Cargotec Corporation Listing of EUR 150,000,000 Notes Due on 28 March 2022 the Notes Are Represented by Units in Denominations of EUR 1,000

SECURITIES NOTE AND SUMMARY 28 March 2017

Cargotec Corporation Listing of EUR 150,000,000 Notes due on 28 March 2022 The Notes are represented by units in denominations of EUR 1,000

On 28 March 2017, Cargotec Corporation ("Cargotec", the "Issuer" or the "Company") issued senior unsecured notes with an aggregate nominal amount of EUR 150,000,000 (the "Notes") mainly to certain institutional investors. The Notes are represented by units in denominations of EUR 1,000. The rate of interest of the Notes is 1.75 per cent. per annum. The ISIN code of the Notes is FI4000243316.

The prospectus for the Notes consists of this securities note and summary (the "Securities Note") and the Company's registration document dated 28 March 2017 (the "Registration Document") (the Securities Note and the Registration Document, including the documents incorporated by reference, jointly referred to as the "Listing Prospectus"). The Registration Document contains information on the Company, its business operations and its financial condition, and the Securities Note contains a summary and information on the offering and the Notes. The Listing Prospectus has been prepared solely for the purpose of admission to listing of the Notes to trading on Nasdaq Helsinki Ltd (the "Helsinki Stock Exchange") and does not constitute any offering of the Notes.

The Listing Prospectus has been drawn up in accordance with the Finnish Securities Markets Act (14 December 2012/746, as amended) (the "Finnish Securities Markets Act"), the Decree of the Finnish Ministry of Finance on the Prospectus referred to in Chapters 3 to 5 of the Finnish Securities Market Act (20 December 2012/1019, as amended), the Commission Regulation (EC) No 809/2004, as amended, in application of the Annexes IV, V and XXII thereof, and the regulations and guidelines of the Finnish Financial Supervisory Authority (the "FIN-FSA"). The FIN-FSA, which is the competent authority for the purposes of Directive 2003/71/EC (as amended by Directive 2010/73/EU, the "Prospectus Directive") and relevant implementing measures in Finland, has approved this Securities Note (journal number FIVA 7/02.05.04/2017) but assumes no responsibility for the correctness of the information contained herein.

Application has been made for the Notes to be admitted to trading on the official list of the Helsinki Stock Exchange (the "Listing"), and the Listing is expected to take place on or about 31 March 2017.

Besides filing the Listing Prospectus with the FIN-FSA and the application to the Helsinki Stock Exchange, neither the Issuer nor the Joint Lead Managers (defined hereafter) have taken any action, nor will they take any action to render the public offer of the Notes or their possession, or the distribution of the Listing Prospectus or any other documents relating to the Notes admissible in any other jurisdiction than Finland requiring special measures to be taken for the purpose of public offer.

The Notes have not been, and will not be, registered under the U.S. Securities Act 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state of the United States. The Notes may not be offered, sold, pledged or otherwise transferred directly or indirectly within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S"), except to a person who is not a U.S. Person (as defined in Regulation S) in an offshore transaction pursuant to Regulation S.

The Issuer or the Notes have not been assigned any credit ratings at the request or with the co-operation of the Issuer in the rating process.

Investment in the Notes involves certain risks. The principal risk factors that may affect the ability of the Issuer to fulfil its obligations under the Notes are discussed under "Risk Factors" below.

Joint Lead Managers

IMPORTANT INFORMATION

In the Listing Prospectus, "Cargotec", the "Company", the "Group" and "Cargotec Group" refer to Cargotec Corporation and its consolidated subsidiaries, except where the context may otherwise require. All references to the "Issuer" refer to Cargotec.

The Listing Prospectus should be read in conjunction with all documents which are deemed to be incorporated herein by reference and such documents form part of the Listing Prospectus. See "Documents Incorporated by Reference".

Nordea Bank AB (publ) ("Nordea") and OP Corporate Bank plc ("OP", together with Nordea (the "Joint Lead Managers")) are acting for Cargotec as the arrangers and joint lead managers of the Listing. The Joint Lead Managers are not acting for anyone else in connection with the Listing and will not be responsible to anyone other than Cargotec for providing the protections afforded to their respective clients nor for providing any advice in relation to the Listing or the contents of the Listing Prospectus. Investors should rely only on the information contained in the Listing Prospectus. Without prejudice to any obligation of Cargotec to publish a supplementary prospectus pursuant to applicable rules and regulations, neither the delivery of the Listing Prospectus nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of Cargotec since the date of the Listing Prospectus or that the information herein is correct as of any time subsequent to the date of the Listing Prospectus.

In making an investment decision, each investor must rely on their examination, analysis and enquiry of Cargotec and the Terms and Conditions of the Notes, including the risks and merits involved. Neither Cargotec, either of the Joint Lead Managers nor any of their respective affiliated parties or representatives, is making any representation to any offeree or subscriber of the Notes regarding the legality of the investment by such person. Investors should make their independent assessment of the legal, tax, business, financial and other consequences of an investment in the Notes.

No person has been authorised to give any information or to make any representation not contained in or not consistent with the Listing Prospectus or any information supplied by Cargotec or such other information as is in the public domain and, if given or made, such information or representation should not be relied upon as having been authorised by Cargotec or the Joint Lead Managers. No representation or warranty, express or implied, is made by either Joint Lead Manager as to the accuracy or completeness of the information contained in the Listing Prospectus, and nothing contained in the Listing Prospectus is, or shall be relied upon as, a promise or representation by either Joint Lead Manager in this respect, whether as to the past or the future. The Joint Lead Managers assume no responsibility for the accuracy or completeness of the information and, accordingly, disclaim to the fullest extent permitted by applicable law, any and all liability whether arising in tort, contract or otherwise, which they might otherwise be found to have in respect of the Listing Prospectus or any such statement.

Nothing contained in the Listing Prospectus is, or shall be relied upon as, a promise or representation by Cargotec or the Joint Lead Managers as to the future. Investors are advised to inform themselves of any stock exchange releases and press releases published by Cargotec since the date of the Listing Prospectus.

The distribution of the Listing Prospectus may, in certain jurisdictions, be restricted by law, and the Listing Prospectus may not be used for the purpose of, or in connection with, any offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. No actions have been taken to register or qualify the Notes, or otherwise to permit a public offering of the Notes, in any jurisdiction outside of Finland. Cargotec and the Joint Lead Managers advise persons into whose possession the Listing Prospectus comes to inform themselves of and observe all such restrictions. Neither Cargotec nor the Joint Lead Managers accept any legal responsibility for any violation by any person, whether or not a prospective purchaser of Notes is aware of such restrictions. In particular:  the Notes may not be offered, sold, resold, transferred or delivered, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, Singapore or any other jurisdiction in which it would not be permissible to offer the Notes; and  the Listing Prospectus may not be sent to any person in the aforementioned jurisdictions.

This Securities Note has been prepared in English only. However, the summary of the Listing Prospectus has been translated into Finnish.

The Notes are governed by Finnish law and any dispute arising in relation to the Notes shall be settled by Finnish courts in accordance with Finnish law.

CONTENTS SUMMARY ...... 1 TIIVISTELMÄ ...... 14 RISK FACTORS ...... 27 RISKS RELATING TO THE NOTES ...... 27 GENERAL INFORMATION ...... 31 RESPONSIBILITY STATEMENT ...... 32 AUDITORS ...... 32 SPECIAL CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS ...... 32 MARKET AND INDUSTRY INFORMATION ...... 32 ADDITIONAL INFORMATION ...... 32 NO INCORPORATION OF WEBSITE INFORMATION ...... 33 NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA (OTHER THAN FINLAND) ...... 33 NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM ...... 33 ANNEX A - TERMS AND CONDITIONS OF THE NOTES ...... 34 ANNEX B - ADDITIONAL INFORMATION ON THE ISSUE OF THE NOTES ...... 42

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A - E (A.1 – E.7).

This summary contains all the Elements required to be included in the summary for this type of securities and the Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the summary because of the type of securities and the Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable".

A – Introduction and warnings

A.1 Warning The following summary is not intended to be exhaustive and should be read as an introduction to the Listing Prospectus, including the financial statements of the Company and other financial information contained in the Listing Prospectus. Any decision to invest in the Notes should be based on consideration of the Listing Prospectus as a whole. Certain terms used in this summary are defined elsewhere in the Listing Prospectus. Where a claim relating to the information contained in the Listing Prospectus is brought before a court in the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Listing Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled this summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Listing Prospectus or it does not provide, when read together with the other parts of the Listing Prospectus, key information in order to aid investors when considering whether to invest in the Notes.

A.2 Consent by the Issuer to the use of Not applicable. the Listing Prospectus and final placement of the Notes, the offer period and the terms and conditions attached to the consent

B – Issuer

B.1 Legal and commercial name of Cargotec Corporation. the Issuer

B.2 Domicile and legal form of the The Issuer's domicile is in Helsinki. The Issuer is a Finnish public issuer, legislation under which the limited liability company incorporated and operating under the laws Issuer operates and country of of Finland. incorporation of the Issuer

B.4b Known trends affecting the Issuer Developments in the global economy and cargo flows have a direct and the Issuer’s industries effect on Cargotec’s business environment and customers’ willingness to invest. The general uncertainty related to economic development is still expected to continue, and changes in the political leadership of economically significant countries may delay customers’ investment decisions. The slowdown in global economic growth has reduced growth in container traffic, and the consolidation of ship companies may change port volumes in the future. These factors may affect customer decision making. Project executions may face risks related to schedule, cost and delivery guarantees. 1

Uncertainty may be increased by risks stemming from political instability, volatility on the currency and raw material markets, or from the financing sector. Greater difficulty in obtaining financing would weaken customers’ liquidity and investments.

B.5 Description of the Group and the Cargotec's operations include advanced technologies and solutions for Issuer’s position within the Group intelligent cargo handling worldwide and its brands are Kalmar, Hiab and MacGregor. The Cargotec Group comprises the parent company, Cargotec Corporation, and several subsidiary companies in different countries. Overall Cargotec operates in over 100 countries and Cargotec Corporation is the group parent company, which conducts the operations through its subsidiaries. As at 31 December 2016, Cargotec had 155 subsidiaries of which the key subsidiaries are as follows:

Cargotec’s key subsidiaries Shareholding Cargotec Sweden AB 100Group % Cargotec Belgium NV 100 % Cargotec Holding, Inc. 100 % Cargotec Holding Netherlands B.V. 100 % Cargotec Finland Oy 100 % Kalmar Netherlands B.V. 100 % MacGregor Netherlands B.V. 100 % Zeteco AB 100 % Cargotec Patenter HB 100 % MacGregor Sweden AB 100 % Navis LLC 100 % MacGregor Pte Ltd 100 % Hiab AB 100 % MacGregor Finland Oy 100 % MacGregor Norway AS 100 % Cargotec Poland Sp. z.o.o. 100 % Bromma (Malaysia) Sdn. Bhd. 100 % Kalmar USA Inc. 100 % Hiab USA Inc. 100 % Kalmar Solutions LLC 100 % Cargotec CHS Pte. Ltd. 100 %

B.9 Profit forecast or estimate In its annual report for 1 January – 31 December 2016, the Issuer provided the following information on the future outlook:

Cargotec’s operating profit excluding restructuring costs for 2017 is expected to improve from 2016 (EUR 250.2 million).

There has been no material adverse change in the future outlook of Cargotec since the publication of the last audited financial statements.

B.10 Qualifications in audit report on The audit reports on historical financial information do not contain historical financial information any qualifications.

B.12 Selected historical key financial The following tables present summary consolidated financial information information for Cargotec as at and for the years ended 31 December 2016 and 2015. The summary consolidated financial information has been derived from Cargotec’s audited consolidated financial statements as at and for the financial years ended on 31 December 2016 and 2015, prepared in accordance with the International Financial Reporting Standards (the "IFRS"), as adopted by the European Union.

As at and for the year ended 31 December 2016 2015 (audited) (audited)

(EUR million, unless otherwise stated) CONSOLIDATED FINANCIAL STATEMENTS (IFRS)

KEY FIGURES

Orders received* 3,283 3,557 Service orders received 889 880 Order book, end of period** 1,783 2,064 Sales 3,514 3,729 Sales of services 872 883 Sales of services, % of Cargotec’s sales 25 24 Operating profit excluding restructuring costs 250.2 230.7 Operating profit excluding restructuring 7.1 6.2 costs, % Operating profit 197.7 213.1 Operating profit, % 5.6 5.7 Income before taxes 169.1 186.2 Cash flow from operations before financing 373.0 314.6 items and taxes Net income for the period 125.3 142.9 Earnings per share, EUR 1.95 2.21 Net debt, end of period 503 622 Gearing, % 36.0 46.4 Personnel, end of period 11,184 10,837

* Total monetary value of orders received during the period. Orders are reported when a receipt of a firm order is received. Simultaneously the order book is increased by the same amount. ** Total monetary value of the order book at the end of the period. The order book is defined as firm orders received but not yet delivered and invoiced.

As at and for the year ended 31 December 2016 2015 (audited) (audited)

(EUR million, unless otherwise stated) CONSOLIDATED STATEMENT OF INCOME

Sales 3,513.7 3,729.3 Cost of goods sold -2,674.0 -2,942.0 Gross profit 839.7 787.3 Gross profit, % 23.9 21.1 Other operating income 38.1 40.4 3

Selling and marketing expenses -221.1 -210.4 Research and development expenses -94.1 -85.2 Administration expenses -277.0 -264.3 Restructuring costs -52.5 -17.7 Other operating expenses -37.8 -39.8 Costs and expenses -644.4 -577.1 Share of associated companies' and joint 2.5 2.8 ventures' net income Operating profit 197.7 213.1 Operating profit, % 5.6 5.7 Financing income and expenses -28.6 -26.9 Income before taxes 169.1 186.2 Income before taxes, % 4.8 5.0 Income taxes -43.8 -43.3 Net income for the period 125.3 142.9 Net income for the period, % 3.6 3.8

Net income for the period attributable to Equity holders of the parent 126.0 143.0 Non-controlling interest -0.7 -0.1 Total 125.3 142.9

Earnings per share for profit attributable to the equity holders of the parent, EUR Basic earnings per share 1.95 2.21 Diluted earnings per share 1.94 2.21

As at and for the year ended 31 December 2016 2015 (audited) (audited)

(EUR million, unless otherwise stated) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income for the period 125.3 142.9

Items that will not be reclassified to statement of income Defined benefit plan acturial gains (+) / -6.9 3.0 losses (-) Taxes relating to items that will not be 1.5 -0.4 reclassified to statement of income Total -5.4 2.6

Items that may be reclassified subsequently to statement of income Gains (+) / losses (-) on cash flow hedges 1.7 -11.1 Gains (+) / losses (-) on cash flow hedges 1.4 3.6 transferred to statement of income Gains (+) / losses (-) on net investment 22.4 -4.0 hedges Translation differences -34.8 36.0 Taxes relating to items that may be 1.0 -10.1 reclassified subsequently to statement of income Total -8.3 14.4

Comprehensive income for the period 111.6 159.9

Comprehensive income for the period attributable to Equity holders of the parent 112.2 160.0 Non-controlling interest -0.7 0.0 Total 111.6 159.9

As at 31 December 2016 2015 (audited) (audited)

(EUR million, unless otherwise stated) CONSOLIDATED BALANCE SHEET

ASSETS

Non-current assets Goodwill 1,024.5 976.4 Other intangible assets 290.2 272.4 Property, plant and equipment 308.6 306.0 Investments in associated companies and 123.4 116.7 joint ventures Available-for-sale investments 3.8 3.8 Loans receivable and other interest-bearing 3.0 2.0 assets* Deferred tax assets 185.0 183.5 Derivative assets 16.9 35.3 Other non-interest-bearing assets 7.9 5.7 Total non-current assets 1,963.4 1,901.8

Current assets Inventories 647.0 655.4 Loans receivable and other interest-bearing 1.9 2.6 assets* Income tax receivables 26.1 20.0 Derivative assets 45.8 36.7 Accounts receivable and other non-interest- 778.9 778.4 bearing assets Cash and cash equivalents* 273.2 175.8 Total current assets 1,773.0 1,668.9

Total assets 3,736.3 3,570.7

* Included in interest-bearing net debt

EQUITY AND LIABILITIES

Equity attributable to the equity holders of the parent Share capital 64.3 64.3 Share premium account 98.0 98.0 Translation differences 37.3 47.7 Fair value reserves -24.7 -26.7 Reserve for invested non-restricted equity 69.0 76.1 Retained earnings 1,151.1 1,079.9 Total equity attributable to the equity 1,395.0 1,339.3 5

holders of the parent Non-controlling interest 2.2 2.4 Total equity 1,397.2 1,341.8

Non-current liabilities Interest-bearing liabilities* 656.8 768.1 Deferred tax liabilities 73.1 72.1 Pension obligations 81.4 71.3 Provisions 37.6 22.9 Other non-interest-bearing liabilities 49.4 42.3 Total non-current liabilities 898.2 976.7

Current liabilities Current portion of interest-bearing liabilities* 119.4 5.9 Other interest-bearing liabilities* 45.8 62.8 Provisions 112.8 75.9 Advances received 160.6 197.2 Income tax payables 32.0 24.3 Derivative liabilities 34.1 14.2 Accounts payable and other non-interest- 936.2 872.1 bearing liabilities Total current liabilities 1,440.8 1,252.3

Total equity and liabilities 3,736.3 3,570.7

*Included in interest-bearing net debt

As at and for the year ended 31 December 2016 2015 (audited) (audited)

(EUR million, unless otherwise stated) CONSOLIDATED STATEMENT OF CASH FLOWS

Net income for the period 125.3 142.9 Depreciation, amortisation and impairment 84.8 76.5 Financing items 28.6 26.9 Taxes 43.8 43.3 Change in receivables 10.3 74.6 Change in payables 66.9 -108.4 Change in inventories 13.3 63.2 Change in net working capital 90.5 29.4 Other adjustments 0.0 -4.4 Cash flow from operations before financing 373.0 314.6 items and taxes

Interest received 1.1 1.3 Interest paid -21.9 -22.0 Other financing items 10.7 -50.9 Income taxes paid -49.4 -47.4 Cash flow from operating activities 313.5 195.6

Acquisitions, net of cash acquired -66.8 -0.6 Investments to associated companies and joint -2.7 -2.9 ventures Investments in fixed assets -80.5 -78.8 Disposals of fixed assets 17.6 21.3 6

Cash flow from investing activities, other 0.9 3.2 items Net cash flow from investing activities -131.5 -57.8

Proceeds from share subscriptions 0.5 4.6 Treasury shares acquired -7.6 -3.4 Acquisition of non-controlling interests - -3.5 Proceeds from long-term borrowings - 120.0 Repayments of long-term borrowings -3.2 -125.0 Proceeds from short-term borrowings 38.2 177.0 Repayments of short-term borrowings -58.9 -311.5 Profit distribution -52.8 -36.1 Net cash flow from financing activities -83.9 -177.9

Change in cash and cost equivalents 98.1 -40.2 Cash, cash equivalents and bank overdrafts at 164.9 203.4 the beginning of period Effect of exchange rate changes -2.2 1.7 Cash, cash equivalents and bank 260.8 164.9 overdrafts at the end of period

Bank overdrafts at the end of period 12.4 10.9 Cash and cash equivalents at the end of 273.2 175.8 period

KEY FIGURES ON PERFORMANCE

Calculation of key figures on financial performance:

Total equity attributable to the equity holders of the company = Equity / share, EUR Number of outstanding shares at the end of period Total equity x Total equity / total assets (%) = Total assets - advances received 100

Interest-bearing debt* – interest-bearing assets x Gearing, % = Total equity 100

Net income for the period x Return on equity (%) = Total equity (average for the period) 100

Income before taxes + interest and other financing expenses x Return on capital employed (%) = Total assets - non-interest-bearing debt 100 (average for the period) Net income for the period attributable to the equity holders of the company Basic earnings / share, EUR = Average number of outstanding shares during the period Net income for the period attributable to the equity holders of the company Diluted earnings / share, EUR = Average number of outstanding diluted shares during the period * Including foreign currency hedging of the USD Private Placement corporate bonds.

There has been no material adverse change in the future outlook of Cargotec since the publication of the last audited financial statements.

There has been no significant change in Cargotec’s financial or trading position since 31 December 2016.

B.13 Recent events materially relevant to There are no recent events materially relevant to evaluation of the Issuer’s solvency evaluation of the Issuer’s solvency.

B.14 Dependency of the Issuer of other entities Cargotec is not dependent upon other entities within the within the Group Cargotec Group.

B.15 Description of the Issuer’s principal The Issuer is a global provider of advanced activities technologies and solutions for intelligent cargo handling. The Issuer's products are present in major cargo hubs worldwide. They are used in ships, ports, terminals, distribution centres, heavy industry and in on-road load handling.

The Issuer's business areas, Kalmar, Hiab and MacGregor, provide cargo and load handling solutions around the world. Their global network is positioned close to customers, offering extensive services to ensure continuous, reliable and sustainable performance according to customer needs. Kalmar's offering - cargo handling equipment and automated terminal solutions, software and services - are used in ports, terminals, distribution centres and various industries. Hiab offers on-road load handling solutions used in on-land transport and delivery. MacGregor provides engineering solutions and services for marine cargo and offshore load handling.

The Issuer operates in more than 100 countries and features a worldwide sales and service network. In 2016, the Issuer’s sales amounted to approximately EUR 3.514 billion and it employed an average of 11,193 persons. The Issuer is headquartered in Helsinki, Finland, while its production facilities are located in Finland, China, Germany, India, Ireland, Malaysia, Norway, Poland, South Korea, Spain, Sweden, the United Kingdom and the United States. In addition, the Issuer's manufacturing has been partly outsourced to partner plants and Cargotec's focus is increasingly more on assembly operations rather than manufacturing.

B.16 Description of whether the Issuer is directly To the extent known to the Issuer, the Issuer is not or indirectly owned or controlled and by directly or indirectly owned or controlled by any person whom and nature of such control for the purposes of Chapter 2, Section 4 of the Finnish Securities Markets Act, and the Issuer is not aware of any arrangement the operation of which may result in a change of control of the Issuer.

B.17 Issuer Ratings Cargotec is not currently rated by any rating agency.

C – Securities

C.1 Type and class of securities being offered Senior unsecured notes with an aggregate nominal amount of EUR 150,000,000.

The ISIN code of the Notes is FI4000243316.

C.2 Currency Euro.

C.5 Description of restrictions on free Each Note will be freely transferrable after it has been transferability of the Securities registered into the respective book-entry account.

C.8 Rights attached to securities / ranking of The Notes constitute direct, unsecured, unguaranteed Securities and unsubordinated obligations of the Issuer ranking pari passu among each other and with all other unsecured, unguaranteed and unsubordinated indebtedness of the Issuer, save for such obligations as may be preferred by mandatory provisions of law.

C.9 Interest and yield; name of representative of The Notes bear interest at the fixed rate of 1.75 per debt security holders cent. per annum. Interest shall be payable annually in arrears commencing on 28 March 2018 and thereafter on each 28 March (each an "Interest Payment Date") until 28 March 2022 (the "Redemption Date"). The Issuer may have to redeem the Notes on a date earlier than the Redemption Date upon Excess Secured Indebtedness, Change of Control or Event of Default (as defined in the Terms and Conditions of the Notes), in which case interest shall be payable until such earlier date. In addition, Cargotec may voluntarily redeem the Notes at their normal principal amount together with any accrued but unpaid interest during a Voluntary Redemption Period.

Interest shall accrue for each interest period from and including the first day of the interest period to and excluding the last day of the interest period on the principal amount of Notes outstanding from time to time. The first interest period commences on the Issue Date and ends on the first Interest Payment Date. Each consecutive interest period begins on the previous Interest Payment Date and ends on the following Interest Payment Date. The last interest period ends on the Redemption Date or on an earlier date upon Excess Secured Indebtedness, Change of Control, Event of Default or Voluntary Redemption.

Interest in respect of the Notes will be calculated on the basis of the number of days elapsed in the relevant interest period divided by 365, or, in the case of a leap year, 366 (actual / actual ICMA).

The effective yield of the Notes at the issue price of 99.910 per cent is 1.769 per cent per annum.

C.10 Explanation on how the interest amount is Not applicable. The Notes have no underlying affected by value of the underlying component that would affect the interest amount. instrument

C.11 Listing Application has been made for the Notes to be admitted to trading on the official list of Helsinki Stock Exchange, and the Listing is expected to take place on or about 31 March 2017.

D – Risks

D.2 Risks Relating to the Issuer There are risks relating to the Issuer and its operating environment and business as well as to the Notes which are listed below. The listing is not exhaustive and additional risks and uncertainties not presently known to the Company, or that the Company currently believes are immaterial, could also impair Cargotec's business, financial condition, results of operations and prospects and, thereby, on Cargotec's ability to fulfil its obligations under the Notes and the value of the Notes. The risk factors have been described in further detail in Section "Risk Factors" of the Registration Document and of this Securities Note.

Risks Relating to Macroeconomic Conditions  Uncertain global economic and financial market conditions could adversely affect Cargotec’s business, financial condition, results of operations and prospects  Negative economic developments and conditions in the countries in which Cargotec operates may affect Cargotec’s operations and customers  Negative developments in the global markets and the inability to apply sufficient pricing may affect Cargotec’s operations

Risks Relating to Cargotec's Business Operations  A failure to successfully support Cargotec’s business areas and strengthen their operations and profitability may have a material adverse effect on Cargotec  A failure by Cargotec to appropriately manage its large projects and automation may have a material adverse effect on Cargotec  Changes in Cargotec's organisational structure and a failure in post-acquisition integration or disposals might adversely affect Cargotec's operations and profitability and have a material adverse effect on Cargotec  Changes in the financial stability of Cargotec's customers and suppliers might adversely affect Cargotec's operations and profitability and have a material adverse effect on Cargotec  A failure in executing product portfolio development and joint ventures in emerging markets may have a material adverse effect on Cargotec  Materialisation of risks relating to production set- up changes might adversely affect Cargotec's operations and profitability and have a material adverse effect on Cargotec  Fluctuations in costs of materials may adversely affect Cargotec’s business

 A failure to meet the customers’ expectations or product liability requirements and standards may have a material adverse effect on Cargotec's net sales and brand value  A failure to appropriately execute information systems might adversely affect Cargotec's operations, and system malfunctions might adversely affect the efficiency and/or profitability of Cargotec’s operations and have a material adverse effect on Cargotec  If current personnel cannot be retained or Cargotec fails in recruiting necessary personnel and key persons, this may have a material adverse effect on Cargotec  Materialisation of risks not covered by Cargotec’s insurance policies may have a material adverse effect on Cargotec  Adverse changes in the regulatory environment or non-compliance with applicable laws and regulations as well as a failure to manage the legal risks relating to contracts and compliance may have a material adverse effect on Cargotec  Cargotec’s operations may be adversely affected by safety, hazard and environmental risks that could have a material adverse effect on Cargotec  A failure to establish, manage and protect Cargotec’s brand names and intellectual property, as well as any claims or demands associated with brand names or other intellectual property, may have a material adverse effect on Cargotec  Materialisation of risks by third party actions might adversely affect Cargotec’s reputation and may have a material adverse effect on Cargotec

Financial Risks  Fluctuations in interest rates may adversely affect Cargotec’s earnings and balance sheet  Fluctuations in currency exchange rates may adversely affect Cargotec’s earnings and balance sheet  Cargotec is exposed to credit, counterparty and liquidity risks  Cargotec may not receive financing at competitive terms or at all  Changes in assumptions underlying the carrying value of certain assets, including as a result of adverse market conditions, could result in impairment of such assets  Cargotec is subject to risks related to changes in accounting principles, accounting standards and accounting procedures

D.3 Risks relating to the Securities Risks relating to the Notes  The Notes may not be a suitable investment for all investors  There is a possibility to forfeit interest and principle amount invested in the Notes  The Notes are not guaranteed or secured, which may endanger the Noteholders' receipt of prompt and full payment 11

 An active trading market for the Notes may not develop  Since the Notes carry a fixed interest rate, their price may fall as a result of changes in the interest rates  Neither the Issuer nor the Notes are rated by any rating agency, which may increase the borrowing costs of the Issuer. If credit ratings to the Issuer and or the Notes are assigned, the ratings may not reflect the potential impact of all risks related to structure, market and other factors that may affect the value of the Notes  The completion of transactions relating to the Notes is dependent on Euroclear Finland Ltd’s operations and systems, and any malfunction or delay in such systems may cause financial losses or damage to the Noteholders  There is no assurance that changes in laws or practices for as long as the Notes remain outstanding would not affect the Issuer, the market price or value of the Notes or impact the tax treatment of interest income of Noteholders  The Notes do not, as a rule, contain covenants governing the Issuer’s operations and do not limit its ability to merge, demerge, effect asset sales or otherwise effect significant transactions that may have a material adverse effect on the Notes and the Noteholders  If the Issuer uses its right to redeem or purchase the Notes prior to maturity or any Noteholder using its right to require prepayment of the Notes may have a material adverse effect on the Issuer and any Notes outstanding  Amendments to the Terms and Conditions of the Notes bind all Noteholders, which may incur financial losses, among other things, to all Noteholders  The right to payment under the Notes may become void due to prescription  No Notes hold voting rights in Cargotec’s shareholders’ meetings, the decisions of which may affect Cargotec’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes  The Issuer may issue additional debt and/or grant security, which may reduce the amount recoverable by the Noteholders or may worsen the position and priority of the Noteholders  Legal investment considerations may restrict certain investments

E – Offer

E.2b Reasons for offer and use of proceeds when Use of proceeds: predominantly for refinancing but different from making profit and/or hedging also for general corporate purposes. certain risks

E.3 Terms and conditions of offer Issue Date: 28 March 2017.

Redemption Date: 28 March 2022, or earlier upon Excess Secured Indebtedness, Change of Control,

Event of Default or Voluntary Redemption.

Aggregate nominal amount of the Issue: EUR 150,000,000.

Interest payment dates: Annually in arrears commencing on 28 March 2018 and thereafter on each 28 March.

Interest: 1.75 per cent. per annum.

Effective yield of the Notes at the issue price of 99.910 per cent: 1.769 per cent per annum.

Redemption: At par, bullet, on the Redemption Date or earlier upon Excess Secured Indebtedness, Change of Control, Event of Default or Voluntary Redemption.

Minimum subscription amount: EUR 100,000.

Denomination of a book-entry unit: EUR 1,000.

Covenants: Negative Pledge, Excess Secured Indebtedness, Change of Control, Cross Default.

Clearing: The Notes are issued in dematerialised form in the Infinity securities system of Euroclear Finland Ltd.

Applicable law: Finnish law.

E.4 Interest material to issue including Interest of the Joint Lead Managers: Business interest conflicting interests customary in the financial markets.

E.7 Estimated expences charged to investor No expenses will be charged to the investor by the Issuer in respect of the Notes.

TIIVISTELMÄ

Tiivistelmät koostuvat sääntelyn edellyttämistä tiedoista, joita kutsutaan nimellä "osatekijät". Nämä osatekijät on numeroitu jaksoittain A-E (A.1 – E.7).

Tämä tiivistelmä sisältää kaikki ne osatekijät, jotka kyseessä olevasta arvopaperista ja sen liikkeeseenlaskijasta tulee esittää. Osatekijöiden numerointi ei välttämättä ole juokseva, koska kaikkia osatekijöitä ei arvopaperin tai liikkeeseenlaskijan luonteen vuoksi ole esitettävä tässä tiivistelmässä.

Vaikka arvopaperin tai liikkeeseenlaskijan luonne edellyttäisi jonkin osatekijän sisällyttämistä tiivistelmään, on mahdollista, ettei kyseistä osatekijää koskevaa merkityksellistä tietoa ole lainkaan. Tällöin osatekijä kuvataan lyhyesti ja sen yhteydessä mainitaan "ei sovellu".

Jakso A – Johdanto ja varoitukset

A.1 Varoitus Seuraavaa tiivistelmää ei ole tarkoitettu kattavaksi esitykseksi, vaan se on johdanto tässä Listalleottoesitteessä esitettäviin yksityiskohtaisiin tietoihin, mukaan luettuna Cargotecin tilinpäätöstiedot ja tähän Listalleottoesitteeseen sisältyvät taloudelliset tiedot. Sijoittajien tulee perustaa Velkakirjoja koskeva sijoituspäätöksensä Listalleottoesitteessä esitettyihin tietoihin kokonaisuutena. Tietyt tässä tiivistelmässä käytetyt termit on määritelty muualla tässä Listalleottoesitteessä. Mikäli Euroopan talousalueella nostetaan tähän Listalleottoesitteeseen sisältyviä tietoja koskeva kanne, kantajana toimiva sijoittaja voi joutua ennen oikeudenkäynnin vireillepanoa vastaamaan esitteen käännöskustannuksista sen jäsenvaltion lainsäädännön mukaisesti, jossa kanne nostetaan. Siviilioikeudellista vastuuta sovelletaan henkilöihin, jotka ovat laatineet tiivistelmän, sen käännös mukaan luettuna, mutta vain, jos tiivistelmä on harhaanjohtava, epätarkka tai epäjohdonmukainen suhteessa Listalleottoesitteen muihin osiin tai jos siinä ei anneta yhdessä Listalleottoesitteen muiden osien kanssa keskeisiä tietoja sijoittajien auttamiseksi, kun he harkitsevat sijoittamista Velkakirjoihin.

A.2 Suostumus arvopapereiden Ei sovellu. edelleenmyyntiin ja lopulliseen sijoittamiseen, tarjousaika ja suostumuksen ehdot

Jakso B – Liikkeeseenlaskija

B.1 Liikkeeseenlaskijan virallinen Cargotec Oyj. nimi ja muu liiketoiminnassa käytetty toiminimi

B.2 Liikkeeseenlaskijan Liikkeeseenlaskijan kotipaikka on Helsinki. Liikkeeseenlaskija on asuinpaikka ja oikeudellinen Suomen lain mukaisesti perustettu julkinen osakeyhtiö ja sen muoto, Liikkeeseenlaskijaan toimintaan sovelletaan Suomen lakia. sovellettava laki ja Liikkeeseenlaskijan perustamismaa

B.4b Kuvaus mahdollisista tiedossa Maailmantalouden ja tavaravirtojen kehityksellä on suora vaikutus olevista suuntauksista, jotka Cargotecin toimintaympäristöön ja asiakkaiden vaikuttavat investointihalukkuuteen. Taloudelliseen kehitykseen liittyvän liikkeeseenlaskijaan ja sen yleisen epävarmuuden arvioidaan edelleen jatkuvan, ja muutokset toimialaan taloudellisesti merkittävien valtioiden poliittisessa johdossa voivat viivästyttää asiakkaiden investointipäätöksiä. Globaalin 14

talouskasvun hidastuminen on alentanut konttiliikenteen kasvuvauhtia, ja laivayhtiöiden konsolidointi saattaa tulevaisuudessa muuttaa satamien volyymeja. Näillä seikoilla voi olla vaikutusta asiakkaiden päätöksentekoon. Projektien toteutukseen saattaa liittyä aikataulu-, kustannus- ja toimitustakuuriskejä. Epävarmuutta voivat lisätä poliittiseen epävarmuuteen, valuutta- tai raaka- ainemarkkinoiden volatiliteettiin tai rahoitussektoriin liittyvät riskit. Rahoituksen saatavuuden vaikeutuminen heikentäisi asiakkaiden maksuvalmiutta ja investointeja.

B.5 Kuvaus konsernista, johon Cargotecin toiminnot koostuvat kansainvälisten Liikkeeseenlaskija kuuluu, ja lastinkäsittelyratkaisujen tarjoamisesta maailmanlaajuisesti ja sen Liikkeeseenlaskijan asema tuotemerkkeihin kuuluvat Kalmar, Hiab ja MacGregor. Cargotec- siinä konserniin kuuluvat emoyhtiö Cargotec Oyj ja useat tytäryhtiöt eri maissa. Kaikkiaan Cargotec toimii yli 100 maassa ja Cargotec Oyj on konsernin emoyhtiö, joka harjoittaa liiketoimintaa tytäryhtiöidensä kautta. Cargotecillä oli 31.12.2016 155 tytäryhtiötä, joista tärkeimmät tytäryhtiöt olivat:

Keskeiset tytäryhtiöt Konsernin Cargotec Sweden AB 100omistusosuus % Cargotec Belgium NV 100 % Cargotec Holding, Inc. 100 % Cargotec Holding Netherlands B.V. 100 % Cargotec Finland Oy 100 % Kalmar Netherlands B.V. 100 % MacGregor Netherlands B.V. 100 % Zeteco AB 100 % Cargotec Patenter HB 100 % MacGregor Sweden AB 100 % Navis LLC 100 % MacGregor Pte Ltd 100 % Hiab AB 100 % MacGregor Finland Oy 100 % MacGregor Norway AS 100 % Cargotec Poland Sp. z.o.o. 100 % Bromma (Malaysia) Sdn. Bhd. 100 % Kalmar USA Inc. 100 % Hiab USA Inc. 100 % Kalmar Solutions LLC 100 % Cargotec CHS Pte. Ltd. 100 %

B.9 Tulosennuste tai -arvio Liikkeeseenlaskija lausuu vuosikertomuksessaan 1.1.–31.12.2016 tulevaisuudennäkymistä seuraavaa:

Cargotecin vuoden 2017 liikevoiton ilman uudelleenjärjestelykuluja arvioidaan paranevan vuodesta 2016 (250,2 miljoonaa euroa).

Viimeisen tilintarkastetun tilinpäätöksen julkistamispäivän jälkeen Cargotecin kehitysnäkymissä ei ole tapahtunut merkittäviä kielteisiä muutoksia.

B.10 Historiallisia taloudellisia Historiallisia taloudellisia tietoja koskevissa tietoja koskevassa tilintarkastuskertomuksissa ei ole esitetty muistutuksia. tilintarkastuskertomuksessa esitetyt muistutukset

B.12 Valikoidut historialliset Seuraavat taulukot esittävät yhteenvedon Cargotecin 31.12.2016 ja keskeiset taloudelliset tiedot 31.12.2015 päättyneiltä tilikausilta laadituista konsernitilinpäätöstiedoista. Konsernitilinpäätöstiedot on johdettu Cargotecin 31.12.2016 ja 31.12.2015 päättyneiltä tilikausilta laadituista tilintarkastetuista konsernitilinpäätöksistä, jotka on laadittu Euroopan Unionin käyttöön ottamien IFRS-standardien ("IFRS") mukaisesti.

1.1-31.12. 2016 2015 (tilintarkastettu) (tilintarkastettu)

(miljoonaa euroa, ellei toisin todettu) KONSERNITILINPÄÄTÖS (IFRS)

AVAINLUVUT

Saadut tilaukset* 3.283 3.557 Huoltoliiketoiminnan saadut tilaukset 889 880 Tilauskanta kauden lopussa** 1.783 2.064 Liikevaihto 3.514 3.729 Huoltoliiketoiminnan liikevaihto 872 883 Huoltoliiketoiminnan liikevaihto, % 25 24 Cargotecin liikevaihdosta Liikevoitto ilman uudelleenjärjestelykuluja 250,2 230,7 Liikevoitto ilman uudelleenjärjestelykuluja, 7,1 6,2 % Liikevoitto 197,7 213,1 Liikevoitto, % 5,6 5,7 Voitto ennen veroja 169,1 186,2 Liiketoiminnan rahavirta ennen rahoituseriä 373,0 314,6 ja veroja Kauden tulos 125,3 142,9 Osakekohtainen tulos, EUR 1,95 2,21 Nettovelka kauden lopussa 503 622 Nettovelkaantumisaste, % 36,0 46,4 Henkilöstö kauden lopussa 11.184 10.837

* Jakson aikana vastaanotettujen tilausten rahamääräinen kokonaisarvo. Tilaukset raportoidaan, kun sitova tilaus on vastaanotettu. Samanaikaisesti tilauskirjaan lisätään vastaava arvo. ** Tilauskirjan rahamääräinen kokonaisarvo jakson lopussa. Tilauskirjaan sisällytetään vastaanotetut sitovat tilaukset, joita ei ole vielä toimitettu ja laskutettu.

1.1-31.12. 2016 2015 (tilintarkastettu) (tilintarkastettu)

(miljoonaa euroa, ellei toisin todettu) KONSERNIN TULOSLASKELMA (IFRS)

Liikevaihto 3.513,7 3.729,3 Myytyjä suoritteita vastaavat kulut -2.674,0 -2.942,0 Bruttokate 839,7 787,3 Bruttokate, % 23,9 21,1 Liiketoiminnan muut tuotot 38,1 40,4 Myynnin ja markkinoinnin kulut -221,1 -210,4 Tutkimus- ja kehitystoiminnan kulut -94,1 -85,2 Hallinnon kulut -277,0 -264,3 Uudelleenjärjestelykulut -52,5 -17,7 Liiketoiminnan muut kulut -37,8 -39,8 Kulut -644,4 -577,1 Osuus osakkuus- ja yhteisyritysten tuloksesta 2,5 2,8 Liikevoitto 197,7 213,1 Liikevoitto, % 5,6 5,7 Rahoitustuotot ja -kulut -28,6 -26,9 Voitto ennen veroja 169,1 186,2 Voitto ennen veroja, % 4,8 5,0 Tuloverot -43,8 -43,3 Kauden voitto 125,3 142,9 Kauden voitto, % 3,6 3,8

Kauden voiton jakautuminen: Emoyhtiön omistajille 126,0 143,0 Määräysvallattomille omistajille -0,7 -0,1 Yhteensä 125,3 142,9

Emoyhtiön omistajille kuuluvasta voitosta laskettu osakekohtainen tulos, EUR Laimentamaton osakekohtainen tulos, EUR 1,95 2,21 Laimennusvaikutuksella oikaistu 1,94 2,21 osakekohtainen tulos, EUR

1.1-31.12. 2016 2015 (tilintarkastettu) (tilintarkastettu)

(miljoonaa euroa, ellei toisin todettu) KONSERNIN LAAJA TULOSLASKELMA

Kauden voitto 125,3 142,9

Erät, joita ei siirretä tulosvaikutteisiksi: Etuuspohjaisten järjestelyjen -6,9 3,0 vakuutusmatemaattiset voitot (+) / tappiot (-) Verot laajan tuloksen eristä, joita ei siirretä 1,5 -0,4 tulosvaikutteisiksi Yhteensä -5,4 2,6

Erät, jotka saatetaan myöhemmin siirtää 17

tulosvaikutteisiksi: Voitot (+) / tappiot (-) rahavirran 1,7 -11,1 suojauksista Tulokseen siirretyt voitot (+) / tappiot (-) 1,4 3,6 rahavirran suojauksista Voitot (+) / tappiot (-) nettoinvestoinnin 22,4 -4,0 suojauksista Muuntoerot -34,8 36,0 Verot laajan tuloksen eristä, jotka saatetaan 1,0 -10,1 myöhemmin siirtää tulosvaikutteisiksi Yhteensä -8,3 14,4

Kauden laaja tulos 111,6 159,9

Kauden laajan tuloksen jakautuminen: Emoyhtiön omistajille 112,2 160,0 Määräysvallattomille omistajille -0,7 0,0 Yhteensä 111,6 159,9

31.12. 2016 2015 (tilintarkastettu) (tilintarkastettu)

(miljoonaa euroa, ellei toisin todettu) KONSERNIN TASE (IFRS)

VARAT

Pitkäaikaiset varat Liikearvo 1.024,5 976,4 Muut aineettomat hyödykkeet 290,2 272,4 Aineelliset hyödykkeet 308,6 306,0 Osuudet osakkuus- ja yhteisyrityksissä 123,4 116,7 Myytävissä olevat sijoitukset 3,8 3,8 Lainasaamiset ja muut korolliset saamiset* 3,0 2,0 Laskennalliset verosaamiset 185,0 183,5 Johdannaisvarat 16,9 35,3 Muut korottomat saamiset 7,9 5,7 Pitkäaikaiset varat yhteensä 1.963,4 1.901,8

Lyhytaikaiset varat Vaihto-omaisuus 647,0 655,4 Lainasaamiset ja muut korolliset saamiset* 1,9 2,6 Tuloverosaamiset 26,1 20,0 Johdannaisvarat 45,8 36,7 Myyntisaamiset ja muut korottomat saamiset 778,9 778,4 Rahavarat* 273,2 175,8 Lyhytaikaiset varat yhteensä 1.773,0 1. 668,9

Varat yhteensä 3.736,3 3.570,7

* Sisältyvät korolliseen nettovelkaan

OMA PÄÄOMA JA VELAT

Emoyhtiön omistajille kuuluva oma pääoma Osakepääoma 64,3 64,3 18

Ylikurssirahasto 98,0 98,0 Muuntoerot 37,3 47,7 Arvonmuutosrahasto -24,7 -26,7 Sijoitetun vapaan oman pääoman rahasto 69,0 76,1 Kertyneet voittovarat 1.151,1 1.079,9 Emoyhtiön omistajille kuuluva oma 1.395,0 1.339,3 pääoma yhteensä Määräysvallattomien omistajien osuus 2,2 2,4 Oma pääoma yhteensä 1.397,2 1.341,8

Pitkäaikaiset velat Korolliset velat* 656,8 768,1 Laskennalliset verovelat 73,1 72,1 Eläkevelvoitteet 81,4 71,3 Varaukset 37,6 22,9 Muut korottomat velat 49,4 42,3 Pitkäaikaiset velat yhteensä 898,2 976,7

Lyhytaikaiset velat Pitkäaikaisten lainojen seuraavan vuoden 119,4 5,9 lyhennykset* Muut korolliset velat* 45,8 62,8 Varaukset 112,8 75,9 Saadut ennakot 160,6 197,2 Tuloverovelat 32,0 24,3 Johdannaisvelat 34,1 14,2 Ostovelat ja muut korottomat velat 936,2 872,1 Lyhytaikaiset velat yhteensä 1.440,8 1.252,3

Oma pääoma ja velat yhteensä 3.736,3 3.570,7

* Sisältyvät korolliseen nettovelkaan

1.1-31.12. 2016 2015 (tilintarkastettu) (tilintarkastettu)

(miljoonaa euroa, ellei toisin todettu) KONSERNIN RAHAVIRTALASKELMA (IFRS)

Kauden voitto 125,3 142,9 Poistot ja arvonalentumiset 84,8 76,5 Rahoituserät 28,6 26,9 Verot 43,8 43,3 Saamisten muutos 10,3 74,6 Velkojen muutos 66,9 -108,4 Vaihto-omaisuuden muutos 13,3 63,2 Nettokäyttöpääoman muutos 90,5 29,4 Muut oikaisut 0,0 -4,4 Liiketoiminnan rahavirta ennen rahoituseriä 373,0 314,6 ja veroja

Saadut korot 1,1 1,3 Maksetut korot -21,9 -22,0 Muut rahoituserät 10,7 -50,9 Maksetut tuloverot -49,4 -47,4 Liiketoiminnan nettorahavirta 313,5 195,6

Yrityshankinnat vähennettynä hankintahetken -66,8 -0,6 rahavaroilla Investoinnit osakkuus- ja yhteisyrityksiin -2,7 -2,9 Käyttöomaisuusinvestoinnit -80,5 -78,8 Käyttöomaisuuden myynnit 17,6 21,3 Investointien nettorahavirta, muut erät 0,9 3,2 Investointien nettorahavirta -131,5 -57,8

Osakemerkinnöistä saadut maksut 0,5 4,6 Omien osakkeiden hankinta -7,6 -3,4 Osakkeiden hankinta määräysvallattomilta - -3,5 omistajilta Pitkäaikaisten lainojen nostot - 120,0 Pitkäaikaisten lainojen takaisinmaksut -3,2 -125,0 Lyhytaikaisten lainojen nostot 38,2 177,0 Lyhytaikaisten lainojen takaisinmaksut -58,9 -311,5 Voitonjako -52,8 -36,1 Rahoituksen nettorahavirta -83,9 -177,9

Rahavarojen muutos 98,1 -40,2 Rahavarat ja käytetyt pankkitililimiitit kauden 164,9 203,4 alussa Valuuttakurssien muutosten vaikutus -2,2 1,7 Rahavarat ja käytetyt pankkitililimiitit 260,8 164,9 kauden lopussa

Käytetyt pankkitililimiitit kauden lopussa 12,4 10,9 Rahavarat kauden lopussa 273,2 175,8

SUORIUTUMISEN TUNNUSLUVUT Tunnuslukujen laskentakaavat:

Emoyhtiön omistajille kuuluva oma pääoma = Oma pääoma / osake, EUR Ulkona olevien osakkeiden lukumäärä kauden lopussa

Oma pääoma Omavaraisuusaste (%) = x 100 Taseen loppusumma - saadut ennakot

Korolliset velat* – korolliset varat Nettovelkaantumisaste, % = x 100 Oma pääoma

Kauden voitto Oman pääoman tuotto (%) = x 100 Oma pääoma (keskimäärin kauden aikana)

Voitto ennen veroja + korko- ja muut rahoituskulut Sijoitetun pääoman tuotto (%) = Taseen loppusumma - korottomat velat (keskimäärin x 100 kauden aikana)

Osakekohtainen tulos, laimentamaton, Emoyhtiön omistajille kuuluva kauden voitto = EUR Ulkona olevien osakkeiden lukumäärä keskimäärin kauden aikana Emoyhtiön omistajille kuuluva kauden voitto Osakekohtainen tulos, laimennettu, EUR = Ulkona olevien osakkeiden lukumäärä keskimäärin kauden aikana, laimennusvaikutus huomioituna * Sisältää Yhdysvaltain dollarin Private Placement -joukkovelkakirjalainan valuuttakurssiriskisuojauksen.

Viimeisen tilintarkastetun tilinpäätöksen julkistamispäivän jälkeen Cargotecin kehitysnäkymissä ei ole tapahtunut merkittäviä kielteisiä muutoksia.

Cargotecin taloudellisessa asemassa tai kaupankäyntipositiossa ei ole tapahtunut merkittäviä muutoksia 31.12.2016 jälkeen.

B.13 Viimeaikaiset tapahtumat, Ei ole olemassa Liikkeeseenlaskijaan liittyviä viimeaikaisia jotka ovat ratkaisevia tapahtumia, jotka ovat ratkaisevia arvioitaessa Liikkeeseenlaskijan arvioitaessa maksukykyä. Liikkeeseenlaskijan maksukykyä

B.14 Liikkeeseenlaskijan Cargotec ei ole riippuvainen muista Cargotec-konserniin kuuluvista riippuvuus muista yksiköistä. konserniin kuuluvista yksiköistä

B.15 Kuvaus Liikkeeseenlaskijan Cargotec tarjoaa edistyneitä teknologioita ja ratkaisuja älykkään päätoimialoista lastinkäsittelyn tarpeisiin maailmanlaajuisesti. Liikkeeseenlaskijan tuotteita käytetään tavaravirtojen solmukohdissa ympäri maailmaa. Tuotteita käytetään laivoissa, satamissa, terminaaleissa, jakelukeskuksissa, raskaassa teollisuudessa ja tienpäällä tapahtuvassa kuormankäsittelyssä.

Cargotecin liiketoiminta-alueet, Kalmar, Hiab ja MacGregor, tarjoavat lastaus- ja kuormankäsittelyratkaisuja maailmanlaajuisesti. Niiden maailmanlaajuiset verkostot toimivat lähellä asiakkaita, ja kattavat huoltopalvelut takaavat jatkuvan, luotettavan ja kestävän toiminnan asiakkaiden tarpeiden mukaisesti. Kalmarin tuote- ja palveluvalikoimaa – lastinkäsittelylaitteita, automaatio- ja ohjelmistoratkaisuja sekä huoltopalveluita – käytetään satamissa, terminaaleissa, jakelukeskuksissa ja teollisuuskohteissa. Hiab tarjoaa ratkaisuja erilaisiin maakuljetus- ja jakelutarpeisiin. MacGregor tarjoaa ratkaisuja ja palveluita laivojen lastinkäsittelyyn ja offshore- kuormankäsittelyyn.

Liikkeeseenlaskija toimii yli 100 maassa ja sillä on maailmanlaajuinen myynti- ja huoltoverkosto. Vuonna 2016 Liikkeeseenlaskijan liikevaihto oli noin 3,514 miljardia euroa, ja sillä oli palveluksessaan keskimäärin noin 11.193 työntekijää. Liikkeeseenlaskijan pääkonttori sijaitsee Helsingissä, Suomessa, kun taas tuotantotoimintaa on Suomessa, Kiinassa, Saksassa, Intiassa, Irlannissa, Malesiassa, Norjassa, Puolassa, Etelä-Koreassa, Espanjassa, Ruotsissa, Isossa- Britanniassa ja Yhdysvalloissa. Lisäksi osa Liikkeeseenlaskijan tuotannosta on ulkoistettu yhteistyökumppaneille, ja Cargotec keskittyy enenevässä määrin kokoonpanotoimintoihin tuotantotoiminnan sijaan.

B.16 Kuvaus siitä, onko Liikkeeseenlaskijan tietojen mukaan Liikkeeseenlaskija ei ole suoraan Liikkeeseenlaskija suoraan tai välillisesti minkään tahon määräysvallassa arvopaperimarkkinalain tai välillisesti jonkun 2 luvun 4 pykälän tarkoittamalla tavalla, ja Liikkeeseenlaskijan omistuksessa tai tiedossa ei ole järjestelyjä, jotka saattaisivat toteutuessaan johtaa määräysvallassa ja mikä määräysvallan vaihtumiseen Liikkeeseenlaskijassa. tämä taho on sekä määräysvallan luonteesta

B.17 Liikkeeseenlaskijan Cargotecilla ei ole tällä hetkellä luottoluokituslaitoksen antamaa luokitukset luottoluokitusta.

Jakso C – Arvopaperit

C.1 Tarjottavien arvopapereiden Seniorehtoinen (etuoikeusasemaltaan samassa asemassa kuin muut tyyppi ja laji vakuudettomat ja alistamattomat velat) vakuudeton velkakirjalaina, jonka kokonaisnimellismäärä on 150.000.000 euroa.

Velkakirjojen ISIN koodi-on FI4000243316.

C.2 Valuutta Euro.

C.5 Kuvaus arvopapereiden Kukin Velkakirja on vapaasti luovutettavissa sen jälkeen, kun se on vapaata luotettavuutta kirjattu asianomaiselle arvo-osuustilille. koskevista rajoituksista

C.8 Arvopapereihin liittyvät Velkakirjat ovat Liikkeeseenlaskijan suoria, vakuudettomia, oikeudet / etuoikeusjärjestys takaamattomia ja Liikkeeseenlaskijan muille veloille alistamattomia velvoitteita, jotka ovat samanarvoisia keskenään ja Liikkeeseenlaskijan kaikkien muiden vakuudettomien, takaamattomien ja Liikkeeseenlaskijan muille veloille alistamattomien velvoitteiden kanssa, lukuun ottamatta niitä velvoitteita, joilla on etuoikeus pakottavan lain nojalla.

C.9 Korko ja tuotto; Velkakirjoille maksetaan kiinteää vuotuista korkoa, joka on 1,75 velkapaperien haltijoiden prosenttia. Velkakirjoille kertyvä korko maksetaan vuosittain edustajan nimi takautuvasti alkaen 28.3.2018 ja tämän jälkeen 28.3. kunakin vuonna ("Koronmaksupäivä") 28.3.2022 saakka ("Lunastuspäivä"). Liikkeeseenlaskija voi joutua lunastamaan Velkakirjat myös Lunastuspäivää aikaisempana ajankohtana Liiallisen Vakuudellisen Velan, Määräysvallan Vaihtumisen tai Eräännyttämisperusteen johdosta (kuten Velkakirjoja koskevissa ehdoissa on määritelty), jolloin Velkakirjoille kertyvää korkoa maksetaan tällaiseen aikaisempaan ajankohtaan saakka. Lisäksi Cargotec voi vapaaehtoisesti maksaa Velkakirjat takaisin niiden nimellisarvosta lisättynä mahdollisella kertyneellä, mutta maksamatta olevalla korolla, Vapaaehtoisen Takaisinmaksun Ajanjaksona.

Velkakirjojen kulloinkin maksamatta olevalle pääomalle kertyy korkoa kultakin korkokaudelta korkokauden ensimmäinen päivä mukaan lukien ja korkokauden viimeinen päivä pois lukien. Ensimmäinen korkokausi alkaa Liikkeeseenlaskupäivänä ja päättyy ensimmäisenä Koronmaksupäivänä. Kukin seuraava korkokausi alkaa edeltävänä Koronmaksupäivänä ja päättyy seuraavana Koronmaksupäivänä. Viimeinen korkokausi päättyy Lunastuspäivänä tai aikaisempana ajankohtana Liiallisen Vakuudellisen Velan, Määräysvallan Vaihtumisen, Eräännyttämisperusteen tai Vapaaehtoisen Takaisinmaksun johdosta.

Velkakirjoihin sovellettava koronlaskuperuste on asianomaisella korkokaudella kuluneiden päivien todellinen määrä jaettuna 365:llä tai karkausvuonna 366:lla.

Velkakirjojen efektiivinen tuotto emissiokurssiin 99,910 prosenttia on 1,769 prosenttia per annum.

C.10 Tiedot siitä, kuinka kohde- Ei sovellu. Velkakirjojen korko ei ole sidottu kohde-etuuteen. etuuden arvo vaikuttaa koron määrään

C.11 Listalleotto Liikkeeseenlaskija on tehnyt hakemuksen Velkakirjojen ottamiseksi kaupankäynnin kohteeksi Helsingin Pörssin pörssilistalle, ja Velkakirjat listataan Helsingin Pörssiin arviolta 31.3.2017.

Jakso D – Riskit

D.2 Liikkeeseenlaskijaan liittyvät Liikkeeseenlaskijaan ja sen toimintaympäristöön ja liiketoimintaan riskit sekä Velkakirjoihin liittyy riskitekijöitä, jotka on lueteltu jäljempänä. Tämä luettelo ei ole tyhjentävä, ja myös riskit tai epävarmuustekijät, joista Cargotec ei tällä hetkellä ole tietoinen tai joita se juuri nyt pitää epäolennaisina, saattavat vaikuttaa haitallisesti Cargotecin liiketoimintaan, taloudelliseen asemaan, toiminnan tulokseen ja tulevaisuudennäkymiin ja siten vaikuttaa joko Cargotecin kykyyn täyttää Velkakirjoihin liittyvät velvoitteensa tai Velkakirjojen markkinahintaan tai arvoon. Riskitekijät on kuvattu täsmällisemmin Rekisteröintiasiakirjan ja tämän Arvopaperiliitteen osassa "Risk Factors".

Makrotaloudellisiin olosuhteisiin liittyviä riskejä  Epävarmat maailmanlaajuiset olosuhteet taloudessa ja rahoitusmarkkinoilla voivat vaikuttaa kielteisesti Cargotecin liiketoimintaan, taloudelliseen tilaan, liiketoiminnan tulokseen ja näkymiin  Kielteiset taloudelliset kehityskulut ja olosuhteet maissa, joissa Cargotec toimii, saattavat vaikuttaa Cargotecin toimintoihin ja asiakkuuksiin  Kielteinen kehitys maailmanmarkkinoilla ja kyvyttömyys soveltaa riittävää hinnoittelua voivat vaikuttaa Cargotecin liiketoimintaan

Cargotecin liiketoimintaan liittyviä riskejä  Mikäli Cargotec ei kykene menestyksekkäästi tukemaan Cargotecin liiketoiminta-alueita ja vahvistamaan niiden toimintoja ja tuottavuutta, tällä voi olla olennaisen haitallinen vaikutus Cargoteciin  Mikäli Cargotec ei kykene asianmukaisesti hallinnoimaan isoja projektejaan sekä automaatiota, tällä voi olla olennaisen haitallinen vaikutus Cargoteciin  Muutoksilla Cargotecin organisaatiorakenteessa ja epäonnistumisella yrityshankintojen ja -myyntien jälkeisessä integraatiossa voi olla haitallinen vaikutus Cargotecin toimintaan ja tuloksellisuuteen ja olennaisen haitallinen vaikutus Cargoteciin  Muutoksilla Cargotecin asiakkaiden ja toimittajien taloudellisessa vakaudessa voi olla haitallinen vaikutus Cargotecin toimintoihin ja tuloksellisuuteen ja olennaisen haitallinen vaikutus Cargoteciin  Mikäli Cargotec ei kykene toteuttamaan tuotevalikoimansa kehitystä sekä yhteisyrityksiänsä kasvavilla markkinoilla, tällä voi olla olennaisen haitallinen vaikutus Cargoteciin  Mikäli tuotannon järjestelyn muutoksiin liittyvät riskit toteutuvat, voi niillä olla olennaisen haitallinen vaikutus Cargotecin toimintoihin ja tuloksellisuuteen ja olennaisen haitallinen vaikutus Cargoteciin  Muutoksilla raaka-aineiden hinnoissa voi olla olennaisen haitallinen vaikutus Cargoteciin

 Mikäli Cargotec ei kykene täyttämään asiakkaiden odotuksia tai laatuvaatimusmääräyksiä ja -standardeja, tällä voi olla olennaisen haitallisia vaikutuksia Cargotecin liikevaihtoon ja brändin arvoon  Mikäli Cargotec ei kykene asianmukaisesti ottamaan käyttöön toiminnanohjausjärjestelmää, tällä voi olla olennaisen haitallinen vaikutus Cargotecin toimintoihin, ja järjestelmien toimimattomuudella voi olla olennaisen haitallinen vaikutus Cargotecin toimintojen tehokkuuteen ja/tai tuottavuuteen ja tällä voi olla olennaisen haitallinen vaikutus Cargoteciin  Mikäli Cargotec ei kykene pitämään palveluksessaan tai rekrytoimaan tarvittavaa henkilöstöä ja avainhenkilöitä, tällä voi olla olennaisen haitallinen vaikutus Cargoteciin  Sellaisilla riskitapahtumilla, joita Cargotecin vakuutukset eivät kata, voi olla olennaisen haitallinen vaikutus Cargoteciin  Epäsuotuisilla muutoksilla lainsäädännössä, lakien ja säännösten noudattamattomuudella sekä epäonnistumisella hallinnoida oikeudellisia riskejä Cargotecin sopimuksiin ja niiden noudattamiseen liittyen, voi olla olennaisen haitallinen vaikutus Cargoteciin  Mikäli Cargotecin toiminnassa materialisoituvat turvallisuus-, vahinko- ja ympäristöriskit, voi niillä olla olennaisen haitallinen vaikutus Cargoteciin  Mikäli Cargotec ei kykene luomaan, hallitsemaan ja suojaamaan Cargotecin tavaramerkkejä ja aineettomia oikeuksia, tai mikäli tavaramerkkeihin tai muihin aineettomiin oikeuksiin kohdistuu vastuita tai vaateita, tällä voi olla olennaisen haitallinen vaikutus Cargoteciin  Sellaiset riskitapahtumat, jotka aiheutuvat kolmannen osapuolen toimista, voivat vaikuttaa olennaisesti Cargotecin maineeseen ja niillä voi olla olennaisen haitallinen vaikutus Cargoteciin

Rahoitusriskejä  Korkotason vaihtelut saattavat vaikuttaa epäedullisesti Cargotecin liiketoiminnan tulokseen ja taseeseen  Valuuttakurssien vaihtelut saattavat vaikuttaa epäedullisesti Cargotecin liiketoiminnan tulokseen ja taseeseen  Cargotec on altis luotto-, vastapuoli- ja likviditeettiriskeille  Cargotec ei välttämättä saa rahoitusta kilpailukykyisin ehdoin tai lainkaan  Muutokset liittyen oletuksiin tiettyjen omaisuuserien kirjanpitoarvoista, mukaan lukien tilanteet, jotka johtuvat epäedullisista markkinaolosuhteista, voivat johtaa kyseisten omaisuuserien arvon alentumiseen  Cargotec altistuu tilinpäätöksen laadintaperiaatteiden, tilinpäätösstandardien ja kirjanpitomenetelmien muutoksiin liittyville riskeille

D.3 Arvopapereihin liittyvät Velkakirjoihin liittyviä riskejä riskit  Velkakirjat eivät välttämättä sovellu sijoituskohteeksi kaikille sijoittajille  Korko ja sijoitettu pääoma saatetaan menettää  Velkakirjoista ei ole annettu takausta tai asetettu vakuutta, mikä voi vaarantaa oikea-aikaisen ja täysimääräisen maksun Velkakirjanhaltijoille  Velkakirjoille ei välttämättä muodostu aktiivisia jälkimarkkinoita  Koska Velkakirjoille on asetettu kiinteä korko, saattaa niiden hinta laskea markkinakorkojen muuttuessa

 Luokitusyhtiö ei ole luottoluokittanut Liikkeeseenlaskijaa tai Velkakirjoja, mikä voi nostaa Liikkeeseenlaskijan lainakustannuksia. Jos Liikkeeseenlaskija tai Velkakirjat luottoluokitetaan, luottoluokitus ei välttämättä vastaa kaikkien Velkakirjoihin liittyvien riskien, rakenteen, markkinan ja muiden tekijöiden todellisia vaikutuksia Velkakirjojen arvoon  Velkakirjoihin liittyvien transaktioiden toteutuminen riippuu Euroclear Finland Oy:n toiminnasta ja järjestelmistä ja mikä tahansa häiriö tai viivästys tällaisissa järjestelmissä voi aiheuttaa taloudellisia tappioita tai vahinkoa Velkakirjanhaltijoille  Velkakirjoihin liittyvien lakien tai käytäntöjen muuttumisen vaikutuksista Liikkeeseenlaskijaan, Velkakirjojen markkinahintaan tai arvoon taikka Velkakirjanhaltijoiden korkotulojen verokohteluun ei ole takeita niin kauan kun Velkakirjat ovat erääntymättömiä  Velkakirjat eivät lähtökohtaisesti sisällä Liikkeeseenlaskijan liiketoimintaan liittyviä kovenantteja eivätkä rajoita Liikkeeseenlaskijan oikeutta sulautua, jakautua, toteuttaa liiketoimintakauppoja tai muutoin toteuttaa merkittäviä transaktioita, joilla saattaa olla olennaisen epäedullinen vaikutus Velkakirjoihin ja Velkakirjanhaltijoihin  Liikkeeseenlaskijan käyttäessä oikeuttaan lunastaa tai ostaa Velkakirjat ennen niiden erääntymistä, tai Velkakirjanhaltijan käyttäessä oikeuttaan vaatia ennenaikaista maksua, saattaa tällä olla olennaisen haitallinen vaikutus Liikkeeseenlaskijaan sekä lunastamattomiin Velkakirjoihin  Velkakirjan ehtoihin tehtävät muutokset sitovat kaikkia Velkakirjanhaltijoita, mikä voi aiheuttaa muun muassa taloudellisia tappioita kaikille Velkakirjanhaltijoille  Oikeus maksuun Velkakirjojen perusteella vanhenee  Velkakirjat eivät anna äänioikeutta Cargotecin yhtiökokouksissa, joiden päätökset voivat vaikuttaa Cargotecin kykyyn täyttää Velkakirjoihin liittyvät velvoitteensa sekä Velkakirjojen markkinahintaan ja arvoon  Yhtiö voi laskea liikkeeseen lisävelkaa ja/tai antaa vakuuksia, mikä voi vähentää Velkakirjanhaltijoille takaisinmaksettavaa määrää tai heikentää Velkakirjanhaltijoiden asemaa ja etusijaa  Sijoitustoiminnan rajoitukset saattavat estää tiettyjen sijoittajien sijoituksia

Jakso E – Tarjous

E.2b Syyt tarjoamiseen ja varojen Hankittavien varojen käyttö: pääasiassa jälleenrahoitus sekä lisäksi käyttö, jos muu kuin voiton konsernin yleiset rahoitustarpeet. tavoittelu ja/tai tietyiltä riskeiltä suojautuminen

E.3 Tarjousehdot Liikkeeseenlaskupäivä: 28.3.2017.

Lunastuspäivä: 28.3.2022, tai aikaisemmin Liiallisen Vakuudellisen Velan, Määräysvallan Vaihtumisen, Eräännyttämisperusteen tai Vapaaehtoisen Takaisinmaksun johdosta.

Liikkeeseenlaskun kokonaismäärä: 150.000.000 euroa.

Koronmaksupäivät: vuosittain jälkikäteisesti 28.3.2018 alkaen ja tämän jälkeen 28.3. kunakin vuonna.

Korko: 1,75 prosenttia vuodessa.

Velkakirjojen efektiivinen tuotto emissiokurssiin 99,910 prosenttia: 1,769 prosenttia.

Lunastus: nimellisarvosta, kertalyhenteisesti, Lunastuspäivänä tai aikaisemmin Liiallisen Vakuudellisen Velan, Määräysvallan Vaihtumisen, Eräännyttämisperusteen tai Vapaaehtoisen Takaisinmaksun johdosta.

Minimimerkintä: 100.000 euroa.

Arvo-osuuden yksikkökoko: 1.000 euroa.

Kovenantit: Panttaamattomuussitoumus, Liiallinen Vakuudellinen Velka, Määräysvallan Vaihtuminen, Ristiin Eräännyttäminen.

Selvitys: Velkakirjat lasketaan liikkeeseen arvo-osuuksina Euroclear Finland Oy:n Infinity-arvo-osuusjärjestelmässä.

Sovellettava laki: Suomen laki.

E.4 Liikkeeseenlaskuun liittyvät Pääjärjestäjien intressit: rahoitusmarkkinoilla tavanomaiset olennaiset intressit, mukaan liiketoimintaintressit. lukien eturistiriidat

E.7 Arvioidut sijoittajilta Liikkeeseenlaskija ei veloita sijoittajalta Velkakirjojen veloitettavat kustannukset liikkeeseenlaskuun liittyviä maksuja.

RISK FACTORS

An investment in the Notes involves a number of risks, many of which are inherent to Cargotec’s business and could be significant. Investors considering investment in the Notes should carefully review the specific risk factors described below, the specific risk factors described in section "Risk Factors" in the Company's Registration Document as well as other information contained in the Listing Prospectus and in the stock exchange releases published by the Company. Factors possibly affecting an investment decision are also discussed elsewhere in the Listing Prospectus. Should one or more of the risk factors described herein materialise, it may have a material adverse effect on Cargotec’s business, financial condition, results of operations and prospects and, thereby, on Cargotec’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes. As a result, investors may lose part or all of their investments. The following description is a summary of certain risk factors that may affect the Issuer’s ability to fulfil its obligations under the Notes or that are material in order to assess the market risk associated with the Notes. This description is based on information known and assessed at the time of preparing the Listing Prospectus, and, therefore, the description of the risk factors is not necessarily exhaustive. Cargotec also faces many of the risks inherent to the cargo flows and additional risks not currently known or not currently deemed material may also impair Cargotec’s business, financial condition, results of operations and prospects. The market price of the Notes could decline due to the realisation of these risks, and investors could lose a part or all of their investment. Potential investors should note that the order in which the risk factors are presented does not reflect the probability of their realisation or order of importance.

Risks relating to the Notes

The following risk factors are, among other things, material in order to assess the risks associated with the Notes. Words and expressions in this section shall have the meaning defined in Annex A "Terms and Conditions of the Notes" of the Listing Prospectus.

The Notes may not be a suitable investment for all investors

The Notes may not be a suitable investment for all investors. Thus, each potential investor in the Notes must assess the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

(a) have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks of investing in the Notes and the information contained or referred to in the Listing Prospectus;

(b) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Notes and the impact the Notes will have on its overall investment portfolio;

(d) be able to evaluate either alone or with the help of a financial adviser possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risk.

If the Notes are not a suitable investment for a Noteholder due to the Noteholder not meeting any of the aforementioned qualities in part or in whole, this may cause financial losses or damage to the Noteholders.

Possibility to forfeit interest and principle amount invested

Should the Issuer become insolvent during the term of the Notes, an investor may forfeit interest payable on, and the principle amount of, the Notes in whole or in part.

No guarantee or security

The Notes will not be obligations of anyone other than the Issuer and they will not be guaranteed. No one other than the Issuer will accept any liability whatsoever in respect of any failure by the Issuer to pay any amount due under the Notes.

The Notes are unsecured debt instruments and the holders of the Notes (the "Noteholders") would be unsecured creditors in the event of the Issuer’s bankruptcy. Accordingly, in addition to that any adverse change in the financial condition or prospects of the Issuer may have a material adverse effect on the liquidity of the Notes, and may result in a material decline in their market price, such adverse change may endanger the probability that the Noteholders will receive the prompt and full payment, when due, for principal, interest and/or any other amounts and items payable to the Noteholders pursuant to the Notes from time to time.

Active trading market for the Notes may not develop

The Notes constitute a new issue of securities by Cargotec. Prior to the listing of the Notes, there is no public market for the Notes. Although application has been made to list the Notes on the Helsinki Stock Exchange and the Company has issued notes on the Helsinki Stock Exchange also in 2014, no assurance can be given that such application will be approved. In addition, listing of the Notes will not guarantee that a liquid public market for the Notes will develop and even if such a market were to develop, neither the Issuer nor the Joint Lead Managers are under any obligation to maintain such market. The liquidity and the market prices of the Notes can be expected to vary with changes in market and economic conditions, the financial condition and prospects of the Issuer as well as many other factors that generally influence the market prices of securities. Such factors may significantly affect the liquidity and the market prices of the Notes, which may trade at a discount to the price at which the Noteholders purchased the Notes.

There can be no assurance that an active trading market for the Notes will develop, or, if one does, that it will be maintained. If an active trading market for the Notes does not develop or is not maintained, it may result in a material decline in the market price of the Notes, and the liquidity of the Notes may be adversely affected. Therefore, investors may not be able to sell their Notes easily or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. Further, if additional and competing products are introduced in the markets, this may also result in a material decline in the market price and value of the Notes.

Since the Notes bear a fixed interest rate, their price may fall as a result of changes in the interest rates

The Notes bear interest on their outstanding principal at a fixed interest rate. A holder of a security with a fixed interest rate is exposed to the risk that the price of such security could fall as a result of changes in the market interest rate. Market interest rates follow the changes in general economic conditions, and are affected by, among many other things, demand and supply for money, liquidity, inflation rate, economic growth, benchmark rates of central banks, implied future rates, and changes and expectations related thereto.

While the nominal compensation rate of a security with a fixed interest rate is fixed during the term of such security or during a certain period of time, current interest rates on capital markets (market interest rates) typically change continuously. In case market interest rates increase, the market price of such a security typically falls, until the yield of such security is approximately equal to the market interest rates. If market interest rates fall, the price of a security with a fixed interest rate typically increases, until the yield of such a security is approximately equal to market interest rates. Consequently, the Noteholders should be aware that movements of market interest rates may result in a material decline in the market price of the Notes and can lead to losses for the Noteholders if they sell the Notes. Further, the past performance of the Notes is not an indication of their future performance.

Absence of rating

Neither the Issuer nor the Notes are currently rated by any rating agency. Accordingly, investors are not able to refer to any independent credit rating when evaluating factors that may affect the value of the Notes. The absence of rating may reduce the liquidity of the Notes as investors often times base part of their decision to buy notes on the credit rating. The absence of rating may increase the borrowing costs of the Issuer.

One or more independent credit rating agency may independently assign credit ratings to the Issuer and/or the Notes. The ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed herein, and other factors that may affect the value of the Notes. A rating or the absence of a rating is not a recommendation buy anyone to buy, sell or hold securities.

The completion of transactions relating to the Notes is dependent on Euroclear Finland Ltd’s operations and systems

The Notes are issued in the book-entry securities system of Euroclear Finland Ltd ("Euroclear Finland"). Pursuant to the Act on Book-Entry System and Clearing Activity (14 December 2012/749, as amended), the Notes will not be evidenced by any physical note or document of title other than statements of account made by Euroclear Finland or its account operator. The Notes are dematerialised securities and title to the Notes is recorded and transfers of the Notes are effected only through the relevant entries in the book-entry system and registers maintained by Euroclear Finland and its account operators. Therefore, timely and successful completion of transactions relating to the Notes, including but not limited to transfers of, and payments made under, the Notes, depend on the book-entry securities system being operational and that the relevant parties, including but not limited to the payment transfer bank and the account operators of the Noteholders, are functioning when transactions are executed. During the term-to-maturity of the Notes, Euroclear Finland’s systems to process the Notes are likely to be changed materially due to the introduction of the Target 2 securities platform of the European System of Central Banks. Any malfunction or delay in the book-entry securities system or any failure by any relevant party may result in the transaction involving the Notes not taking place

as expected or being delayed, which may cause financial losses or damage to the Noteholders whose rights depended on the timely and successful completion of the transaction.

No assurance on change of laws or judicial practices during the validity of the Notes

The Notes are governed by the laws of Finland, as in force from time to time. Finnish laws (including but not limited to tax laws) and regulations governing the Notes may change during the validity of the Notes, and new judicial decisions can be given and administrative practices take place. No assurance can be given as to the impact of any such possible change of laws or regulations, or new judicial decision or administrative practice taking place after the date of the Listing Prospectus. Hence, if materialised, such event may have a material adverse effect on Cargotec’s business, financial condition, results of operations and prospects and, thereby, Cargotec’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes. Such event may also cause material financial losses or damage to the Noteholders or impact the tax treatment of the interest income of the Noteholders.

The Notes do not, as a rule, contain covenants governing the Issuer’s operations and do not limit its ability to merge, demerge, effect asset sales or otherwise effect significant transactions that may have a material adverse effect on the Notes and the Noteholders

In addition to the rights of creditors in general, the Notes do not contain provisions designed to protect Noteholders from a reduction in the creditworthiness of the Issuer. In particular, the Terms and Conditions of the Notes do not, except for the Change of Control condition (see Condition 10 of the Terms and Conditions of the Notes) which grants the Noteholders the right of repayment of the Notes in certain limited circumstances, restrict the Issuer’s ability to enter into a merger, demerger, asset sale or other significant transaction that could materially alter its existence, jurisdiction of organisation or regulatory regime and/or its composition and business. In the event the Issuer was to enter into such a transaction, Noteholders could be materially and adversely affected. Furthermore, the Change of Control condition does not restrict any of the current shareholders of the Issuer from disposing any or all of their shareholdings.

Right to redeem or purchase the Notes prior to maturity or any Noteholder using its right to require prepayment of the Notes may have a material adverse effect on the Issuer and any Notes outstanding

As specified in the Terms and Conditions of the Notes, Cargotec may voluntarily redeem the Notes at their nominal principal amount together with any accrued but unpaid interest during a Voluntary Redemption Period (see Condition 5.2 of the Terms and Conditions of the Notes). Such early repayment initiated by the Issuer may incur financial losses or damage, among other things, to such Noteholders who had prepared themselves to have the amount of the Notes invested until the contractual final maturity of the Notes.

As specified in the Terms and Conditions of the Notes, the Noteholders are entitled to demand premature repayment of the Notes in case of an Event of Default or a Change of Control or if the Issuer or any of its subsidiaries encumbers its present or future assets, rights or receivables by placing collateral as security, the amount of which exceeds twenty-five (25) per cent. of the Issuer's total consolidated assets at any given time, as evidenced by the then latest consolidated financial statements of the Issuer. Such premature repayment may have a material adverse effect on Cargotec’s business, financial condition, results of operations and prospects and, thereby, on Cargotec’s ability to fulfil its obligations under the Notes of such Noteholders who elect not to exercise their right to get their Notes prematurely repaid as well as the market price and value of such Notes.

In addition, as specified in the Terms and Conditions of the Notes, Cargotec may at any time purchase Notes in any manner and at any price prior to maturity. Only if such purchases are made by tender, such tender must be available to all Noteholders alike. Cargotec is entitled to cancel, dispose of or hold the purchased Notes at its discretion. Consequently, a Noteholder offering Notes to Cargotec in connection with such purchases may not receive the full invested amount. Furthermore, a Noteholder may not have the possibility to participate in such purchases. The purchases - whether by tender or otherwise - may have a material adverse effect on such Noteholders who do not participate in the purchases as well as the market price and value of such Notes.

Furthermore, in case more than 75% of the aggregate principal amount of the Notes has been repaid pursuant to a demand by the Noteholders based on a Change of Control of the Issuer or the provision of excess collateral, the Issuer is entitled to prepay also the remaining outstanding Notes by notifying the Noteholders of such prepayment. It should be noted, that such early repayment may not be initiated by the Issuer in case of an Event of Default. Such early repayment initiated by the Issuer may incur financial losses or damage, among other things, to such Noteholders who had prepared themselves to have the amount of the Notes invested until the contractual final maturity of the Notes.]

Amendments to the Notes bind all Noteholders

The Terms and Conditions of the Notes may be amended in certain circumstances, with the required consent of a

defined majority of the Noteholders. The Terms and Conditions of the Notes contain provisions for Noteholders to call and attend meetings or participate in a written procedure to consider and vote upon matters affecting their interests generally. Resolutions passed at such meetings or in a written procedure can bind all Noteholders, including Noteholders who did not attend and vote at the relevant meeting or participate in a written procedure and Noteholders who voted in a manner contrary to the majority. This may incur financial losses, among other things, to all Noteholders, including such Noteholders who did not attend and vote at the relevant meeting or participate in a written procedure and Noteholders who voted in a manner contrary to the majority.

Prescription

In case any payment under the Notes has not been claimed within three (3) years from the original due date thereof, the right to such payment shall become void. Such prescription may incur financial losses to such Noteholders who have not claimed payment under the Notes within the prescription time of three (3) years.

No voting rights

The Notes carry no voting rights with respect to shareholders meetings of the Issuer. Consequently, the Noteholders cannot influence any decisions by the Issuer’s shareholders concerning, for instance, the capital structure of the Issuer. Such decisions may have a material adverse effect on Cargotec’s business, financial condition, results of operations and prospects and, thereby, on Cargotec’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes.

No limitation on issuing additional debt

Except for the limitation to issuance, by Cargotec or its subsidiaries, of collateralised notes or bonds, debentures, debenture stock or loan stock issued after the issuance of the Notes that are capable of being listed on a stock exchange or subject to trading in a regulated market as provided in the Terms and Conditions of the Notes, there is no restriction on the amount of debt which the Issuer may raise or issue after the issuing of the Notes. Such further debt may reduce the amount recoverable by the Noteholders upon winding-up or insolvency of the Issuer, or may worsen the position and priority of the Noteholders in such winding-up or insolvency procedure.

Legal investment considerations may restrict certain investments

The investment activities of Noteholders with respect to the Notes may be subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential Noteholder is advised to consult its legal advisers to determine whether and to what extent (i) Notes are legal investments for it, (ii) Notes can be used as collateral for various types of borrowing and (iii) other restrictions apply to its purchase or pledge of any Notes. Financial institutions are advised to consult their legal advisors or the appropriate regulators to determine the appropriate treatment of Notes under any applicable risk-based capital or similar rules. If the Notes are not a suitable investment for the Noteholder due to legislative or regulatory restrictions or requirements such as the above, this may incur financial losses or damage, among other things, to such Noteholder.

GENERAL INFORMATION

On 28 March 2017, Cargotec issued senior unsecured Notes with an aggregate nominal amount of EUR 150,000,000 mainly to certain institutional investors. The Notes are represented by units in denominations of EUR 1,000. The rate of interest of the Notes is 1.75 per cent. per annum. The effective yield of the Notes is 1.769 per cent. per annum. The estimated cost of the issue and the Listing is approximately EUR 0.4 million. An application has been made for the Notes to be admitted to trading on the official list of the Helsinki Stock Exchange. The Listing is expected to take place on or about 31 March 2017. The Notes are issued in dematerialised form in the Infinity securities system of Euroclear Finland Ltd. The ISIN Code of the Notes is FI4000243316.

The reason for the issue of the Notes is to use the proceeds predominantly for refinancing but also for general corporate purposes.

See also “Annex A - Terms and Conditions of the Notes" and "Annex B - Additional Information of the Issue of the Notes”.

The Issuer and certain other parties

The Issuer Cargotec Corporation Porkkalankatu 5 FI-00180 Helsinki, Finland

Joint Lead Managers of the Issue of the Notes Nordea Bank AB (publ), Finnish Branch Aleksis Kiven katu 9 FI-00020 Nordea, Finland

OP Corporate Bank plc Gebhardinaukio 1 FI-00013 OP, Finland

Legal Advisor to the Issuer Krogerus Attorneys Ltd Unioninkatu 22 FI-00130 Helsinki, Finland

The Auditor of the Issuer PricewaterhouseCoopers Oy Itämerentori 2 FI-00100 Helsinki, Finland Auditor with principal responsibility: Tomi Hyryläinen and Ylva Eriksson

RESPONSIBILITY STATEMENT

The Listing Prospectus has been prepared by the Issuer and the Issuer accepts responsibility regarding the information contained in the Listing Prospectus. To the best knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the information contained in the Listing Prospectus is in accordance with the facts and contains no omission likely to affect its import.

AUDITORS

The consolidated financial statements of the Issuer for the financial years ended on 31 December 2016 and 31 December 2015 incorporated in the Listing Prospectus by reference have been audited by PricewaterhouseCoopers Oy with Tomi Hyryläinen and Ylva Eriksson, Authorised Public Accountants, as auditors with principal responsibility. The business address of the auditors and PricewaterhouseCoopers Oy is Itämerentori 2, FI-00100 Helsinki, Finland.

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS

Certain statements in the Listing Prospectus, including but not limited to certain statements set forth under the captions "Risk Factors", "Information about the Issuer" and "Financial and Trend Information, Future Outlook", are based on the beliefs of Cargotec’s management as well as assumptions made by and information currently available to it, and such statements may constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Cargotec, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among other things, the risks described in the section "Risk Factors" of the Registration Document and of this Securities Note. The forwardlooking statements are not guarantees of the future operational or financial performance of Cargotec. In addition to factors that may be described elsewhere in the Listing Prospectus, the factors discussed under "Risk Factors" of the Registration Document and this Securities Note could cause Cargotec’s actual results of operations or its financial condition to differ materially from those expressed in any forward-looking statement. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, Cargotec’s actual results of operations, its financial condition or its ability to fulfil its obligations under the Notes could differ materially from those described herein as anticipated, believed, estimated or expected. The Issuer does not intend and does not assume any obligation to update any forward-looking statements contained herein unless required by applicable legislation. For additional information that could affect the results, performance or achievements of Cargotec, see the Registration Document – "Risk Factors" and this Securities Note – "Risk Factors".

MARKET AND INDUSTRY INFORMATION

The Listing Prospectus contains information about Cargotec's markets and Cargotec’s competitive position therein. Where certain market data and market estimates contained in the Listing Prospectus have been derived from third party sources, such as industry publications, the name of the source is given therein. Industry publications generally state that the information they contain has been obtained from sources believed to be reliable, but the correctness and completeness of such information is not guaranteed. The Issuer confirms that any such information has been accurately reproduced and that, as far as the Issuer is aware and is able to ascertain from information published by such third party, no facts have been omitted which would render the reproduced information inaccurate or misleading. However, neither the Issuer nor the Joint Lead Managers have independently verified, and cannot give any assurances as to the appropriateness of, such information. Should the Listing Prospectus contain market data or market estimates in connection with which no source has been presented, such market data or market estimate is based on the estimates of Cargotec’s management. Where information on Cargotec’s markets or Cargotec’s competitive position therein is provided expressly according to Cargotec’s management in the Listing Prospectus, such assessments have been made by Cargotec's management on the basis of information available to Cargotec’s management, such as reports by Drewry Shipping Consultants Ltd., Clarkson Research Services Ltd. and WorldCargo News.

ADDITIONAL INFORMATION

The Issuer or its debt securities have not been assigned any credit ratings at the request or with the co-operation of the Issuer in the rating process.

NO INCORPORATION OF WEBSITE INFORMATION

The Listing Prospectus will be published on Cargotec’s website at: http://www.cargotec.com/investors. However, the contents of Cargotec’s website or any other website do not form a part of the Listing Prospectus (except for the Listing Prospectus itself and information which has been incorporated by reference to the Listing Prospectus, see Registration Document section "Documents Incorporated by Reference"), and prospective investors should not rely on such information in making their decision to invest in the Notes.

NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA (OTHER THAN FINLAND)

The Listing Prospectus has been prepared on the basis that all offers of the Notes in the European Economic Area (the "EEA") will be made pursuant to an exemption under the Prospectus Directive, as implemented in the member states of the EEA, from the requirement to produce a prospectus under the Prospectus Directive for offers of securities. Accordingly, any person making or intending to make any offer of the Notes within the EEA should only do so in circumstances in which no obligation arises for the Issuer or the Joint Lead Managers to publish a prospectus under the Prospectus Directive for such offer. Neither the Issuer nor the Joint Lead Managers have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary. In relation to each member state of the EEA which has implemented the Prospectus Directive (each a "Relevant Member State"), an offer to the public of any Notes may not be made in that Relevant Member State, except that an offer of the Notes to the public in that Relevant Member State may be made at any time under the following exemptions from the Prospectus Directive (as amended by Directive 2010/73/EU), if they have been implemented in that Relevant Member State:

(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive; or

(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of the Notes shall result in a requirement for the publication of a prospectus pursuant to Article 3 of the Prospectus Directive by the Issuer or of either Joint Lead Manager.

For the purposes of this provision, the expression an "offer to the public" in relation to any of the Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer of the Notes to be offered so as to enable an investor to decide to purchase any of the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State.

NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM

In the United Kingdom, the Listing Prospectus may be distributed only to, and may be directed at, (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may be lawfully communicated, falling within Article 49(1) of the Order (all such persons together being referred to as "relevant persons"). The offer of the Notes is directed only at relevant persons, and any person who is not a relevant person should not act or rely on this document or any of its contents.

ANNEX A - TERMS AND CONDITIONS OF THE NOTES

CARGOTEC CORPORATION EUR 150,000,000 1.75 % NOTES DUE 28 MARCH 2022

ISIN CODE FI4000243316

The Board of Directors of Cargotec Corporation (the "Issuer") has at its meeting on 8 February 2017 approved the issuance of senior unsecured notes (the "Notes") referred to in paragraph 1 of Section 34 of the Act on Promissory Notes (622/1947, as amended, Fi: velkakirjalaki). Based on the authorisation, the Issuer has decided to issue the Notes on the terms and conditions specified below.

Nordea Bank AB (publ) and OP Corporate Bank plc will act as arrangers in connection with the offer and issue of the Notes (the "Arrangers").

1 PRINCIPAL AMOUNT AND ISSUANCE OF THE NOTES

The maximum principal amount of the Notes is one hundred and fifty million euros (EUR 150,000,000). The Issuer may later create and issue further notes having the same terms and conditions as the Notes, as further set out below under Condition 17 (Further Issues).

The Notes will be issued in dematerialised form in the Infinity securities system maintained by Euroclear Finland Ltd ("EFi"), address Urho Kekkosen katu 5 C, 00100 Helsinki, Finland (or any system replacing or substituting the Infinity securities system in accordance with the rules and decisions of EFi) in accordance with the Finnish legislation governing book-entry system and book-entry accounts as well as the rules and decisions of EFi. The Notes cannot be physically delivered.

Nordea Bank AB (publ), Finnish Branch is the issuer agent (Fi: liikkeeseenlaskijan asiamies) of the Notes referred to in the rules of EFi (the "Issuer Agent") and the paying agent of the Notes (the "Paying Agent").

The issue date of the Notes is 28 March 2017 (the "Issue Date").

The Notes will be offered for subscription in a minimum amount of one hundred thousand euros (EUR 100,000). The principal amount of each book-entry unit (Fi: arvo-osuuden yksikkökoko) is one thousand euros (EUR 1,000). The maximum number of the Notes is one hundred and fifty thousand (150,000), or a higher number if the Issuer decides to increase the maximum principal amount of the Notes. Each Note will be freely transferable after it has been registered into the respective book-entry account.

2 SUBSCRIPTION OF THE NOTES

The subscription period (the "Subscription Period") of the Notes shall commence and end on 17 March 2017.

Bids for subscription shall be submitted to i) Nordea Bank AB (publ) c/o Nordea Bank AB (publ), Finnish Branch, Satamaradankatu 5, 00020 NORDEA, Finland, tel. +358 9 369 50880; or (ii) OP Corporate Bank plc, Gebhardinaukio 1, 00510 Helsinki, tel. +358 10 252 7970, during regular business hours.

Subscriptions made are irrevocable. All subscriptions remain subject to the final acceptance by the Issuer. The Issuer may, in its sole discretion, reject a subscription in part or in whole. The Issuer shall decide on the procedure in the event of over-subscription.

Subscriptions shall be paid for as instructed in connection with the subscription.

Notes subscribed and paid for shall be entered by the Issuer Agent to the respective book-entry accounts of the subscribers on a date advised in connection with the issuance of the Notes in accordance with the Finnish legislation governing book-entry system and book-entry accounts as well as rules and decisions of EFi.

3 ISSUE PRICE

The issue price of the Notes is 99.190 per cent.

4 INTEREST

The Notes bear interest at the fixed rate of 1.75 per cent. per annum.

Interest on the Notes will be paid annually in arrears commencing on 28 March 2018 and thereafter on each 28 March (each an "Interest Payment Date") until the Redemption Date (as defined below under Condition 5 (Redemption)). Interest shall accrue for each interest period from and including the first day of the interest period to and excluding the last day of the interest period on the principal amount of Notes outstanding from time to time. The first interest period commences on the Issue Date and ends on the first Interest Payment Date. Each consecutive interest period begins on the previous Interest Payment Date and ends on the following Interest Payment Date. The last interest period ends on the Redemption Date (as defined below under Condition 5 (Redemption)).

5 REDEMPTION

5.1 Redemption at Maturity

The Notes shall be repaid in full at their nominal principal amount on 28 March 2022 (the "Redemption Date"), unless the Issuer has prepaid the Notes in accordance with Condition 5.2 (Voluntary Total Redemption), Condition 9 (Excess Secured Indebtedness), Condition 10 (Change of Control) or Condition 11 (Events of Default) below.

5.2 Voluntary Total Redemption

The Issuer may redeem the Notes, in whole but not in part, at any time during the period commencing on the first Business Day (as defined below under Condition 7 (Payments)) falling three (3) months prior to the Redemption Date (such Business Day included) and ending on the Redemption Date (the Redemption Date excluded) (the “Voluntary Redemption Period”) (3 month par call), at an amount equal to one hundred (100) per cent. of their nominal principal amount together with any accrued but unpaid interest to but excluding the date of voluntary redemption (the “Voluntary Redemption Date”).

Redemption in accordance with this Clause 5.2 shall be made by the Issuer giving not less than 30 but no more than 60 calendar days’ irrevocable notice which shall specify the Voluntary Redemption Date, which shall be a Business Day within the Voluntary Redemption Period, to the Issuer Agent and the Noteholders (as defined below under Condition 9 (Excess Secured Indebtedness)), in accordance with Condition 14 (Notices and Right to Information).

6 STATUS AND SECURITY

The Notes constitute direct, unsecured, unguaranteed and unsubordinated obligations of the Issuer ranking pari passu among each other and with all other unsecured, unguaranteed and unsubordinated indebtedness of the Issuer, save for such obligations as may be preferred by mandatory provisions of law.

7 PAYMENTS

Interest on and principal of the Notes shall be paid in accordance with the Finnish legislation governing book-entry system and book-entry accounts as well as the rules and decisions of EFi.

Should any Interest Payment Date, Prepayment Date (as defined below under Condition 9 (Excess Secured Indebtedness)), CoC Prepayment Date ((as defined below under Condition 10 (Change of Control)) or the Redemption Date fall on a date which is not a Business Day (as defined below), the payment of the amount due will be postponed to the following Business Day. The postponement of the payment date shall not have an impact on the amount payable.

In these terms and conditions, "Business Day" shall mean a day on which banks in Helsinki are open for general business and on which also the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) payment system is open.

8 NEGATIVE PLEDGE

So long as any Note remains outstanding, the Issuer shall not, and the Issuer shall procure that none of its Subsidiaries will, create any mortgage, charge, lien, pledge or other security interest to secure any other notes, bonds or other similar debt securities issued after the issuance of the Notes that would be capable of being listed on a stock exchange or subject to trading in a regulated market (if the Issuer were a public limited liability company) or a multilateral trading facility (nor create any such security interest to secure any guarantee or indemnity over such notes or other securities), unless the granting of such security interest is required under Finnish law or other law governing such notes, bonds or other debt securities, or unless prior to or simultaneously therewith the Issuer’s obligations under the Notes either (a) are secured equally and rateably therewith or (b) have the benefit of such other security interest or other arrangement (whether or not it includes the granting of a security interest) as shall be approved by a resolution of the Noteholders (as referred to in Condition 13 (Noteholders’ Meeting and Procedure in Writing)).

In these terms and conditions a "Subsidiary" shall mean a subsidiary within the meaning of Chapter 1, Section 6 of the Bookkeeping Act (1336/1997, as amended, Fi: kirjanpitolaki).

9 EXCESS SECURED INDEBTEDNESS

If the Issuer or any of its Subsidiaries encumbers or has encumbered its present or future assets, rights or receivables by placing any real estate or other mortgage, pledge, lien, security or other right of pledge or other similar arrangement which secures the obligation of a natural person or legal person as security, the amount of which exceeds twenty-five (25) per cent. of the Issuer’s total consolidated assets at any given time, as evidenced by the then latest consolidated financial statements of the Issuer, the Issuer shall promptly notify the holders of Notes (the "Noteholders") of such event in accordance with Condition 14 (Notices and Right to Information).

The Issuer shall on the date falling forty-five (45) Business Days after the publication of the notice referred to in the above paragraph of this Condition 9 (the “Prepayment Date”) prepay the nominal principal amount of and accrued interest on the Notes, but without any premium or penalty, held by the Noteholders who have required prepayment of the Notes held by them by a written notice to be given to the Issuer no later than fifteen (15) Business Days before the Prepayment Date. Interest on the Notes accrues until the Prepayment Date (excluding the Prepayment Date).

If Notes representing more than seventy-five (75) per cent. of the aggregate nominal principal amount of the Notes have been prepaid pursuant to this Condition 9 on the Prepayment Date, the Issuer is entitled to prepay also the remaining outstanding Notes at their nominal principal amount with accrued interest but without any premium or penalty by notifying the relevant Noteholders in accordance with Condition 14 (Notices and Right to Information) no later than fifteen (15) Business Days after the Prepayment Date. Such prepayment may be effected at the earliest on the tenth (10th) Business Day and at the latest on the sixtieth (60th) Business Day following the date of publication of such notice.

10 CHANGE OF CONTROL

If, after the Issue Date, any person or a group of persons acting in concert (as defined below), other than a Majority Shareholder (as defined below), directly or indirectly, gains control (as defined below) of the Issuer (such event a “Change of Control”), the Issuer shall promptly after having become aware thereof notify the Noteholders of a Change of Control in accordance with Condition 14 (Notices and Right to Information).

Upon occurrence of a Change of Control, the Issuer shall, on the date falling forty-five (45) Business Days after the publication of the notice referred to in the above paragraph of this Condition 10 (the “CoC Prepayment Date”), prepay the nominal principal amount of and the interest then accrued on the Notes, but without any premium or penalty, held by the Noteholders who have required prepayment of Notes held by them by a written notice to be given to the Issuer no later than fifteen (15) Business Days before the CoC Prepayment Date. Interest on the Notes accrues until the CoC Prepayment Date (excluding the CoC Prepayment Date).

If Notes representing more than seventy-five (75) per cent. of the aggregate nominal principal amount of the Notes have been prepaid on the CoC Prepayment Date pursuant to this Condition 10, the Issuer is entitled to prepay also the remaining outstanding Notes at their nominal principal amount with accrued interest but without any premium or penalty by notifying the relevant Noteholders in accordance with Condition 14 (Notices and Right to Information) no later than fifteen (15) Business Days after the CoC Prepayment Date. Such prepayment may be effected at the earliest on the tenth (10th) Business Day and at the latest on the sixtieth (60th) Business Day following the date of publication of such notice.

“acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Issuer, to obtain or consolidate control of the Issuer.

“control” means (i) the direct or indirect ownership of more than fifty (50) per cent of the total voting rights represented by the shares of the Issuer (being votes which are capable of being cast at general meetings of shareholders), or (ii) the power to appoint or remove the majority of the members of the board of directors of the Issuer.

"Majority Shareholder" means (i) any member of the Herlin family (being a shareholder on the Issue Date) or a statutory heir of such member of the Herlin family, (ii) Wipunen varainhallinta oy (business identity code 1948054-2), Mariatorp Oy (business identity code 2690035-7), (iii) Pivosto Oy (business identity code 2690030-6) and any company controlled by any of the said companies (solely or acting in concert) and/or any of the members of the Herlin family (solely or acting in concert), and (iv) any person who receives shares of the Issuer from any of the Herlin family members through donation, inheritance or under a will.

11 EVENTS OF DEFAULT

If an Event of Default (as defined below) occurs, any Noteholder may by a written notice to the Issuer declare the nominal principal amount of such Note together with the interest and any other amounts then accrued on such Note to be prematurely due and payable at the earliest on the tenth (10th) Business Day from the date such notice was received by the Issuer provided that an Event of Default is continuing on the date of receipt of the notice by the Issuer and on the specified early repayment date. Interest accrues until the early repayment date (excluding the early repayment date).

Each of the following events shall constitute an event of default (each an “Event of Default”): a) Non-Payment: any amount of interest on or principal of the Notes has not been paid within five (5) Business Days from the relevant due date, unless the failure to pay is caused by a reason referred to in Condition 15 (Force Majeure). b) Negative Pledge: the Issuer does not comply with its obligations under Condition 8 (Negative Pledge). c) Cross Default: Any outstanding Indebtedness (as defined below) of the Issuer or any of its Material Subsidiaries (as defined below) in a minimum amount of ten million euros (EUR 10,000,000) or its equivalent in any other currency is accelerated prematurely because of an event of default, howsoever described, or if any such Indebtedness is not repaid on the due date thereof nor within any applicable grace period, if any, or if any security given by the Issuer or any of its Material Subsidiaries for any such Indebtedness becomes enforceable by reason of an event of default, howsoever described. A Noteholder shall not be entitled to demand repayment under this paragraph c) if the Issuer or any of its Material Subsidiaries has bona fide contested the existence of the occurrence of an Event of Default under this paragraph c) as long as it has not been finally and adversely adjudicated against the Issuer without any appeal period.

"Indebtedness" means, for the purposes of these terms and conditions, interest bearing debt including guarantees (whether principal, premium, interest or other amounts) in respect of any notes, bonds or other debt securities or any borrowed money of the Issuer or any of its Material Subsidiaries.

"Material Subsidiary" means for the purposes of these terms and conditions, at any time, any Subsidiary of the Issuer: (i) whose net sales (consolidated in the case of a Subsidiary which itself has Subsidiaries) or whose total assets (consolidated in the case of a Subsidiary which itself has Subsidiaries) represent not less than ten (10) per cent. of the consolidated net sales or the consolidated total assets of the Issuer’s Group taken as a whole, all as calculated by reference to the then most recent audited financial statements (consolidated or, as the case may be, unconsolidated) of such Subsidiary and the then most recent audited consolidated financial statements of the Issuer’s Group; or

(ii) to which is transferred the whole or substantially the whole of the sales or assets and undertakings of a Subsidiary which, immediately prior to such transfer, was a Material Subsidiary. "Group" shall mean a group within the meaning of Chapter 1, Section 6 of the Bookkeeping Act (1336/1997, as amended, Fi: kirjanpitolaki). d) Cessation of Business: The Issuer ceases to carry on its current business in its entirety. e) Winding-up: An order is made or an effective resolution is passed for the winding-up (Fi: selvitystila), liquidation or dissolution of the Issuer or any of its Material Subsidiaries except for (i) actions which are frivolous (Fi: perusteeton) or vexatious (Fi: oikeuden väärinkäyttö), or (ii) in the case a Material Subsidiary, on a voluntary solvent basis. f) Insolvency: (i) The Issuer or any of its Material Subsidiaries becomes insolvent or is unable to pay its debts as they fall due; (ii) the Issuer or any of its Material Subsidiaries makes a general assignment or an arrangement or composition with or for the benefit of its creditors (excluding any Noteholder in its capacity as such), or (iii) an application is filed for the Issuer or any of its Material Subsidiaries being subject to bankruptcy (Fi: konkurssi) or re-organisation proceedings (Fi: yrityssaneeraus), or for the appointment of an administrator or liquidator of any of the Issuer’s or its Material Subsidiaries’ assets, save for any such applications that are contested in good faith and discharged, stayed or dismissed within forty-five (45) days.

In respect of an Event of Default as specified in paragraphs b) – f) above, the Issuer shall notify each Noteholder in accordance with Condition 14 (Notices and Right to Information) without undue delay after becoming aware of the respective Event of Default.

12 TAXATION

All payments in respect of the Notes by or on behalf of the Issuer shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature ("Taxes") imposed or levied by or on behalf of Finland or any political subdivision of, or any authority in, or of, Finland having power to tax, unless the withholding or deduction of the Taxes is required by law. In such case, the Issuer shall make such payment after such withholding or deduction has been made and shall account to the relevant authorities for the amount so required to be withheld or deducted. The Issuer will not be obligated to make any additional payments to the Noteholders in respect of such withholding or deduction.

13 NOTEHOLDERS’ MEETING AND PROCEDURE IN WRITING a) The Issuer may convene a meeting of the Noteholders (a "Noteholders’ Meeting") or request a procedure in writing among the Noteholders (a “Procedure in Writing”) to decide on amendments of these terms and conditions or other matters as specified below. EFi and the Issuer Agent must be notified of the Noteholders’ Meeting or a Procedure in Writing in accordance with the rules of EFi. b) Notice of a Noteholders’ Meeting and the initiation of a Procedure in Writing shall be published in accordance with Condition 14 (Notices and Right to Information) no later than ten (10) calendar days prior to the Noteholders’ Meeting or the last day for replies in the Procedure in Writing. The notice or the initiation shall specify the time, place and agenda of the Noteholders’ Meeting or the last day and address for replies in the Procedure in Writing (or if the voting is to be made electronically, instructions for such voting) as well as any action required on the part of a Noteholder to attend the Noteholders’ Meeting or to participate in the Procedure in Writing. No matters other than those referred to in the notice of a Noteholders’ Meeting or the initiation of a Procedure in Writing may be resolved upon at the Noteholders' Meeting or in the Procedure in Writing. c) Only those who, according to the register kept by EFi in respect of the Notes, were registered as Noteholders on the fifth (5th) Business Day prior to the Noteholders’ Meeting or the last day for replies in the Procedure in Writing on the list of Noteholders to be provided by EFi in accordance with Condition 14 (Notices and Right to Information) or proxies authorised by such Noteholders, shall, if holding any of the principal amount of the Notes at the time of the Noteholders’ Meeting or the last day for replies in the Procedure in Writing, be entitled to vote at the Noteholders’ Meeting or in the Procedure in Writing and shall be recorded in the list of Noteholders present at the Noteholders’ Meeting or participating in the Procedure in Writing. d) Noteholders’ Meeting shall be held in Helsinki and its chairman shall be appointed by the Issuer.

e) Noteholders’ Meeting or a Procedure in Writing shall constitute a quorum only if two (2) or more Noteholders holding in aggregate at least fifty (50) per cent. of the principal amount of the Notes outstanding or one (1) Noteholder holding one hundred (100) per cent. of the principal amount of the Notes outstanding are/is present at the Noteholders’ Meeting or provide/provides replies in the Procedure in Writing. Any holdings of the Notes by the Issuer and any companies belonging to the Issuer’s Group are not included in the assessment whether or not a Noteholders’ Meeting or a Procedure in Writing shall constitute a quorum. f) If, within thirty (30) minutes after the time specified for the start of the Noteholders' Meeting, a quorum is not present, any consideration of the matters to be dealt with at the Noteholders’ Meeting may, at the request of the Issuer, be adjourned for consideration at a Noteholders’ Meeting to be convened on a date no earlier than ten (10) calendar days and no later than forty-five (45) calendar days after the original Noteholders’ Meeting at a place to be determined by the Issuer.

Correspondingly, if by the last day to reply to the Procedure in Writing no quorum is constituted, the time for replies may be extended as determined by the Issuer.

The adjourned Noteholders’ Meeting or the extended Procedure in Writing shall constitute a quorum if two (2) or more Noteholders holding in aggregate at least ten (10) per cent. or more of the principal amount of the Notes outstanding or one (1) Noteholder holding one hundred (100) per cent. of the principal amount of the Notes outstanding are/is present at adjourned Noteholders’ Meeting or provide/provides replies in the Procedure in Writing. g) Notice of an adjourned Noteholders’ Meeting or the extension of the time for replies in the Procedure in Writing shall be given in the same manner as notice of the original Noteholders’ Meeting or the Procedure in Writing. The notice shall also state the conditions for the constitution of a quorum. h) Voting rights of the Noteholders shall be determined according to the principal of the Notes held. The Issuer and its Subsidiaries shall not hold voting rights at the Noteholders’ Meeting or the Procedure in Writing. i) Subject to paragraph j) below, resolutions shall be carried by a majority of more than fifty (50) per cent. of the votes cast. j) A Noteholders' Meeting or a Procedure in Writing is entitled to make the following decisions that are binding on all the Noteholders:

(i) to change the terms and conditions of the Notes; or (ii) to grant a temporary waiver on the terms and conditions of the Notes.

However, consent of the Noteholders holding at least seventy-five (75) per cent. of the aggregate principal amount of the outstanding Notes (excluding Notes held by the Issuer and its Subsidiaries) is required to: (i) decrease the principal of or interest on the Notes; (ii) extend the maturity of the Notes; (iii) amend the conditions for the constitution of a quorum at a Noteholders' Meeting or Procedure in Writing; or (iv) amend the majority requirements of the Noteholders' Meeting or Procedure in Writing.

The consents can be given at a Noteholders’ Meeting, in the Procedure in Writing or by other verifiable means.

The Noteholders’ Meeting or the Procedure in Writing, as applicable, can authorise a named person to take necessary action to enforce the decisions of the Noteholders’ Meeting or of the Procedure in Writing. k) When consent from the Noteholders representing the requisite majority, pursuant to paragraphs i) and j) above, as applicable, has been received in the Procedure in Writing, the relevant decision shall be deemed to be adopted even if the time period for replies in the Procedure in Writing has not yet expired. l) A representative of the Issuer and a person authorised to act for the Issuer may attend and speak at a Noteholders’ Meeting.

m) Resolutions passed at a Noteholders’ Meeting or in the Procedure in Writing shall be binding on all Noteholders irrespective of whether they have been present at the Noteholders' Meeting or participated in the Procedure in Writing, and irrespective of how and whether they have voted or not, provided that the requisite majority pursuant to paragraphs i) and j) above, as applicable, has been received, and that the Noteholders' Meeting or the Procedure in Writing, as applicable, has been duly called and quorate. n) Resolutions passed at a Noteholders' Meeting or in the Procedure in Writing shall be notified to the Noteholders in accordance with Condition 14 (Notices and Right to Information). In addition, Noteholders are obliged to notify subsequent transferees of the Notes of the resolutions of the Noteholders' Meeting and Procedure in Writing.

The Issuer shall have the right to amend the technical procedures relating to the Notes in respect of payments or other similar matters without the consent of the Noteholders, a Noteholders’ Meeting or a Procedure in Writing. For the sake of clarity, any resolution at a Noteholders’ Meeting or in a Procedure in Writing, which extends or increases the obligations of the Issuer, or limits, reduces or extinguishes the rights or benefits of the Issuer, shall be subject to the consent of the Issuer.

14 NOTICES AND RIGHT TO INFORMATION

Noteholders shall be advised of matters relating to the Notes by a stock-exchange release or a notice published on the website of the Issuer.

The Issuer may deliver notices on the Notes in writing directly to the Noteholders at the address appearing on the list of the Noteholders provided by EFi in accordance with the below paragraph (or e.g. through EFi’s book-entry system or account operators of the book-entry system). Any such notice shall be deemed to have been received by the Noteholders when published in any manner specified in this Condition 14 (Notices and Right to Information).

Notwithstanding any secrecy obligation, the Issuer and the Issuer Agent shall, subject to the rules of EFi and applicable laws, be entitled to obtain information on the Noteholders from EFi and EFi shall be entitled to provide such information to the Issuer. Furthermore, the Issuer shall, subject to rules of EFi and applicable laws, be entitled to acquire from EFi a list of the Noteholders, provided that it is technically possible for EFi to maintain such a list. The Issuer shall at the request of the Issuer Agent pass on such information to the Issuer Agent

15 FORCE MAJEURE

The Issuer, the Arrangers, the Issuer Agent or the Paying Agent shall not be responsible for any losses of the Noteholders resulting from: a) action of any authorities, war or threat of war, rebellion or civil unrest; b) disturbances in postal, telephone or electronic communications or the supply of electricity which are due to circumstances beyond the reasonable control of the Issuer, the Arrangers, the Issuer Agent or the Paying Agent and that materially affect operations of any of them; c) any interruption of or delay in any functions or measures of the Issuer, the Arrangers, the Issuer Agent or the Paying Agent as a result of fire or other similar disaster; d) any industrial action, such as strike, lockout, boycott or blockade affecting materially the activities of the Issuer, the Arrangers, the Issuer Agent or the Paying Agent even if it only affects part of the employees of any of them and whether any of them is involved therein or not; or e) any other similar force majeure or hindrance which makes it unreasonably difficult to carry on the activities of the Issuer, the Arrangers, the Issuer Agent or the Paying Agent.

16 PRESCRIPTION

In case any payment under the Notes has not been claimed by the respective Noteholder entitled to this payment within three (3) years from the original due date thereof, the right to such payment shall become void.

17 FURTHER ISSUES

The Issuer may from time to time, without the consent of and notice to the Noteholders, create and issue further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest on them, the issue price and/or the minimum subscription amount thereof) by increasing the maximum principal amount of the Notes or otherwise. For the avoidance of doubt, this Condition 17 shall not limit the Issuer’s right to issue any other notes.

18 PURCHASES

The Issuer may at any time purchase Notes in any manner and at any price. If such purchases are made by tender, tenders must be available to all Noteholders equally.

The Issuer shall be entitled to cancel, dispose of or hold the Notes purchased in accordance with the first paragraph of this Condition 18.

19 INFORMATION

Copies of the documents relating to the Notes shall be available for inspection during regular office hours at the office of (i) the Issuer at Cargotec Corporation, Porkkalankatu 5, 00180 Helsinki, (ii) Nordea Bank AB (publ) c/o Nordea Bank AB (publ), Finnish Branch, Satamaradankatu 5, 00020 NORDEA, Finland, and (iii) OP Corporate Bank plc, Gebhardinaukio 1, 00510 Helsinki, Finland.

20 LISTING AND SECONDARY MARKET

An application will be made to have the Notes listed on the Helsinki Stock Exchange maintained by Nasdaq Helsinki Ltd.

21 APPLICABLE LAW AND JURISDICTION

The Notes shall be governed by Finnish law.

Any disputes relating to the Notes shall be settled in the first instance at the District Court of Helsinki (Fi: Helsingin käräjäoikeus). However, this paragraph shall not limit the right of the Noteholders to take proceedings against the Issuer in any other court of competent jurisdiction if and to the extent permitted by applicable law.

ANNEX B - ADDITIONAL INFORMATION ON THE ISSUE OF THE NOTES

Decisions and authorisations: Authorisation of the Board of Directors of the Issuer dated 8 February 2017.

Type of the Issue: Individual issue of Notes offered to institutional investors. The maximum principal amount of the Notes (EUR 150,000,000) was issued on 28 March 2017.

Interests of the Joint Lead Managers: Business interest normal in the financial markets.

Form of the Notes: Dematerialised securities issued in book-entry form in the book-entry system maintained by Euroclear Finland Ltd.

Depository and Settlement System: Euroclear Finland Ltd, address Urho Kekkosen katu 5 C, FI-00100, Helsinki, Finland, Infinity securities system of Euroclear Finland Ltd.

Listing: Application has been made for the Notes to be admitted to trading on the official list of the Helsinki Stock Exchange maintained by Nasdaq Helsinki Ltd.

Estimated time of listing: On or about 31 March 2017.

Estimated net amount of the proceeds: Approximately EUR 149,460,000.

Estimated cost of issue and listing: Approximately EUR 0.4 million.

Rate of interest of the Notes: 1.75 per cent. per annum.

Effective yield of the Notes: 1.769 per cent. per annum.

Taxation: If the recipient of interest paid on the Notes is an individual residing in Finland or an undistributed estate of a deceased Finnish resident individual, such interest is subject to preliminary taxation in accordance with the Withholding Tax Act (Fi: ennakkoperintälaki) (1118/1996, as amended) and final taxation as capital income in accordance with the Income Tax Act (Fi: tuloverolaki) (1535/1992, as amended) (assuming the individual is not taxed in accordance with the Business Income Tax Act (Fi: laki elinkeinotulon verottamisesta) (360/1968, as amended)). The current rate of tax withholding is 30 per cent. The capital income tax rate is currently 30 per cent. (34 per cent. on capital income amounts exceeding EUR 30,000 in the calendar year). The Act on Source Tax on Interest Income (Fi: laki korkotulon lähdeverosta) (1341/1990, as amended) is not applicable to the Notes.

If the recipient of the interest paid on the Notes is a corporation defined in Income Tax Act residing in Finland, such interest is subject to final taxation in accordance with the Business Income Tax Act (Fi: laki elinkeinotulon verottamisesta) (360/1968, as amended) or the Income Tax Act (Fi: tuloverolaki) (1535/1992, as amended), depending on the circumstances of the recipient. The current rate of corporate income tax is 20 per cent.

Payment of interest to a Noteholder, who is neither a resident in Finland nor engaged in trade or business in Finland through a permanent establishment for income tax purposes, is not subject to Finnish withholding tax.

The Noteholders are advised to consult their own tax advisers concerning the overall tax consequences of their ownership of the Notes.

ISIN Code of the Notes: FI4000243316

Use of proceeds: Predominantly for refinancing but also for general corporate purposes.

THE ISSUER

Cargotec Corporation Porkkalankatu 5 FI-00180 Helsinki Finland

JOINT LEAD MANAGERS

Nordea Bank AB (publ) c/o Nordea Bank AB (publ), Finnish Branch Satamaradankatu 5 FI-00020 Nordea, Finland

OP Corporate Bank plc Gebhardinaukio 1 FI-00013 OP, Finland

LEGAL ADVISOR TO THE ISSUER

Krogerus Attorneys Ltd Unioninkatu 22 FI-00130 Helsinki Finland

AUDITOR

PricewaterhouseCoopers Oy Itämerentori 2 FI-00100 Helsinki, Finland