valuation of Finland

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1 TECHNOPOLIS GROUP Q1/2012

2 Technopolis Group Value-added real estate & services Focus on smart business centers Scalable for international growth Geographic focus on Nordic-Baltic 1,400 customers employing roughly 22,000 people 18 knowledge-intensive campuses operating as a chain 647,100 m 2 of space in use and under construction

3 Highlights New properties were commissioned in Jyväskylä, Kuopio and Tampere Altogether 17,400 m² Initial yield % New properties under construction in Jyväskylä, Kuopio, St. Petersburg and Tallinn Total of EUR 81.8 million Altogether 44,600 m² Key figures Net sales EUR 25.4 (22.2) million, up by 14.5% EBITDA EUR 12.6 (10.3) million, up by 18.2% Occupancy rate 94.3 (94.5)% Like-for-like rental growth 4.4%

4 Financial Occupancy Rate 100,0% 98,6% 97,5% 95,0% 94,3% 94,4% 95,5% 96,1% 94,7% 97,1% 92,5% 92,2% 91,4% 90,0% 90,2% 87,5% 85,0% GROUP FINLAND Oulu HMA Jyväskylä Kuopio Lappeenranta Q Q Q Q Q Tampere TALLINN ST. PETERS- BURG HMA = Helsinki Metropolitan Area

5 Customer Breakdown 4% 10% 21% Other industries 12% Services Electronics 17% 22% Public Sector IT Services Software 14% Life Science

6 Largest Customers Customer Aalto University Aspocomp Oulu Digia Finland Nethawk Honeywell Kemira Kesko Logica Finland Nokia Norlandia Care Customer PKC Group Pirkanmaa Hospital District (PSHP) Ramboll Finland Renesas Mobile Europe Savonia University of Applied sciences Senaatti-kiinteistöt Sihtasutus Innove (EST) Tieto University of Jyväskylä VTT Technical Research Center of Finland - As of 31 March 2012 the 20 largest customers were renting less than 24 % of the company s space

7 Lease Portfolio Structure 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0-3 mo 3-6 mo 6-9 mo 9-12 mo Over 12 mo Q1/2011 Q1/2012 At the end of the period under review, open-ended leases in the lease portfolio that could be terminated and renegotiated within the next 12 months covered approximately 57.5 (43.3) % of the lease stock As of the end of the period the average lease period was 26 (19) months.

8 Technopolis Sites by Region 3% 7% 11% 11% 6% 16% 24% 22% Oulu HMA Tampere Kuopio Jyväskylä Lappeenranta Pietari Tallinna Q1/2012 Fair market value of investment properties and properties under construction EUR million Net market yield of investment properties ,0 % Fair market value change impact on operating profit: EUR 1,2 million

9 Investments Completed Projects Area m 2 Investment EUR million Occupancy Completed Innova 2 Jyväskylä 9, % 3/2012 Hermia 15B Tampere 4, % 1/2012 Viestikatu 2B Kuopio 3, % 1/2012 Total 17, Under Construction Area m 2 Investment EUR million Occupancy March 31, 2012 Due for Completion Ruoholahti 2 Helsinki 9, % 6/2012 Yliopistonrinne 2 Tampere 7, % 10/2012 Viestikatu 7B Kuopio 4, % 12/2012 Innova 4 Jyväskylä 8, % 9/2012 Pulkovo 2 St. Petersburg 22, /2013 Löötsa 8C Tallinn % 1/2013 Total 61, Planned projects Area m 2 Status Estimated completion Löötsa 8A Tallinn 8,900 Investment decision 10/2013 Löötsa 8B Tallinn 8,900 Investment decision 10/2013 Total 17,800

10 Equity & Debt Interest Coverage Ratio Loan to Value ,1 4,0 3,8 3,7 3,4 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 60% 40% 20% 0% 57,6 % 59,3 % 59,2 % 60,0 % 62,3 % Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Equity Ratio % ,6 36,3 36,2 35,8 34,9 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12

11 Balance Sheet Total Assets & Liabilities, EUR million Fair Value of Investment Properties*, EUR million ,4 891,6 917,9 962,9 982, ,1 789,9 793,7 843,8 883, Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Interest-bearing Liabilities, EUR million ,2 517,6 547,7 555,1 466,1 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 * Completed investment properties

12 100% Fixed-rate Loans, swaps and Maturity of Loans 100% 80% 60% 40% 20% 0% 80% 60% 40% 20% 0% Fixed-rate loans (> 12 months) Floating-rate loans (0-12 months) Interest-bearing liabilities without swap Interest-bearing liabilities with swap EUR million < 1 year 1-2 years 2-3 years Repayments of interest bearing debt 3-4 years 4-5 years Maturity of credit facilities over 5 years

13 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Interest Rates 6,00% 5,00% 4,00% 3,00% 2,00% 1,00% 0,00% Technopolis average interest rate Euribor 3 months

14 2012 Outlook Real estate in Technopolis markets appear stable currently, but uncertainty in financial markets Growth opportunities at home & abroad Net sales & EBITDA Guidance for 2012 is %

15 Appendices: Additional Data

16 Strategic Targets Net sales and EBITDA growth 15 % on average per annum Net sales outside Finland over EUR 50 million by 2016 At least 6 % return on capital employed per annum Equity ratio over 35 % over the cycle Dividend payout % of net profit (excluding fair value changes and their tax effects)

17 Technopolis Sites by Region Investment properties March 31, 2012 Fair value, EUR million Net Yield, % Floor-m 2 Finland Oulu ,900 HMA ,600 Tampere ,300 Kuopio ,500 Jyväskylä ,700 Lappeenranta ,300 Finland Finland, total ,300 Estonia (51% share) Tallinn ,200 Russia St. Petersburg ,100 Completed investment properties total ,600 Investment properties under construction, 6 properties* ,500 Completed and properties under construction ,100 * Valued at fair value and recognized on the basis of rate of completion Net yields are market rates based on the average of two third-party appraisals

18 Ruoholahti 2, Helsinki Started 11/2010 EUR 27.7 million cost projection including parking 9,000 m 2 total space 53.3% pre-lets Estimated completion 6/2012

19 Yliopistonrinne 2, Tampere Started 4/2011 EUR 22.5 million cost including parking 7,900 m 2 total space 50% pre-lets Estimated completion 10/2012

20 Ülemiste, Lõõtsa 8C, Tallinn 8C phase started 1/2012 EUR 8.3 million cost 8,200 m 2 total space 50% pre-lets Estimated completion 1/2013

21 Pulkovo 2, St. Petersburg Started 1/2012 EUR 42.0 million 22,700 m 2 total space 0% pre-lets Estimated completion 9/2013

22 Viestikatu 7B, Kuopio Started 1/2012 EUR 8.5 million cost 4,800 m 2 total space 53 % pre-lets Estimated completion 12/2012

23 Innova 4, Jyväskylä Starts 4/2012 EUR 23.0 million cost 8,900 m² total space 25% pre-lets with 15 yr agreement Estimated completion 9/2013

24 Breakdown of Debts 4% 6% 4% Bank Loan Leasing Debt Commercial paper Credit Limit + others 86% Lender Principal EUR million European Investment Bank (EIB) Nordea 88.2 OP-Pohjola Group 65.5 Sampo 64.2 Handelsbanken 49.8 Others Grand Total 555.1

25 Covenants and Bank Guarantees 7% 26% 37% 30% Loans without Covenants or Bank Guarantees Loans with Covenants (equity ratio) Loans Requiring Bank Guarantees with Covenants Loans with Covenants Total interest-bearing liabilities Q1/2012 EUR 555,1 million

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