Interim report 1 Jan -31 Mar Kari Inkinen CEO

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1 Interim report 1 Jan -31 Mar 2007 Kari Inkinen CEO 1

2 2 Market review

3 GDP growth % Finland Euro Area USA Japan * 2006* 2007** ** Estimated growth for Source: Statistics Finland, Ministry of Finance, KTI

4 Rental levels , HMA Gross rent /m2/month (excl. VAT), New agreements /m 2 /month Helsinki, ydinkeskusta, Prime Helsinki, ydinkeskusta Tapiola Tikkurila Keilaniemi, Prime Ruoholahti, Prime Aviapolis, Prime Source: Catella Property Group

5 Vacancy rate , HMA 14 % ,9 % 6 4,8 % 4 2 2,5 % 1,7 % Retail Office Warehouse&industrial All premises together 5 Source: Catella Property Group

6 % 20 Vacancy rate of office premises by area, HMA % ,8 % 6,7 % 5,4 % RUOHOLAHTI CENTRE LEPPÄVAARA KEILANIEMI / OTANIEMI / POHJOIS TAPIOLA AIRPORT AREA - AVIAPOLIS Source: Catella Property Group

7 HMA Office Market HELSINKI METROPOLITAN AREA, OFFICE STOCK, VACANCY RATE UPPER RENTAL LEVEL* PRIME YIELD ** OFFICE MARKET NET FLOOR AREA % - yksikköä Helsinki City Centre - Helsinki CBD 312 m2/year 4,9-5,4% m2 6,3 % 0,1% - Helsinki Centre (incl. CBD) n.a. n.a m2 5,4 % 1,2% Inner City 180 m2/year 6,2-6,7% m2 7,9 % 1,7% Ruoholahti 246 m2/year 5,9-6,3% m2 6,7 % 1,9% Keilaniemi 258 m2/year 5,9-6,3% m2 12,0 % 1,9% Espoo West, (modern space) 216 m2/year 6,4-7,0% m2 10,8 % 0,5% Leppävaara Business Park area 222 m2/year 6,3-6,7% m2 7,8 % 1,4% Herttoniemi, (modern space) 204 m2/year 6,8-7,2% m2 n.a. n.a. Aviapolis Airport Area 222 m2/year 6,4-6,8% m2 5,4 % 4,2% Helsinki Metropolitan Area n.a. n.a m2 7,9 % 0,6% Aviapolis Vantaa Ring III Hämeenlinna Highway Tuusula Highway Espoo Ring I Leppävaara Lahti Highway Ring II Turku Highway Helsinki Inner City Herttoniemi Espoo West Western Highway Keilaniemi Ruoholahti CBD Centre Eastern Highway 7

8 Net take-up, HMA m² Initiated constructions Completed building projects Net take-up 8

9 Transaction volume Billion 6 5, ,4 3, ,0 2,3 1,8 2,4 2,7 54% 1, ,0 0,6 0,5 46% 39% 46% 21% * *Aleksia sale approx. 1,1 bn Source: Catella Property Group International Local

10 10 Q1 Results

11 Q1 in brief 1-3/ / /2006 Total revenue, meur Net operating income, meur Operating profit, meur Profit for the period, meur Earnings / share, eur Operating cash flow / share, eur Fair value of properties, meur NAV / share, eur Economic occupancy rate, %

12 Profit & loss statement Q1/2007 meur Q1/2006 meur 1-12/2006 meur Total revenue 59,1 26,8 117,4 Maintenance expenses -18,7-6,3-29,8 Net operating income 40,4 20,5 87,6 Profit on sale of inv. properties 1,3 - - Valuation gain / loss 47,0 5,2 26,2 Profit on sale of trading properties 21,6-1,6 SGA expenses -7,3-2,5-11,9 Other operating income/expenses 0,4-0,4 Operating profit 103,4 23,2 103,9 Financial income and expenses -25,3-6,7-38,5 Profit before taxes 78,1 16,5 65,4 Taxes from previous and current financial years ,4 Deferred taxes -20,4-5,4-16,7 12 Net income for the period 57,7 11,1 48,3

13 Balance sheet ASSETS meur meur meur Long-term assets 2 404, , ,1 Short-term assets 119,6 7,4 294,3 Assets total 2 523, , ,4 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity total 901,3 549,3 592,8 Long-term liabilities Interest-bearing debt 601,3 549,3 658,2 Liabilities 16,5 1,1 22,7 Other debt - 1,1 - Deferred tax liabilities 178,4 68,8 218,7 Long-term liabilities total 796,2 620,3 899,6 Short-term liabilities 826,3 130, ,0 Liabilities total 1 622,5 750, ,6 Shareholders equity and liabilities 2 523, , ,4 13

14 Economic vacancy rate Sponda (figures withouth the Kapiteeli portfolio) 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0, Q1/2007 Office & retail Logistics Total property portfolio 10.7 % 11.0 % 10.7 % 14

15 Lease contracts ,0 % 20,0 % 15,0 % Future cash flows 768 meur Average length of contracts 4.3 years 10,0 % 5,0 % 0,0 % Openended 15

16 Yield requirements in valuation 31 Mar 2007, % CBD Helsinki/Vantaa Espoo Rest of Finland Sponda Office and retail 5,4-6,5 5,5-7,75 6,8-7,75 Logistics 7,5-8,5 7,5-8,5 9,0-11,5 16

17 Cash yield for fair value 10,0 % 9,0 % 8,0 % 7,0 % 6,0 % 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % 0,0 % Office & retail Logistics Total 6.5 % 9.1 % 6.8 % 17

18 Dividends Dividend policy is to distribute at least 80% of either earnings per share or cash flow per share, taking into account business development needs m ,4 39,4 39,6 0,5 0,5 0,40 23,5 0, ,6 0,5 0,4 0,3 0,2 0,1 0 Total dividend Dividend per share 18

19 Financing Q1/ Equity ratio 36 % 20 % Average interest rate 4.6 % 4.6 % Hedging 88 % 74 % Average loan maturity 1.8 yrs 1.7 yrs Average interest-bearing period 3.3 yrs 1.7 yrs Interest cover

20 Loan maturity % 15 % 7 % 1 % 14 % 55 % Total amount of interestbearing debt EUR million

21 Sponda Plc Operational review 21

22 Major events for the period Extraordinary General Meeting authorized the Board of Directors of Sponda to decide on a paid share issue totalling EUR 250 million at maximum The share issue took place 17 Jan-2 Feb All shares were subscribed and the gross proceeds were EUR 247 million before costs. Share capital increased to and the shares were combined 9 Feb City-Center, Helsinki 22

23 Major events for the period Sponda sold a real estate portfolio for EUR 401 million to Whitehall Street Real Estate Funds and Niam Nordic Investment Fund III Part of the financing strategy of Kapiteeli transaction Sold portfolio included 43 investment properties and over 500 trading properties and land sites All are located outside the Helsinki Metropolitan Area Sponda record a profit of approx. EUR 18 million Sponda will be responsible for the asset management of the properties 23

24 Major events for the period Three land sites in total were sold to the Finnish government and to the city of Vantaa. Purchase price for all land sites is EUR 65million in total The transactions will have no contribution to Sponda s capital gains 24

25

26 Property Development in 2007 PROJECT DUE TO START LEASABLE m² ESTI. INV. COMPL. (appr.) City-Center, first stage of retail renovation Started N/A Total of 110 meur 2011 Vuosaari Harbour, logistics centre Vuosaari Harbour, gatehouse & passenger terminal 04/ / meur 40 meur Retail building in Eastern Helsinki meur 2008 Office building in Ruoholahti, Helsinki meur 2008 Office building in Sörnäinen, Helsinki meur 2008 Ratina, Tampere N/A n meur N/A 26

27 Vuosaari harbour

28 Retail building in Itäkeskus

29 Retail building in Eastern Helsinki Close to Itäkeskus shopping center Leasable area approx m² Total investment estimated to be EUR 56 million Whole building is pre-let to one tenant Construction due to start in May 2007 Estimated completion by Christmas sales,

30 Ruoholahti, Noste-building Office building with m² leasable area Estimated investment approx. EUR 29 million 30 Over 60 % pre-let Construction estimated to start in May 2007 Estimated completion in 2008

31 Ruoholahti, Noste-building 31 Arkkitehtitoimisto Tuomo Siitonen

32 Lautatarhankatu, Helsinki

33 Lautatarhankatu, Helsinki Office building in Helsinki East Building rights for m², 51 % pre-let Estimated investment EUR 22 million 33

34 Ratina, Tampere Shopping centre Total investment EUR 200 million Market Court currently deciding on the appeal lodged against the tender process. 34

35 Events after the reporting period 35 Sponda acquired a 46 hectare site in Leningrad province for EUR 9.5 million Future development site m² of logistics facility planned Planning work due to start in 2007 Sponda issued EUR 150 million floatingrate bond Maturity 4 years Bond s coupon confirmed at 3-month Euribor plus 0.40 %-points Private placement to domestic institutional investors

36 IR contacts: Kari Inkinen President and CEO Tel: Robert Öhman CFO Tel: Pia Arrhenius Manager, Corporate Communications and IR Tel:

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