Future outlook 2009 Q1

The development of the Group's operating activities is affected by the economic outlook in its different market areas and especially by the growth rate of private consumption. As a result of the problems in the financial market and the contraction of the real economy, the outlook for the near future remains dim. During the next twelve months, the overall consumer demand is expected to remain clearly below the normal level owing to increasing unemployment and problems relating to the availability of business and consumer finance.

The steady development of the grocery trade is expected to continue. The market situation is expected to remain difficult in the building sector, in the car and machinery trade, and in the home and speciality goods trade.

Uncertainty about the economic outlook continues to make any statement about the Group's future outlook significantly more difficult. In consequence of the weakening economic development, the Kesko Group's net sales and operating profit excluding non-recurring items from continuing operations in the next twelve months are expected to remain at a lower level compared with the net sales and operating profit excluding non-recurring items of the comparative period. The Group's liquidity and solvency are expected to remain good.