The Board of Directors of Cramo Plc supplements its statement regarding the recommended voluntary public cash tender offer by Boels Topholding B.V. due to the increase in the Offer Price - Seite 2

The Cramo Board notes that the Increased Offer Price represents a premium of approximately 36.1 per cent compared to the closing price of the Cramo Share on Nasdaq Helsinki Ltd on 4 November 2019, the last trading day prior to the announcement by Cramo that it was evaluating a potential tender offer on 5 November 2019, and 58.5 per cent compared to the volume-weighted average trading price during the 3-month period prior to and up to 5 November 2019. According to the Offeror, the Increased Offer Price is final and the Offeror will not increase it further.

All members of the Cramo Board have participated in the decision-making concerning this statement. The evaluation of independence of the members of the Cramo Board is available on Cramo's website.

The Cramo Board notes that the transaction may, as is common in such processes, involve unforeseeable risks.

The Cramo Board further notes that the completion of the Tender Offer remains subject to the condition that the Shares tendered into the Tender Offer, together with any Shares that the Offeror may acquire outside the Tender Offer, represent more than ninety percent (90%) of the Shares of Cramo, on a fully diluted basis, provided that the Offeror may waive such offer condition and complete the Tender Offer, according to the Offeror, so long as, immediately following completion, the Offeror will own at least a majority of the Shares of Cramo, on a fully diluted basis.

If the minimum acceptance condition is waived and completion of the Tender Offer results in the Offeror holding less than ninety percent (90%) of the Shares of Cramo, the Offeror may not be able to initiate compulsory squeeze-out proceedings in accordance with the Finnish Companies Act (624/2006, as amended) in the short term or at all. As a result, going forward, non-tendering Cramo shareholders would constitute a minority in a company with a controlling shareholder, and may face reduced liquidity, which may adversely affect the value of their Shares or otherwise affect their position. The Offeror has announced that it reserves the right to use any legally permitted method to acquire all of the Shares (or full ownership of Cramo’s business) and/or to optimise the corporate, financing and tax structure of Cramo from the combined group's perspective.