Comparable figures refer to last year’s corresponding period unless otherwise stated.

TAMRO GROUP INTERIM REPORT
FEBRUARY–OCTOBER 2008:
STABLE PROFITABILITY AND CASH FLOW DESPITE MARKET SLOWDOWN

Third-quarter highlights

• Tamro Group net sales in August–October 2008 amounted to EUR 1,404 million, impacted by a changed business model of some suppliers in Sweden and the negative development of the NOK and SEK rates. Without these effects, the net turnover would have increased by 3%.

• Operating profit in August–October amounted to EUR 31.2 million, up EUR 0.8 million despite a EUR -4.1 million FX impact. Operating profit development was driven by increased retail activity (Norway, Baltic markets and Poland) and solid development in the service portfolio in Finland.

• Profit before taxes in August–October was EUR 27.5 million, down EUR 5.8 million due to a EUR -5.5 million FX impact, increasing interest rates in the turbulent market situation and an extraordinary Russian dividend income last year.

• The acquisition of the Farma pharmacy chain in Lithuania, a major transaction, was completed in August.

Group key figures
	08/08-10/08	08/07-10/07	Change	02/08-10/08	02/07-10/07	Change
	2008	2007	%	2008	2007	%
Net sales, EURm	1,404	1,414	-0.7	4,179	4,167	0.3
Operating profit, EURm	31.2	30.4	2.6	102.9	94.3	9.1
Profit before taxes, EURm	27.5	33.3	-17.4	93.8	93.4	0.4
Return on capital employed, %	34.7	27.6		39.0	27.9
Personnel, average	5,322	4,801	10.9	5,100	4,720	8.1

Outlook for the full-year 2008/2009

The global financial crisis had a minor effect on Tamro’s profitability during the third quarter. However, all of Tamro’s operating markets will experience economic slowdown to various extents towards the end of the financial year. Tamro will closely monitor how the busy holiday season develops and adjust business plans accordingly.

Pharmacy liberalisation in Sweden is proceeding as planned, with a Parliament decision scheduled for April 2009. The current draft legislation does not offer international players like Tamro a predictable, functioning market environment that would allow market players to recover the increased costs in the market. Therefore Tamro has delayed any decision on whether to enter or stay out of the Swedish retail market.

Tamro's President & CEO Jo Langmoen

“Market slowdown and modest sales development were a reality in all Tamro countries. It is a myth that pharmaceutical markets are immune to the effects of the recession. Group profitability and cash flow have developed reasonably, considering the overall market situation. Adverse currency changes and higher financial costs had a negative effect. We will continue to focus on customer orientation and cost-efficiency – typical Tamro attributes – during the coming months.”

The interim figures are unaudited.

Tamro Corporation
Board of Directors

For further information, please contact:

Mr Jo Langmoen, President and CEO, tel. +358 20 445 4050
Mr Lars Birkeland, CFO, tel. +358 20 445 4057
Ms Terhi Kivinen, Communications Director, tel. +358 20 445 4001 or +358 40 848 4001,
terhi.kivinen(at)tamro.com