Financial Outlook

Published in the Interim Report January-March 2012on 3 May 2012:

Glaston's market will remain challenging in 2012. Economic uncertainty will continue to impact customers’ investment decisions.

Growth in the Asian and South American markets is expected to level off. Cautious signs of recovery are evident in the North American market. In the EMEA area, the Southern European market will continue to be challenging, while a slight pick-up in demand is perceptible in Central, Northern and Eastern Europe.

The cornerstones of Glaston’s operations remain the architectural glass segment and the solar energy market. The architectural segment creates the foundation for the company’s future growth. In the longer term, prospects for the solar energy segment are good. The automotive industry also offers good growth opportunities.

We will purposefully continue our investment in those areas which do not require significant investments from our customers, namely maintenance services and tools. We expect the good development of the service market to be sustained in 2012.

Glaston expects that 2012 net sales will be at least at the 2011 level and that the operating result excluding non-recurring items will be positive.