In the first quarter of 2014 EPRA-based (European Public Real Estate Association) the direct result rose by 56.0% from 8.0 million euros to 12.8 million euros compared to 2013. The direct result per share rose from 0.10 euros to 0.12 euros. Net sales rose 33.5% from 29.7 million euros to 39.7 million euros and EBITDA by 47% from 14.0 million euros to 20.6 million euros.

1. Interim Report Q1/2014
May 7, 2014

2. Q1 Highlights
• Net sales grew 33.5% and EBITDA 47.2%
• EPRA Operating result rose 56%
• Occupancy solid at 94%
• Scale advantages as revenue growth outstripping costs:
− Real estate maintenance costs up 28.2%
− Admin costs up 27.6%
• Solid balance sheet: Equity ratio 40.1% and LTV 58.5%
• St. Pete: 4.5% of net sales, 2.9% of EBITDA, 5% of fair values
• Focus on consolidation and costs

3. Key Figures
Financials Q1/2014 Q1/2013 Δ, % 2013
Net sales, EUR million 39.7 29.7 33.5 126,3
EBITDA, EUR million 20.6 14.0 47.2 64,1
Unrealized foreign exchange losses, EUR million -3.2 0.4 - -5.7
Direct result (EPRA), EUR million 12.8 8.0 56.0 40.5
Operating profit, EUR million 20.7 16.7 24.3 43,9
Real Estate Operations
Financial occupancy rate, % 94.0 92.2 +1.8 93.6
Net rental yield, % 7.2 7.2 - 7.3
Rentable space, 1 000 m² 738,000 601,300 22.7 746,800

4. Financial Occupancy
75%
80%
85%
90%
95%
100%
Q1-2004
Q2-2004
Q3-2004
Q4-2004
Q1-2005
Q2-2005
Q3-2005
Q4-2005
Q1-2006
Q2-2006
Q3-2006
Q4-2006
Q1-2007
Q2-2007
Q3-2007
Q4-2007
Q1-2008
Q2-2008
Q3-2008
Q4-2008
Q1-2009
Q2-2009
Q3-2009
Q4-2009
Q1-2010
Q2-2010
Q3-2010
Q4-2010
Q1-2011
Q2-2011
Q3-2011
Q4-2011
Q1-2012
Q2-2012
Q3-2012
Q4-2012
Q1-2013
Q2-2013
Q3-2013
Q4-2013
Q1-2014
Quarterly Financial Occupancy, % and 10 Year Average
10 Yr. Avg.
95.1%

5. Market Segments by Fair Value
35%
22%
12%
11%
11%
4%
5%
18%
19%
13%8%
8%
2%
6%
7%
4%
15%
Oulu HMA Tampere
Kuopio Jyväskylä Lappeenranta
St. Petersburg Tallinn Vilnius
Oslo
March 31, 2010 March 31, 2014

6. Market Segments by Net Sales
March 31, 2010 March 31, 2014
22%
16%
14%10%
9%
3%
4%
6%
5%
11%
Oulu HMA Tampere
Kuopio Jyväskylä Lappeenranta
St. Petersburg Tallinn Vilnius
Oslo
37%
23%
8%
12%
12%
6% 2%

7. Customer Segments
March 31, 2010 March 31, 2014
18%
24%
5%
25%
15%
13%
Electronics ICT
Life science Other
Services Public Sector
14%
21%
3%7%
7%
3%
6%
8%
10%
21%
Professional Services ICT
Public Sector Real Estate
Education Food Services
Financial Services Manufacturing
Wholesale and Retail Other

8. Equity and Debt - Ratios
• Solid balance sheet with equity ratio of 40.1%
• Average interest rate 2.52% (2.12%)
1,95
2,07
2,08
2,46
2,52
5
5,5
5,6
5,3
4,6
4
5
6
1,5
2,0
2,5
3,0
Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Average interest rate Interest cover ratio
40,1
39,3 39,4
40,2
40,1
57,5
57,8
57,2
59,5
58,5
56
57
58
59
60
61
62
63
64
35
37
39
41
Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Equity ratio Loan to value
Loan to Value and Equity Ratio Interest Rate and Interest Coverage Ratio

9. Focus on Hedging
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Floating-rate loans (0-12 months) Fixed-rate loans (> 12 months) Hedging ratio

10. Looking Ahead
• 2014 growth guidance y/y unchanged:
− Net sales 27%-32%
− EBITDA 35%-40%
• International investments in 2013 will bring international
revenues close to our strategic target
• Focus on integration and business basics
• Occupancy challenges in a couple of campuses
• The company’s solvency and liquidity are solid

11. Appendices: Additional Data

12. Foreign Exchange Impact
Impact in EUR millions
FX change
against euro, %
Income
Statement
Translation
difference
Total effect on
equity
RUB +10 5,4 4,5 9,9
RUB -10 -4,4 -3,7 -8,1
NOK +10 - 4,4 4,4
NOK -10 - -3,6 -3,6
The rate of Lithuanian litas is currently fixed against the euro

13. Strategic Financial Targets 2014 - 2016
• 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
* Excluding fair value changes (formula specified)

14. Technopolis Markets
Source: Federation of Finnish Financial Services, Bloomberg and Baltic countries Nordea
Finland 2014E
GDP growth 0.8%
Unemployment 8.4%
Credit rating AAA
Sweden 2014E
GDP growth (%) 2.5%
Unemployment 8.0%
Credit rating AAA
Denmark 2014E
GDP growth (%) 1.3%
Unemployment 5.7%
Credit rating AAA
Estonia 2014E
GDP growth (%) 2.8%
Unemployment 8.4%
Credit rating AA-
Russia 2014E
GDP growth (%) 1.1%
Unemployment 5.7%
Credit rating BBB-
Latvia 2014E
GDP growth (%) 5.0%
Unemployment 9.5%
Credit rating BBB+
Lithuania 2014E
GDP growth (%) 3.2%
Unemployment 9.8%
Credit rating BBB
Norway 2014E
GDP growth (%) 2.2%
Unemployment 3.7%
Credit rating AAA

15. Finland
Q1/2014 Q1/2013 Δ, % 2013
Rentable space, m² 547,900 533,500 2,7 555,900
Rent, €/m²/mo avg. 16.49 15.88 3.8 16.21
Financial occupancy rate, % 93.0 91.5 1.5 92.9
Net rental revenue, EUR million 25.6 23.2 10.4 94.9
Net sales, EUR million 29.2 26.8 9.1 109.4
EBITDA, EUR million 15,0 13,1 14,7 56,1
Market yield requirement, % 7.9 7.9 - 7.9
Fair value of investment
properties, EUR million 978.9 888.0 10.2 981.0
• Growth through acquisitions and organic investments
• Portfolio change drove higher rents

16. Baltic Rim
• Growth through Vilnius acquisitions and organic investments
• Sanctions towards Russia might have an effect in 2014
• Yields came down in Tallinn
Q1/2014 Q1/2013 Δ, % 2013
Rentable space, m² 127,400 67,800 87.9 119,500
Rent, €/m²/mo avg. 14.57 13.90 4.8 15.04
Financial occupancy rate, % 97.7 97.7 - 99.1
Net rental revenue, EUR million 5.7 2.8 103.4 15.3
Net sales, EUR million 5.9 2.9 101.5 15.9
EBITDA, EUR million 3.0 1.1 183.5 7.6
Market yield requirement, % 8.9 9.4 -0.5 9.0
Fair value of investment
properties, EUR million 230.2 122.2 88.4 212.4

17. Scandinavia
• Rentable space down due to space under renovation and unallocated
space
• Consolidation is well on track
Q1/2014 Q1/2013 Δ, % 2013 *)
Rentable space, m² 62,700 - - 71,400
Rent, €/m²/mo avg. 24.43 - - 21.16
Financial occupancy rate, % 95.8 - - 89.5
Net rental revenue, EUR million 4.4 - - 0.9
Net sales, EUR million 4.6 - - 1.0
EBITDA, EUR million 3.0 - - 0.6
Market yield requirement, % 6.5 - - 6.5
Fair value of investment
properties, EUR million 218.6 - - 217.0
*) December 11-31, 2013

18. Smart Business Environment
Technopolis’ business idea is to combine premises and services into a carefully
thought-out offering that supports the growth and success of customers.
Service Portfolio
BUSINESSSPACE EMPLOYEES
Cleaning
Reception
ICT
Conference
Matchmaking
Visibility
Events
Resources
Restaurants
Car wash
Gym
Massage

19. Technopolis Investment Criteria
19
CUSTOMERS FINANCE
• Location
• Connections
• Scale
• Attractive
• Growth potential
• Good condition and
quality
• Flexibility
REAL
ESTATE
• Knowledge incentive
customer base
• Growth companies,
anchors and services
• Different sectors, same
challenges
• Cluster effects
• Local and international
customers
• EPS – positive
• Good yield
• Potential for profitable
growth
• Occupancy growth
potential
• Potential in service
revenue
• Excellent local team

20. Lease Portfolio
• Open-ended increased by 11.4%-points since year end:
− Unterminated fixed term contracts which ended at the year-end
were automatically changed to open-ended leases
− Lease stock was EUR 646.6 million
% of lease stock Lease length in months
0
5
10
15
20
25
30
35
40
45
50
0%
5%
10%
15%
20%
25%
30%
<1 yr 1-3 yrs 3-5 yrs >5 yrs Open-ended
31 Dec 2013 31 March 2014 Lease Length

21. Investments
Area Name m² EUR million
Stabilized
yield, % *) Completion
Acquired
Oulu Peltola 37,600 31.7 11.2 02/2013
Vilnius Ozas 42,200 62.6 9.3 05/2013
HMA Falcon 26,300 77.5 7.8 11-12/2013
Oslo Fornebu 70,500 217.0 ***) 7.7 12/2013
Completed
Kuopio Viestikatu 7B&C 9,300 18.2 9.2 02/2013
Tallinn Löötsa 8C 6,400 8.1 9.1 03/2013
Tallinn Löötsa 8B 8,500 13.0 9.1 03/2013
Jyväskylä Innova 4 8,900 23.7 8.1 10/2013
Under construction
Prelet rate,%
May 6,2014
Tallinn Löötsa 8A 84.8 7,500 11.8 9.1 09/2014 ****)
St. Petersburg Pulkovo 2 51.0 18,700 42.0 12.6 10/2014 ****)
Tallinn Löötsa 5 - 9,200 17.0 ***) 8.8 09/2015
HMA G-building 30 5,300 18,3 8,0 09/2015
Total 250,400 540.9
*) stabilized yield = estimated net operating income / acquisition cost
**) Including three-year rental guarantee from sellers
***) Technopolis share 51%
****) Commissioning in phases

22. Breakdown of Debts and Covenants
21%
22%
21%
2%
34%
Loans without Covenants or Bank Guarantees
Loans with Covenants (equity ratio)
Loans Requiring Bank Guarantees with Covenants
Loans Requiring Bank Guarantees without Covenants
Loans with Covenants
90,5%
3,9%
5,6%
Bank Loan Leasing Debt Commercial Paper

23. Loan Maturities
0
20
40
60
80
100
120
140
160
180
200
220
< 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years over 5 years
EUR million
Repayments of interest bearing debt Maturity of credit facilities
• Capital-weighted loan period on average was 6.8 years
• Within 12 months EUR 166.4 million of loans are coming to due
• EUR 112.1 million untapped credit facilities

24. Shareholders
Major shareholders April 30, 2014 # of shares % of shares
Varma Mutual Pension Insurance Company 25,448,192 23.9
Ilmarinen Mutual Pension Insurance Company 11,089,647 10.4
City of Oulu 3,511,211 3.3
OP-Pohjola Group 1,798,733 1.3
Laakkonen Mikko 1,226,184 1.2
The Finnish Cultural Foundation 1,188,042 1.1
City of Tampere 1,160,577 1.1
Odin Finland 1,119,944 1.1
Jyrki Hallikainen 998,236 0.9
Mutual Fund Evli Finnish Equity 932,294 0.9
10 largest shareholders, total 48,049,910 45.2
Foreign shareholders, total 35 037 449 32.9
Others, total 23,320,382 21.9
Total amount of shares 106,407,741 100

25. Thank you