TAMRO CORPORATION

STOCK EXCHANGE RELEASE 30 JULY 2003

1 (16)

INTERIM REPORT 1.1.-30.6.2003 Interim report in brief: • Tamro Group net sales amounted to EUR 2,070.6 (2,049.3) million, up 1.0%. Market growth during the first six months slowed down to 4% in the Nordic countries. • All business units continued to show a profit at operating profit level, leading to an operating profit of EUR 31.8 (28.8) million, up 10%, at Tamro Group level. The operating margin rose to 1.5 (1.4)%. • The pre-tax profit amounted to EUR 25.7 (22.2) million, up 16% from the previous year’s corresponding period. EPS was EUR 0.15 (0.15). • Despite the clear slowdown in market growth, Tamro Group still expects a significant improvement in pre-tax profit in 2003. OPERATING ENVIRONMENT The growth of the pharmaceutical wholesale market slowed down to an average of 2% during the second quarter leading to an average growth rate of 4% during the first half of 2003 compared with the corresponding period in 2002 in the Nordic countries. During the second quarter, the Swedish market almost stagnated while the Finnish market continued to grow by 5%. The clear slowdown in market growth was largely due to the increased use of generic drugs based on mandatory substitution, which has been in effect since October 2002 in Sweden and since April 2003 in Finland. In addition to mandatory generic substitution, the patent expirations of some top-selling products have caused heavy price revisions and reductions in branded drugs. These two trends were very clear in Sweden and Finland. In addition, the new reference price system in Norway and the price agreement between industry and government in Denmark to restrain health care costs had a calming effect on growth. At the same time, new, more expensive medicines are generally being launched less frequently than previous. Overall market growth in the Baltic States was in line with the Nordic development, ending at an average of 5% during the first half of the year. According to the available statistics, aggregated pharmaceutical wholesale in the Baltic States amounted to EUR 230 million, which represents about 7% of the size of the Nordic pharmaceutical wholesale market during the first half of

2003. Tamro Group’s position as the leading pharmaceutical wholesaler in Northern Europe remained strong, although its January-June market share in the Nordic countries declined to 47.0 (50.0)%. CHANGES IN THE GROUP STRUCTURE Pharm Tamda 77, Tamro’s former subsidiary in Russia, was consolidated into the Tamro Group until 30 April 2003, when the merger with the new Russian wholesaler formally came into force. The Lithuanian wholesaler Litfarma ir partneriai was bought in December 2002 and was consolidated into the Group figures on 1 January 2003. Tamro Healthcare AB was transferred from Tamro Sweden to the MedLab division on 1 January 2003. Tamro’s holding in Apokjeden has been calculated at the ownership share of 79.3%. GROUP’S FINANCIAL PERFORMANCE 2Q April-June The Group’s second quarter net sales amounted to EUR 1,043.0 (1,051.1) million, a decrease of 0.8% from the corresponding period a year earlier. The negative sales development was caused by the earlier losses of major contracts in Finland, the nonconsolidation of former Russian subsidiary Pharm Tamda 77’s sales from 1 May, the general slowdown of market growth in the Nordic countries and also partly by the weakening of the Norwegian currency against the euro. The Group's operating profit in the second quarter was EUR 17.6 (17.8) million, lagging 1.1% behind the exceptionally strong 2Q in the previous year, but being according to plan. The operating profit margin was 1.7 (1.7)%. Development was particulary positive in Norway and in Finland, whereas the Tamro MedLab division suffered from the slow market development. The Group’s ordinary profit before taxes grew to EUR 14.9 (14.0) million, increasing 6.4% from the year before, with clear savings in interest expenses. Tax provisions have been booked at a rate of 32%. The minority interest in Apokjeden was EUR -0.3 (-0.1) million. The net profit for the period April-June was EUR 9.9 (9.4) million. Earnings per share were EUR 0.08 (0.08).

Reporting period January-June The Group’s January-June net sales rose to EUR 2,070.6 (2,049.3) million, an increase of 1.0% compared with the corresponding period a year earlier. Sales development was the most favourable in Lithuania(+62% due to the acquisition of Litfarma) and Latvia (+9%). Revenues increased also in Norway (+6%) and in Denmark (+5%). In Sweden the comparable sales growth was 2% after the internal transfer of Tamro Healthcare AB to Tamro MedLab division. Finland was 12% behind last year’s sales due to changes in the principal structure. The Group’s operating profit in January-June grew to EUR 31.8 (28.8) million, up 10.4% compared to the previous year. The yearto-date operating profit margin was 1.5 (1.4)%. All business units made a profit at the operating profit level. The good development in operating profit resulted mainly from improved efficiency and lower operating costs, and this offset the impact of diminishing gross margins in many countries. The biggest profit improvements were seen in Norway, Finland and Latvia. The Group’s ordinary profit before taxes grew to EUR 25.7 (22.2) million, an increase of 15.8% compared to the previous year. Tax provisions have been booked at a rate of 32%. The minority interest has declined substantially from EUR 1.8 million to EUR 0.1 million as the minority ownership in Apokjeden has diminished and its profitability has improved. The net profit for the period January-June was EUR 17.6 (16.9) million. Earnings per share were EUR 0.15 (0.15). OPERATIONS BY BUSINESS UNITS Sweden Aggregated pharmaceutical sales in Sweden grew in January-June to EUR 1,315 million, 3.7% up from the corresponding period in the previous year (at constant exchange rates). During the second quarter the market growth rate was only 0.8%. Parallel import accounted for 8.6% of the total market and decreased by 2% compared to the previous year. Tamro’s January-June net sales in Sweden amounted to EUR 764.6 (774.5) million, down by 1.3% as a result of the internal transfer of Tamro Sweden’s Healthcare unit to Tamro MedLab at the beginning

of the year. Tamro Sweden’s share of the Group net Tamro Sweden’s market share declined to below 48%. profit did not reach last year’s level, mainly due gross margins. Tamro Sweden employed an average of people.

sales was 37%. The operating to declining 496 (492)

As part of Tamro AB’s value-added services for principals, an Internet-based real-time information service, Tamro Web Direct, was launched during the spring. The service has been received very favourably, and the next version of the service, targeted at pharmacy customers, will be launched during the autumn. Mandatory generic substitution, in force since October 2002, has led to a fierce price competition in the Swedish pharmaceutical market. Since last autumn, there have been about 3,000 price reductions among the 5,000 medicines sold in Sweden. In addition, the patents for Sweden’s most sold drugs Zocord (simvastatin) and Losec (omeprazole) expired in April 2003 and led to price reductions of 85% for simvastatin and 50% for omeprazole. According to the state-owned pharmacy monopoly Apoteket AB, the total savings in health care costs based on both generic substitution and price reductions in patent-expiring products may amount to SEK 500 (EUR 55) million in 2003. Denmark The relatively modest market development, which could be seen during the first quarter, has continued in the second quarter. The sales of pharmaceuticals through wholesalers grew to EUR 511 million in January-June leading to a rise of 3.3% from the previous year’s first six months. The main reason for this modest growth has been the price agreement between industry and government, whereby prices will not be increased above the average North European price level. Market growth has been slower than was projected at the beginning of the year. Nomeco’s January-June net sales were EUR 528.0 (500.8) million, up 5.4% from the previous year. Pharmaceutical sales accounted for about two-thirds of Nomeco’s net sales. Nomeco’s share of the Group net sales was nearly 26%. The company’s market position has remained stable, with a market share beyond 69%, and profitability has been according to plan. Nomeco employed an average of 613 (614) people. The expansion of the number of pharmacies using Nomeco’s VMI

(Vendor Managed Inventory) concept has continued according to plan and about 60 pharmacies - one fifth of the Danish pharmacies - are already included in the service. Substantial resources are used to serve voluntary pharmacy chains. Nomeco serves three of the most important pharmacy chains, to which belong 200 of Denmark’s 280 pharmacies. Nomeco supports the pharmacies with administration as well as sales information concerning the product assortment in chains and optimisation of purchasing. Finland The pharmaceutical market growth rate in the Nordic countries was the highest in Finland. During January-June, Finland’s pharmaceutical market grew by 5.6% to EUR 733 million. During the second quarter the prices of prescription medicines declined by over 4% as a result of mandatory generic substitution, which came into force in April 2003. This decline was compensated by a volume increase and newly launched medicines, so that the total sales of prescription medicines grew by almost 5% in AprilJune. Tamro Finland’s January-June net sales totalled EUR 306.1 (349.5) million, -12.4% compared to the previous year’s corresponding period due to the loss of agreements in 2002. As a consequence, the average market share of Tamro Finland was 39.8% during January-June. Tamro Finland’s share of the Group net sales was under 15%. Tamro Finland’s profitability has remained clearly above last year’s level and exceeded the targeted profit as well. During January-June, Tamro Finland employed an average of 313 (381) people, -18% less than a year ago. It has been calculated that in Finland mandatory generic substitution and price competition have led to monthly savings of over EUR 5 million in governmental health care costs. This can mean savings of 5% in the total costs of reimbursable medicines. Norway The growth rate in pharmaceutical wholesale declined in Norway during the second quarter, and the January-June growth was only 3.9% compared to the previous year. Aggregated pharmaceutical

wholesale in Norway amounted to EUR 587 million during the first six months of 2003. The lower growth rate is attributed to price revisions, started in January, and to the new index price system that covers the six best-selling reimbursable substances and was introduced by the government in March. Apokjeden Group’s January-June net sales amounted to EUR 293.5 (276.9) million, up 6%, and comprised both pharmaceutical wholesale and retail sales. Due to the slow market development, the net sales were lower than targeted. Apokjeden’s market share in wholesale distribution was over 35% and in retail sales about 39%. Apokjeden’s share of the Group net sales exceeded 14%. During the second quarter Apokjeden Group’s operating profit remained positive and better than forecasted despite the lowerthan-estimated net sales. The main reasons behind the improving profitability were the higher gross margins and the strong drive for efficiency improvements and lower operational costs. The fundamental restructuring of Apokjeden’s financing has lowered the financial costs of the unit. Apokjeden Group employed an average of 1,392 (903) people, of whom 1,218 (720) worked in pharmacies. At the end of June, the amount of fully or majority-owned pharmacies was 139,7 pharmacies more than at the end of the first quarter. The reform to broaden the assortment of deregulated OTC products outside pharmacies is expected to come into effect in autumn 2003 in Norway. Estonia The pharmaceutical wholesale market in Estonia grew by 4% during the first six months of the year. Tamro’s net sales in Estonia were EUR 19.5 (20.3) million, a decrease of 4% compared to the same period in the preceding year. Tamro’s net sales in Estonia include also the retail sales of the acquired pharmacies and represent 1% of the Group net sales. Tamro’s share of the wholesale market was in the region of 29%. The share of Tamro’s own pharmacies of the whole pharmacy market was 5%. Tamro Estonia employed an average of 131 (100) people, 59 (24) of whom worked in Tamro’s 19 pharmacies. Despite the decrease in sales, the profitability of Tamro Estonia exceeded the targeted and last year’s level.

Efforts to forge co-operation among pharmacies – a project - in which the independent pharmacies have voluntarily participated have continued in close co-operation with Tamro’s Pharmacy Council. By July, the Apteek1 chain already had 120 member pharmacies, including Tamro’s 19 pharmacies, which represent 26% of the pharmacy market. The aim of the chain is to cover about one third of the retail market in Estonia. Latvia The pharmaceutical market in Latvia continued to grow at a rate of 12% during the first half of 2003. Market consolidation towards pharmacy alliances continued by means of acquisitions, IT solutions and partnership programmes. Tamro’s net sales in Latvia during the first half of the year were EUR 39.0 (35.7) million, up 9.2% from the previous year. The share of Tamro’s Latvian operations in the Group net sales was 2%. The net sales include also the retail sales of Tamro’s own pharmacy chain Gimenes Aptieka. The profitability of Tamro’s operations in Latvia exceeded the targets and was clearly better than during the first half of the previous year. Tamro completed the implementation of the pharmacy software solution and continued its efforts in retail chain development. Tamro’s market share in wholesale distribution was nearly 29% and in retail 6%. Tamro employed in Latvia an average of 251 (259) people, of whom 140 (145) worked in the 25 pharmacies of the Gimenes Aptieka chain. The newly established Healthcare Ministry has allocated additional funds to healthcare and amended the list of reimbursed medicines in order to narrow the gap in per capita consumption in the Baltic States. These actions are expected to ensure further market growth in double-digit figures in Latvia. Lithuania According to available statistics the pharmaceutical market grew by 3% during the first half of the year in Lithuania. Tamro’s net sales during the first half of 2003 were EUR 40.7 (25.1) million. The figure comprises the net sales of both UAB Tamro and Litfarma ir partneriai, the wholesaler acquired by Tamro Group in December last year. During January-June these two companies accounted for

27% of Lithuanian wholesale distribution. UAB Tamro’s and Litfarma’s joint share of the Group net sales was 2%, and Tamro’s Lithuanian operations employed an average of 175 (84) people. The profitability of our Lithuanian operations lagged behind last year and the target for the financial year 2003. The organisational merger between Litfarma and Tamro continued. Litfarma’s warehouse and sales and marketing operations were transferred to UAB Tamro’s premises in early May. In the integration process about 40 employees have been made redundant. Northwestern Russia In December 2002 Tamro entered into an agreement to swap its ownership in Pharm Tamda 77 for an 18-% minority holding in the newly established federal wholesale company called ZAO ROSTA. The final closing of the deal took place during the second quarter. Therefore Pharm Tamda 77 was consolidated into Tamro Group figures only until 30 April 2003. Tamro MedLab Tamro MedLab’s net sales totalled EUR 62.6 (44.7) million, up 40% compared to the previous year. The figure comprises also the net sales of Tamro Healthcare AB, which were transferred internally from Tamro Sweden to MedLab Group at the beginning of the year. The MedLab Group represents 3% of the Group's net sales. Tamro MedLab’s profitability was on a satisfactory level and better than during the previous year. Tamro MedLab employed an average of 270 (253) people in seven countries.

INVESTMENTS AND ACQUISITIONS The Group's gross investments in January-June amounted to EUR 25.3 (57.6) million and consisted almost entirely of Apokjeden Group’s investments in pharmacies in Norway. In addition, some smaller pharmacy acquisitions were made in Estonia. FINANCING The financial position of Tamro Group remained strong during the second quarter. Financial expenses were reduced further from the

first quarter and the positive trend is expected to continue. After replacing Apokjeden AS’s external loans with an internal subordinated equity loan of NOK 500, there are no material mortgages or pledges outstanding in Tamro Group. The net debt at the end of June 2003 totalled EUR 152.2 (152.9) million. The effective net debt, including as debt the EUR 70.2 million receivables sold through the Asset Securitisation arrangement, was EUR 222.4 (152.9) million. The average effective net debt during the second quarter has been on about the same level as last year. The liquid assets contracted to EUR 13.9 (17.7) million. The Group’s net gearing finished at 42.6 (42.4)% and the equity ratio improved to 33.6 (31.1)%. Free cash flow and net working capital The second quarter April-June free cash flow was EUR 15.7 (-23.8) million. The operative cash flow before net working capital changes and investments improved to EUR 17.8 (16.5) million. Net investments contracted to EUR 4.0 (14.3) million. The cash flow change from the net working capital changes was EUR –1.9 (-26.0) million during the second quarter, and the net working capital at the end of the period totalled EUR 187.3 (199.0) million. The receivables sold at the end of the period were EUR 70.2 million and at the same level as during 1Q. Last year’s net working capital was positively affected by a temporary reduction at the end of the period. The free cash flow in the January-June reporting period was EUR –43.7 (27.6) million. The operative cash flow before net working capital changes and investments improved to EUR 32.0 (26.7) million. Net investments contracted heavily to EUR 21.2 (57.8) million as the acquired number of pharmacies declined clearly from the previous year. The cash flow from the net working capital changes was EUR –54.5 (58.7) million. Last year’s cash flow and net working capital were positively affected by extraordinary items. Financial expenses The Group’s net financial expenses during the second quarter (April–June) were EUR 2.7 (4.0) million. The net interest expenses were EUR 2.5 (3.8) million and clearly below the first quarter

level of EUR 3.0 million. The exchange rate differences were EUR -0.2 (0.2) million and other financial expenses were EUR 0.1 (0.0) million. The net financial expenses during the January-June reporting period were EUR 6.0 (6.6) million. The net interest expenses were EUR 5.5 (6.9) million. The exchange rate losses were EUR 0.2 (-0.3) million and other financial expenses 0.3 (0.0) million. PERSONNEL The Group employed an average of 3,802 (3,298) people in January– June. Of these, an average of 2,115 (2,156) worked in pharmaceutical wholesale, an average of 1,417 (889) in pharmacies and an average of 270 (253) at Tamro MedLab. The amount of people working in pharmacies is growing and was already 1,487 (1,027) at the end of June 2003. During January-June on average 87% of Tamro’s personnel worked abroad. SHARES AND SHAREHOLDERS The share capital of Parent Company Tamro Corporation on 30 June 2003 amounted to EUR 114,837,083, and it was divided into a total of 114,837,083 shares with a nominal value of EUR 1. Tamro Corporation shares are listed on the Helsinki Exchanges. A dividend of EUR 14.9 (17.4) million was paid out in April. On 30 June, 19.5% of Tamro Corporation’s shares were in Finnish, 19.3% in Swedish and 39.6% in German ownership. In addition to that, another 21.3% of the shares were nominee holdings. Foreign ownership accounted thus for a total of 80.2% of Tamro’s shares. At the end of June, the company held 341.000 (341.000) repurchased own shares corresponding to 0.3% of the month-end share capital. The trading of Tamro Corporation’s year 1997 and year 2000 class A option rights started on the main list of the Helsinki Exchanges in February 2003. Tamro Corporation was informed in March that nominee-registered Nordic Pharma Invest A/S’s entire holding of Tamro Corporation was transferred to Meco Holding A/S in February 2003. Both companies are subsidiaries of PHOENIX International Beteiligungs GmbH. Share performance

The closing price at the end of June was EUR 4.16 (3.62), up 9.5% from the year-end and 14.9% from the end of June 2002. During the review period, the trading high reached EUR 4.43 (3.99) and the trading low EUR 3.77 (3.35). In January-June a total of 1.7 (10.4) million shares changed hands, equivalent to 1.5 (9.0)% of the average number of all Tamro shares. This share turnover represented a market value of EUR 6.7 (40.3) million. The share turnover in volume decreased by 83.7%, and the market value of the share turnover decreased by 83.5% compared to the situation a year ago. Tamro’s market capitalisation at the end of June was EUR 476.3 (414.5) million compared with EUR 435.1 million at year-end 2002. The market capitalisation figure does not include own shares. Permanent insiders’ share holdings and options At the end of June, the Board Members held a total of 226,315 Tamro Corporation shares and 180,000 year 1997 option rights. Share holdings include assets of dependents and significantly influenced companies, and they correspond to 0.2% of shares and voting rights. The Group management and the other permanent insiders owned correspondingly a total of 5,180 shares, 220,000 year 1997 option rights and 575,000 year 2000 share option rights. EVENTS AFTER THE FINANCIAL PERIOD In early July Ms Dita Martinsone was appointed as managing director of Tamro’s Latvian operations. She had worked as the acting managing director in Latvia since January. At the end of July Mr Stefan Pflug, Tamro Group director of logistics and member of Group management was assigned as acting managing director for UAB Tamro in Lithuania. PROSPECTS FOR THE YEAR Based on the market development during the first half of 2003, the value of the pharmaceutical market is expected to grow at a reduced annual speed of only 4-5% - half of the rate of the last five years - in the Nordic countries during 2003. Due to the slow market development, Tamro Group’s net sales are expected to grow at an annual rate of only 2-3% in 2003. Despite the expected slower sales development, the relatively good financial development of the Company is expected to continue in all business units. Therefore the company repeats its earlier

forecast of a significant improvement in pre-tax profit in 2003. The interim figures are unaudited. Tamro Corporation Board of Directors For further information, please contact: Mr Jo Langmoen, CEO, phone: +358 20 445 4050, Mr Juha Koponen, CFO, phone: +358 20 445 4051 or Ms Marjatta Virtanen, Director of Corporate Communications and Investor Relations, phone +358 20 445 4001, +358 40 848 4001

This interim report has been disclosed as a web interim report as and a PDF document on Tamro Group’s website at the address www.tamro.com. The traditional analyst conference will be held tomorrow morning (Thursday, 31 July) at 8:30 at Restaurant Savoy, Eteläesplanadi 14, 7th floor, 00100 Helsinki.

TAMRO CORPORATION

Marjatta Virtanen Director of Corporate Communications and Investor Relations, Phone +358 20 445 4001, +358 40 848 4001

DISTRIBUTION Helsinki Exchanges Major communication media APPENDICES Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Key figures Net sales by business unit Number of employees by business unit Contingent liabilities

CONSOLIDATED INCOME STATEMENT 4-6 4-6 Change 1-6 1-6 Change 1-12 (EURm) 2003 2002 % 2003 2002 % 2002 Net Sales 1,043.0 1,051.1 -0.8 2,070.6 2,049.3 1.0 4,102.7 Other income 0.6 0.0 0.8 0.3 166.7 0.3 Raw materials -956.9 -970.4 -1.4 -1,902.4 -1,900.0 0.1 -3,786.5 and services Personnel -41.6 -35.0 18.9 -79,8 -67.4 18.4 -147.3 expenses Depreciation -7.7 -7.2 6.9 -15.5 -13.8 12.3 -31.2 and value adjustments Other -19.8 -20.7 -4.3 -41.9 -39.6 5.8 -82.9 operating expenses Operating 17.6 17.8 -1.1 31.8 28.8 10.4 55.1 profit Financial -2.7 -4.0 -32.5 -6.0 -6.6 -9.1 -14.1 income and expenses Share of 0.0 0.2 -100.0 -0.1 0.0 0.3 affiliated companies' net income Ordinary 14.9 14.0 6.4 25.7 22.2 15.8 41.3 profit before taxes Income taxes -4.7 -4.5 4.4 -8.2 -7.1 15.5 -14.0 on ordinary activities Minority -0.3 -0.1 200.0 0.1 1.8 -94.4 2.7 interest Ordinary net 9.9 9.4 5.3 17.6 16.9 4.1 30.0 profit Net profit 9.9 9.4 5.3 17.6 16.9 4.1 30.0 for the period

CONSOLIDATED BALANCE SHEET 30.6. 2003

30.6. 2002

31.12. 2002

292.2 31.0 283.0 443.7 13.9

284.5 32.3 293.0 531.7 17.7

301.0 34.8 308.5 446.7 45.6

1,063.8

1,159.2

1,136.6

340.7 17.4 1.4 20.8 683.5

335.4 25.9 2.5 92.8 702.6

351.8 20.9 1.1 23.5 739.3

1,063.8

1,159.2

1,136.6

(EURm) Assets Intangible and tangible assets Financial assets Inventories Receivables Liquid assets and short-term investments Equity & liabilities Shareholders' equity Minority interest Obligatory reserves Long-term liabilities Short-term liabilities Balance sheet total

CONSOLIDATED CASH FLOW STATEMENT (EURm) Operating profit Depreciation, value adjustments and other adjustments Financial income and expenses Other income and expenses Taxes

1-6 2003 31.8 15.5

1-6 2002 28.8 13.8

Change % 10.4 12.3

1-12 2002 55.1 31.6

-5.8 -0.9 -8.6 32.0

-6.9 -15.9 0.1 -1,000.0 -9.1 -5.5 26.7 19.9

-14.3 -0.1 -21.0 51.3

Change in net working capital

-54.5

58.7

-192.8

126.9

Cash from operating activities

-22.5

85.4

-126.3

178.2

-25.3 4.1

-57.6 -0.2

-56.1 2,150.0

-93.9 2.4

-21.2

-57.8

-63.3

-91.5

-43.7

27.6

-258.3

86.7

23.2

-62.1

137.4

-95.6

-14.9

-17.4

-14.4

-17.2

Investments Investments in fixed assets Sale of fixed assets and other Changes Cash used in investing activities Free cash flow Change in loans and other financial items Dividends paid

Translation differences and other changes Cash used in financing activities Change in cash and cash equivalents

3.7

9.4

-60.6

11.5

12.0

-70.1

117.1

-101.3

-31.7

-42.5

-25.4

-14.6

KEY FIGURES

Operating margin, % Profit margin, % Return on capital employed, % Return on equity, % Gross investments, EURm Free cash flow, EURm Capital employed, EURm Net working capital, EURm Interest-bearing net debt, EURm Net gearing, % Equity Ratio, % Number of shares- at end, millions* Number of sharesaverage, millions* Earnings per share, EURm * Equity per share, EURm * Number of employees, average * excluding own shares

4-6 2003 1.7 1.4 13.7

4-6 Change 2002 % 1.7 1.3 14.1

11.2

10.5

7.8

16.8

15.7 524.2

1-6 2003 1.5 1.2 12.6

1-6 Change 2002 % 1.4 1.1 10.7

9.6

8.5

-53.6

25.3

57.6

-23.8 531.9

166.0 -1.4

187.3

199.0

152.2

152.9

42.6 33.6

42.4 31.1

114.5

114.5

114.5

1-12 2002 1.3 1.0 10.6 7.6

-56.1

93.9

-43.7 524.2

27.6 -258.3 531.9 -1.4

86.7 514.9

-5.9

187.3

199.0

-5.9

132.9

-0.5

152.2

152.9

-0.5

96.6

42.6 33.6

42.4 31.1

0.0

114.5

114.5

0.0

114.5

114.5

0.0

114.5

114.5

0.0

114.5

0.08

0.08

0.0

0.15

0.15

0.0

0.26

2.97

2.92

1.7

2.97

2.92

1.7

3.06

3,812

3,418

11.5

3,802

3,298

15.3

3,438

1-6 Change 2002 %

1-12 2002

NET SALES BY BUSINESS UNIT 4-6 (EURm) 2003

4-6 Change 2002 %

1-6 2003

26.0 32.7

Tamro Sweden Tamro Denmark Tamro Finland Tamro Norway Tamro Estonia Tamro Latvia Tamro Lithuania Tamro Russia Tamro MedLab Other and internal Group total

381.0 266.6 157.5 155.2 10.2 18.6 19.1 6.6 30.8 -2.6

390.7 254.8 176.9 156.5 10.6 17.3 10.8 13.8 22.3 -2.6

1,043.0 1,051.1

-2.5 4.6 -11.0 -0.8 -3.8 7.5 76.9 -52.2 38.1 0.0

764.6 528.0 306.1 293.5 19.5 39.0 40.7 22.1 62.6 -5.5

774.5 500.8 349.5 276.9 20.3 35.7 25.1 27.4 44.7 -5.6

-1.3 1,526.2 5.4 1,011.1 -12.4 654.7 6.0 612.1 -3.9 41.0 9.2 70.4 62.2 50.8 -19.3 59.9 40.0 86.4 -1.8 -9.9

-0.8 2,070.6 2,049.3

1.0 4,102.7

NUMBER OF EMPLOYEES BY BUSINESS UNIT, AVERAGE 4-6 4-6 Change 1-6 2003 2002 % 2003 Tamro Sweden 502 484 3.7 496 Tamro Denmark 618 620 -0.3 613 Tamro Finland 316 398 -20.6 313 Tamro Norway 1,423 1,011 40.8 1,392 Tamro Estonia 137 99 38.4 131 Tamro Latvia 252 256 -1.6 251 Tamro Lithuania 168 84 100.0 175 Tamro Russia 100 188 -46.8 139 Tamro MedLab 277 252 9.9 270 Other and 19 26 -26.9 22 internal Group total 3,812 3,418 11.5 3,802

1-6 2002 492 614 381 903 100 259 84 185 253 27

Change % 0.8 -0.2 -17.8 54.2 31.0 -3.1 108.3 -24.9 6.7 -18.5

1-12 2002 478 618 359 1,063 111 253 92 187 250 27

3,298

15.3

3,438

CONTINGENT LIABILITIES Derivative financial instruments (EURm) Derivatives - notional amounts Currency instruments Currency forward contracts Interest rate instruments Interest rate swaps Derivatives - market value Currency instruments Currency forward Contracts

30.6. 2003

30.6. 2002

31.12. 2002

180.6

97.4

141.6

20.0

10.0

10.0

-1.1

0.3

-0.7

Interest rate instruments Interest rate swaps

-0.4

0.0

-0.1

The notional amounts of derivatives summarised here do not represent amounts actually exchanged between the parties and are thus not a measure of Tamro’s derivatives-related exposure.

Other contingent liabilities 30.6. (EURm) 2003 Property mortgages 1.6 Pledges 0.8 Guarantees for 13.0 others Other commitments 19.2 34.6

30.6. 31.12. 2002 2002 23.6 15.7 76.8 73.2 14.9 15.6 12.9 128.2

20.3 124.8