Cargotec Board of Directors' organising meeting

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 8 MARCH 2011 AT 3:30 PM EET Cargotec Corporation's Board of Directors elected by the Annual General Meeting has in its organising meeting elected Ilkka Herlin to continue as Chairman of the Board. Tapio Hakakari was elected as Vice Chairman. The Board of Directors considers all members to be independent of the company and all except Ilkka Herlin and Peter Immonen to be independent of major shareholders. The Board decided that the members are to keep the Cargotec shares they have obtained in remuneration under their ownership for at least two years from the day they obtained them. The shares will be purchased at market price on a quarterly basis. The Board decided that the matters to be handled by the Board will be prepared by two committees: the Audit and Risk Management Committee (former Audit Committee) and the Nomination and Compensation Committee. The Board of Directors elected among its members Ilkka Herlin, Karri Kaitue, Anja Silvennoinen and Teuvo Salminen as members of the Audit and Risk Management Committee. Teuvo Salminen was elected as Chairman of the committee. The Board considers that the membership of Ilkka Herlin, as a significant shareholder, in the committee is warranted. Board members Tapio Hakakari, Ilkka Herlin, Peter Immonen and Antti Lagerroos were re-elected to the Nomination and Compensation Committee. Ilkka Herlin was re-elected as chairman of the committee. Outi Aaltonen, Senior Vice President, General Counsel, will continue as Secretary to the Board. For further information please contact: Outi Aaltonen, Senior Vice President, General Counsel, Secretary of the Board, tel. +358 204 55 4249 Eeva Sipilä, CFO, tel. +358 204 55 4281 Anne Westersund, Vice President, Communications and Marketing, tel. +358 204 55 4460 Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 2.6 billion in 2010 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Cargotec Oyj via Thomson Reuters ONE [HUG#1495386]