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

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

2 Market review

GDP growth % Finland Euro Area USA Japan 7 6 5 4 3 2 1 0-1 -2-3 1997 1998 1999 2000 2001 2002 2003 2004 2005* 2006* 2007** ** Estimated growth for 2007 3 Source: Statistics Finland, Ministry of Finance, KTI

Rental levels 1990-2006, HMA Gross rent /m2/month (excl. VAT), New agreements /m 2 /month 35 30 25 20 15 10 5 0 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 Helsinki, ydinkeskusta, Prime Helsinki, ydinkeskusta Tapiola Tikkurila Keilaniemi, Prime Ruoholahti, Prime Aviapolis, Prime 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 4 Source: Catella Property Group

Vacancy rate 1990-2006, HMA 14 % 12 10 8 7,9 % 6 4,8 % 4 2 2,5 % 1,7 % 0 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 Retail Office Warehouse&industrial All premises together 5 Source: Catella Property Group

% 20 Vacancy rate of office premises by area, HMA 18 16 14 12 12 % 10 8 6 7,8 % 6,7 % 5,4 % 4 2 6 0 02 02 03 03 04 04 05 05 06 06 RUOHOLAHTI CENTRE LEPPÄVAARA KEILANIEMI / OTANIEMI / POHJOIS TAPIOLA AIRPORT AREA - AVIAPOLIS Source: Catella Property Group

HMA Office Market HELSINKI METROPOLITAN AREA, OFFICE STOCK, VACANCY RATE UPPER RENTAL LEVEL* PRIME YIELD ** OFFICE MARKET NET FLOOR AREA 06-06 06 % - yksikköä Helsinki City Centre - Helsinki CBD 312 m2/year 4,9-5,4% 300.000 m2 6,3 % 0,1% - Helsinki Centre (incl. CBD) n.a. n.a. 1.540.000 m2 5,4 % 1,2% Inner City 180 m2/year 6,2-6,7% 2.350.000 m2 7,9 % 1,7% Ruoholahti 246 m2/year 5,9-6,3% 270.000 m2 6,7 % 1,9% Keilaniemi 258 m2/year 5,9-6,3% 250.000 m2 12,0 % 1,9% Espoo West, (modern space) 216 m2/year 6,4-7,0% 250.000 m2 10,8 % 0,5% Leppävaara Business Park area 222 m2/year 6,3-6,7% 120.000 m2 7,8 % 1,4% Herttoniemi, (modern space) 204 m2/year 6,8-7,2% 100.000 m2 n.a. n.a. Aviapolis Airport Area 222 m2/year 6,4-6,8% 110.000 m2 5,4 % 4,2% Helsinki Metropolitan Area n.a. n.a. 7.900.000 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

Net take-up, HMA m² 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0-50 000 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-100 000 Initiated constructions Completed building projects Net take-up 8

Transaction volume 1995-2006 Billion 6 5,5 5 4 3,4 3,2 3 2 2,0 2,3 1,8 2,4 2,7 54% 1,4 1 0 1,0 0,6 0,5 46% 39% 46% 21% 1995 1996 1997 1998 1999 2000* 2001 2002 2003 2004 2005 2006 9 *Aleksia sale approx. 1,1 bn Source: Catella Property Group International Local

10 Q1 Results

Q1 in brief 1-3/2007 1-3/2006 1-12/2006 Total revenue, meur Net operating income, meur Operating profit, meur Profit for the period, meur 59.1 40.4 103.4 57.7 26.8 20.5 23.2 11.1 117.4 87.6 103.9 48.3 Earnings / share, eur Operating cash flow / share, eur 0.58 0.34 0.14 0.14 0.61 0.56 Fair value of properties, meur NAV / share, eur 2 251.0 8.10 1 281.4 6.94 2 686.2 7.45 Economic occupancy rate, % 89.3 87.5 88.8 11

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 - - -0,4 Deferred taxes -20,4-5,4-16,7 12 Net income for the period 57,7 11,1 48,3

Balance sheet ASSETS 31.3.2007 31.3.2006 31.12.2006 meur meur meur Long-term assets 2 404,2 1 292,3 2 645,1 Short-term assets 119,6 7,4 294,3 Assets total 2 523,8 1 299,7 2 939,4 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 826,3 130,1 1 447,0 Liabilities total 1 622,5 750,4 2 346,6 Shareholders equity and liabilities 2 523,8 1 299,7 2 939,4 13

Economic vacancy rate 2003- Sponda (figures 2003-2006 withouth the Kapiteeli portfolio) 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 2003 2004 2005 2006 Q1/2007 Office & retail Logistics Total property portfolio 10.7 % 11.0 % 10.7 % 14

Lease contracts 31.3.2007 25,0 % 20,0 % 15,0 % Future cash flows 768 meur Average length of contracts 4.3 years 10,0 % 5,0 % 0,0 % 2007 2008 2009 2010 2011 2012 2013- Openended 15

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

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

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 50 45 40 35 30 25 20 15 10 5 0 44,4 39,4 39,6 0,5 0,5 0,40 23,5 0,3 2003 2004 2005 2006 0,6 0,5 0,4 0,3 0,2 0,1 0 Total dividend Dividend per share 18

Financing Q1/2007 2006 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 1.9 2.5 19

Loan maturity 31.3.2007 7 % 15 % 7 % 1 % 14 % 55 % Total amount of interestbearing debt EUR 1 346 million 2007 2008 2009 2010 2011 2013 20

Sponda Plc Operational review 21

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 2007. All shares were subscribed and the gross proceeds were EUR 247 million before costs. Share capital increased to 111 030 185 and the shares were combined 9 Feb 2007. City-Center, Helsinki 22

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

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

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 04/2007 04/2007 70 000 15 000 100 meur 40 meur 2008 2008 Retail building in Eastern Helsinki 2007 21 500 56 meur 2008 Office building in Ruoholahti, Helsinki 2007 13 500 29 meur 2008 Office building in Sörnäinen, Helsinki 2007 9 200 22 meur 2008 Ratina, Tampere N/A n. 48 000 200 meur N/A 26

Vuosaari harbour

Retail building in Itäkeskus

Retail building in Eastern Helsinki Close to Itäkeskus shopping center Leasable area approx. 21 500 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, 2008 29

Ruoholahti, Noste-building Office building with 13 500 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

Ruoholahti, Noste-building 31 Arkkitehtitoimisto Tuomo Siitonen

Lautatarhankatu, Helsinki

Lautatarhankatu, Helsinki Office building in Helsinki East Building rights for 12 000 m², 51 % pre-let Estimated investment EUR 22 million 33

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

Events after the reporting period 35 Sponda acquired a 46 hectare site in Leningrad province for EUR 9.5 million Future development site 160 000 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

IR contacts: Kari Inkinen President and CEO Tel: +358-20-431 31 Robert Öhman CFO Tel: +35-20-431 3320 Pia Arrhenius Manager, Corporate Communications and IR Tel: +358-20-431 3454