| Valuation | | | | | | | |
| gains or | | | | | | | |
| losses | | | | | | | |
| recognised | | | | | | | |
| under | | | | | | | |
| shareholders’ | | | | | | | |
| equity | | | | | | | |
——————————————————————————–
——————————————————————————–
| Translation | | | | -58 | | 18 | -40 |
| differences | | | | | | | |
——————————————————————————–
——————————————————————————–
| Treasury share | | | | -33 | | 0 | -33 |
| acquisition | | | | | | | |
——————————————————————————–
——————————————————————————–
| Taxes related | | | | 0 | | 0 | 0 |
| to items | | | | | | | |
| recognised | | | | | | | |
| under | | | | | | | |
| shareholders’ | | | | | | | |
| equity | | | | | | | |
——————————————————————————–
——————————————————————————–
| Total equity | 2 650 | 7 662 | 223 | 8 071 | 18 606 | 1 114 | 19 720 |
| Mar 31 2009 | | | | | | | |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Mar 31st 2008 |
——————————————————————————–
| | | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Retain- | Total | Minor- | Total |
| | capita | premium | ed | | ity | |
| | l | fund | earn- | | inte- | |
| | | | ings | | rest | |
——————————————————————————–
| | | | | | | |
——————————————————————————–
| Total equity Jan | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 |
| 1 2008 | | | | | | |
——————————————————————————–
——————————————————————————–
| Net profit | | | -192 | | 79 | -113 |
——————————————————————————–
——————————————————————————–
| Dividends paid | | | 0 | | -80 | -80 |
——————————————————————————–
——————————————————————————–
| Investments | | | 8 | | | 8 |
| available or | | | | | | |
| sale: Valuation | | | | | | |
| gains or losses | | | | | | |
| recognised under | | | | | | |
| shareholders’ | | | | | | |
| equity | | | | | | |
——————————————————————————–
——————————————————————————–
| Translation | | | 3 | | 2 | 5 |
| differences | | | | | | |
——————————————————————————–
——————————————————————————–
| Treasury share | | | -52 | | | -52 |
| acquisition | | | | | | |
——————————————————————————–
——————————————————————————–
| Taxes related to | | | -2 | | | -2 |
| items recognised | | | | | | |
| under | | | | | | |
| shareholders’ | | | | | | |
| equity | | | | | | |
——————————————————————————–
——————————————————————————–
| Total equity Mar | 2 603 | 7 662 | 9 086 | 19 351 | 1 049 | 20 400 |
| 31 2008 | | | | | | |
——————————————————————————–

——————————————————————————–
| KEY RATIOS | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| | 1-3/2009 | 1-3/2008 | 1-12/2008 |
——————————————————————————–
——————————————————————————–
| Turnover | 16 745 | 19 148 | 76 178 |
——————————————————————————–
| Increase in turnover % | -12.6% | 13.1% | 2.8% |
——————————————————————————–
——————————————————————————–
| Operating profit | -139 | 378 | 2 264 |
——————————————————————————–
| % of turnover | -0.8% | 2.0% | 3.0% |
——————————————————————————–
——————————————————————————–
| Profit before taxes | -217 | 50 | 1 535 |
——————————————————————————–
| % of turnover | -1.3% | 0.3% | 2.0% |
——————————————————————————–
——————————————————————————–
| Net profit | -311 | -192 | 454 |
——————————————————————————–
| % of turnover | -1.9% | -1.0% | 0.6% |
——————————————————————————–
——————————————————————————–
| Equity ratio% | 51.6% | 50.4% | 51.0% |
——————————————————————————–
——————————————————————————–
| Investments in fixed assets | 362 | 194 | 915 |
——————————————————————————–
| % of turnover | 2.2% | 1.0% | 1.2% |
——————————————————————————–
——————————————————————————–
| Average number of personnel | 413 | 461 | 440 |
——————————————————————————–
| Number of personnel at end of | 413 | 455 | 412 |
| period | | | |
——————————————————————————–
——————————————————————————–
| Earnings per share, euro | -0.05 | -0.03 | 0.07 |
——————————————————————————–
——————————————————————————–
| Equity per share, euro | 3.00 | 3.14 | 3.05 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED CASH FLOW | | (EUR 1,000) |
——————————————————————————–
| | 1-3/2009 | 1-3/2008 | 1-12/2008 |
——————————————————————————–
| Cash flow from operations: | | | |
——————————————————————————–
| Payments received from sales | 17 372 | 19 349 | 76 398 |
——————————————————————————–
| Payments received from other | 25 | 25 | 235 |
| operating income | | | |
——————————————————————————–
| Amounts paid for operating expenses | -17 584 | -18 920 | -74 983 |
——————————————————————————–
| Cash flow from business operations | -187 | 455 | 1 650 |
| before financial items and taxes | | | |
——————————————————————————–
| Financial costs paid | -45 | -56 | -560 |
——————————————————————————–
| Interest received from operations | 25 | 35 | 172 |
——————————————————————————–
| Direct taxes paid | -13 | -25 | -110 |
——————————————————————————–
| Cash flow from operations | -220 | 409 | 1 152 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from investments: | | | |
——————————————————————————–
| Investments in tangible and | -320 | -175 | -1 050 |
| intangible assets | | | |
——————————————————————————–
| Sale of tangible and intangible | 18 | 690 | 777 |
| assets | | | |
——————————————————————————–
| Acquisition of shares in | -76 | -72 | 123 |
| subsidiaries | | | |
——————————————————————————–
| Sale of shares in subsidiaries | 0 | 0 | 0 |
——————————————————————————–
| Sale of other investments | 0 | 0 | 0 |
——————————————————————————–
| Loans granted | 0 | 0 | -71 |
——————————————————————————–
| Cash flow from investments | -378 | 443 | -220 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from financing activities: | | | |
——————————————————————————–
| Paid dividends | -57 | -80 | -1 327 |
——————————————————————————–
| Received dividends | 0 | 21 | 74 |
——————————————————————————–
| Short-term investments (increase -) | -174 | -1 157 | -124 |
——————————————————————————–
| Loss from the sale of short-term | 0 | -259 | 0 |
| investments | | | |
——————————————————————————–
| Loan withdrawals | 0 | 0 | 1 547 |
——————————————————————————–
| Loan repayments | -80 | -286 | -2 396 |
——————————————————————————–
| Cash flow from financing activities | -311 | -1 761 | -2 226 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Change in liquid assets | -909 | -909 | -1293 |
——————————————————————————–

——————————————————————————–
| SEGMENT REPORTING | | (EUR 1,000) |
——————————————————————————–
| | 1-3/2009 | 1-3/2008 | 1-12/2008 |
——————————————————————————–
| | | Pro forma | Pro forma |
——————————————————————————–
| SEGMENT TURNOVER | | | |
——————————————————————————–
——————————————————————————–
| Contract Customers Division | | | |
——————————————————————————–
| External | 11 427 | 12 969 | 53 515 |
——————————————————————————–
| Internal | 127 | 363 | 893 |
——————————————————————————–
——————————————————————————–
| Direct Sales Division | | | |
——————————————————————————–
| External | 5 237 | 6 739 | 24 045 |
——————————————————————————–
| Internal | 199 | 186 | 1 182 |
——————————————————————————–
——————————————————————————–
| Group Services | | | |
——————————————————————————–
| External | 81 | 120 | 270 |
——————————————————————————–
| Internal | 326 | 370 | 1 847 |
——————————————————————————–
——————————————————————————–
| External turnover total | 16 745 | 19 828 | 77 830 |
——————————————————————————–
| | | | |
——————————————————————————–
| SEGMENT OPERATING PROFIT | | | |
——————————————————————————–
——————————————————————————–
| Contract Customers Division | 144 | 38 | 1 426 |
——————————————————————————–
| Direct Sales Division | -259 | 423 | 1 090 |
——————————————————————————–
| Group | -24 | -35 | -252 |
——————————————————————————–
——————————————————————————–
| Operating profit total | -139 | 426 | 2 264 |
——————————————————————————–

The reference figures are pro forma; they include the 2008 turnover and
operating profit of Ibero Liikelahjat Oy that was consolidated into the Group on
1 Oct. 2008.

——————————————————————————–
| TREASURY SHARES | | | |
——————————————————————————–
| | 3/2009 | 3/2008 | 12/2008 |
——————————————————————————–
| Number of treasury shares held by the | 24 956 | 14 990 | 27 254* |
| Group | | | |
——————————————————————————–
| % of share capital and votes | 0.4% | 0.2% | 0.4%* |
——————————————————————————–
| Number of shares at the end of the | 6 607 628 | 6 507 628 | 6 607 628 |
| review period | | | |
——————————————————————————–

*Excluding the 17,913 pcs of treasury shares assigned as share-based incentives
on 5 February 2009, Wulff-Group held 9,341 of its own shares in the end of the
financial period 2008, which represents 0.1% of the Group’s shares and votes.

——————————————————————————–
| KEY RATIOS PER QUARTER | | |
——————————————————————————–
——————————————————————————–
| | 1-3/09 | 10-12/0 | 7-9/08 | 4-6/08 | 1-3/08 | 10-12/0 |
| | | 8 | | | | 7 |
——————————————————————————–
| Turnover | 16 745 | 20 154 | 16 170 | 20 706 | 19 148 | 22 200 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Operating profit | -139 | 725 | 307 | 854 | 378 | 4 095 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Net profit | -311 | 388 | -97 | 354 | -192 | 2 616 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Earnings per | -0.05 | 0.06 | -0.01 | 0.05 | -0.03 | 0.40 |
| 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

Petri Räsänen, Chief Financial Officer
Tel. +358 9 5259 0050 or 040 728 1516
e-mail: petri.rasanen@wulff.fi

Distribution:

NASDAQ OMX Helsinki
www.wulff-group.com
Key media