SRV’S OPERATING PROFIT GREW – INTERIM REPORT 1 JANUARY -30 SEPTEMBER 2008

    
Reporting period 1 January - 30 September 2008 in brief:                        
- SRV's revenue grew by 4.9 per cent to EUR 415.5 million (EUR 395.9 million in 
January-September 2007)                                                         
- Operating profit grew by 79.0 per cent to EUR 32.2 million (EUR 18.0 million) 
- Profit before taxes grew by 56.8 per cent to EUR 26.3 million (EUR 16.8       
million)                                                                        
- The order backlog at the close of the review period was EUR 455.2 million (EUR
546.3 million)                                                                  
- The equity ratio was 45.9 per cent (60.9%)                                    
- Earnings per share were EUR 0.49 (EUR 0.39)                                   
- SRV revises its outlook regarding revenue and operating profit. Revenue in    
2008 is expected to be somewhat lower than revenue in the previous year.        
Operating profit for the last quarter is expected to be positive and operating  
profit for the whole year to be clearly higher than in 2007.                    

Third quarter 1 July - 30 September 2008 in brief:                              
- Revenue amounted to EUR 126.7 million (EUR 134.6 million in July-September    
2007)                                                                           
- Operating profit was EUR 14.1 million (EUR 7.6 million)                       
- Profit before taxes was EUR 11.2 million (EUR 7.8 million)                    
- Earnings per share were EUR 0.21 (EUR 0.14)                                   

The interim report has been prepared in accordance with IAS 34. The disclosed   
information is unaudited.                                                       

“SRV posted positive development in revenue and operating profit. During the    
current year, we have bolstered the development of our Russian operations by    
acquiring two major new development projects, including land, in St Petersburg. 
The sale of the hotel in Ekaterinburg, which was concluded in July, raised SRV's
operating profit substantially and also released equity for the development of  
Russian operations.                                                             

As the international financial crisis has spread, the outlook for the Finnish   
national economy has weakened. The crisis in the financial markets is slowing   
down growth in Russian economy. The outlook for the Baltic national economies   
remains grim.                                                                   

Thanks to the SRV approach, we are able to react agilely to changes in the      
market, and to allocate resources to the pursuit of growth in Russia. Testimony 
to the competitiveness of SRV's approach in challenging projects can be found in
its being awarded the contract to build the Helsinki Music Centre and the       
transfer of the Stockmann department store expansion project to SRV in October. 

Demand for housing has slackened, the number of start-ups has declined and sales
have turned down, weakening the forecast for the Housing business area both this
year and next. However, long-term demand for housing construction will continue 
in growth centres, providing a solid foundation for SRV, even though its        
significance to SRV's is small.                                                 

The crisis in the financial market affects substantially companies with low     
equity ratio and low financing liquidity. SRV has high equity ratio, 45.9 per   
cent, which gives a good chance to utilise SRV's innovative property development
know-how in the years to come.  SRV's financing position is good, since the     
amount of the Group's undrawn loan commitments amount to over EUR 150 million   
and the interest bearing net liabilities at the end of September amounted to EUR
126 million” says Eero Heliövaara, President and CEO of SRV.                    

--------------------------------------------------------------------------------
| Group key figures  | IFRS | IFRS |       |       | IFRS | IFRS  | IFRS   |   |
--------------------------------------------------------------------------------
| (EUR million)      | 1-9/ | 1-9/ | chang | chang | 7-9/ | 7-9/  | 1-12/  |   |
|                    | 2008 | 2007 | e,    | e,%   | 2008 | 2007  | 2007   |   |
|                    |      |      | MEUR  |       |      |       |        |   |
--------------------------------------------------------------------------------
| Revenue            | 415. | 395. | 19.6  | 4.9   | 126. | 134.6 | 561.4  |   |
|                    | 5    | 9    |       |       | 7    |       |        |   |
--------------------------------------------------------------------------------
| Operating profit   | 32.2 | 18.0 | 14.2  | 79.0  | 14.1 | 7.6   | 15.1   |   |
--------------------------------------------------------------------------------
| Financial income   | -5.9 | -1.2 | -4.7  | 388.1 | -2.9 | 0.2   | -3.5   |   |
| and expenses,      |      |      |       |       |      |       |        |   |
| total              |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Profit before      | 26.3 | 16.8 | 9.5   | 56.8  | 11.2 | 7.8   | 11.5   |   |
| taxes              |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Net profit for the | 18.0 | 12.8 | 5.3   | 41.2  | 7.6  | 6.1   | 7.6    |   |
| period             |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog      | 455. | 546. | -91.1 | -16.7 |      |       | 528.7  |   |
|                    | 2    | 3    |       |       |      |       |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit,  | 7.7  | 4.5  |       |       | 11.1 | 5.7   | 2.7    |   |
| %                  |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Net profit, %      | 4.3  | 3.2  |       |       | 6.0  | 4.6   | 1.4    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, %    | 45.9 | 60.9 |       |       |      |       | 55.4   |   |
--------------------------------------------------------------------------------
| Net interest       | 126. | 19.8 |       |       |      |       | 43.2   |   |
| bearing debt       | 1    |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Gearing, %         | 74.1 | 12.2 |       |       |      |       | 27.3   |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on          | 18.5 | 15.4 |       |       |      |       | 9.7    |   |
| investment, % 1)   |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Return on equity,  | 14.6 | 15.2 |       |       |      |       | 6.9    |   |
| % 1)               |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per       | 0.49 | 0.39 |       | 25.6  | 0.21 | 0.14  | 0.22   |   |
| share, EUR 2)      |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Equity per share,  | 4.61 | 4.33 |       | 6.4   |      |       | 4.22   |   |
| EUR 2)             |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| Weighted average   | 36.6 | 31.3 |       | 16.9  |      |       | 32.7   |   |
| number of shares   |      |      |       |       |      |       |        |   |
| outstanding        |      |      |       |       |      |       |        |   |
--------------------------------------------------------------------------------
| 1) In calculating the key ratio only the profit for the period has been      |
| annualised.                                                                  |
| 2) Key figures per share have been adjusted to reflect the increase in the   |
| number of shares, which came into effect on 11 April 2007 (split), the       |
| rights issue on 11 June 2007 and the rights issue and cancellation of        |
| treasury shares in connection with the merger of SRV Henkilöstö Oy on 28     |
| September 2007 and purchases of own shares.                                  |
--------------------------------------------------------------------------------

In the review period, consolidated revenue grew by 4.9 per cent to EUR 415.5    
million (EUR 395.9 million in January-September 2007). The share of revenue     
generated in Finland was 88 per cent (91%), whereas 12 per cent (9%) came from  
Russia and the Baltic countries. Revenue in the Business Premises business area 
grew to EUR 271.2 million (EUR 242.2 million). Revenue in the Housing business  
area declined to EUR 94.5 million (EUR 119.6 million). Revenue in the           
International business area grew to EUR 49.8 million (EUR 34.4 million).        

The Group's operating profit for the review period was EUR 32.2 million (EUR    
18.0 million in January-September 2007). Its operating profit margin was 7.7 per
cent (4.5%). Operating profit in Business Premises grew to EUR 21.8 million (EUR
13.3 million). Operating profit in the International business area was EUR 11.9 
million (operating loss of EUR 0.8 million). Operating profit in the Housing    
business area declined to EUR 1.9 million (EUR 7.8 million).                    

The Group's profit before taxes for the review period was EUR 26.3 million (EUR 
16.8 million in January-September 2007). The profit for the review period was   
EUR 18.0 million (EUR 12.8 million). Earnings per share were EUR 0.49 (EUR      
0.39). The increase in the number of shares is due to the share issues and      
structural changes in 2007. Return on equity was 14.6 per cent (15.2%) and      
return on investment 18.5 per cent (15.4%).                                     

The Group's revenue for the third quarter amounted to EUR 126.7 million (EUR    
134.6 million in July-September 2007) and operating profit to EUR 14.1 million  
(EUR 7.6 million). Profit before taxes was EUR 11.2 million (EUR 7.8 million).  
Earnings per share were EUR 0.21 (EUR 0.14). The increase in the number of      
shares is due to the share issues and structural changes in 2007.               

The order backlog was EUR 455.2 million on 30 September 2008 (EUR 546.3 million 
on 30 September 2007). At the end of 2007 the order backlog was EUR 528.7       
million.                                                                        

Key figures for the Segments                                                    

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|                   | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| Revenue           | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
| (EUR million)     | 2008  | 2007  | e,    | e,%   | 2008   | 2007   | 2007   |
|                   |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Business Premises | 271.2 | 242.2 | 29.0  | 12.0  | 74.3   | 90.6   | 345.4  |
--------------------------------------------------------------------------------
| Housing           | 94.5  | 119.6 | -25.0 | -20.9 | 31.4   | 35.5   | 163.1  |
--------------------------------------------------------------------------------
| International     | 49.8  | 34.4  | 15.4  | 44.8  | 21.0   | 8.5    | 53.2   |
--------------------------------------------------------------------------------
| Other Operations  | 8.5   | 8.5   | 0.0   | -0.2  | 2.7    | 2.5    | 11.2   |
--------------------------------------------------------------------------------
| Eliminations      | -8.5  | -8.7  | 0.2   |       | -2.7   | -2.6   | -11.4  |
--------------------------------------------------------------------------------
| Group, total      | 415.5 | 395.9 | 19.6  | 4.9   | 126.7  | 134.6  | 561.4  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                   | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| Operating profit  | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
| (EUR million)     | 2008  | 2007  | e,    | e,%   | 2008   | 2007   | 2007   |
|                   |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Business Premises | 21.8  | 13.3  | 8.4   | 63.1  | 3.7    | 6.8    | 18.0   |
--------------------------------------------------------------------------------
| Housing           | 1.9   | 7.8   | -6.0  | -75.9 | 0.5    | 3.0    | 10.7   |
--------------------------------------------------------------------------------
| International     | 11.9  | -0.8  | 12.8  |       | 10.8   | -1.7   | -10.2  |
--------------------------------------------------------------------------------
| Other Operations  | -3.5  | -2.0  | -1.5  |       | -1.0   | -0.5   | -3.1   |
--------------------------------------------------------------------------------
| Eliminations      | 0.1   | -0.4  | 0.5   |       | 0.0    | 0.0    | -0.4   |
--------------------------------------------------------------------------------
| Group, total      | 32.2  | 18.0  | 14.2  | 79.0  | 14.1   | 6.8    | 18.0   |
--------------------------------------------------------------------------------

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| Operating profit    | IFRS     | IFRS     | IFRS     | IFRS     | IFRS       |
--------------------------------------------------------------------------------
| (%)                 | 1-9/2008 | 1-9/2007 | 7-9/2008 | 7-9/2007 | 1-12/2007  |
--------------------------------------------------------------------------------
| Business Premises   | 8.0      | 5.5      | 4.9      | 7.5      | 5.2        |
--------------------------------------------------------------------------------
| Housing             | 2.0      | 6.6      | 1.7      | 8.5      | 6.5        |
--------------------------------------------------------------------------------
| International       | 24.0     | -2.5     | 51.5     | -19.9    | -19.2      |
--------------------------------------------------------------------------------
| Group, total        | 7.7      | 4.5      | 11.1     | 5.7      | 2.7        |
--------------------------------------------------------------------------------

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| Order backlog       | IFRS     | IFRS     | change,  | change,  | IFRS       |
--------------------------------------------------------------------------------
| (EUR million)       | 30.9.08  | 30.9.07  | MEUR     | %        | 31.12.07   |
--------------------------------------------------------------------------------
| Business Premises   | 228.8    | 360.2    | -131.4   | -36.5    | 302.8      |
--------------------------------------------------------------------------------
| Housing             | 186.3    | 128.2    | 58.1     | 45.3     | 174.6      |
--------------------------------------------------------------------------------
| International       | 40.2     | 57.9     | -17.7    | -30.6    | 51.3       |
--------------------------------------------------------------------------------
| Group, total        | 455.2    | 546.3    | -91.1    | -16.7    | 528.7      |
--------------------------------------------------------------------------------


Earnings trends of the Segments                                                 

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| Business Premises | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| (EUR million)     | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
|                   | 2008  | 2007  | e,    | e,%   | 2008   | 2007   | 2007   |
|                   |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Revenue           | 271.2 | 242.2 | 29.0  | 12.0  | 74.3   | 90.6   | 345.4  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit  | 21.8  | 13.3  | 8.4   | 63.1  | 3.7    | 6.8    | 18.0   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog     | 228.8 | 360.2 | -131. | -36.5 |        |        | 302.8  |
|                   |       |       | 4     |       |        |        |        |
--------------------------------------------------------------------------------

The Business Premises business area comprises SRV Toimitilat Oy's commercial,   
business, logistics and rock construction operations and property development.  

Revenue in the Business Premises business area grew by 12.0 per cent in the     
review period, amounting to EUR 271.2 million (EUR 242.2 million). Operating    
profit was EUR 21.8 million (EUR 13.3 million). The good profit margin of the   
order backlog in particular contributed to the positive development of operating
profit. The order backlog was EUR 228.8 million (EUR 360.2 million).            

Third-quarter revenue amounted to EUR 74.3 million (EUR 90.6 million) and       
operating profit to EUR 3.7 million (EUR 6.8 million). The market situation     
weakened substantially during the last quarter, reducing the number of new      
agreements. No developer contracting projects were completed or sold during the 
quarter.                                                                        
                                                                                
Among the projects completed in the review period were the Tuupakka logistics   
centre in Vantaa, an office building implemented under the HTC concept and new  
headquarters for Neste Oil in the Keilaniemi district of Espoo, the first phase 
of the TRIO shopping centre in Lahti, the Biomedicum II project in Helsinki for 
the Hospital District of Helsinki and Uusimaa, a logistics centre for Itella in 
the Voutila district in Vantaa as well as numerous rock construction projects.  

During the review period, the second phase of TRIO in Lahti and the             
preconstruction of L&T Kerca in Kerava were started up. Senate Properties chose 
SRV as its project management contractor in the construction and renovation of  
Svenska Social & Kommunal Högskolan of the University of Helsinki. Construction 
got under way on the Plantagen garden store and the retail centre of the        
northern wing in King's Gate in Porvoo, a car dealership for Autosalpa in Lahti 
and a logistics warehouse for Codel in Vantaa. Repair works on the second stage 
of the Metsätalo Building of the University of Helsinki were also started up in 
Helsinki.                                                                       

SRV handed over the Flamingo recreational centre in Vantaa to the client, Varma 
Mutual Pension Insurance Company, in August, two months ahead of the original   
schedule.                                                                       

SRV and Kiinteistöosakeyhtiö Helsingin Musiikkitalo signed a contract for the   
construction of the Helsinki Music Centre. Construction began in September. The 
main contract is valued at EUR 90.5 million. The total cost of the Helsinki     
Music Centre is estimated at EUR 140 million, and it is scheduled for completion
at the end of April 2011.                                                       

In March 2008, the Keravanportti property was sold to the real-estate investment
trust REFF I Ky, which is managed by Pohjola Kiinteistösijoitus Oy, a property  
investment company. SRV constructed two retail buildings in Keravanportti.      

On 6 March 2008, the Helsinki Court of Appeal announced its decision on the     
dispute between SRV Business Premises Ltd and F-Secure Corporation. The dispute 
was about interior works done during the construction and whether they are      
covered by the original rental agreement. The Court of Appeal did not revise the
decision of the Helsinki District Court, which stated that the construction work
is not covered by the original rental agreement. According to the Court's       
decision, F-Secure must pay the additional work costs, and the costs of the     
trial plus interest. The financial impact pursuant to the decision on SRV's     
operating profit was about EUR 0.7 million and about EUR 1.2 million on profit  
before taxes. F-Secure has applied for permission to appeal against this        
decision.                                                                       


--------------------------------------------------------------------------------
| Housing           | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| (EUR million)     | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
|                   | 2008  | 2007  | e,    | e,%   | 2008   | 2007   | 2007   |
|                   |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Revenue           | 94.5  | 119.6 | -25.0 | -20.9 | 31.4   | 35.5   | 163.1  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit  | 1.9   | 7.8   | -6.0  | -75.9 | 0.5    | 3.0    | 10.7   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog     | 186.3 | 128.2 | 58.1  | 45.3  |        |        | 174.6  |
--------------------------------------------------------------------------------

The Housing business area comprises housing construction in the Helsinki        
Metropolitan Area and the neighbouring municipalities as well as the operations 
of the regional subsidiaries. The regional subsidiaries are engaged in housing, 
commercial, business premises and logistics construction projects.              

Revenue in the Housing business area amounted to EUR 94.5 million (EUR 119.6    
million) in the review period and operating profit was EUR 1.9 million (EUR 7.8 
million). The decline in both revenue and operating profit was attributable to  
the slowdown in housing sales. The order backlog was EUR 186.3 million (EUR     
128.2 million).                                                                 

Third-quarter revenue amounted to EUR 31.4 million (EUR 35.5 million) and       
operating profit to EUR 0.5 million (EUR 3.0 million). The decline in both      
revenue and operating profit was attributable to the general situation in       
housing sales.                                                                  

Besides housing production, resources were allocated to contracting and, during 
the review period contracts worth EUR 72.8 million were concluded with external 
clients. Of these, the most important in the Helsinki metropolitan area were a  
58-unit apartment building for HOAS (Foundation for Student Housing in the      
Helsinki Region) in Viikki and the renovation of a 62-unit apartment building   
for KY Kiinteistö Oy in the Töölö district of Helsinki. The construction of a   
total of 76 residential units was started up in Tampere for AVO-Asunnot Oy and  
AVO-Asumisoikeus Oy. Other contracts that were concluded included the renovation
of an ice stadium for the City of Jyväskylä, the construction of Tietotie upper 
secondary school for the City of Valkeakoski and the construction of a wind     
turbine production plant for The Switch in Lappeenranta.                        

During the review period, the construction of 110 (208) developer contracting   
housing units was started. SRV bought an area in the Saunalahti district of     
Espoo during the review period and will build more than 100 low-rise units      
there. The construction of the first stage, comprising 16 units, commenced in   
late summer.                                                                    

A total of 128 (248) developer contracting housing units were sold during the   
review period. Sales focused on units that were completed or close to           
completion. Although sales of residences picked up during the second quarter,   
they weakened in the third quarter. At the end of the period, 251 (382)         
residential units were under construction. There were 140 (71) completed but    
unsold residential units. A total of 260 (389) developer contracting residential
units were completed during the review period. Start-ups of new developer       
contracting housing projects have been decreased further due to the market      
situation.                                                                      

--------------------------------------------------------------------------------
| Developer            | 1-9/   | 1-9/   | change | 7-9/   | 7-9/    | 1-12/   |
| contracting housing  | 2008   | 2007   | ,      | 2008   | 2007    | 2007    |
| production in        |        |        | units  |        |         |         |
| Finland              |        |        |        |        |         |         |
--------------------------------------------------------------------------------
| Start-ups            | 110    | 208    | -98    | 49     | 31      | 363     |
--------------------------------------------------------------------------------
| Sold                 | 128    | 248    | -121   | 31     | 257     | 288     |
--------------------------------------------------------------------------------
| Completed            | 260    | 389    | -129   | 251    | 382     | 519     |
--------------------------------------------------------------------------------
| Completed and unsold | 140    | 71     | 69     |        |         | 80      |
| 1)                   |        |        |        |        |         |         |
--------------------------------------------------------------------------------
| Under construction   | 251    | 382    | -131   |        |         | 415     |
| 1)                   |        |        |        |        |         |         |
--------------------------------------------------------------------------------
1) at the end of the period                                                     

Major projects under construction included the Helsingin Oscar condominium,     
where 65 units will be completed, Vallikallion Helmi in Espoo (67 units) and    
Ulrikanhuippu in Vantaa (46 units), which will be realised jointly with         
Asuntosäätiö (Housing Foundation).                                              

SRV continued its participation in the 24Living development project, which is   
being partly funded by TEKES (the Finnish Funding Agency for Technology and     
Innovation). Begun in                                                           
2006, the 3-year project is headed by the University of Art and Design in       
Helsinki, in cooperation with Finpro, the Massachusetts Institute of Technology 
(MIT) and TEKES, with a number of Finnish companies also participating.         

--------------------------------------------------------------------------------
|                   | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| International     | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
| Operations        | 2008  | 2007  | e,    | e,%   | 2008   | 2007   | 2007   |
| (EUR million)     |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Revenue           | 49.8  | 34.4  | 15.4  | 44.8  | 21.0   | 8.5    | 53.2   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit  | 11.9  | -0.8  | 12.8  |       | 10.8   | -1.7   | -10.2  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog     | 40.2  | 57.9  | -17.7 | -30.6 |        |        | 51.3   |
--------------------------------------------------------------------------------

International Operations comprises the business activities of the SRV           
International subgroup in Russia and the Baltic countries.                      

International Operations posted revenue of EUR 49.8 million (EUR 34.4 million). 
Operating profit amounted to EUR 11.9 million (operating loss of EUR 0.8        
million). Revenue of EUR 13.3 million and operating profit of EUR 12.9 million  
were recorded on the sale of the hotel in Ekaterinburg. The slowing down of     
activities in the Baltic countries burdened the operating profit.  A loss       
reserve of EUR 1 million has been made on a project completed in Russia during  
the review period. The order backlog was EUR 40.2 million (EUR 57.9 million).   

The sale of the hotel boosted revenue and operating profit in the third quarter.
Outlays on Russian projects and the slowdown in Baltic operations reduced the   
operating profit.                                                               

Russia                                                                          

The renovation works of the Pulkovskaya and Pribaltiskaya hotels operated by the
Rezidor Group in St Petersburg were completed in April. In June, SRV signed     
contracts valued at around EUR 15 million for further renovation works at the   
hotels. Ahlström's glass fibre plant was completed in March.                    
                                                                                
The construction of the Etmia II office and parking facility in the heart of    
Moscow continued. Tenant acquisition commenced during the period. It is         
estimated that this project will be completed by the end of 2008. SRV's role in 
the project is to act as the project management contractor and as co-owner with 
a 50 per cent stake. SRV's objective is to sell the project to investors after  
completion.                                                                     

Construction of the Papula residential area in the city of Vyborg continued. In 
the first phase, 38 units are to be built, and are slated for completion by the 
end of 2008. All of the first-phase units have been sold. The sale of 30 units, 
valued at EUR 4.6 million, will be recognised after the buyer has finalised the 
financing.                                                                      

The development of the Eurograd logistics area in St Petersburg continued during
the review period. On 11 February 2008, SRV acquired a 32 per cent share in the 
Russian enterprise OOO ”Olgino-4”, which owns a plot of 24.9 hectares located   
north of St Petersburg, in the close vicinity of the Ring Road. SRV raised its  
ownership in the enterprise to 49 per cent during the review period and will    
acquire the majority stockholding by the end of 2008. Over 100,000 square metres
of logistics facilities are planned for the site, in several stages during the  
next few years. The zoning of the area for logistics was completed in August and
site planning has begun.                                                        

In the review period, SRV continued the design, preparations for the            
construction and the search for tenants of the Mytichi shopping centre project  
developed by SRV, to be realised in the Moscow area. The ensemble will have     
about 120,000 square metres of floor area. The majority owner of the project is 
the Finnish real estate investment company Vicus with a 75 per cent stake. Due  
to the global financial crisis, the project will be split into two phases, to   
facilitate external financing. The scope of construction works during the first 
phase will be about 52,000 m2, including an underground car park and commercial 
premises. The final investment decision will be made in the first half of 2009. 
In July, SRV signed a project management contract, valued at EUR 107 million,   
with the project company for the planning and construction of the project. The  
contract agreement will be amended in line with the new scope of the project.   
The project will not be included in the order backlog until the final investment
decision is made. Preparations for construction have started in accordance with 
the project management contract. Negotiations with the anchor tenants are       
underway. The aim is to finalise the negotiations by the end of the year. SRV   
owns 25 per cent of the project and has invested around EUR 5.6 million in it.  
                                                                                
SRV concluded a contract with the International Banking Institute (IBI), St     
Petersburg, and a local partner concerning the development of an 8.5 hectare    
land area in St Petersburg. SRV is developing zoning for the area. The plans    
include the construction of office and retail space, as well as hotel,          
restaurant and entertainment premises. Moreover, facilities will be built for   
the IBI university. SRV has made agreements with three international            
architecture firms to develop the overall concept of the project on the basis of
a pre-study carried out by the British firm Locum Consulting. The aim is to     
conclude the development of the overall concept at the beginning of 2009, which 
would enable starting up the construction of the first phase in early 2010. SRV 
has established a development company named OOO IBI Invest to implement the     
project, and acquired a land area for said company. SRV had invested about EUR  
50 million in land and properties as of 30 September 2008. Further investment in
the project by SRV is estimated at EUR 10-15 million. It is further estimated   
that SRV's ownership will total 77.5 per cent of the project when IBI Invest has
acquired all the land areas included in the cooperation contract. SRV's partner 
and future minority shareholder in the joint venture is Mr. Boris Kholmyansky   
through the companies that he owns. Mr. Kholmyansky is the main owner and       
chairman of the board of the St Petersburg-based company NPO Znamia Truda.      

During the period, SRV continued negotiations with a Russian banking partner    
with a view to developing property fund cooperation, which would focus on       
developing commercial and business premises projects and financing construction 
in Russia. The investors would be SRV together with a group of international    
investors as well as a local partner, who would also administer the fund. Should
the plan be carried out, SRV intends to make a fund investment of around EUR 20 
million.                                                                        

In July, SRV signed a contract for the sale of shares in ZAO Nordrus Hotel with 
Wenaas Hotel Russia A/S, which belongs to the Norwegian Wenaas Group. ZAO       
Nordrus Hotel owns the 160-room Park Inn hotel in Ekaterinburg, Russia. The     
selling price of the shares was EUR 22.5 million. The transaction was completed 
on 24 September 2008, when the Russian competition authorities had given their  
consent.                                                                        

Baltic countries                                                                

A partnership project with Facio Ehitus continued in Tartu, Estonia. SRV owns a 
plot for 7 high-rise apartment buildings. The construction of one of these      
buildings (42 units) was begun in the summer of 2007. The project will be       
completed in October. No start-ups of new developer contracting projects are    
planned in the present market situation. Three (16) residential units were sold 
during the period and, all in all, 44 (48) were up for sale at the end of the   
period, 4 (6) of which were in already-completed projects. The sale of the      
logistics centre leased to Oriola KD in Estonia was completed in January 2008.  
Revenue of EUR 5 million was recorded on the sale. The construction of a vehicle
dealership for Inchcape Motors continued, and design work for the Mercantile    
logistics centre was completed. The construction start-up was put on hold.      

The HRX logistics centre was handed over to the client in Latvia in March 2008. 

--------------------------------------------------------------------------------
|                   | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| Other Operations  | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
| (EUR million)     | 2008  | 2007  | e,    | e, %  | 2008   | 2007   | 2007   |
|                   |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Revenue           | 8.4   | 8.5   | 0.0   | -0.3  | 2.7    | 2.5    | 11.2   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit  | -3.5  | -2.0  | -1.5  |       | -1.0   | -0.5   | -3.1   |
--------------------------------------------------------------------------------

Other Operations comprise mainly the SRV Group Plc and SRV Kalusto Oy           
businesses.                                                                     

The operating loss of Other Operations during the review period was EUR 3.5     
million (loss of EUR 2.0 million).                                              

Financing and financial position                                                

The Group's financing position and equity ratio remained good. The Group's      
equity amounted to EUR 170.2 million (EUR 162.3 million) and the group's        
inventories were EUR 259.0 million (EUR 173.7 million), the share of land areas 
and plot-owning companies being EUR 119.2 million (EUR 60.6 million). The       
Group's interest-bearing liabilities were EUR 136.4 million on 30 September 2008
(EUR 45 million). Net financial expenses totalled EUR 5.9 million (EUR 1.2      
million). The Group's cash assets at the end of the review period amounted to   
EUR 8.5 million (EUR 25.1 million). Cash assets in the reference period were    
increased through the share issue in June 2007.                                 

The return on investment was 18.5 per cent (15.4%) and the return on equity 14.6
per cent (15.2%). The equity ratio was 45.9 per cent (60.9%).                   

Investments                                                                     

The Group's investments totalled EUR 22.8 million (EUR 3.1 million), of which   
EUR 18.2 million were investments related to buildings in the IBI project.      

Unbuilt land areas, land acquisition commitments and land development agreements

--------------------------------------------------------------------------------
| Land reserve      | Business    | Housing       | International | Total      |
| 30.9.2008         | Operations  |               | Operations    |            |
--------------------------------------------------------------------------------
| Unbuilt land areas and land acquisition commitments                          |
--------------------------------------------------------------------------------
| Building rights*, | 153,000     | 231,000       | 759,000       | 1,143,000  |
| m2                |             |               |               |            |
--------------------------------------------------------------------------------
| Capital invested  | 30          | 56            | 82            | 168        |
| incl.             |             |               |               |            |
| commitments, EUR  |             |               |               |            |
| million           |             |               |               |            |
--------------------------------------------------------------------------------
| Land development  |             |               |               |            |
| agreements        |             |               |               |            |
--------------------------------------------------------------------------------
| Building rights*, | 434,000     | 200,000       | 100,000       | 734,000    |
| m2                |             |               |               |            |
--------------------------------------------------------------------------------
| * Building rights also include the estimated building rights/construction    |
| volume of unzoned land reserves and land areas covered by agreements in      |
| projects that are wholly or partly owned by SRV                              |
--------------------------------------------------------------------------------

In January, SRV signed a preliminary property purchase agreement for the old    
Government Building designed by Alvar Aalto, and the adjacent plot, on which a  
new building of 12,000 square metres of floor area is being developed. The      
listed Government Building will partly be returned to its original use. During  
the review period SRV bought 14,700 square metres of floor area in residential  
building rights in the Saunalahdenranta district of Espoo. Single-family,       
terraced and semidetached houses will be built in the area. In the Aviapolis    
business district in the Viinikkala logistics area in Vantaa, SRV bought a 4.5  
hectare piece of land, where it plans to build logistics facilities measuring   
around 26,000 square metres of floor area.                                      

In June, SRV concluded a preliminary property purchase agreement for the roughly
4.5 hectare land area in the Vantaankoski district of Vantaa. The land area     
borders the 6.3 hectare property SRV purchased earlier in the area.             

On 14 January 2008, Espoo City Board accepted SRV's planning reservation        
application for housing towers above Karhusaarentie road. The plan includes four
27-28 storey buildings and an underground car park on four levels. According to 
initial plans, the area includes about 50,000 square metres of residential      
building volume, and the total number of apartments would be around 370. The    
project would be connected with the implementation of the Keilaniemi metro      
station. Plans include a deck that would span over Karhusaarentie road,         
connecting the residential site to Tapiola and thereby adding to its supply of  
high-quality housing.                                                           

New names for SRV's subsidiaries as part of renewed brand                       

As part of SRV's renewed brand the company renamed its subsidiaries. The name of
SRV Viitoset, which specialises in business premises, was changed to SRV        
Business Premises Ltd as of 1 March 2008. The name of SRV Westerlund, which     
operates in residential construction, was changed to SRV Housing Ltd. The       
renewed brand will bring the Group's business areas more clearly under one SRV  
brand.                                                                          

Changes in Group structure                                                      

SRV Group Plc acquired 100 per cent ownership of SRV Keski-Suomi Oy in April    
2008 and Rkl Erkki Huhdanpää Oy in June 2008. In order to strengthen the        
business structure and operations, SRV started the procedure to merge SRV       
Kaakkois-Suomi Oy, SRV Keski-Suomi Oy, SRV Lounais-Suomi Oy and Rkl Erkki       
Huhdanpää Oy into SRV Housing Ltd at the end of June 2008. The merging regional 
companies will continue their operations under the brands SRV Kaakkois-Suomi,   
SRV Keski-Suomi, SRV Lounais-Suomi and SRV Pirkanmaa.                           

Changes in Group management                                                     
	                                                                               
Executive Vice President Veli-Matti Kullas, who is in charge of SRV's operations
in Russia, was nominated member of SRV's Corporate Executive Team on 12 February
2008. Katri Innanen, LL.M, was appointed Chief Legal Counsel and member of the  
Corporate Executive Team of SRV Group, when the current Chief Legal Counsel,    
Marja Sarnela retires. Mrs Innanen started in her new position on 29 September  
2008. Valtteri Palin, M.Sc. (Econ.), was appointed Senior Vice President,       
Financial Administration, and member of the Corporate Executive Team of SRV     
Group Plc as from 1 August 2008 when his predecessor and Corporate Executive    
Team Member Anu Hämäläinen left the company.                                    

SRV reorganised its international operations on 15 September 2008. The Executive
Vice President in charge of Russian operations, Veli-Matti Kullas, now reports  
directly to President and CEO Eero Heliövaara and the Baltic country managers to
the Executive Vice President in charge of Business Premises, Juha Pekka Ojala.  
In connection with the organisational rearrangements, Ari Beilinson, Executive  
Vice President in charge of the SRV International business area and member of   
the Corporate Executive Team, left the company.                                 

Personnel                                                                       

SRV had an average payroll of 865 (763) employees, of whom 613 (534) were       
white-collar. The parent company had an average staff of 66 (62) white-collar   
employees. At the close of the review period, the Group had 904 (761) employees,
of whom 69 (64) were employed by the parent company. An average of 14.6 per cent
(8.8%) of the employees work at subsidiaries and representative offices abroad. 

SRV is developing its cooperation with universities and colleges as part of its 
effort to cover staffing needs for recruitment and the holiday seasons. At the  
end of the review period, SRV had a total of 35 (32) trainees working in the    
Group's operations in Finland (in summer jobs and in work training as well as   
students working on their thesis or diploma).                                   



--------------------------------------------------------------------------------
| Personnel by business area    | 30.9.2008   | 30.9.2007   | Share of Group   |
|                               |             |             | personnel,       |
|                               |             |             | 30.9.2008, %     |
--------------------------------------------------------------------------------
| Business Premises             | 297         | 279         | 32.9             |
--------------------------------------------------------------------------------
| Housing                       | 296         | 281         | 32.7             |
--------------------------------------------------------------------------------
| International                 | 212         | 111         | 23.5             |
--------------------------------------------------------------------------------
| Other Operations              | 99          | 90          | 11.0             |
--------------------------------------------------------------------------------
| Group, total                  | 904         | 761         | 100.0            |
--------------------------------------------------------------------------------

On 11 February 2008, the Board of Directors of SRV Group Plc approved a new     
share-based incentive plan for the Group's key personnel. The Plan includes     
three earning periods - the calendar years 2008, 2009 and 2010. The potential   
reward from the Plan for earning period 2008 will be based on the Group's profit
before taxes. The potential reward from earning period 2008 will be paid in     
2009, partly as shares in the company and partly as cash. The proportion to be  
paid in cash will cover taxes and tax-related costs arising from the reward. The
shares may not be transferred during the two-year restriction period. If a key  
person's employment or service ends during said restriction period, he/she must 
return the shares rewarded under the Plan to the company without compensation.  
Approximately 60 people are covered by the Plan during earning period 2008. The 
rewards to be paid for earning period 2008 correspond to the approximate value  
of a total maximum of 450,000 SRV Group Plc shares (also including the          
proportion to be paid in cash).                                                 

Outlook for construction                                                        

The growth of the global economy will continue to slacken due to the uncertainty
prevailing in the international financial markets. Uncertainties concerning the 
length and impacts of the financial crisis are hampering the assessment of the  
construction market outlook. Finland's economy will decelerate, with growth     
expected to settle at around 2 per cent during the present year. The business   
cycles of the real estate market and construction have weakened significantly.  

The housing market has taken a sharp turn for the worse due to high interest    
rates and slower economic growth. The number of unsold residences has grown.    
The number of residential start-ups has decreased.  In 2009, the construction of
commercial premises and offices is expected to decline. Warehouse construction  
volumes depend on decisions to implement projects to improve logistics. The     
total number of building permits has decreased across the board from the record 
level of 2007, with the exception of public buildings. Construction costs have  
risen at a significantly faster rate than the general trend in costs since 2003.
However, the availability of subcontracting and materials has continued to      
develop favourably after the construction business cycle dipped.                

Economic growth in the Baltic countries has deteriorated quickly. Estonia in    
particular is sliding towards recession. The housing market has clearly cooled  
down and private consumption is on the wane due to rapid inflation. The         
short-term outlook for the Baltic economies is highly challenging.              

The Russian economy grew by 8.1 per cent in 2007 and almost similar growth pace 
is forecast for the present year. Construction has continued to surge, but the  
financial crisis is significantly hindering project implementation. However,    
demand is strong in both residential and commercial construction. Inflation has 
continued to pick up on the heels of rapid economic growth.                     

Risks, risk management and corporate governance                                 

General economic trends and changes in customers' operating environments have an
immediate effect on the construction and property markets. A change in the      
general interest level has a direct impact on both SRV's actual cash flow from  
operating activities and financing costs. General economic situation has        
weakened and interest level has gone up. The international financial crisis     
complicates property markets. Property values face pressures and the number of  
property transactions in decreased due to difficulties in getting financing. The
financial crisis adds SRV's risk to be forced to tie up capital in projects     
longer than intended.                                                           

SRV's revenue is generated by construction projects, and the company's result   
depends on the profitability of individual projects as well as their progress.  
The recognition date of the developer contracting projects also depends on the  
percentage of sold premises in projects. Housing sales have slowed down in      
Finland and in Estonia, in particular.                                          

Construction is subject to significant cost risks relating to subcontracting and
deliveries, and their control underlines the need for long-term planning. SRV's 
contracting model requires skilled and competent personnel. Warranty and        
liability obligations related to construction can span up to ten years. At the  
moment the rise of construction costs is slowing down in Finland, but due to    
inflation the costs are rising heavily in Russia.                               

Besides land acquisition risks, property projects face, among other things,     
risks relating to outcome of zoning, financing, commercialisation of projects,  
geographical location and type of project. In accordance with its strategy, SRV 
focuses on developer contracting projects and has increased its land acquisition
in Finland and in Russia, in particular. The crisis in the international        
financial market has substantially weakened the availability of financing in    
property projects for property development and investments.  It has also put    
project start-ups on hold.                                                      

The financial risks related to the SRV Group's business are interest rate,      
foreign exchange, liquidity and counterparty risks, which have been presented in
the Notes to the 2007 Financial Statements.                                     

The Group's risk management is carried out in line with the Group's operations  
system and control is exercised in accordance with the Group strategy approved  
by the Board of Directors of the Group's parent company. SRV also makes every   
effort to cover operational risks by means of insurance and contractual terms. A
more detailed account of SRV's risks, risk management and corporate governance  
policies has been disclosed in the 2007 Annual Report and Financial Statements. 

SRV estimates that no other essential changes have occurred in company's risks. 

Corporate governance and resolutions of general meetings                        

The Annual General Meeting was held on 14 April 2008. The AGM adopted the       
financial statements for 2007 and granted release from liability to the members 
of the Board of Directors and the president and CEO. A dividend of EUR 0.12 per 
share was declared.                                                             

Mr Ilpo Kokkila was elected chairman of the Board of Directors and Mr Jukka     
Hienonen, Mr Lasse Kurkilahti, Mr Matti Mustaniemi and Mr Markku Sarkamies were 
elected to seats on the Board. In its organisational meeting on 14 April 2008   
the Board of Directors elected Lasse Kurkilahti vice chairman of the Board.     
Matti Mustaniemi was elected chairman and Markku Sarkamies member of the Audit  
Committee. Ilpo Kokkila was elected chairman and Jukka Hienonen and Lasse       
Kurkilahti members of the Nomination and Remuneration Committee.                

Mr Jarmo Lohi, Authorised Public Accountant, was elected as the company's       
auditor, and the firm of public accountants Ernst & Young Oy was elected deputy 
auditor, with Mr Mikko Rytilahti, Authorised Public Accountant, acting as       
principal auditor.                                                              

The Annual General Meeting authorised the Board of Directors to resolve on the  
acquisition of the company's own shares (treasury shares). The authorisation is 
in force for 18 months from the decision of the Meeting. A maximum of 3,676,846 
own shares, or a lower amount that, in addition to the shares already owned by  
the company and its subsidiaries, is less than 10 per cent of all shares, may be
acquired on the basis of the authorization. The Annual General Meeting          
authorised the Board of Directors to resolve on the transfer of treasury shares 
against payment or without consideration. The authorisation is in force for 18  
months from the decision of the Meeting.                                        

Shares and shareholders                                                         

SRV Group Plc's share capital is EUR 3,062,520. The share has no nominal value  
and the number of shares outstanding is 36,768,468. The company has one class of
shares. SRV's shares were admitted to public trading on the OMX Nordic Exchange 
Helsinki Pre List on 12 June 2007 and on the Main List on 15 June 2007. SRV had 
a total of 5,924 shareholders at 30 September 2008. SRV did not receive any     
flagging notifications during the reporting period.                             

The closing rate at the end of the review period was EUR 4.19 (5.02 on 31       
December 2007). The highest share price in the review period was EUR 6.60 and   
the lowest was EUR 3.90. The change in the all-share index of the Helsinki Stock
Exchange (OMX Helsinki) during the same period was 40.2 per cent negative and   
the OMX Industrial and Services index 40.5 per cent negative.                   

At the end of the review period, the company had a market capitalisation of EUR 
152.4 million, excluding the Group's own shares. About 12.3 million shares were 
traded on the Helsinki Stock Exchange in the review period and the trade volume 
was EUR 64.5 million.                                                           

At the end of the review period, SRV Group Plc's subsidiary SRV Kalusto Oy had  
150,241 of SRV Group Plc's shares. The shares were acquired in accordance with  
the conditions of the merger plan of SRV Group Plc and SRV Henkilöstö Oy. On 30 
May 2008, SRV Group Plc's Board of Directors decided to use the authorisation to
acquire the company's own shares. Share acquisition started on 9 June 2008. On  
30 September 2008, SRV Group Plc and SRV Kalusto Oy had a total of 407 200 of   
SRV Group Plc's shares, representing 1.1 per cent of the total number of the    
company's shares and combined number of votes. On 29 October 2008, the Group had
a total of 448,500 shares (1.3 per cent of the total number of the company's    
shares and combined number of votes).                                           


Financial targets                                                               

In the medium term SRV aims to achieve annual average growth of approximately 15
per cent in Group revenue and annual average growth of 30 percent in revenue in 
International Operations. SRV aims to increase the level of operating profit    
and, in the medium to long term, to achieve an operating margin of 8 per cent.  
Also, the company aims to maintain an equity ratio of 30 per cent.              

Events after the end of the reporting period                                    

In October, Stockmann and SRV agreed that the project management and            
implementation of the extension and alteration works of Stockmann's Helsinki    
department store will be transferred to SRV. The agreement covers both the works
now in progress and the completion of the entire extension project. SRV's share 
of the project is estimated at EUR 70-80 million, which will be specified more  
exactly during the last part of the year, when the parties have agreed on the   
scope of the renovation and reconstruction works in the old property and when   
the subcontractual amount to be invoiced through SRV has been specified.        

Due to the market situation, SRV Housing Ltd will start actions aiming at       
adjusting the number of employees to the reduced housing construction volume.   

Prior outlooks for 2008                                                         

12 February 2008                                                                

Revenue in 2008 is expected to increase on the previous year. Operating profit  
in 2008 is anticipated to exceed operating profit in 2007 by a substantial      
margin.                                                                         

19 August 2008                                                                  

Due to uncertainties concerning housing sales, revenue in 2008 is expected to   
remain on the 2007 level. The Group's operating profit is anticipated to        
outperform 2007 by a substantial margin, and operating profit in the latter half
of 2008 is expected to surpass the first half.                                  

Outlook for 2008                                                                

International financial crisis has complicated the financing of property        
investments and weakened the economic outlook. Start-up decisions and housing   
sales, in particular, face uncertainties.                                       

SRV revises its outlook regarding revenue and operating profit. Revenue in 2008 
is expected to be somewhat lower than revenue in the previous year. Operating   
profit for the last quarter is expected to be positive and operating profit for 
the whole year to be clearly higher than in 2007.                               


Espoo 30 October, 2008                                                          


Board of Directors                                                              

All forward-looking statements in this review are based on the management's     
current expectations and beliefs about future events, and actual results may    
differ materially from the expectations and beliefs such statements contain.    

For further information, please contact:                                        
Eero Heliövaara, president and CEO, tel. +358 (0)20 1455 202                    
Hannu Linnoinen, CFO, +358 (201) 455 990, +358 (50) 523 5850                    
Jussi Ollila, SVP, Communications, +358 (201) 455 275, +358 (50) 372 5229       


Distribution: Nasdaq OMX Helsinki, principal media, www.srv.fi Key figures:     

--------------------------------------------------------------------------------
|                         |         | IFRS | IFRS   | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
|                         |         | 1-9/ | 1-9/   | 7-9/   | 7-9/   | 1-12/  |
|                         |         | 2008 | 2007   | 2008   | 2007   | 2007   |
--------------------------------------------------------------------------------
| Revenue	                | EUR     | 415. | 395.9  | 126.7  | 134.6  | 561.4  |
|                         | million | 5    |        |        |        |        |
--------------------------------------------------------------------------------
| Operating profit        | EUR     | 32.2 | 18.0   | 14.1   | 7.6    | 15.1   |
|                         | million |      |        |        |        |        |
--------------------------------------------------------------------------------
| Operating profit, % of  | %       | 7.7  | 4.5    | 11.1   | 5.7    | 2.7    |
| revenue                 |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Profit before taxes     | EUR     | 26.3 | 16.8   | 11.2   | 7.8    | 11.5   |
|                         | million |      |        |        |        |        |
--------------------------------------------------------------------------------
| Profit before taxes, %  | %       | 6.3  | 4.2    | 8.8    | 5.8    | 2.1    |
| of revenue              |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Net profit attributable | EUR     | 17.9 | 12.3   | 7.8    | 5.6    | 7.2    |
| to equity holders of    | million |      |        |        |        |        |
| the parent company      |         |      |        |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity 1      | %       | 14.6 | 15.2   |        |        | 6.9    |
--------------------------------------------------------------------------------
| Return on investment 1  | %       | 18.5 | 15.4   |        |        | 9.7    |
--------------------------------------------------------------------------------
| Invested capital        | EUR     | 306. | 207.3  |        |        | 222.9  |
|                         | million | 6    |        |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio            | %       | 45.9 | 60.9   |        |        | 55.4   |
--------------------------------------------------------------------------------
| Net interest-bearing    | EUR     | 126. | 19.8   |        |        | 43.2   |
| debt                    | million | 1    |        |        |        |        |
--------------------------------------------------------------------------------
| Gearing ratio           | %       | 74.1 | 12.2   |        |        | 27.3   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog           | EUR     | 455. | 546.3  |        |        | 528.7  |
|                         | million | 2    |        |        |        |        |
--------------------------------------------------------------------------------
| Personnel on average    |         | 865  | 763    |        |        | 761    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Property, plant and     | EUR     | 22.8 | 3.1    | 1.2    | 1.0    | 5.4    |
| equipment investments   | million |      |        |        |        |        |
--------------------------------------------------------------------------------
| Property, plant and     | %       | 5.5  | 0.8    | 0.9    | 0.7    | 1.0    |
| equipment investments,  |         |      |        |        |        |        |
| % of revenue            |         |      |        |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share,     | EUR     | 0.49 | 0.39   | 0.21   | 0.14   | 0.22   |
| share issue adjusted 2  |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Equity per share, share | EUR     | 4.61 | 4.33   | -      | -      | 4.22   |
| issue adjusted 2        |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Dividend per share,     | EUR     | -    | -      | -      | -      | 0.12   |
| share issue adjusted    |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Dividend payout ratio   | %       | -    | -      | -      | -      | 54.6   |
--------------------------------------------------------------------------------
| Dividend yield          | %       | -    | -      | -      | -      | 2.4    |
--------------------------------------------------------------------------------
| Price per earnings      |         | -    | -      | -      | -      | 22.8   |
| ratio                   |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Share price development |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Share price at the end  | EUR     | 4.19 | 8.10   | -      | -      | 5.02   |
| of the period           |         |      |        |        |        |        |
--------------------------------------------------------------------------------
|    Average share price  | EUR     | 4.30 | 8.19   | -      | -      | 8.40   |
--------------------------------------------------------------------------------
|    Lowest share price   | EUR     | 3.90 | 7.92   | -      | -      | 4.72   |
--------------------------------------------------------------------------------
|    Highest share price  | EUR     | 6.60 | 8.51   | -      | -      | 10.79  |
--------------------------------------------------------------------------------
| Market capitalisation   | EUR     | 152. | 297.8  | -      | -      | 184.6  |
| at the end of the       | million | 4    |        |        |        |        |
| period                  |         |      |        |        |        |        |
--------------------------------------------------------------------------------
| Trading volume          | 1,000   | 12   | 15 129 | -      | -      | 22 514 |
|                         |         | 284  |        |        |        |        |
--------------------------------------------------------------------------------
| Trading volume          | %       | 33.6 | 48.3   | -      | -      | 68.8   |
--------------------------------------------------------------------------------
| Weighted average number | 1,000   | 36   | 31 333 |        |        | 32 703 |
| of shares outstanding   |         | 613  |        |        |        |        |
--------------------------------------------------------------------------------
| Number of shares        | 1,000   | 36   | 36 768 |        |        | 36 768 |
| outstanding at the end  |         | 361  |        |        |        |        |
| of the period           |         |      |        |        |        |        |
--------------------------------------------------------------------------------

In calculating the key ratio only the profit for the period has been annualised 
Key figures per share have been adjusted to reflect the increase in the number  
of shares, which came into effect on 11 April 2007 (split), the rights issue on 
11 June 2007 and the rights issue and cancellation of treasury shares in        
connection with the merger of SRV Henkilöstö Oy on 28 September 2007 and        
purchases of own shares                                                         


Calculation of key figures:                                                     

--------------------------------------------------------------------------------
| Gearing ratio, %             | Net interest-bearing debt x 100 /             |
|                              | Total equity                                  |
--------------------------------------------------------------------------------
| Return on equity, %          | Profit before taxes - income taxes) x 100/    |
|                              | Total equity. average                         |
--------------------------------------------------------------------------------
| Return on investment, %      | (Profit before taxes + interest and other     |
|                              | financial expenses) x 100 /                   |
|                              | Invested capital. average                     |
--------------------------------------------------------------------------------
| Equity ratio, %              | Total equity x 100 /                          |
|                              | (Total assets - advances received)            |
--------------------------------------------------------------------------------
| Invested capital             | Total assets - non-interest bearing debt -    |
|                              | deferred tax liabilities - provisions         |
--------------------------------------------------------------------------------
| Net interest bearing debt    | Interest bearing debt - cash and cash         |
|                              | equivalents                                   |
--------------------------------------------------------------------------------
| Earnings per share, share    | Net profit for the period attributable to     |
| issue adjusted               | equity holders of the parent company /        |
|                              | Weighted average number of shares outstanding |
--------------------------------------------------------------------------------
| Equity per share, share      | Shareholders' equity attributable to equity   |
| issue adjusted               | holders of the parent company /               |
|                              | Number of shares outstanding at the end of    |
|                              | the period. share issue adjusted              |
--------------------------------------------------------------------------------
| Price per earnings ratio     | Share price at the end of the period /        |
|                              | Earnings per share. share issue adjusted      |
--------------------------------------------------------------------------------
| Dividend payout ratio, %     | Dividend per share. share issue adjusted x    |
|                              | 100 /                                         |
|                              | Earnings per share. share issue adjusted      |
--------------------------------------------------------------------------------
| Dividend yield, %            | Dividend per share. share issue adjusted  x   |
|                              | 100 /                                         |
|                              | Share price at the end of the period. share   |
|                              | issue adjusted                                |
--------------------------------------------------------------------------------
| Average share price          | Number of shares traded in euros during the   |
|                              | period /                                      |
|                              | Number of shares traded during the period     |
--------------------------------------------------------------------------------
| Market capitalisation at the | Number of shares outstanding at the end of    |
| end of the period            | the period x share price at the end of the    |
|                              | period                                        |
--------------------------------------------------------------------------------
| Trading volume               | Number of shares traded during the period and |
|                              | in relation to the weighted average number of |
|                              | shares outstanding                            |
--------------------------------------------------------------------------------



SRV Group Plc  Interim Report  1 January  - 30 September 2008: TABLES           

Appendixes                                                                      
1) Condensed consolidated financial statements: income statement, balance sheet,
statement of changes in equity, cash flow statement, commitments and contingent 
liabilities, derivative contracts liabilities                                   
2) Quarterly development                                                        
3) Segment information                                                          
4) Adoption of new standards as well as changes and interpretations in 2009     
5) Outlook after the reporting period                                           

1. Group financials 1 January - 30 September 2008                               

IFRS standards and operating segments                                           

SRV Group (SRV) adopted International Financial Reporting Standards (IFRS) on 1 
January 2006. In preparing interim condensed consolidated financial statement   
information, SRV has applied the same accounting principles as in its year-end  
financial statements for 2007. The figures in the tables have been rounded which
should be noted when counting the total sums. The interim condensed consolidated
financial statement information has been prepared in accordance with the        
accounting policies set out in the IAS 34 standard and the information disclosed
is unaudited.                                                                   

SRV's reporting segments comprise Business Premises, Housing, International     
Operations and Other Operations. The operating segment figures are disclosed in 
accordance with IFRS 8, following the accounting principles applied in the      
consolidated financial statements.                                              

--------------------------------------------------------------------------------
| Consolidated      | IFRS  | IFRS  |       |       | IFRS   | IFRS   | IFRS   |
| income statement  |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| (EUR million)     | 1-9/  | 1-9/  | chang | chang | 7-9/   | 7-9/   | 1-12/  |
|                   | 2008  | 2007  | e,    | e,%   | 2008   | 2007   | 2007   |
|                   |       |       | MEUR  |       |        |        |        |
--------------------------------------------------------------------------------
| Revenue           | 415.5 | 395.9 | 19.6  | 4.9   | 126.7  | 134.6  | 561.4  |
--------------------------------------------------------------------------------
| Other operating   | 1.0   | 0.7   | 0.3   | 37.8  | 0.4    | 0.1    | 1.1    |
| income            |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Change in         | 24.9  | 6.0   | 18.9  | 312.8 | 11.2   | -4.8   | 18.3   |
| inventories of    |       |       |       |       |        |        |        |
| finished goods    |       |       |       |       |        |        |        |
| and work in       |       |       |       |       |        |        |        |
| progress          |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Use of materials  | -361. | -343. | -18.1 | 5.3   | -109.4 | -110.8 | -509.7 |
| and services      | 9     | 8     |       |       |        |        |        |
--------------------------------------------------------------------------------
| Employee benefit  | -34.2 | -30.1 | -4.1  | 13.7  | -10.4  | -8.3   | -41.6  |
| expenses          |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Depreciation and  | -2.1  | -1.4  | -0.7  | 51.3  | -0.7   | -0.5   | -1.9   |
| impairments       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Other operating   | -11.1 | -9.5  | -1.6  | 16.9  | -3.7   | -2.7   | -12.6  |
| expenses          |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Operating profit  | 32.2  | 18.0  | 14.2  | 79.0  | 14.1   | 7.6    | 15.1   |
--------------------------------------------------------------------------------
| Financial income  | 3.3   | 1.3   | 2.0   | 158.5 | 0.4    | 0.5    | 2.6    |
--------------------------------------------------------------------------------
| Financial         | -9.2  | -2.5  | -6.7  | 269.5 | -3.3   | -0.4   | -6.1   |
| expenses          |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Financial income  | -5.9  | -1.2  | -4.7  | 388.1 | -2.9   | 0.2    | -3.5   |
| and expenses,     |       |       |       |       |        |        |        |
| total             |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Profit before     | 26.3  | 16.8  | 9.5   | 56.8  | 11.2   | 7.8    | 11.5   |
| taxes             |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Income taxes      | -8.3  | -4.0  | -4.3  | 106.6 | -3.6   | -1.6   | -3.9   |
--------------------------------------------------------------------------------
| Net profit for    | 18.0  | 12.8  | 5.3   | 41.2  | 7.6    | 6.1    | 7.6    |
| the period        |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to   |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Equity holders of | 17.9  | 12.3  |       |       | 7.8    | 5.6    | 7.2    |
| the parent        |       |       |       |       |        |        |        |
| company           |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Minority interest | 0.1   | 0.5   |       |       | -0.2   | 0.6    | 0.5    |
--------------------------------------------------------------------------------
| Earnings per      | 0.49  | 0.39  |       | 25.6  | 0.21   | 0.14   | 0.22   |
| share calculated  |       |       |       |       |        |        |        |
| on the profit     |       |       |       |       |        |        |        |
| attributable to   |       |       |       |       |        |        |        |
| equity holders of |       |       |       |       |        |        |        |
| the parent        |       |       |       |       |        |        |        |
| company           |       |       |       |       |        |        |        |
| (undiluted and    |       |       |       |       |        |        |        |
| diluted) 1)       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------

Key figures per share have been adjusted to reflect the increase in the number  
of shares, which came into effect on 11 April 2007 (split), new issue of shares 
on 11 June 2007 and the new issue of shares and the cancellation of treasury    
shares in connection with the merger of SRV Henkilöstö Oy on 29 September 2007  
and purchases of own shares                                                     


--------------------------------------------------------------------------------
| Consolidated balance sheet   | IFRS      | IFRS      | change    | IFRS      |
--------------------------------------------------------------------------------
| (EUR million)                | 30.9.08   | 30.9.07   | %         | 31.12.07  |
--------------------------------------------------------------------------------
| ASSETS                       |           |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets           |           |           |           |           |
--------------------------------------------------------------------------------
| Property, plant and          | 25.9      | 6.8       | 281.9     | 8.0       |
| equipment                    |           |           |           |           |
--------------------------------------------------------------------------------
| Goodwill                     | 1.7       | 0.7       | 138.9     | 0.7       |
--------------------------------------------------------------------------------
| Other intangible assets      | 0.6       | 0.7       | -15.9     | 0.6       |
--------------------------------------------------------------------------------
| Other financial assets       | 4.4       | 2.9       | 52.8      | 2.9       |
--------------------------------------------------------------------------------
| Receivables                  | 5.8       | 6.0       | -3.3      | 2.7       |
--------------------------------------------------------------------------------
| Deferred tax assets          | 1.5       | 0.7       | 117.1     | 1.1       |
--------------------------------------------------------------------------------
| Non-current assets, total    | 40.0      | 17.8      | 124.3     | 16.1      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets               |           |           |           |           |
--------------------------------------------------------------------------------
| Inventories                  | 259.0     | 173.7     | 49.1      | 196.4     |
--------------------------------------------------------------------------------
| Trade and other receivables  | 87.3      | 94.2      | -7.3      | 94.2      |
--------------------------------------------------------------------------------
| Current tax receivables      | 4.4       | 2.2       | 98.1      | 3.4       |
--------------------------------------------------------------------------------
| Cash and cash equivalents    | 8.5       | 25.1      | -66.2     | 21.4      |
--------------------------------------------------------------------------------
| Current assets, total        | 359.3     | 295.3     | 21.7      | 315.4     |
--------------------------------------------------------------------------------
| ASSETS, TOTAL                | 399.3     | 313.1     | 27.5      | 331.6     |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Consolidated balance sheet   | IFRS      | IFRS      | change    | IFRS      |
--------------------------------------------------------------------------------
| (EUR million)                | 30.9.08   | 30.9.07   | %         | 31.12.07  |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES       |           |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to       |           |           |           |           |
| equity holders of the parent |           |           |           |           |
| company                      |           |           |           |           |
--------------------------------------------------------------------------------
| Share capital                | 3.1       | 3.1       | 0.0       | 3.1       |
--------------------------------------------------------------------------------
| Invested free equity fund    | 87.3      | 83.1      | 5.1       | 87.3      |
--------------------------------------------------------------------------------
| Translation differences      | 0.0       | 0.0       | -93.0     | 0.0       |
--------------------------------------------------------------------------------
| Fair value reserve           | 0.0       | 0.0       | -100.0    | 0.0       |
--------------------------------------------------------------------------------
| Retained earnings            | 77.1      | 73.0      | 5.6       | 64.7      |
--------------------------------------------------------------------------------
| Equity attributable to       | 167.5     | 159.1     | 5.3       | 155.1     |
| equity holders of the parent |           |           |           |           |
| company, total               |           |           |           |           |
--------------------------------------------------------------------------------
| Minority interest            | 2.7       | 3.2       | -16.8     | 3.2       |
--------------------------------------------------------------------------------
| Equity, total                | 170.2     | 162.3     | 4.8       | 158.3     |
--------------------------------------------------------------------------------
| Non-current liabilities      |           |           |           |           |
--------------------------------------------------------------------------------
| Deferred tax liabilities     | 0.2       | 0.8       | -77.6     | 0.1       |
--------------------------------------------------------------------------------
| Provisions                   | 5.4       | 5.5       | -0.8      | 5.9       |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 55.9      | 32.6      | 71.4      | 37.7      |
--------------------------------------------------------------------------------
| Other liabilities            |           |           |           | 0.4       |
--------------------------------------------------------------------------------
| Non-current liabilities,     | 61.5      | 38.9      | 58.3      | 44.1      |
| total                        |           |           |           |           |
--------------------------------------------------------------------------------
| Current liabilities          |           |           |           |           |
--------------------------------------------------------------------------------
| Trade and other payables     | 78.2      | 95.0      | -17.7     | 96.9      |
--------------------------------------------------------------------------------
| Current tax payables         | 4.9       | 1.1       | 338.8     | 1.6       |
--------------------------------------------------------------------------------
| Provisions                   | 4.0       | 3.4       | 16.3      | 4.1       |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 80.5      | 12.3      | 553.2     | 26.5      |
--------------------------------------------------------------------------------
| Current liabilities, total   | 167.5     | 111.9     | 49.7      | 129.1     |
--------------------------------------------------------------------------------
| Liabilities, total           | 229.1     | 150.8     | 52.0      | 173.2     |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES       | 399.3     | 313.1     | 27.5      | 331.6     |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Consolidated cash flow statement       | IFRS      | IFRS       | IFRS       |
--------------------------------------------------------------------------------
| (EUR million)                          | 1-9/2008  | 1-9/2007   | 1-12/2007  |
--------------------------------------------------------------------------------
| Cash flows from operating activities   |           |            |            |
--------------------------------------------------------------------------------
| Net profit for the period              | 18.0      | 12.8       | 7.6        |
--------------------------------------------------------------------------------
| Adjustments:                           |           |            |            |
--------------------------------------------------------------------------------
| Depreciation and impairments           | 2.1       | 1.4        | 1.9        |
--------------------------------------------------------------------------------
| Non-cash transactions                  | -0.6      | -0.5       | 1.5        |
--------------------------------------------------------------------------------
| Financial income and expenses          | 5.9       | 1.2        | 3.5        |
--------------------------------------------------------------------------------
| Capital gains on sales of tangible and | 0.0       | -0.1       | -0.1       |
| intangible assets                      |           |            |            |
--------------------------------------------------------------------------------
| Income taxes                           | 8.3       | 4.0        | 3.9        |
--------------------------------------------------------------------------------
| Adjustments, total                     | 15.6      | 6.0        | 10.6       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in working capital:            |           |            |            |
--------------------------------------------------------------------------------
| Change in loan receivables             | -8.5      | -4.0       | -2.7       |
--------------------------------------------------------------------------------
| Change in trade and other receivables  | 10.9      | -25.0      | -23.0      |
--------------------------------------------------------------------------------
| Change in inventories                  | -62.6     | -39.7      | -62.8      |
--------------------------------------------------------------------------------
| Change in trade and other payables     | -21.2     | 15.1       | 16.4       |
--------------------------------------------------------------------------------
| Changes in working capital, total      | -81.4     | -53.5      | -72.1      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest paid                          | -7.8      | -3.9       | -6.3       |
--------------------------------------------------------------------------------
| Interest received                      | 6.2       | 2.0        | 2.8        |
--------------------------------------------------------------------------------
| Dividends received                     | 0.0       | 0.0        | 0.0        |
--------------------------------------------------------------------------------
| Income taxes paid                      | -6.4      | -4.7       | -6.3       |
--------------------------------------------------------------------------------
|                                        | -8.0      | -6.6       | -9.8       |
--------------------------------------------------------------------------------
| Net cash flow from operating           | -55.8     | -41.4      | -63.7      |
| activities                             |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities    |           |            |            |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries, net of    | -1.3      | 0.0        | 0.0        |
| cash                                   |           |            |            |
--------------------------------------------------------------------------------
| Property, plant and equipment          | -19.7     | -2.1       | -4.2       |
--------------------------------------------------------------------------------
| Intangible assets                      | -0.3      | -0.1       | -0.1       |
--------------------------------------------------------------------------------
| Other financial assets                 | -1.5      | -0.9       | -1.0       |
--------------------------------------------------------------------------------
| Sale of property, plant and equipment  | 0.1       | 0.7        | 0.7        |
| and intangible assets                  |           |            |            |
--------------------------------------------------------------------------------
| Sale of financial assets               | 0.0       | 0.3        | 0.3        |
--------------------------------------------------------------------------------
| Net cash used in investing activities  | -22.7     | -2.1       | -4.3       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities   |           |            |            |
--------------------------------------------------------------------------------
| Proceeds from share issue              | 0.0       | 112.4      | 113.4      |
--------------------------------------------------------------------------------
| Proceeds from loans                    | 42.0      | 16.3       | 19.1       |
--------------------------------------------------------------------------------
| Repayments of loans                    | -9.5      | -13.2      | -13.5      |
--------------------------------------------------------------------------------
| Change in loan receivables             | 0.0       | 0.2        | 0.2        |
--------------------------------------------------------------------------------
| Change in housing corporation loans    | 22.5      | -24.7      | -21.8      |
--------------------------------------------------------------------------------
| Change in credit limits                | 16.3      | -13.5      | 0.9        |
--------------------------------------------------------------------------------
| Purchase of treasury shares            | -1.4      | -20.7      | -20.7      |
--------------------------------------------------------------------------------
| Payments of financial leasing debts    | 0.0       | 0.0        | 0.0        |
--------------------------------------------------------------------------------
| Dividends paid                         | -4.4      | -3.1       | -3.1       |
--------------------------------------------------------------------------------
| Net cash from financing activities     | 65.6      | 53.8       | 74.5       |
--------------------------------------------------------------------------------
| Net change in cash and cash            | -12.9     | 10.2       | 6.5        |
| equivalents                            |           |            |            |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the       | 21.4      | 14.9       | 14.9       |
| beginning of period                    |           |            |            |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end   | 8.5       | 25.1       | 21.4       |
| of period                              |           |            |            |
--------------------------------------------------------------------------------


Statement of changes in Group equity 1.1. - 30.9.2008                           

--------------------------------------------------------------------------------
|              | Equity attributable to                        |               |
|              | the equity holders of the parent company      |               |
--------------------------------------------------------------------------------
| IFRS         | Sha | Sha | Inve | Trans | Fair | Reta | Tota | Minor | Total |
| (EUR         | re  | re  | sted | -lati | valu | i-ne | l    | ity   | equit |
| million)     | cap | pre | free | on    | e    | d    |      | inter | y     |
|              | ita | miu | equi | diffe | rese | earn |      | est   |       |
|              | l   | m   | ty   | r-enc | rve  | ings |      |       |       |
|              |     | res | fund | es    |      |      |      |       |       |
|              |     | erv |      |       |      |      |      |       |       |
|              |     | e   |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Equity on    | 3.1 | 0.0 | 87.3 | 0.0   | 0.0  | 64.7 | 155. | 3.2   | 158.3 |
| 1.1.2008     |     |     |      |       |      |      | 1    |       |       |
--------------------------------------------------------------------------------
| Translation  |     |     |      | 0.0   |      |      | 0.0  |       |       |
| differences  |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net gains on |     |     |      |       | 0.0  |      | 0.0  |       |       |
| available-fo |     |     |      |       |      |      |      |       |       |
| r-sale       |     |     |      |       |      |      |      |       |       |
| financial    |     |     |      |       |      |      |      |       |       |
| assets       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Other        |     |     | 0.0  |       |      | 0.0  | 0.0  |       |       |
| changes      |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net income   | 0.0 | 0.0 | 0.0  | 0.0   | 0.0  | 0.0  | 0.0  |       |       |
| recognised   |     |     |      |       |      |      |      |       |       |
| directly in  |     |     |      |       |      |      |      |       |       |
| equity       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net profit   |     |     |      |       |      | 17.9 | 17.9 |       |       |
| for the      |     |     |      |       |      |      |      |       |       |
| period       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0  | 0.0   | 0.0  | 17.9 | 17.9 |       |       |
| and expenses |     |     |      |       |      |      |      |       |       |
| for the      |     |     |      |       |      |      |      |       |       |
| period       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Dividends    |     |     |      |       |      | -4.4 | -4.4 |       |       |
| paid         |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Purchase of  |     |     |      |       |      | -1.1 | -1.1 |       |       |
| treasury     |     |     |      |       |      |      |      |       |       |
| shares       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Equity on    | 3.1 | 0.0 | 87.3 | 0.0   | 0.0  | 77.1 | 167. | 2.7   | 170.2 |
| 30.9.2008    |     |     |      |       |      |      | 5    |       |       |
--------------------------------------------------------------------------------
		                                                                              
Statement of changes in Group equity 1.1. - 30.9.2007                           

--------------------------------------------------------------------------------
|              | Equity attributable to                        |               |
|              | the equity holders of the parent company      |               |
--------------------------------------------------------------------------------
| IFRS         | Sha | Sha | Inve | Trans | Fair | Reta | Tota | Minor | Total |
| (EUR         | re  | re  | sted | -lati | valu | i-ne | l    | ity   | equit |
| million)     | cap | pre | free | on    | e    | d    |      | inter | y     |
|              | ita | miu | equi | diffe | rese | earn |      | est   |       |
|              | l   | m   | ty   | r-enc | rve  | ings |      |       |       |
|              |     | res | fund | es    |      |      |      |       |       |
|              |     | erv |      |       |      |      |      |       |       |
|              |     | e   |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Equity on    | 1.3 | 1.8 | 0.0  | 0.0   | 0.1  | 54.7 | 57.9 | 4.2   | 62.2  |
| 1.1.2007     |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Translation  |     |     |      | 0.0   |      |      | 0.0  |       |       |
| differences  |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net gains on |     |     |      |       | -0.1 |      | -0.1 |       |       |
| available-fo |     |     |      |       |      |      |      |       |       |
| r-sale       |     |     |      |       |      |      |      |       |       |
| financial    |     |     |      |       |      |      |      |       |       |
| assets       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Other        | 1.8 | -1. |      |       |      | 0.1  | 0.1  |       |       |
| changes      |     | 8   |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net income   | 1.8 | -1. | 0.0  | 0.0   | -0.1 | 0.1  | -0.1 |       |       |
| recognised   |     | 8   |      |       |      |      |      |       |       |
| directly in  |     |     |      |       |      |      |      |       |       |
| equity       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net profit   |     |     |      |       |      | 12.3 | 12.3 |       |       |
| for the      |     |     |      |       |      |      |      |       |       |
| period       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0  | 0.0   | 0.0  | 12.3 | 12.3 |       |       |
| and expenses |     |     |      |       |      |      |      |       |       |
| for the      |     |     |      |       |      |      |      |       |       |
| period       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Dividends    |     |     |      |       |      | -3.1 | -3.1 |       |       |
| paid         |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Transfer     | 1.8 | -1. |      |       |      |      | 0.0  |       |       |
| from share   |     | 8   |      |       |      |      |      |       |       |
| premium      |     |     |      |       |      |      |      |       |       |
| reserve to   |     |     |      |       |      |      |      |       |       |
| share        |     |     |      |       |      |      |      |       |       |
| capital      |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Share issue  |     |     | 112. |       |      | 0.4  | 112. |       |       |
| and employee |     |     | 4    |       |      |      | 8    |       |       |
| offering     |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Share issue  |     |     |      |       |      |      | 0.0  |       |       |
| and employee |     |     |      |       |      |      |      |       |       |
| offering     |     |     |      |       |      |      |      |       |       |
| deductions   |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Purchase and |     |     | -29. |       |      | 8.6  | -20. |       |       |
| cancellation |     |     | 3    |       |      |      | 7    |       |       |
| of treasury  |     |     |      |       |      |      |      |       |       |
| shares       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Equity       | 4.8 | -1. | 83.1 | 0.0   | 0.0  | 73.0 | 159. | 3.2   | 162.3 |
| 30.9.2007    |     | 8   |      |       |      |      | 1    |       |       |
--------------------------------------------------------------------------------


Statement of changes in Group equity 1.1. - 31.12.2007                          
	                                                                               
--------------------------------------------------------------------------------
|              | Equity attributable to                        |               |
|              | the equity holders of the parent company      |               |
--------------------------------------------------------------------------------
| IFRS         | Sha | Sha | Inve | Trans | Fair | Reta | Tota | Minor | Total |
| (EUR         | re  | re  | sted | -lati | valu | i-ne | l    | ity   | equit |
| million)     | cap | pre | free | on    | e    | d    |      | inter | y     |
|              | ita | miu | equi | diffe | rese | earn |      | est   |       |
|              | l   | m   | ty   | r-enc | rve  | ings |      |       |       |
|              |     | res | fund | es    |      |      |      |       |       |
|              |     | erv |      |       |      |      |      |       |       |
|              |     | e   |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Equity on    | 1.3 | 1.8 | 0.0  | 0.0   | 0.1  | 54.7 | 57.9 | 4.2   | 62.2  |
| 1.1.2007     |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Translation  |     |     |      | 0.0   |      |      | 0.0  |       |       |
| differences  |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net gains on |     |     |      |       | -0.1 |      | -0.1 |       |       |
| available-fo |     |     |      |       |      |      |      |       |       |
| r-sale       |     |     |      |       |      |      |      |       |       |
| financial    |     |     |      |       |      |      |      |       |       |
| assets       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Other        |     |     |      |       |      | 0.1  | 0.1  |       |       |
| changes      |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net income   | 0.0 | 0.0 | 0.0  | 0.0   | -0.1 | 0.1  | 0.0  |       |       |
| recognised   |     |     |      |       |      |      |      |       |       |
| directly in  |     |     |      |       |      |      |      |       |       |
| equity       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Net profit   |     |     |      |       |      | 7.2  | 7.2  |       |       |
| for the      |     |     |      |       |      |      |      |       |       |
| period       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0  | 0.0   | 0.0  | 7.2  | 7.2  |       |       |
| and expenses |     |     |      |       |      |      |      |       |       |
| for the      |     |     |      |       |      |      |      |       |       |
| period       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Dividends    |     |     |      |       |      | -3.1 | -3.1 |       |       |
| paid         |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Transfer     | 1.8 | -1. |      |       |      |      | 0.0  |       |       |
| from share   |     | 8   |      |       |      |      |      |       |       |
| premium      |     |     |      |       |      |      |      |       |       |
| reserve to   |     |     |      |       |      |      |      |       |       |
| share        |     |     |      |       |      |      |      |       |       |
| capital      |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Share issue  |     |     | 116. |       |      | 0.4  | 117. |       |       |
| and employee |     |     | 6    |       |      |      | 0    |       |       |
| offering     |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Share issue  |     |     |      |       |      | -3.2 | -3.2 |       |       |
| and employee |     |     |      |       |      |      |      |       |       |
| offering     |     |     |      |       |      |      |      |       |       |
| deductions   |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Purchase and |     |     | -29. |       |      | 8.6  | -20. |       |       |
| cancellation |     |     | 3    |       |      |      | 7    |       |       |
| of treasury  |     |     |      |       |      |      |      |       |       |
| shares       |     |     |      |       |      |      |      |       |       |
--------------------------------------------------------------------------------
| Equity       | 3.1 | 0.0 | 87.3 | 0.0   | 0.0  | 64.7 | 155. | 3.2   | 158.3 |
| 31.12.2007   |     |     |      |       |      |      | 1    |       |       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Inventories                      | IFRS     | IFRS     | change,  | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)                    | 30.9.08  | 30.9.07  | %        | 31.12.07 |
--------------------------------------------------------------------------------
| Raw materials and consumables    | 0.0      | 0.0      | -83.1    | 0.0      |
--------------------------------------------------------------------------------
| Work in progress                 | 94.6     | 73.6     | 28.6     | 86.7     |
--------------------------------------------------------------------------------
| Land areas and plot-owning       | 119.2    | 60.6     | 96.7     | 64.3     |
| companies                        |          |          |          |          |
--------------------------------------------------------------------------------
| Shares in completed housing      | 30.2     | 25.6     | 17.9     | 30.3     |
| corporations and real estate     |          |          |          |          |
| companies                        |          |          |          |          |
--------------------------------------------------------------------------------
| Advance payments                 | 6.6      | 6.1      | 9.0      | 6.5      |
--------------------------------------------------------------------------------
| Other inventories                | 8.4      | 7.8      | 7.4      | 8.7      |
--------------------------------------------------------------------------------
| Inventories, total               | 259.0    | 173.7    | 49.1     | 196.4    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Commitments and contingent       | IFRS     | IFRS     | change,  | IFRS     |
| liabilities                      |          |          |          |          |
--------------------------------------------------------------------------------
| EUR million                      | 30.9.08  | 30.9.07  | %        | 31.12.07 |
--------------------------------------------------------------------------------
| Collateral given for own         |          |          |          |          |
| liabilities                      |          |          |          |          |
--------------------------------------------------------------------------------
| Real estate mortgages given      | 99.3     | 58.9     | 68.7     | 69.9     |
--------------------------------------------------------------------------------
| Pledges given                    | 0.0      | 6.0      | -100.0   | 5.2      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other commitments                |          |          |          |          |
--------------------------------------------------------------------------------
| Guarantees given for liabilities | 0.4      | 71.0     | -99.4    | 71.4     |
| on uncompleted projects          |          |          |          |          |
--------------------------------------------------------------------------------
| Investment commitments given     | 2.3      | 6.4      | -63.4    | 4.7      |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| Fair and nominal    | IFRS            | IFRS             | IFRS              |
| values of           | 30.9.08         | 30.9.07          | 31.12.07          |
| derivative          |                 |                  |                   |
| instruments         |                 |                  |                   |
--------------------------------------------------------------------------------
| (EUR million)       | Fair Values     | Fair Values      | Fair Values       |
--------------------------------------------------------------------------------
|                     | Positi | Negati | Positi |         | Positiv | Negativ |
|                     | ve     | ve     | ve     |         | e       | e       |
--------------------------------------------------------------------------------
| Hedge accounting    |        |        |        |         |         |         |
| not applied         |        |        |        |         |         |         |
--------------------------------------------------------------------------------
| Foreign exchange    | 0.0    | 0.4    | 0.4    | 0.0     | 0.0     | 0.0     |
| forward contracts   |        |        |        |         |         |         |
--------------------------------------------------------------------------------
| Interest rate swaps | 0.0    | 0.0    | 0.0    | 0.0     | 0.0     | 0.0     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominal values of   |        | IFRS   |        | IFRS    |         | IFRS    |
| derivative          |        |        |        |         |         |         |
| instruments         |        |        |        |         |         |         |
--------------------------------------------------------------------------------
|                     |        | 30.9.0 |        | 30.9.07 |         | 31.12.0 |
|                     |        | 8      |        |         |         | 7       |
--------------------------------------------------------------------------------
| Foreign exchange    |        | 8.4    |        | 8.8     |         | 8.5     |
| forward contracts   |        |        |        |         |         |         |
--------------------------------------------------------------------------------
| Interest rate swaps |        | 14.8   |        | 0.0     |         | 0.0     |
--------------------------------------------------------------------------------
| The fair values of derivative instruments are based on market prices at the  |
| end of the reporting period.                                                 |
| Open foreign exchange forward contracts are hedging the financing cash flow. |
--------------------------------------------------------------------------------

2. Group and Segment information by quarter                                     

--------------------------------------------------------------------------------
| SRV Group         | IFRS  | IFRS  | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| (EUR million)     | 7-9/0 | 4-6/0 | 1-3/0 | 10-12 | 7-9/07 | 4-6/07 | 1-3/07 |
|                   | 8     | 8     | 8     | /07   |        |        |        |
--------------------------------------------------------------------------------
| Revenue           | 126.7 | 142.4 | 146.4 | 165.5 | 134.6  | 140.0  | 121.4  |
--------------------------------------------------------------------------------
| Operating profit  | 14.1  | 9.2   | 8.9   | -2.9  | 7.6    | 6.8    | 3.6    |
--------------------------------------------------------------------------------
| Financial income  | -2.9  | -2.4  | -0.6  | -2.3  | 0.2    | -0.8   | -0.6   |
| and expenses,     |       |       |       |       |        |        |        |
| total             |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Profit before     | 11.2  | 6.8   | 8.3   | -5.2  | 7.8    | 6.0    | 3.0    |
| taxes             |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog 1)  | 455.2 | 521.1 | 451.3 | 528.7 | 546.3  | 517.4  | 507.0  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per      | 0.21  | 0.12  | 0.16  | -0.17 | 0.14   | 0.18   | 0.07   |
| share, eur        |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Equity per share, | 4.56  | 4.40  | 4.38  | 4.22  | 4.33   | 4.46   | 2.29   |
| eur 1)            |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Share price, eur  | 4.19  | 5.28  | 5.55  | 5.02  | 8.10   | 10.10  | -      |
| 1)                |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, %   | 45.9  | 44.9  | 52.1  | 55.4  | 60.9   | 59.4   | 33.2   |
| 1)                |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Net interest      | 126.1 | 122.4 | 76.1  | 43.2  | 19.8   | -10.4  | 52.5   |
| bearing debt 1)   |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Gearing, % 1)     | 74.1  | 74.8  | 46.3  | 27.3  | 12.2   | -5.8   | 82.9   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Revenue         | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| (EUR million)   | 7-9/0 | 4-6/0 | 1-3/08 | 10-12/ | 7-9/07 | 4-6/07 | 1-3/07 |
|                 | 8     | 8     |        | 07     |        |        |        |
--------------------------------------------------------------------------------
| Business        | 74.3  | 92.2  | 104.8  | 103.2  | 90.6   | 82.2   | 69.4   |
| Premises        |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Housing         | 31.4  | 37.1  | 26.0   | 43.5   | 35.5   | 43.9   | 40.1   |
--------------------------------------------------------------------------------
| International   | 21.0  | 13.1  | 15.7   | 18.8   | 8.5    | 14.0   | 11.9   |
--------------------------------------------------------------------------------
| Other           | 2.7   | 2.8   | 2.9    | 2.7    | 2.5    | 4.0    | 1.9    |
| Operations      |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Eliminations    | -2.7  | -2.9  | -2.9   | -2.7   | -2.6   | -4.2   | -1.9   |
--------------------------------------------------------------------------------
| Group, total    | 126.7 | 142.4 | 146.4  | 165.5  | 134.6  | 140.0  | 121.4  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Operating       | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   | IFRS   | IFRS   |
| profit          |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| (EUR million)   | 7-9/0 | 4-6/0 | 1-3/08 | 10-12/ | 7-9/07 | 4-6/07 | 1-3/07 |
|                 | 8     | 8     |        | 07     |        |        |        |
--------------------------------------------------------------------------------
| Business        | 3.7   | 9.9   | 8.2    | 4.7    | 6.8    | 3.6    | 2.9    |
| Premises        |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Housing         | 0.5   | 0.9   | 0.4    | 2.8    | 3.0    | 2.9    | 2.0    |
--------------------------------------------------------------------------------
| International   | 10.8  | -0.1  | 1.2    | -9.4   | -1.7   | 1.8    | -0.9   |
--------------------------------------------------------------------------------
| Other           | -1.0  | -1.6  | -0.9   | -1.1   | -0.5   | -1.1   | -0.4   |
| Operations      |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Eliminations    | 0.0   | 0.0   | 0.0    | 0.0    | 0.0    | -0.4   | 0.0    |
--------------------------------------------------------------------------------
| Group, total    | 14.1  | 9.2   | 8.9    | -2.9   | 7.6    | 6.8    | 3.6    |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Operating       | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   | IFRS   | IFRS   |
| profit          |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| (%)             | 7-9/0 | 4-6/0 | 1-3/08 | 10-12/ | 7-9/07 | 4-6/07 | 1-3/07 |
|                 | 8     | 8     |        | 07     |        |        |        |
--------------------------------------------------------------------------------
| Business        | 4.9   | 10.8  | 7.8    | 4.5    | 7.5    | 4.4    | 4.2    |
| Premises        |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Housing         | 1.7   | 2.5   | 1.6    | 6.5    | 8.5    | 6.5    | 4.9    |
--------------------------------------------------------------------------------
| International   | 51.5  | -0.9  | 7.9    | -49.9  | -19.9  | 12.7   | -7.8   |
--------------------------------------------------------------------------------
| Group, total    | 11.1  | 6.4   | 6.1    | -1.8   | 5.7    | 4.8    | 2.9    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Order backlog   | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   | IFRS   | IFRS   |
--------------------------------------------------------------------------------
| (EUR million)   | 30.9. | 30.6. | 31.3.0 | 31.12. | 30.9.0 | 30.6.0 | 31.3.0 |
|                 | 08    | 08    | 8      | 07     | 7      | 7      | 7      |
--------------------------------------------------------------------------------
| Business        | 228.8 | 291.1 | 235.2  | 302.8  | 360.2  | 323.4  | 326.0  |
| Premises        |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Housing         | 186.3 | 186.8 | 182.4  | 174.6  | 128.2  | 129.7  | 143.0  |
--------------------------------------------------------------------------------
| International   | 40.2  | 43.2  | 33.7   | 51.3   | 57.9   | 64.4   | 38.0   |
--------------------------------------------------------------------------------
| Group, total    | 455.2 | 521.1 | 451.3  | 528.7  | 546.3  | 517.4  | 507.0  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Invested        | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   | IFRS   | IFRS   |
| capital         |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| (EUR million)   | 30.9. | 30.6. | 31.3.0 | 31.12. | 30.9.0 | 30.6.0 | 31.3.0 |
|                 | 08    | 08    | 8      | 07     | 7      | 7      | 7      |
--------------------------------------------------------------------------------
| Business        | 63.5  | 51.2  | 43.7   | 33.4   | 44.4   | 60.7   | 40.1   |
| Premises        |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Housing         | 115.9 | 105.3 | 97.0   | 81.5   | 72.2   | 60.6   | 39.5   |
--------------------------------------------------------------------------------
| International   | 143.9 | 145.1 | 115.1  | 101.3  | 65.3   | 58.6   | 29.9   |
--------------------------------------------------------------------------------
| Other and       | -16.6 | -5.4  | 4.0    | 6.7    | 25.3   | 58.5   | 23.0   |
| eliminations    |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Group, total	   | 306.6 | 296.2 | 259.8  | 222.9  | 207.3  | 238.3  | 132.6  |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Residential     | IFRS  | IFRS  | IFRS   | IFRS   | IFRS   | IFRS   | IFRS   |
| production      |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| in Finland      | 7-9/0 | 4-6/0 | 1-3/08 | 10-12/ | 7-9/07 | 4-6/07 | 1-3/07 |
| (units)         | 8     | 8     |        | 07     |        |        |        |
--------------------------------------------------------------------------------
| Start-ups       | 49    | 53    | 8      | 155    | 31     | 77     | 100    |
--------------------------------------------------------------------------------
| Completed       | 31    | 104   | 125    | 130    | 257    | 51     | 81     |
--------------------------------------------------------------------------------
| Under           | 251   | 247   | 298    | 415    | 382    | 593    | 613    |
| construction 1) |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Sold            | 140   | 128   | 105    | 80     | 71     | 30     | 18     |
--------------------------------------------------------------------------------
| Completed and   | 32    | 63    | 33     | 40     | 62     | 83     | 103    |
| unsold 1)       |       |       |        |        |        |        |        |
--------------------------------------------------------------------------------

1) at the end of the period                                                     

3. Segment information                                                          
--------------------------------------------------------------------------------
| Assets                   | IFRS    | IFRS    | change,  | change, | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)            | 30.9.08 | 30.9.07 | MEUR     | %       | 31.12.08 |
--------------------------------------------------------------------------------
| Business Premises        | 114.7   | 112.7   | 2.1      | 1.8     | 117.2    |
--------------------------------------------------------------------------------
| Housing                  | 138.4   | 93.9    | 44.5     | 47.5    | 113.4    |
--------------------------------------------------------------------------------
| International            | 156.0   | 83.2    | 72.8     | 87.5    | 114.3    |
--------------------------------------------------------------------------------
| Other Operations         | 168.4   | 116.7   | 51.7     | 44.3    | 162.0    |
--------------------------------------------------------------------------------
| Eliminations             | -178.3  | -93.3   | -84.9    |         | -175.4   |
--------------------------------------------------------------------------------
| Group, total             | 399.3   | 313.1   | 86.2     | 27.5    | 331.6    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Liabilities              | IFRS    | IFRS    | change,  | change, | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)            | 30.9.08 | 30.9.07 | MEUR     | %       | 31.12.08 |
--------------------------------------------------------------------------------
| Business Premises        | 78.7    | 87.0    | -8.3     | -9.6    | 83.9     |
--------------------------------------------------------------------------------
| Housing                  | 125.7   | 76.9    | 48.8     | 63.5    | 93.8     |
--------------------------------------------------------------------------------
| International            | 139.8   | 74.7    | 65.1     | 87.1    | 104.9    |
--------------------------------------------------------------------------------
| Other Operations         | 65.1    | 7.4     | 57.8     | 785.6   | 31.5     |
--------------------------------------------------------------------------------
| Eliminations             | -180.3  | -95.2   | -85.1    |         | -140.9   |
--------------------------------------------------------------------------------
| Group, total             | 229.1   | 150.8   | 78.3     | 52.0    | 173.2    |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Invested capital         | IFRS    | IFRS    | change,  | change, | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)            | 30.9.08 | 30.9.07 | MEUR     | %       | 31.12.08 |
--------------------------------------------------------------------------------
| Business Premises        | 63.5    | 44.4    | 19.0     | 42.9    | 33.4     |
--------------------------------------------------------------------------------
| Housing                  | 115.9   | 72.2    | 43.7     | 60.5    | 81.5     |
--------------------------------------------------------------------------------
| International            | 143.9   | 65.3    | 78.6     | 120.2   | 101.3    |
--------------------------------------------------------------------------------
| Other operations and     | -16.6   | 25.3    | -42.0    |         | 6.7      |
| eliminations             |         |         |          |         |          |
--------------------------------------------------------------------------------
| Group, total             | 306.6   | 207.3   | 99.3     | 47.9    | 222.9    |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Inventories                   | IFRS     | IFRS      | change,   | IFRS      |
--------------------------------------------------------------------------------
| (MEUR)                        | 30.9.08  | 30.9.07   | MEUR      | 31.12.07  |
--------------------------------------------------------------------------------
| Land areas and plot-owning    | 119.2    | 60.6      | 58.6      | 64.3      |
| companies                     |          |           |           |           |
--------------------------------------------------------------------------------
| Business Premises             | 22.6     | 16.1      | 6.5       | 16.4      |
--------------------------------------------------------------------------------
| Housing                       | 35.3     | 26.5      | 8.8       | 26.5      |
--------------------------------------------------------------------------------
| International                 | 61.4     | 18.0      | 43.3      | 20.8      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Work in progress              | 94.6     | 73.6      | 21.0      | 86.7      |
--------------------------------------------------------------------------------
| Business Premises             | 28.7     | 26.0      | 2.7       | 27.6      |
--------------------------------------------------------------------------------
| Housing                       | 46.3     | 30.6      | 15.7      | 41.9      |
--------------------------------------------------------------------------------
| International                 | 19.6     | 17.0      | 2.6       | 17.2      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares in completed housing   | 30.2     | 25.6      | 4.6       | 30.3      |
| corporations and real estate  |          |           |           |           |
| companies                     |          |           |           |           |
--------------------------------------------------------------------------------
| Business Premises             | 0.0      | 0.4       | -0.4      | 0.0       |
--------------------------------------------------------------------------------
| Housing                       | 30.1     | 15.6      | 14.4      | 20.8      |
--------------------------------------------------------------------------------
| International                 | 0.0      | 9.6       | -9.6      | 9.5       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other inventories             | 20.0     | 13.9      | 6.1       | 15.2      |
--------------------------------------------------------------------------------
| Business Premises             | 5.2      | 5.0       | 0.2       | 5.0       |
--------------------------------------------------------------------------------
| Housing                       | 6.6      | 7.3       | -0.7      | 4.8       |
--------------------------------------------------------------------------------
| International                 | 9.3      | 2.3       | 6.9       | 6.1       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories, total            | 259.0    | 173.7     | 85.3      | 196.4     |
--------------------------------------------------------------------------------
| Business Premises             | 51.4     | 47.4      | 4.0       | 49.1      |
--------------------------------------------------------------------------------
| Housing                       | 118.3    | 80.1      | 38.2      | 93.9      |
--------------------------------------------------------------------------------
| International                 | 90.2     | 46.9      | 43.3      | 53.6      |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Business Premises        | IFRS    | IFRS    | change,  | change, | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)            | 1-9/200 | 1-9/200 | MEUR     | %       | 2007     |
|                          | 8       | 7       |          |         |          |
--------------------------------------------------------------------------------
| Revenue                  | 271.2   | 242.2   | 29.0     | 12.0    | 345.4    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit         | 21.8    | 13.3    | 8.4      | 63.1    | 18.0     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets         |         |         |          |         |          |
--------------------------------------------------------------------------------
| Non-current assets       | 0.9     | 0.5     | 0.5      | 103.8   | 1.0      |
--------------------------------------------------------------------------------
| Current assets           | 113.8   | 112.2   | 1.6      | 1.4     | 116.2    |
--------------------------------------------------------------------------------
| Total assets             | 114.7   | 112.7   | 2.1      | 1.8     | 117.2    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities    |         |         |          |         |          |
--------------------------------------------------------------------------------
| Non-current liabilities  | 1.0     | 1.4     | -0.4     | -26.1   | 1.2      |
--------------------------------------------------------------------------------
| Current liabilities      | 77.6    | 85.6    | -8.0     | -9.3    | 82.7     |
--------------------------------------------------------------------------------
| Total liabilities        | 78.7    | 87.0    | -8.3     | -9.6    | 83.9     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end  | 63.5    | 44.4    | 19.0     | 42.9    | 33.4     |
| of period                |         |         |          |         |          |
--------------------------------------------------------------------------------
| Return on investment, %  | 64.2    | 45.0    |          |         | 52.4     |
| 1)                       |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of  | 228.8   | 360.2   | -131.4   | -36.5   | 302.8    |
| period                   |         |         |          |         |          |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Housing                  | IFRS    | IFRS    | change,  | change, | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)            | 1-9/200 | 1-9/200 | MEUR     | %       | 2007     |
|                          | 8       | 7       |          |         |          |
--------------------------------------------------------------------------------
| Revenue                  | 94.5    | 119.6   | -25.0    | -20.9   | 163.1    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit         | 1.9     | 7.8     | -6.0     | -75.9   | 10.7     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets         |         |         |          |         |          |
--------------------------------------------------------------------------------
| Non-current assets       | 2.1     | 1.2     | 0.8      | 66.3    | 2.6      |
--------------------------------------------------------------------------------
| Current assets           | 136.3   | 92.6    | 43.7     | 47.2    | 110.9    |
--------------------------------------------------------------------------------
| Total assets             | 138.4   | 93.9    | 44.5     | 47.5    | 113.4    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities    |         |         |          |         |          |
--------------------------------------------------------------------------------
| Non-current liabilities  | 50.1    | 24.7    | 25.4     | 102.6   | 28.1     |
--------------------------------------------------------------------------------
| Current liabilities      | 75.6    | 52.2    | 23.5     | 45.0    | 65.7     |
--------------------------------------------------------------------------------
| Total liabilities        | 125.7   | 76.9    | 48.8     | 63.5    | 93.8     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end  | 115.9   | 72.2    | 43.7     | 60.5    | 81.5     |
| of period                |         |         |          |         |          |
--------------------------------------------------------------------------------
| Return on investment, %  | 2.6     | 17.6    |          |         | 16.7     |
| 1)                       |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of  | 186.3   | 128.2   | 58.1     | 45.3    | 174.6    |
| period                   |         |         |          |         |          |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| International Operations | IFRS    | IFRS    | change,  | change, | IFRS     |
--------------------------------------------------------------------------------
| (EUR million)            | 1-9/200 | 1-9/200 | MEUR     | %       | 2007     |
|                          | 8       | 7       |          |         |          |
--------------------------------------------------------------------------------
| Revenue                  | 49.8    | 34.4    | 15.4     | 44.8    | 53.2     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit         | 11.9    | -0.8    | 12.8     |         | -10.2    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets         |         |         |          |         |          |
--------------------------------------------------------------------------------
| Non-current assets       | 23.6    | 6.3     | 17.3     | 274.6   | 2.4      |
--------------------------------------------------------------------------------
| Current assets           | 132.5   | 76.9    | 55.5     | 72.2    | 111.8    |
--------------------------------------------------------------------------------
| Total assets             | 156.0   | 83.2    | 72.8     | 87.5    | 114.3    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities    |         |         |          |         |          |
--------------------------------------------------------------------------------
| Non-current liabilities  | 10.7    | 12.0    | -1.2     | -10.2   | 14.8     |
--------------------------------------------------------------------------------
| Current liabilities      | 129.1   | 62.8    | 66.3     | 105.7   | 90.1     |
--------------------------------------------------------------------------------
| Total liabilities        | 139.8   | 74.7    | 65.1     | 87.1    | 104.9    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end  | 143.9   | 65.3    | 78.6     | 120.2   | 101.3    |
| of period                |         |         |          |         |          |
--------------------------------------------------------------------------------
| Return on investment, %  | 16.9    | 1.1     |          |         | -11.3    |
| 1)                       |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of  | 40.2    | 57.9    | -17.7    | -30.6   | 51.3     |
| period                   |         |         |          |         |          |
--------------------------------------------------------------------------------

1) In calculating the key ratio only the profit for the period has been         
annualised                                                                      

4) Adoption of new standards, changes and interpretations in 2009               

In July, IFRIC published a new interpretation guide concerning the income       
recognition procedures for developer contracting projects  (IFRIC 15: Agreements
for the Construction of Real Estate),  The coming into effect of the standard   
requires the approval of the European Commission. SRV will adopt the approved   
interpretation guide as from 1 January 2009 and will analyse the effects of the 
application of the interpretation guide on the financial data reported by the   
Group.                                                                          

5) Events after the end of the reporting period                                 

In October, Stockmann and SRV agreed that the project management and            
implementation of the extension and alteration works of Stockmann's Helsinki    
department store will be transferred to SRV. The agreement covers both the works
now in progress and the completion of the entire extension project. SRV's share 
of the project is estimated at EUR 70-80 million, which will be specified more  
exactly during the last part of the year, when the parties have agreed on the   
scope of the renovation and reconstruction works in the old property and when   
the subcontractual amount to be invoiced through SRV has been specified.        

Due to the market situation, SRV Housing Ltd will start actions aiming at       
adjusting the number of employees to the reduced housing construction volume.

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