KURSER OCH MARKNADER / NYHETER / BÖRSMEDDELANDEN

Loxam S.A.S. Commences Its Voluntary Recommended Public Cash Tender Offer for All Shares in Ramirent Plc on June 19, 2019

18.06.2019 klo 15:50 Loxam S.A.S. Commences Its Voluntary Recommended Public Cash Tender Offer for All Shares in Ramirent Plc on June 19, 2019





Ramirent Plc
Stock Exchange Release
June 18, 2019 at 3.50 p.m. EEST

NOT  FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN  WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY,  IN OR INTO CANADA, JAPAN, AUSTRALIA,  SOUTH AFRICA OR HONG KONG, OR
IN  ANY OTHER  JURISDICTION IN  WHICH THE  TENDER OFFER  WOULD BE  PROHIBITED BY
APPLICABLE  LAW. FOR  FURTHER INFORMATION,  SEE SECTION  "IMPORTANT INFORMATION"
BELOW.

Loxam  S.A.S. Commences Its  Voluntary Recommended Public  Cash Tender Offer for
All Shares in Ramirent Plc on June 19, 2019

Loxam  S.A.S. ("Loxam"  or the  "Offeror") and  Ramirent Plc  ("Ramirent" or the
"Company")  announced on  June 10, 2019 that  they had  on June 10, 2019 entered
into  a combination agreement pursuant  to which Loxam has  undertaken to make a
voluntary recommended public cash tender offer to purchase all of the issued and
outstanding  shares in  Ramirent that  are not  owned by  Ramirent or any of its
subsidiaries (the "Tender Offer").

The Offeror has today published the following information:

The  Finnish  Financial  Supervisory  Authority  has  today approved the Finnish
language  version of the tender offer document relating to the Tender Offer (the
"Tender  Offer Document").  The acceptance  period under  the Tender  Offer will
commence  on  June  19, 2019 at  9:30 a.m.  (Finnish  time)  and  expire on July
18, 2019 at  4:00 p.m. (Finnish time) (the "Offer Period"). The Offeror reserves
the right to extend the Offer Period in accordance with the terms and conditions
of the Tender Offer.

The  Tender  Offer  Document  will  be  available in Finnish from June 19, 2019
onwards at the headquarters of Loxam, 89, avenue de la Grande Armée, 75219 Paris
Cedex  16, France, the  offices of  Handelsbanken Capital  Markets, Itämerenkatu
11-13, FI-00180, Helsinki,  Finland,  and  at  Nasdaq Helsinki Ltd, Fabianinkatu
14, FI-00130 Helsinki,  Finland.  The  electronic  version  of  the Tender Offer
Document  will  be  available  in  Finnish  from June 19, 2019 onwards online at
www.loxamgroup.com/loxam-offer-for-ramirent and www.handelsbanken.fi/ostotarjous
and  the  English  language  translation  will  be available from June 19, 2019
onwards     online     at    www.loxamgroup.com/loxam-offer-for-ramirent,    and
www.handelsbanken.fi/tenderoffer.

The  offer price  is EUR  9.00 in cash  for each  share in  Ramirent (the "Offer
Price").  The expected issuance of 5,848,341 Ramirent shares to the shareholders
of  Stavdal  AB  ("Stavdal")  in  connection  with the completion of the Stavdal
acquisition, which was announced by Ramirent on April 8, 2019 ("Stavdal Shares")
will  not have an effect on the Offer Price. However, the Offer Price is subject
to  adjustment for any other new issuance of shares, including reclassification,
split (including a reverse-split) and shares issued under Ramirent's share based
incentive  plans.  The  Offer  Price  is  further  subject to adjustment for the
payment  of any dividends  or other distributions  of funds or assets (including
the second instalment, amounting to EUR 0.23 per share, of the dividend resolved
upon  at the  2019 Annual General  Meeting of  Ramirent held on March 14, 2019)
before  the completion of the Tender Offer or  if a record date of such dividend
or  other distribution of  funds or assets  occurs before the  completion of the
Tender Offer.

The Board of Directors of Ramirent has unanimously decided to recommend that the
shareholders of Ramirent accept the Tender Offer.

The  major shareholders  of Ramirent  Nordstjernan AB  and Oy Julius Tallberg Ab
(the  "Major  Shareholders")  and  the  President  and CEO of Ramirent Mr. Tapio
Kolunsarka   and   the   CFO  of  Ramirent  Mr.  Jukka  Havia  (the  "Management
Shareholders") have irrevocably undertaken to accept the Tender Offer subject to
certain customary conditions.

In addition, the shareholders of Stavdal, Hammarviken Företagsutveckling AB, Mr.
Mikael Olsson, R A Research AB, Mr. Magnus Hellberg, Magnus Hellberg Konsult AB,
Dakota  Finans  AB,  Richard  Asp  AB  and Regestad Invest AB, representing 100
percent  of the  Stavdal Shares  and approximately  5.1 percent of the shares in
Ramirent  (after taking into account the expected issuance of 5,848,341 Ramirent
shares  to the shareholders of Stavdal in  connection with the completion of the
acquisition  of Stavdal  by Ramirent,  which was  announced by Ramirent on April
8, 2019), have  irrevocably  undertaken  to  accept  the Tender Offer subject to
certain  customary conditions  or to  sell their  Stavdal Shares  to the Offeror
outside  the Tender Offer  at the Offer  Price subject to  the completion of the
Tender  Offer.  Combined  with  the  irrevocable  undertakings  from  the  Major
Shareholders  and  the  Management  Shareholders,  the  irrevocable undertakings
represent jointly approximately 35.4 percent of the outstanding shares and votes
in  Ramirent (after  taking into  account the  expected issuance  of the Stavdal
Shares).

The  completion  of  the  Tender  Offer  is,  in  accordance  with the terms and
conditions  of the Tender  Offer, subject to  certain conditions to be fulfilled
(unless  waived by the Offeror) on or  by the date of the Offeror's announcement
of  the final  result of  the Tender  Offer. This  includes the  Offeror gaining
control  of more than 90 percent of the outstanding shares and votes in Ramirent
on  a fully diluted basis calculated in accordance with the terms and conditions
of  the Tender  Offer enclosed  to this  stock exchange  release as Appendix 1.
Therefore,  shareholders  of  Ramirent  should  ensure that acceptance forms are
submitted  ahead of the expiry of the Offer Period on July 18, 2019 if they wish
to accept the Tender Offer, as the Offeror may decide not to complete the Tender
Offer  as set forth in the terms and  condition of the Tender Offer including if
the 90% acceptance condition is not met.

The  acquisition  is  reportable  to  the  Polish  and  Russian  merger  control
authorities.  The Offeror does not anticipate any competition concerns in either
jurisdiction  and the completion of  the Tender Offer is  not conditioned to the
receipt  of clearances from the said authorities. The Offeror has not identified
any  regulatory authorizations  upon which  the completion  of the  Tender Offer
would be dependent.

Most  of  the  Finnish  book-entry  account  operators  are  expected  to send a
notification  of  the  Tender  Offer,  including  instructions  and the relevant
acceptance  form to  their customers  who are  registered as shareholders in the
shareholders'   register   of  Ramirent  maintained  by  Euroclear  Finland  Oy.
Shareholders  of Ramirent who do not  receive such instructions or an acceptance
form  from  their  account  operator  should  primarily  contact  their  account
operator.  Secondarily,  shareholder  of  the  Company can contact Handelsbanken
Capital  Markets by sending an email to tenderoffer@handelsbanken.fi, where such
shareholders  of  the  Company  can  receive  information  for  submitting their
acceptance. If such shareholders are U.S. residents or located within the United
States,  they  may  contact  their  brokers  for  the  necessary  information. A
shareholder  in Ramirent  whose shareholdings  are registered  in the  name of a
nominee  and who wishes to accept the  Tender Offer shall effect such acceptance
in  accordance  with  the  nominee's  instructions.  The  Offeror  will not send
acceptance  forms  or  other  documents  related  to  the  Tender  Offer to such
shareholders in Ramirent.

The Offeror will announce the preliminary result of the Tender Offer on or about
the first (1st) Finnish banking day following the expiry of the Offer Period. In
connection  with the announcement of the preliminary result of the Tender Offer,
the  Offeror will announce whether the Tender Offer will be completed subject to
the  conditions  to  completion  being  fulfilled  or  waived on the date of the
announcement  of the  final result  of the  Tender Offer,  and whether the Offer
Period  will be extended. The Offeror will announce the final result on or about
the  third (3rd) Finnish banking  day following the expiry  of the Offer Period.
The  announcement of  the final  result will  confirm (i)  the percentage of the
shares  that  have  been  validly  tendered  and not properly withdrawn and (ii)
whether the Tender Offer will be completed.

As  permitted  under  Finnish  law  and  other applicable law or regulation, the
Offeror  may purchase shares in Ramirent also outside the Tender Offer on Nasdaq
Helsinki  Ltd  or  otherwise  prior  to  the  expiry  of the Offer Period or any
extended Offer Period or subsequent Offer Period, as the case may be.

The  terms and conditions of the Tender  Offer are enclosed in their entirety to
this stock exchange release (Appendix 1).

Loxam  has appointed Deutsche  Bank AG as  lead financial advisor. Handelsbanken
Capital Markets is acting as financial advisor to Loxam and arranger in relation
to the Tender Offer outside the United States. Cleary, Gottlieb Steen & Hamilton
LLP  and  Roschier,  Attorneys  Ltd.  are  acting  as legal advisors to Loxam in
connection with the Tender Offer.

Lazard  AB is acting as the financial  advisor and Hannes Snellman Attorneys Ltd
is acting as the legal advisor to Ramirent in connection with the Tender Offer.

Investor Enquiries:

Patrick Bourmaud / Maëg Videau, Loxam S.A.S.
Tel. +33 158 440 400
ir@loxamgroup.com

Ulf Lundahl, Chairman of the Board of Directors, Ramirent Plc
Tel. +46 70 820 4648
ulflundahl03@gmail.com

Agnès Catineau / Bénie Igiraneza, Brunswick Group
Tel. +33 (0)1 53 96 83 83
loxam@brunswickgroup.com

Media Enquiries:

Sylvie Passat, Head of Communication, Loxam S.A.S.
Tel. +33 158 440 400
sylvie.passat@loxam.com

Ulf Lundahl, Chairman of the Board of Directors, Ramirent Plc
Tel. +46 70 820 4648
ulflundahl03@gmail.com

Jukka Havia, EVP and CFO, Ramirent Plc
Tel. +358 50 355 3757
jukka.havia@ramirent.com

ABOUT LOXAM

Loxam  is  the  leading  equipment  rental  company  in Europe with consolidated
revenue  of EUR 1,483 million in 2018 and approximately 8,000 employees. Loxam's
network  of more than 766 branches extends  over 13 countries in Europe (France,
Germany,  the United  Kingdom, Ireland,  Belgium, Switzerland,  Spain, Portugal,
Luxemburg,  the Netherlands, Denmark, Norway and Italy) as well as in the Middle
East, Morocco and Brazil.

ABOUT RAMIRENT

Ramirent is a leading service company offering equipment rental for construction
and other industries. Our mission is to help our customers gear up on safety and
efficiency  by delivering  great equipment  and smooth  service with a smile. We
have  2,900 co-workers at 294 customer centers across nine countries in Northern
and  Eastern Europe. In 2018, Ramirent  Group sales reached a  total of EUR 712
million. Ramirent is listed on Nasdaq Helsinki Ltd (RAMI).

IMPORTANT INFORMATION

THIS  RELEASE MAY NOT BE RELEASED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART,
DIRECTLY  OR INDIRECTLY, IN  OR INTO, CANADA,  JAPAN, AUSTRALIA, SOUTH AFRICA OR
HONG  KONG  OR  IN  ANY  OTHER  JURISDICTION  IN WHICH THE TENDER OFFER WOULD BE
PROHIBITED BY APPLICABLE LAW.

THIS  RELEASE IS NOT A TENDER OFFER DOCUMENT  AND AS SUCH DOES NOT CONSTITUTE AN
OFFER OR INVITATION TO MAKE A SALES OFFER. IN PARTICULAR, THIS RELEASE IS NOT AN
OFFER  TO SELL OR THE  SOLICITATION OF AN OFFER  TO BUY ANY SECURITIES DESCRIBED
HEREIN,  AND  IS  NOT  AN  EXTENSION  OF  THE  TENDER  OFFER, IN, CANADA, JAPAN,
AUSTRALIA,  SOUTH AFRICA OR  HONG KONG. INVESTORS  SHALL ACCEPT THE TENDER OFFER
FOR  THE SHARES ONLY ON THE BASIS OF  THE INFORMATION PROVIDED IN A TENDER OFFER
DOCUMENT.  OFFERS WILL  NOT BE  MADE DIRECTLY  OR INDIRECTLY IN ANY JURISDICTION
WHERE  EITHER AN OFFER OR PARTICIPATION  THEREIN IS PROHIBITED BY APPLICABLE LAW
OR  WHERE ANY TENDER OFFER DOCUMENT  OR REGISTRATION OR OTHER REQUIREMENTS WOULD
APPLY IN ADDITION TO THOSE UNDERTAKEN IN FINLAND.

THE  TENDER OFFER IS NOT  BEING MADE DIRECTLY OR  INDIRECTLY IN ANY JURISDICTION
WHERE  PROHIBITED  BY  APPLICABLE  LAW  AND,  WHEN  PUBLISHED,  THE TENDER OFFER
DOCUMENT  AND  RELATED  ACCEPTANCE  FORMS  WILL  NOT AND MAY NOT BE DISTRIBUTED,
FORWARDED  OR  TRANSMITTED  INTO  OR  FROM  ANY JURISDICTION WHERE PROHIBITED BY
APPLICABLE  LAW. IN PARTICULAR, THE TENDER OFFER  IS NOT BEING MADE, DIRECTLY OR
INDIRECTLY,  IN OR INTO, OR BY USE OF THE  POSTAL SERVICE OF, OR BY ANY MEANS OR
INSTRUMENTALITY  (INCLUDING, WITHOUT LIMITATION,  FACSIMILE TRANSMISSION, TELEX,
TELEPHONE  OR  THE  INTERNET)  OF  INTERSTATE  OR  FOREIGN  COMMERCE  OF, OR ANY
FACILITIES OF A NATIONAL SECURITIES EXCHANGE OF, CANADA, JAPAN, AUSTRALIA, SOUTH
AFRICA  OR  HONG  KONG.  THE  TENDER  OFFER  CANNOT  BE  ACCEPTED,  DIRECTLY  OR
INDIRECTLY,  BY ANY SUCH  USE, MEANS OR  INSTRUMENTALITY OR FROM WITHIN, CANADA,
JAPAN, AUSTRALIA, SOUTH AFRICA OR HONG KONG.

THIS  STOCK EXCHANGE RELEASE OR ANY OTHER  DOCUMENT OR MATERIALS RELATING TO THE
TENDER  OFFER IS  NOT BEING  MADE AND  HAVE NOT  BEEN APPROVED  BY AN AUTHORISED
PERSON  FOR THE PURPOSES OF SECTION 21 OF  THE UK FINANCIAL SERVICES AND MARKETS
ACT  2000 ("FSMA").  ACCORDINGLY,  THIS  STOCK  EXCHANGE  RELEASE  OR  ANY OTHER
DOCUMENT OR MATERIALS RELATING TO THE TENDER OFFER ARE NOT BEING DISTRIBUTED TO,
AND  MUST NOT  BE PASSED  ON TO,  THE GENERAL  PUBLIC IN THE UNITED KINGDOM. THE
COMMUNICATION  OF THIS STOCK EXCHANGE RELEASE OR ANY OTHER DOCUMENT OR MATERIALS
RELATING  TO  THE  TENDER  OFFER  IS  EXEMPT  FROM  THE RESTRICTION ON FINANCIAL
PROMOTIONS  UNDER SECTION 21 OF THE FSMA ON THE BASIS THAT IT IS A COMMUNICATION
BY  OR ON BEHALF OF  A BODY CORPORATE WHICH  RELATES TO A TRANSACTION TO ACQUIRE
DAY  TO DAY  CONTROL OF  THE AFFAIRS  OF A  BODY CORPORATE; OR TO ACQUIRE 50 PER
CENT. OR MORE OF THE VOTING SHARES IN A BODY CORPORATE, WITHIN ARTICLE 62 OF THE
FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005.

THIS  STOCK EXCHANGE RELEASE  HAS BEEN PREPARED  IN COMPLIANCE WITH FINNISH LAW,
THE  RULES OF NASDAQ HELSINKI AND THE HELSINKI TAKEOVER CODE AND THE INFORMATION
DISCLOSED  MAY NOT BE THE  SAME AS THAT WHICH  WOULD HAVE BEEN DISCLOSED IF THIS
ANNOUNCEMENT  HAD BEEN  PREPARED IN  ACCORDANCE WITH  THE LAWS  OF JURISDICTIONS
OUTSIDE OF FINLAND.

Notice to U.S. Shareholders

U.S.  shareholders are  advised that  the shares  of Ramirent are not registered
under  the U.S.  Securities Act  of 1933, as  amended (the "Securities Act") and
that  Ramirent is not subject to the periodic reporting requirements of the U.S.
Securities  Exchange Act  of 1934, as  amended (the  "Exchange Act"), and is not
required  to,  and  does  not,  file  any  reports  with the U.S. Securities and
Exchange Commission (the "SEC") thereunder.

The  Tender  Offer  is  open  to  Ramirent's shareholders resident in the United
States  and is made on the same terms  and conditions as those made to all other
shareholders  of Ramirent to  whom an offer  is made. Any information documents,
including  this Release, are being disseminated  to U.S. shareholders on a basis
comparable  to the method  that such documents  are provided to Ramirent's other
shareholders.

The Tender Offer is expected to be made in the United States pursuant to Section
14(e) and Regulation 14E under the Exchange Act as a "Tier II" tender offer, and
otherwise  in accordance with the requirements  of Finnish law. Accordingly, the
Tender  Offer will be  subject to disclosure  and other procedural requirements,
including  with respect  to withdrawal  rights, the  offer timetable, settlement
procedures and timing of payments that are different from those applicable under
U.S. domestic tender offer procedures and law.

To  the extent permissible  under applicable law  or regulations, including Rule
14e-5 under  the Exchange  Act, Loxam  and its  affiliates or brokers (acting as
agents  for  Loxam  or  its  affiliates,  as  applicable) may from time to time,
directly  or indirectly, purchase or arrange  to purchase, outside of the Tender
Offer   shares  of  Ramirent  or  any  securities  that  are  convertible  into,
exchangeable  for or exercisable  for such shares  of Ramirent, provided that no
such  purchases or arrangements to purchase outside  of the Tender Offer will be
made  in the United States by  or on behalf of the  Offeror or its affiliates or
for  a price  that is  greater than  the Offer  Price. To the extent information
about such purchases or arrangements to purchase is made public in Finland, such
information  will  be  disclosed  by  means  of  a  press release or other means
reasonably   calculated   to  inform  U.S.  shareholders  of  Ramirent  of  such
information.  In addition, the financial advisers to Loxam, or affiliates of the
financial  advisors, may  also engage  in ordinary  course trading activities in
securities  of Ramirent, which may include purchases or arrangements to purchase
such securities.

Neither  the  SEC  nor  any  U.S.  state  securities  commission has approved or
disapproved  the  Tender  Offer,  or  passed  any  comment  upon the adequacy or
completeness of any tender offer document. Any representation to the contrary is
a criminal offence in the United States.




                                                                      Appendix 1
 4. TERMS AND CONDITIONS OF THE TENDER OFFER
4.1                    Object of the Tender Offer

Through  a voluntary public  cash tender offer  in accordance with Chapter 11 of
the  Finnish Securities Market Act (746/2012, as amended, the "SMA") and subject
to  the terms and conditions  set forth herein, Loxam  S.A.S. (the "Offeror") is
offering  to acquire all  of the issued  and outstanding shares  of Ramirent Plc
(the  "Company" or "Ramirent")  (the "Shares" or,  individually, a "Share") that
are  not held by  the Company or  any of its  subsidiaries, including any Shares
that  are issued  by the  Company pursuant  to the  completion of the Stavdal AB
("Stavdal")  acquisition prior to the expiration of the Offer Period (as defined
below)  or any  extended Offer  Period (the  "Outstanding Shares")  (the "Tender
Offer").

The  Offeror and  the Company  have on  June 10, 2019 entered into a combination
agreement  (the "Combination Agreement")  pursuant to which  the Tender Offer is
being made by the Offeror.

4.2                    Offer Price

The  Tender  Offer  was  announced  by  the  Offeror on June 10, 2019. The price
offered  for  each  Share  validly  tendered  in  accordance  with the terms and
conditions of the Tender Offer is EUR 9.00 in cash, subject to adjustment as set
out below (the "Offer Price").

Should  the Company decide to pay  any dividend, including the second instalment
of  the 2018 annual dividend  of EUR 0.23, based  on the decision  of the annual
general  meeting  of  shareholders  of  Ramirent held on March 14, 2019, interim
dividend  or other kind of  distribution, in any form,  and such distribution is
paid  to the Company shareholders before the  Closing Date (as defined below) or
if  a record  date with  respect to  any of  the foregoing  occurs prior  to the
Closing  Date, the Offer  Price shall be  reduced accordingly on a euro-for-euro
basis.  If between the date  of the Combination Agreement  and the Closing Date,
the Outstanding Shares shall have been changed into a different number of shares
or   a   different   class   by  reason  of  any  stock  dividend,  subdivision,
reclassification,  split, reverse split, combination or exchange of shares, as a
result  of a  new share  issue (other  than the  expected issuance of 5,848,341
Ramirent shares to the shareholders of Stavdal in connection with the completion
of  the Stavdal acquisition,  which was announced  by Ramirent on April 8, 2019
(the  "Stavdal Shares")) or any other  similar transaction with dilutive effect,
then  the  Offer  Price  shall  be  appropriately  adjusted  to  take  any  such
transaction into account.

4.3                    Offer Period

The  offer period for the Tender Offer  shall commence on June 19, 2019 at 9:30
a.m.  (Finnish time)  and expire  on July  18, 2019 at 4:00 p.m. (Finnish time),
unless the offer period is extended as set forth below (the "Offer Period").

The  Offer Period may be extended by the Offeror (i) from time to time until the
Offer  Conditions (as defined below) have been fulfilled or waived, (ii) in case
of  any competing offer as referred to in Chapter 11, Section 17 of the SMA, and
(iii)  with a Subsequent Offer Period (as  defined below) in connection with the
announcement  of the final result  of the Tender Offer  whereby the Offeror also
declares the Tender Offer unconditional, all in accordance with applicable laws,
including  Section 14(e) of the Exchange  Act and Regulation 14E thereunder, and
as set forth below.

The  Offeror will announce  a possible extension  of the Offer  Period through a
stock exchange release at the latest on July 19, 2019. The Offeror will announce
a  possible extension of an  already extended Offer Period  at the latest on the
first  (1st)  Finnish  banking  day  following  the expiry of the extended Offer
Period. The duration of any possible extension of the Offer Period or an already
extended  Offer Period  shall be  at least  two (2)  weeks from  the date of the
announcement by the Offeror concerning such extension.

If  the Offeror extends  the Offer Period,  the Offer Period  will expire on the
date and at the time until which the Offeror extends the Offer Period unless the
extended  Offer Period is discontinued as  set forth below. The maximum duration
of  the Offer Period (including  any extension of the  Offer Period) is ten (10)
weeks.  However,  if  the  Offer  Conditions  (as  defined  below) have not been
fulfilled  due to a  particular obstacle as  referred to in  the Regulations and
Guidelines 9/2013 on Takeover Bids and Mandatory Bids (as amended) issued by the
Finnish  Financial Supervisory Authority  (the "FIN-FSA") such  as, for example,
pending  approval by  a regulatory  authority, the  Offeror may extend the Offer
Period  beyond  ten  (10)  weeks  until  such  obstacle has been removed and the
Offeror  has had a  reasonable time to  consider the situation  in question. The
Offer  Period may also  be extended as  required by applicable  law (e.g. in the
event  of a change in the  Offer Price). The date of  the expiry of the extended
Offer  Period will in such case be published  at least two (2) weeks before such
expiry.  Further,  any  Subsequent  Offer  Period  (as defined below) may extend
beyond ten (10) weeks.

The  Offeror  may  discontinue  any  extended  Offer Period should all the Offer
Conditions  (as defined below) be fulfilled or  waived by the Offeror before the
expiry  of the extended Offer  Period, and execute the  sale and purchase of the
Shares  validly tendered and not properly withdrawn in accordance with section "
-  Terms  of  Payment  and  Settlement  of  Shares"  below.  Should  the Offeror
discontinue  the extended Offer  Period, the Offeror  will announce its decision
thereon through a stock exchange release as soon as possible after such decision
has  been made and, in any case, at least two (2) weeks before the expiry of the
extended  Offer  Period  to  be  discontinued.  If  the Offeror discontinues the
extended  Offer Period,  the extended  Offer Period  will expire on such earlier
date and at the time indicated in such announcement made by the Offeror.

The  Offeror also reserves  the right to  extend the Offer  Period in connection
with  the announcement of the  final result of the  Tender Offer as set forth in
section " - Announcement of the Result of the Tender Offer" below (such extended
Offer  Period shall  be referred  to as  the "Subsequent  Offer Period"). In the
event  of such Subsequent Offer Period,  the Subsequent Offer Period will expire
on  the  date  and  at  the  time  determined by the Offeror in the announcement
concerning  the final result of the Tender Offer. The expiration of a Subsequent
Offer  Period will be announced at least two (2) weeks before the expiry of such
Subsequent Offer Period.

4.4                    Conditions to Completion of the Tender Offer

The  obligation of  the Offeror  to accept  for payment the tendered Outstanding
Shares  and to complete the Tender Offer shall be subject to the fulfillment or,
to  the  extent  permitted  by  applicable  laws,  waiver  by the Offeror of the
following conditions (jointly the "Offer Conditions") on or prior to the date of
the Offeror's announcement of the final result of the Tender Offer in accordance
with  Chapter 11, Section 18 of the SMA (date  of such announcement of the final
result, the "Result Announcement Date"):

 1. the Board of Directors of the Company having issued its recommendation that
    the shareholders of the Company accept the Tender Offer and the
    recommendation remaining in full force and effect and not being cancelled or
    withdrawn or otherwise modified or changed in a manner detrimental to the
    Offeror and/or the Tender Offer;
 2. the valid tender of Outstanding Shares (including the Stavdal Shares to the
    extent that they are outstanding and validly tendered into the Tender Offer)
    representing in the aggregate, together with any other Outstanding Shares
    otherwise held by the Offeror prior to the Result Announcement Date and the
    Stavdal Shares to the extent that they are not validly tendered into the
    Tender Offer and the Offeror has the unconditional right to acquire them
    from the Stavdal shareholders, more than ninety percent (90%) of the
    aggregate number of the Shares and voting rights of the Company calculated
    on a fully diluted basis (calculated based on the number of Shares issued
    and outstanding at such time plus the number of all shares in the Company
    agreed to be issued by the Company or issuable upon the exercise by any
    person of any options, warrants, convertible notes or rights to purchase,
    subscribe for or be allocated, newly-issued Shares or treasury Shares)[1];
 3. the receipt of all required authorizations, such as approvals, consents,
    permits, licenses, rulings, waivers, exemptions, authorizations or orders
    (other than from the relevant antitrust authorities in Poland and Russia),
    including (to the extent applicable) that any conditions or obligations set
    forth in such authorizations that are necessary to allow the consummation of
    the Tender Offer have been satisfied or complied with to the extent
    necessary;
 4. no law or Judgment (as defined below) (including without limitation a
    Judgement rendered by the Finnish Financial Supervisory Authority) having
    been enacted, issued, promulgated, enforced or entered into, which is in
    effect and makes illegal, restrains, enjoins or otherwise prohibits the
    consummation of the Tender Offer in accordance with the Combination
    Agreement;
 5. no Material Adverse Effect (as defined below) having occurred after the
    signing date of the Combination Agreement;
 6. the Offeror not, after the signing date of the Combination Agreement, having
    received information previously undisclosed to it that constitutes a
    Material Adverse Effect;
 7. no information made public by the Company or disclosed by the Company to the
    Offeror being materially inaccurate, incomplete, or misleading, and the
    Company not having failed to make public any information that should have
    been made public by it under applicable laws, including the rules of Nasdaq
    Helsinki, provided that, in each case, the information made public,
    disclosed or not disclosed or the failure to disclose information
    constitutes a Material Adverse Effect;
 8. the Combination Agreement not having been terminated and remaining in full
    force and effect; and
 9. the undertakings by each of the major shareholders and the management
    shareholders to accept and tender their Shares to the Tender Offer remaining
    in full force and effect in accordance with their terms and not being
    cancelled or withdrawn or otherwise modified or changed in a manner
    detrimental to the Offeror and/or the Tender Offer.
"Material Adverse Effect" means

(A)  any divestment or reorganization of all  or any material part of the assets
of the Company, its subsidiaries and its joint ventures, taken as a whole, after
the signing date of the Combination Agreement, or

(B)  any fact, circumstance, event, condition, development, change or occurrence
(any  such item  an "Effect")  that, individually  or in  the aggregate with all
other  Effects, has or is reasonably likely to have a material adverse effect on
the business, assets, results of operations, financial condition or prospects of
the Company, its subsidiaries and its joint ventures taken as a whole; provided,
however,  that the  following shall  not be  considered in determining whether a
Material Adverse Effect has occurred:

 1. any Effect in political, financial, industry, economic or regulatory
    conditions generally so long as such Effect does not have a materially
    disproportionate effect on the Company relative to other companies in the
    same industry in Finland;
 2. any Effect resulting from or caused by natural disasters, outbreak of major
    hostilities or any act of war or terrorism so long as such Effect does not
    have a materially disproportionate effect on the Company relative to other
    companies in the same industry in Finland;
 3. any Effect resulting from any actions taken by the Company at the express
    request or written direction of the Offeror;
 4. any Effect attributable to i) an act or omission carried out or omitted by
    the Offeror in connection with the Offer, or ii) the announcement or
    completion of the Tender Offer (including the effect of any change of
    control or similar clauses in contracts entered into by the Company, its
    subsidiaries and its joint ventures but only to the extent such contracts or
    clauses have been Fairly Disclosed (as defined below) as part of the due
    diligence information); or
 5. any matters that have been Fairly Disclosed as part of the due diligence
    information, including any information published by the Company on its
    website through a stock exchange release or press release of the Company on
    or prior to June 7, 2019.
"Judgment"  means  any  award,  decision,  decree, injunction, judgment or order
entered,  issued, made or rendered by  any court, administrative agency or other
authority or by any arbitrator or arbitration tribunal.

"Fairly Disclosed" means disclosure of an actual fact or reasonably likely event
in   the   disclosed  information,  including  data  room  information  and  any
information  published by  the Company  on its  website through a stock exchange
release  or press release on  or prior to June  7, 2019, in a sufficiently clear
and  detailed  manner  as  to  enable  a professional and prudent offeror having
completed  its  review  of  the  disclosed  information  with the support of its
professional advisors in the position of the Offeror, to reasonably identify the
nature, scope and effects of such fact or event so disclosed.

The  Offeror reserves the right  to withdraw the Tender  Offer in the event that
any of the above Offer Conditions is not fulfilled.

However,  the Offeror can only invoke any of the Offer Conditions so as to cause
the  Tender  Offer  not  to  proceed,  to  lapse  or  to  be  withdrawn  if  the
circumstances  which  give  rise  to  the  right  to invoke the relevant Closing
Condition have a significant meaning to the Offeror in view of the Tender Offer,
as  referred to  in the  Regulations and  Guidelines 9/2013 on Takeover Bids and
Mandatory Bids (as may be amended or re-enacted from time to time) issued by the
FIN-FSA and the Helsinki Takeover Code.

The  Offer  Conditions  set  out  herein  are  the exhaustive conditions for the
completion of the Tender Offer.

The  acquisition  is  reportable  to  the  Polish  and  Russian  merger  control
authorities.  The Offeror does not anticipate any competition concerns in either
jurisdiction  and the completion of  the Tender Offer is  not conditioned to the
receipt  of clearances from the said authorities. The Offeror has not identified
any  regulatory authorizations  upon which  the completion  of the  Tender Offer
would be dependent.

The  Offeror reserves the right to waive,  to the extent permitted by applicable
laws  and regulations, any of the Offer Conditions that have not been satisfied.
If  all the Offer Conditions  have been fulfilled or  the Offeror has waived the
requirement for the fulfilment of all or some of them which will be announced by
a  stock exchange release no later than at the time of announcement of the final
result  of  the  Tender  Offer,  the  Offeror  will complete the Tender Offer in
accordance  with  the  terms  and  conditions  after the expiration of the Offer
Period  by purchasing Shares validly tendered in the Tender Offer and paying the
Offer Price to the shareholders that have validly accepted the Tender Offer.

The  Tender Offer will be completed after  the expiration of the Offer Period in
accordance  with  "  -  Terms  of  Payment  and Settlement of Shares" below with
respect  to all  shareholders of  Ramirent who  have validly accepted the Tender
Offer.

4.5                    Obligation   to  increase  the  Offer  Price  or  to  pay
compensation

The  Offeror reserves the  right, to the  extent permitted by  applicable law or
regulation,  including Rule 14e-5 under  the Exchange Act,  to acquire Shares in
public  trading  on  Nasdaq  Helsinki  or  otherwise outside of the Tender Offer
before,  during and after the Offer Period (including any extension thereof) and
any Subsequent Offer Period.

If  the Offeror or any party acting in concert with it as referred to in Chapter
11, Section  5 of the SMA  acquires, after the  announcement of the Tender Offer
and  before the expiry  of the Offer  Period, Shares at  a higher price than the
Offer  Price or otherwise  on terms that  are more favourable  than those of the
Tender  Offer, the Offeror  must according to  Chapter 11, Section 25 of the SMA
amend  the  terms  and  conditions  of  the  Tender  Offer to correspond to such
acquisition  on more  favourable terms  (obligation to  increase the offer). The
Offeror  shall then, without delay, make public the triggering of the obligation
to  increase the offer and pay, in  connection with the completion of the Tender
Offer,  the difference  between the  more favourable  acquisition terms  and the
consideration  offered in the Tender Offer to the holders of securities who have
accepted the Tender Offer.

If  the Offeror or any party acting in concert with it as referred to in Chapter
11, Section  5 of the  SMA acquires,  during the  nine (9)  months following the
expiry  of the Offer  Period, Shares at  a higher price  than the Offer Price or
otherwise  on terms that are more favorable  than those of the Tender Offer, the
Offeror  must according to  Chapter 11, Section 25 of  the SMA, compensate those
holders of securities who have accepted the Tender Offer for the amount equal to
the   difference   between   the   more  favorable  acquisition  terms  and  the
consideration  offered  in  the  Tender  Offer  (obligation  to compensate). The
Offeror  shall then, without delay, make public the triggering of the obligation
to  compensate and  pay the  difference between  the more  favorable acquisition
terms  and the consideration  offered in the  Tender Offer within  one (1) month
after  the  triggering  of  the  obligation  to  compensate  to  the  holders of
securities who have accepted the Tender Offer.

According  to Chapter 11, Section 25, Subsection 5 of the SMA, the obligation to
compensate  shall, however,  not be  triggered in  case the  payment of a higher
price than the Offer Price is based on an arbitral award pursuant to the Finnish
Companies  Act, provided that the Offeror or any party acting in concert with it
as  referred to in Chapter  11, Section 5 of the SMA  has not offered to acquire
Shares on terms that are more favorable than those of the Tender Offer before or
during the arbitral proceedings.

4.6                    Acceptance Procedure of the Tender Offer

The  Tender Offer may be  accepted by a shareholder  registered during the Offer
Period in the shareholders' register of Ramirent, with the exception of Ramirent
and  its subsidiaries.  The Tender  Offer must  be accepted  separately for each
book-entry account. A shareholder of the Company giving the acceptance must have
a  cash account with a financial institution operating in Finland or abroad (see
also  sections " - Terms of Payment and  Settlement of Shares" and " - Important
Information").  A shareholder may  only accept the  Tender Offer unconditionally
and  with  respect  to  all  Shares  on  the book-entry account mentioned in the
acceptance  form on the date and time of  the execution of the sale and purchase
of  the Shares. An  acceptance given during  the Offer Period  is effective also
until the end of any extended Offer Period.

Most  of  the  Finnish  book-entry  account  operators  are  expected  to send a
notification  of  the  Tender  Offer,  including  instructions  and the relevant
acceptance  form to  their customers  who are  registered as shareholders in the
shareholders'  register  of  the  Company  maintained  by  Euroclear  Finland Oy
("Euroclear").  Shareholders of Ramirent who do not receive such instructions or
an  acceptance form from  their account operator  should primarily contact their
account   operator.   Secondarily,   shareholder  of  the  Company  can  contact
Handelsbanken     Capital     Markets     by     sending     an     email     to
tenderoffer@handelsbanken.fi, where such shareholders of the Company can receive
information  for submitting their acceptance, or,  if such shareholders are U.S.
residents  or located within  the United States,  they may contact their brokers
for the necessary information.

A shareholder in the Company whose shareholdings are registered in the name of a
nominee  and who wishes to accept the  Tender Offer shall effect such acceptance
in  accordance  with  the  nominee's  instructions.  The  Offeror  will not send
acceptance  forms  or  other  documents  related  to  the  Tender  Offer to such
shareholders of the Company.

A  shareholder  of  the  Company  who  is  registered  as  a  shareholder in the
shareholders'  register of the Company and who wishes to accept the Tender Offer
shall  submit  a  properly  completed  and  duly executed acceptance form to the
account  operator managing  the shareholder's  book-entry account  in accordance
with  its instructions and within the time limit set by the account operator or,
in  the  case  such  account  operator  does  not  accept acceptance forms (e.g.
Euroclear),  such shareholder  shall contact  primarily their  own bank  to give
his/her  acceptance to tender  the Shares, or  secondarily contact Handelsbanken
Capital  Markets by sending an email to tenderoffer@handelsbanken.fi for further
information.  The  acceptance  form  shall  be  submitted so that it is received
during  the Offer Period or, if the  Offer Period has been extended, during such
extended  Offer Period, however,  always in accordance  with the instructions of
the  relevant account operator. In  the event of a  Subsequent Offer Period, the
acceptance  form shall be submitted so that it is received during the Subsequent
Offer  Period,  however,  always  in  accordance  with  the  instructions of the
relevant account operator.

Pledged  Shares may only be  tendered with the consent  of the relevant pledgee.
The  obtaining  of  such  consent  shall  be  the responsibility of the relevant
shareholder in the Company. The consent by the pledgee shall be delivered to the
account operator in writing.

The  method of delivery of  acceptance forms is at  the shareholder's option and
risk,  and the delivery will  be deemed made only  when actually received by the
relevant  account  operator.  The  Offeror  reserves  the  right  to  reject any
acceptance  given in  an incorrect  or incomplete  manner. The  Offeror may also
reject any partial tender of the Shares per book-entry account.

By  accepting the  Tender Offer,  the shareholder  of the Company authorizes the
account  operator  managing  the  shareholder's  book-entry  account  to enter a
transfer  restriction  or  a  sales  reservation on the shareholder's book-entry
account  after the shareholder has delivered its acceptance of the Tender Offer.
In  addition, the shareholder  who has accepted  the Tender Offer authorizes the
account  operator managing the  shareholder's book-entry account  to perform the
necessary  entries and to take all other actions required to technically execute
the  Tender Offer and to sell all the  Shares held on such book-entry account at
the  time of the  execution of trades  under the Tender  Offer to the Offeror in
accordance with the terms and conditions of the Tender Offer.

A  shareholder  that  has  validly  accepted  the  Tender Offer and that has not
properly withdrawn its acceptance in accordance with the terms and conditions of
the  Tender Offer may  not sell or  otherwise dispose of  its tendered Shares. A
transfer restriction in respect of the Shares will be registered in the relevant
book-entry  account after  a shareholder  has submitted  the acceptance  for the
Tender  Offer. If  the Tender  Offer is  not completed  or if  the acceptance is
properly  withdrawn  by  the  shareholder  in  accordance  with  the  terms  and
conditions  of  the  Tender  Offer,  the  transfer restriction registered on the
tendered  Shares in the relevant  book-entry account will be  removed as soon as
possible  and within approximately three (3)  Finnish banking days following the
announcement  that the Tender  Offer will not  be completed or  the receipt of a
notice  of withdrawal in accordance with the  terms and conditions of the Tender
Offer.

Legal  entity shareholders must have a  valid LEI code (Legal Entity Identifier)
when giving their acceptance to the Tender Offer.

4.7                    Withdrawal Rights

In  accordance  with  Chapter  11, Section  16, Subsection  1 of  the  SMA,  the
acceptances  for the  Shares validly  tendered in  accordance with the terms and
conditions  of the Tender  Offer may be  withdrawn at any  time during the Offer
Period  or, if the  Offer Period has  been extended, during  such extended Offer
Period,  until the Offeror has announced that all the Offer Conditions have been
fulfilled  or the Offeror has waived the right to invoke them, thereby declaring
the Tender Offer unconditional. After such announcement, the acceptances for the
Shares  already tendered may no  longer be withdrawn except  in the event that a
third  party announces a competing public tender offer for the Shares before the
execution  of the sale and purchase of the Shares in accordance with section " -
Terms  of Payment  and Settlement  of Shares"  below. The  holders of the Shares
validly  tendered may also withdraw their  acceptance during the Offer Period if
the  Offer Period has  lasted over ten  (10) weeks and  the Tender Offer has not
been completed.

The proper withdrawal of the acceptance for the Shares validly tendered requires
that a written notice of withdrawal is submitted to the same account operator to
whom  the acceptance form with respect to  such Shares was submitted. In case of
holdings  that are registered  in the name  of a nominee,  the holders of Shares
shall instruct the nominee to submit the notice of withdrawal.

If  a holder  of Shares  registered in  the Finnish book-entry securities system
withdraws  his/her acceptance of  the Tender Offer  in accordance with the terms
and  conditions of the Tender Offer,  the transfer restriction registered on the
tendered  Shares in the relevant  book-entry account will be  removed as soon as
possible  and within approximately three (3)  Finnish banking days following the
receipt of a notice of withdrawal in accordance with the terms and conditions of
the Tender Offer.

Shares  for which an acceptance is withdrawn may be re-tendered by following the
acceptance  procedures  described  in  section  "  - Acceptance Procedure of the
Tender  Offer" above at any time prior to  the expiry of the Offer Period or, if
the  Offer Period has been extended, prior  to the expiry of such extended Offer
Period or during the Subsequent Offer Period, if any.

The account operator managing the relevant book-entry account or the nominee may
charge a fee for withdrawals in accordance with its price list.

In  the event of a  Subsequent Offer Period, the  acceptance of the Tender Offer
shall  be  binding  and  cannot  be  withdrawn,  unless otherwise provided under
mandatory law.

4.8                    Announcement of the Result of the Tender Offer

The Offeror will announce the preliminary result of the Tender Offer on or about
the first (1st) Finnish banking day following the expiry of the Offer Period or,
if  applicable,  the  extended  or  discontinued  Offer Period. The Offeror will
announce  the  final  result  on  or  about  the third (3rd) Finnish banking day
following  the expiry  of the  Offer Period  or, if  applicable, the extended or
discontinued Offer Period. The announcement of the final result will confirm (i)
the  percentage of the Shares  that have been validly  tendered and not properly
withdrawn and (ii) whether the Tender Offer will be completed.

In the event of a Subsequent Offer Period, the Offeror will announce the initial
percentage  of the Shares validly tendered during the Subsequent Offer Period on
or  about  the  first  (1st)  Finnish  banking  day  following the expiry of the
Subsequent  Offer Period and  the final percentage  on or about  the third (3rd)
Finnish banking day following the expiry of the Subsequent Offer Period.

4.9                    Terms of Payment and Settlement of Shares

The  sale and purchase of the Shares validly tendered and not properly withdrawn
in accordance with the terms and conditions of the Tender Offer will be executed
on  or about the  fourth (4th) Finnish  banking day following  the expiry of the
Offer  Period, or  if the  Offer Period  has been  extended or discontinued, the
expiry  of the extended or discontinued Offer Period (the "Execution Date"). The
sale  and purchase of the Shares will take place on Nasdaq Helsinki if permitted
by the rules applicable to securities trading on Nasdaq Helsinki. Otherwise, the
sale and purchase of the Shares will take place outside of Nasdaq Helsinki.

The  date for  the settlement  of the  above completion  of trades (the "Closing
Date")  will  be  the  Execution  Date  or  the  first (1st) Finnish banking day
following the Execution Date. The payment of the Offer Price will be made on the
Closing  Date into  the bank  account connected  to the shareholder's book-entry
account  or, in the  case of shareholders  whose holdings are  registered in the
name  of a nominee, into the bank account specified by the custodian or nominee.
In  any event, the  Offer Price will  not be paid  to a bank account situated in
Canada,  Japan, Australia, South  Africa or Hong  Kong or any other jurisdiction
where  the Tender Offer is not to be made (see section "Important information"),
and  all guidance from  custodians or nominees  specifying bank accounts in such
jurisdictions  will be rejected. Actual  time of receipt for  the payment by the
shareholder will depend on the schedules of money transactions between financial
institutions  and agreements between the  holder and account operator, custodian
or nominee in each case.

In  the event of a Subsequent Offer Period, the Offeror shall in connection with
the  announcement thereof announce  the terms of  payment and settlement for the
Shares tendered during the Subsequent Offer Period. The completion trades of the
Shares  validly  tendered  in  accordance  with  the terms and conditions of the
Tender  Offer during the Subsequent Offer  Period shall, however, be executed at
least within two (2) week intervals.

The  Offeror reserves the  right to postpone  the payment of  the Offer Price if
payment  is  prevented  or  suspended  due  to  a force majeure event, but shall
immediately  effect  such  payment  once  the  force majeure event preventing or
suspending payment is resolved.

If  all the Offer  Conditions are not  met and the  Offeror does not waive these
conditions  or extend the Offer Period, the  Tender Offer will be terminated and
no consideration will be paid for the tendered Shares.

4.10                 Transfer of Ownership

Title  to  the  Shares  validly  tendered  in  the Tender Offer will pass to the
Offeror  against the payment of the Offer  Price by the Offeror to the tendering
shareholder.

4.11                 Transfer Tax and Other Payments

The  Offeror  will  pay  the  transfer  taxes,  if any, relating to the sale and
purchase of the Shares in connection with the completion of the Tender Offer.

Fees  charged by account operators, asset managers, nominees or any other person
for  registering  the  release  of  any  pledges  or other possible restrictions
preventing  a  sale  of  the  relevant  Shares,  as  well  as fees relating to a
withdrawal  of  the  tender  by  a  shareholder  in  accordance with section " -
Withdrawal  Rights" above, will be borne  by each shareholder. The Offeror shall
be  responsible for other  customary costs relating  to book-entry registrations
required  for the  purposes of  the Tender  Offer, the  sale and purchase of the
Shares tendered under the Tender Offer or the payment of the Offer Price.

The  receipt of  cash pursuant  to the  Tender Offer  by a  shareholder may be a
taxable  transaction for the  respective shareholder under  applicable tax laws,
including  those  of  the  country  of  residency  of  the  shareholder. Any tax
liability  arising to  a shareholder  from the  receipt of  cash pursuant to the
Tender  Offer shall be borne by  the respective shareholder. Each shareholder is
urged  to  consult  its  independent  professional  adviser  regarding  the  tax
consequences of accepting the Tender Offer.

4.12                 Other Matters

This Tender Offer Document and the Tender Offer are governed by Finnish law. Any
disputes  arising out of or in connection  with the Tender Offer will be settled
by a court of competent jurisdiction in Finland.

The  Offeror reserves the right to amend  the terms and conditions of the Tender
Offer  in  accordance  with  Chapter  11, Section  15, Subsection  2 of the SMA,
subject to the provisions of the Combination Agreement.

Subject to the provisions of the Combination Agreement, the Offeror reserves the
right  to extend the Offer  Period and to amend  the terms and conditions of the
Tender  Offer  (including  a  potential  withdrawal  of  the  Tender  Offer)  in
accordance with Chapter 11, Section 17 of the SMA if, during the Offer Period or
any  extended Offer  Period, a  third party  announces a competing public tender
offer for the Shares.

The Offeror shall have sole discretion to determine all other issues relating to
the Tender Offer, subject to the requirements of applicable law as well as the
provisions of the Combination Agreement.


--------------------------------------------------------------------------------

[1]  This Offer Condition takes into account whether the issuance of the Stavdal
Shares  is completed prior to or after the expiry of the Offer Period, or not at
all.  Whether the Stavdal Shares are issued prior  to or after the expiry of the
Offer  Period, the 90% acceptance condition  is calculated against the aggregate
of  the  current  107,763,876 outstanding  Ramirent  shares (assuming no further
dilution)  and  the  expected  5,848,341 Stavdal  Shares  to  be  issued (in the
aggregate,  113,612,217 Ramirent shares). If the Stavdal Shares are issued prior
to  the expiry of the Offer Period,  they will be included in the 90% acceptance
condition  if they  are tendered  in the  Tender Offer (the Stavdal Shareholders
have agreed to tender their shares into the Tender Offer pursuant to the Stavdal
Irrevocable  Undertakings, which may be  terminated under certain circumstances,
including  if the Offer Conditions will not be satisfied). If the Stavdal Shares
are  issued after the expiry  of the Offer Period,  they will be included in the
90% acceptance  condition if the Stavdal Shareholders  are bound to sell them to
the  Offeror outside the Tender Offer  (the Stavdal Shareholders have undertaken
to  sell the  Stavdal Shares  to the  Offeror at  the Offer Price if the Stavdal
Shares  are issued after the expiry of the Offer Period; the Stavdal Irrevocable
Undertakings  may be  terminated under  certain circumstances,  including if the
Offer  Conditions will not be satisfied). If the Stavdal acquisition were not to
be  completed at all  (because the conditions  precedent would not  be met), the
90% acceptance  condition would  be calculated  against the current 107,763,876
outstanding  Ramirent shares, because  no Stavdal Shares  would become issuable.
For  purposes of calculating acceptances under the 90% acceptance condition, the
Offeror  will  assume  that  the  Stavdal  acquisition will be completed and the
Stavdal  Shares will  be issued,  unless on  or before  the expiry  of the Offer
Period  Ramirent has publicly announced that the Stavdal acquisition will not be
completed in accordance with its terms.




This announcement is distributed by West Corporation on behalf of West Corporation
clients.
The issuer of this announcement warrants that they are solely responsible for the content,
accuracy and originality of the information contained therein.

Source: Ramirent Oyj via GlobeNewswire
http://www.ramirent.com/portal/en
GlobeNewswire