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Konecranes signs letter of intent to acquire majority of Chinese hoist and crane manufacturer Sanma
E. J. McKay acts as financial advisor to Konecranes in the transaction


Helsinki, Finland, November 24, 2008 - Konecranes Plc today announced the signing of a Letter of Intent and entered into exclusive negotiations concerning the potential acquisition of the majority equity of Jiangsu Three Horses Crane Manufacture Co. Ltd. (Sanma), a leading Chinese hoist and crane manufacturer. The parties target to complete negotiations and sign a definitive agreement in early 2009.

The transaction, one of the largest by a Finnish company in China, is representative of the kind of work E. J. McKay is engaged in, that of "advising a highly selective group of key clients in their significant cross-border transactions that create measurable synergy and transform the economics of the impacted industry", commented James Z. Li, Chairman of E. J. McKay.

About Konecranes Plc

Konecranes is a world-leading group of Lifting Businesses, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. With a revenue of approximately 2 billion Euros, the Group has 9,600 employees in more than 470 locations in 43 countries. Konecranes is listed on the NASDAQ OMX Helsinki.

About Jiangsu Three Horses Crane Manufacture Co., Ltd. (Sanma)

Jiangsu based Sanma is a leading Chinese hoist and crane manufacturing company. The company is known for quality and long-term customer relationships and has a wide distribution network in China. Sanma produces thousands of hoists and hundreds of cranes per year, with customers across the multiple geographies in the country.

About E. J. McKay

E. J. McKay is a Shanghai based investment banking group specialized in structuring complex cross-border mergers & acquisitions and merchant banking transactions. Through its offices and strategic partnerships, the firm is present in thirty major financial centers around the world. E. J. McKay has a dedicated focus on China, and advises transactions both inbound and outbound, representing clients both local and multinational.

For further information

Please visit: www.ejmckay.com, www.ejmckay.net, or contact:

Natalie Hsiao
+86-21-5109-6266

natalie.hsiaoejmckay.com

Global Reach
E. J. McKay is a leader in China related cross-border transactions. Via offices and strategic partnerships in twenty-three countries and thirty financial centers around the world, the firm possesses unparalleled global relationships and execution capabilities.
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