Pörssitiedotteet

Technopolis Group Interim Report January 1 – March 31, 2009

Technopolis - Interim report 
TECHNOPOLIS PLC      INTERIM REPORT APRIL 23, 2009 at 11.00 a.m.       


TECHNOPOLIS GROUP INTERIM REPORT JANUARY 1 - MARCH 31, 2009                     

Highlights for period 1 - 3/2009 compared with 2008 equivalent                  
- Net sales reached EUR 19.4 million (EUR 16.4 million), an increase of 18.4%   
- EBITDA rose 12.9% to EUR 9.9 million (EUR 8.8 million)                        
- The direct result rose 50.7% to EUR 4.8 million (EUR 3.2 million)             
- The operating loss was EUR 4.2 million (operating profit EUR 10.8 million),   
mainly due to a fall of EUR 14.0 million (EUR +2.6 million) in the fair value of
investment properties and properties under construction                         
- The loss before taxes was EUR 7.9 million (profit before taxes EUR 7.7        
million) including a fall of EUR 14.0 million (EUR +2.6 million) in the fair    
value of investment properties and properties under construction                
- The financial occupancy rate was 95.7% (96.8%)                                
- The Group's equity ratio was 38.6% (32.9%)                                    

Keith Silverang, President and CEO:                                             

“Despite the continued downward trend in the global economy, Technopolis'       
operations made moderate progress during the reporting period without the       
financial crisis having a substantial impact on the Group's financial position  
or finance expenses. With its current credit facilities of EUR 222.5 million,   
the Group can meet the funding needs of normal business and scheduled           
investments. Interest rates have gone down and the margins up, which together   
have resulted in lower-than-forecasted interest expenses. The crisis in the real
economy has begun to be reflected in the operating potential of our clients, and
some of them have given notice on their leases or requested negotiations in     
order to reduce the space leased.                                               

“In accordance with its concept, Technopolis offers suitable and flexible       
operating environment solutions even in times of recession. This has been seen  
in a lively demand for small premises. Lease agreements have mostly been entered
into at the price level prevailing in the fourth quarter of 2008. Market yield  
requirements are increasing, which is why the fair values of investment         
properties and properties under construction have fallen by a total of EUR 14   
million. The financial occupancy rate remained high and the Group's net sales   
and EBITDA rose on the previous period.”                                        


Business Conditions in Finland and St. Petersburg                               

The economic crisis is already reflected in increased difficulty in acquiring   
loan financing for property deals and in higher loan spreads. The problems of   
the real economy will, however, have a delayed impact on the property market.   
But it is to be expected that the downward trend in the financial position of   
tenant companies will cause an increase in vacancy rates, and rentals may come  
down slightly in 2009. (Source: Catella March 31, 2009).                        

As the problems of the real economy begin to be reflected in companies'         
financial position, the leasing market, which performed relatively well in 2008,
will be expecting changes. The vacancy rates of operating premises, particularly
offices, are expected to rise. With increasing supply, the upward trend in      
rental levels will come to a halt and may turn downward, at least partly.       
(Source: Catella)                                                               

There has been a significant fall in property investments on the St. Petersburg 
property market since the third quarter of 2008. Very few deals have been closed
or deals have been postponed. Some increase in activity is expected for the     
second and third quarters in 2009. Occupancy rates will go down in office       
centers as new commercial centers are completed and as companies vacate premises
to optimize their rental expenses. (Source: Colliers 2009)                      

The deterioration in the global economic environment is seen in changes in the  
demand for operating environments among top technology clients in Technopolis'  
operating sectors. In accordance with its concept, Technopolis offers suitable  
and flexible operating environment solutions even in times of recession. Demand 
has focused on fairly small premises, and thanks to its lease portfolio the     
Group has succeeded in meeting such needs. During the reporting period, the     
rents in the majority of new leases remained at the level prevailing during the 
last quarter of 2008. The Group's financial occupancy rate remained at a        
reasonable level and was 95.7% at the end of the reporting period (March 31,    
2008: 96.8%). The uncertainty on the financial markets has been reflected to    
some extent in the spreads of the loans drawn by the company and in the         
availability of funding. Interest rates have gone down and the margins up, which
together have resulted in lower-than-budgeted interest expenses.                


Operations                                                                      

The Technopolis Group has defined the operating segments required under IFRS 8, 
which took effect at the beginning of 2009. There are two operating segments    
based on geographical units: Finland and Russia. The segment division is based  
on the Group's existing internal reporting procedures and the organization of   
the Group's operations. The Group will be presenting information based on the   
operating segments starting with this first interim report for the current year.

The Group's net sales for the reporting period reached EUR 19.4 million (EUR    
16.4 million in 2008), an increase of 18.4 %. Of this, rental revenue accounted 
for 84.4% (81.9%) and service revenue for 15.6% (18.1%). The reduction in the   
relative share of service revenue was mainly due to the discontinuation of the  
Consulting Unit in autumn 2008. The Group's Development Services helped clients 
in obtaining EUR 14.0 million worth of risk capital. Rental revenue from        
comparable sources increased 3.0%. Like for like rental growth, i.e., the trend 
in rental revenue from comparable sources, is calculated by comparing the rental
revenue in the period 1-3/2009 with that in the equivalent period in 2008. To   
ensure comparability, the figures do not include properties commissioned or     
acquired during the year. EBITDA for the year was EUR 9.9 million (EUR 8.8      
million), an increase of 12.9%.                                                 

The operating loss was EUR 4.2 million (operating profit EUR 10.8 million)      
including a fall of EUR 14.0 million (EUR +2.6 million) in the fair value of    
investment properties and properties under construction. The fall in the        
operating profit was due to a decline in the fair value of investment properties
caused by the rise in yield requirements. This fall had no impact on the net    
sales, EBITDA or cash flow. The decrease in the operating profit reduces the    
Group's equity ratio.                                                           

The Group's net finance expenses totaled EUR 3.7 million (EUR 3.1 million). The 
Group's loss before taxes was EUR 7.9 million (profit EUR 7.7 million).         

This is the first interim report in which the company presents its direct       
result, which gives a more accurate presentation of the real result. The Group's
direct result was EUR 4.8 million (EUR 3.2 million), an increase of 50.7%. The  
direct result shows the company's result for the fiscal period excluding changes
that have taken place in the fair values of investment properties and financial 
instruments during the period, any non-recurring items and tax effects relating 
to the above-mentioned items.                                                   

Total assets in the statement of financial position were EUR 685.5 million (EUR 
630.5 million), an increase of 8.7%. The Group's equity ratio at the end of the 
period was 38.6% (32.9%).                                                       

The fair value of the Group's finished investment property at the end of the    
period was EUR 582.0 million (EUR 549.0 million). As of January 1, 2009 the     
company has duly complied with the amended IAS 40 standard, under which         
investment properties under construction recognized in tangible assets must also
be measured at fair value, provided that fair value can be reliably determined. 
The fair value of investment properties under construction was EUR 24.3 million 
at the end of the period. The amendment to the standard was not applied         
retroactively.                                                                  

The negative earnings impact of the change in the fair values of investment     
properties and properties under construction was EUR 14.0 million (EUR +2.6     
million in 2008) in the reporting period. The negative change in the fair value 
is mainly due to the increased market yield requirements.                       

Yield requirements are calculated by means of analyses done by two independent  
appraisal agencies for each individual region. The yields are calculated by     
taking the average of the upper and lower ranges reported by these              
organizations. On March 31, 2009, the average net yield requirement for Group   
properties was 7.85% (7.26% on March 31, 2008). A conservative average occupancy
rate of 95.5% was projected for the calculation of the fair values over a       
ten-year time frame. The Group's targets concerning the actual occupancy rates  
are higher than this. Over the period from 2000 to 2008, the Group's average    
occupancy rate was 97.5%. By the end of the reporting period, assets worth EUR  
20.9 million were tied up in the company in St. Petersburg.                     

The Group's total rentable space was 438,337 square meters at the end of the    
period (412,293 square meters on March 31, 2008). The Group's average financial 
occupancy rate at the end of the period was 95.7% (96.8%). The financial        
occupancy rate depicts rental revenues from the properties as a percentage of   
the aggregate of market rents for occupied premises and the estimated market    
rent for vacant space. At the end of the reporting period, the lease portfolio  
held by the Group totaled EUR 128.1 million (EUR 120.4 million).                


Group Structure                                                                 

The Technopolis Group includes the parent company, Technopolis Plc, which has   
operations in Espoo, Helsinki, Jyväskylä, Kuopio, Lappeenranta, Oulu, Tampere   
and Vantaa, and its subsidiaries Innopoli Ltd and Kiinteistö Oy Innopoli II,    
both wholly owned and both in Espoo, and other subsidiaries.                    

Technopolis has established two Russian companies in St. Petersburg, Technopolis
Neudorf LLC and Technopolis St. Petersburg LLC, both wholly owned by            
Technopolis.                                                                    

The parent company has a minority holding in the affiliated companies Kiinteistö
Oy Hermia (49.3%), Technocenter Kempele Oy (48.5%), Kiinteistö Oy Bioteknia     
(28.5%), Iin Micropolis Ltd (25.7%), Jyväskylä Innovation Ltd (24%), Kuopio     
Innovation Ltd (24%) and Lappeenranta Innovation Ltd (20%). Technopolis Plc has 
a 13% holding in Oulu Innovation Ltd.                                           

The Group also includes Technopolis Ventures Ltd in Espoo, which is wholly owned
by Innopoli Ltd. Technopolis Ventures Ltd owns the subsidiaries Technopolis     
Ventures Lappeenranta Ltd (100%), Technopolis Ventures Jyväskylä Ltd (100%),    
Technopolis Ventures Oulu Ltd (70%), Technopolis Ventures Professia Ltd in      
Tampere (50.1%), and Technopolis Ventures Kuopio Ltd (100%). Technopolis        
Ventures Ltd has a 25% holding in Otaniemi Development Ltd.                     


Major Investments and Development Projects                                      

Phase 5 of the Kontinkangas technology center was launched in June 2008. The    
extension is approximately 4,030 square meters and the total cost of the project
is projected at about EUR 7.2 million. Phase 5 is due for completion in the     
summer of 2009. Approximately 66% of the extension has already been let.        

A decision was made to start Phase 1 of the Hermia 15 property in Tampere in    
April 2008. The estimated cost of the 11,790 square meters project is EUR 14.5  
million, which includes a parking facility for 300 vehicles. The Phase 1        
premises have been let 100%. Phase 1 is due for completion in August 2009.      

Construction of Phase 1 of the Yliopistonrinne project in downtown Tampere was  
started in June 2008. The new technology center will be located on a plot of    
land bought from the City of Tampere earlier in January, next to the University 
of Tampere. The price of the plot was EUR 5.6 million. The estimated total cost 
of the 19,200 square meters project is EUR 33.3 million, which includes a       
parking facility for 130 vehicles. With 73% of the Phase 1 facilities already   
let, the project is due for completion in March 2010.                           

Construction of Phase 2 of the Ohjelmakaari project in Ylistönmäki, Jyväskylä,  
was started in June 2008. The estimated cost of the project is about EUR 7.7    
million, which includes a section of a parking facility to be built at a later  
date. The gross floor area is about 4,790 square meters. With 71% of the Phase 1
facilities already let, the project is due for completion in June 2009.         

Construction of Phase 1 of the Pulkovo technology center in St. Petersburg has  
begun. The new center will be erected on a plot owned by Technopolis St.        
Petersburg LCC near Pulkovo International Airport. The estimated cost of the    
24,100 square meters building is about EUR 50 million. Construction is          
proceeding according to plan. The market situation is extremely challenging, but
there is reasonable demand. In accordance with local market practice, most      
leases will be signed after completion of the project. Phase 1 is due for       
completion in the spring of 2010.                                               


Stock-Related Events                                                            

The company's share capital stands at EUR 96,913,626.29, with 57,345,341 shares 
outstanding.                                                                    

The company has not received any notices of changes in ownership during the     
reporting period.                                                               


Financing                                                                       

With its current credit facilities, Technopolis can finance its operating       
activities and all investments already decided on. At the end of the period,    
Technopolis had EUR 119.9 million worth of untapped binding long-term credit    
facilities and loans and cash in the amount of EUR 10.5 million. Of the         
long-term credit facilities, EUR 80.0 million is credit extended by the European
Investment Bank to Technopolis for future extension projects in Finland.        
Technopolis has a EUR 90 million domestic commercial paper program to manage its
short-term liquidity, which allows the company to issue commercial papers with a
maturity of less than one year. At the end of the reporting period, the Group's 
outstanding commercial papers stood at EUR 2.4 million (EUR 32.8 million).      
Technopolis also has an untapped EUR 15.0 million checking account overdraft    
facility. All in all, Technopolis has a total of EUR 222.5 million in short- and
long-term credit facilities.                                                    

The Group's net finance expenses totaled EUR 3.7 million (EUR 3.1 million). The 
Group's total assets as indicated in the statement of financial position were   
EUR 685.5 million (EUR 630.5 million), of which liabilities accounted for EUR   
422.3 million (EUR 424.2 million). The Group's equity ratio was 38.6 % (32.9%). 
At the end of the period, the Group's net gearing was 133.8% (173.2%). The      
Group's equity per share was EUR 4.59 (EUR 4.67).                               

The Group's interest-bearing liabilities at the end of the reporting period were
EUR 362.5 million (EUR 365.1 million). On March 31, 2009, the average interest  
rate on interest-bearing loans was 3.11% (4.75%). At the end of the period,     
75.5% (71.0%) of the interest-bearing loans were floating rate loans and 24.5%  
(29.0%) were fixed rate loans. The average capital-weighted loan period was 10.4
years (11.0 years).                                                             

The Group has interest-bearing long-term loans worth EUR 343.7 million, some of 
which include EUR 56.6 million worth of covenants relating to the equity ratio. 
As far as these loans are concerned, a poorer equity ratio may lead to higher   
interest rate margins or premature repayment. The interest rate margins of the  
loans cannot, however, rise significantly from their current level if the equity
ratio weakens, since the financiers have been raising their margins over the    
past 12 months in accordance with the credit conditions with reference to the   
availability of refinancing and higher price levels. The margins of some loans  
and bank guarantees may rise with lower equity ratios as shown in the table     
below.                                                                          

--------------------------------------------------------------------------------
| Loan (L) or     | Current    | Equity   | Equity   | Equity   | Other        |
| bank guarantee  | loan       | ratio    | ratio    | ratio    |              |
| (BG) principal, | margin (%) | under    | under    | under    |              |
| EUR million     |            | 38%      | 33%      | 30%      |              |
--------------------------------------------------------------------------------
| 10.0 (L)        | 0.65       |          |          | 0.85     |              |
--------------------------------------------------------------------------------
| 4.9 (L)         | 0.65       |          | 0.70     | 1.00     |              |
--------------------------------------------------------------------------------
| 10.1 (L)        | 1.00       |          |          |          | Loan may be  |
|                 |            |          |          |          | terminated   |
|                 |            |          |          |          | if equity    |
|                 |            |          |          |          | ratio under  |
|                 |            |          |          |          | 38%          |
--------------------------------------------------------------------------------
| 1.6 (L)         | 0.45       |          |          |          | Margin may   |
|                 |            |          |          |          | be changed   |
|                 |            |          |          |          | or loan      |
|                 |            |          |          |          | terminated   |
|                 |            |          |          |          | if equity    |
|                 |            |          |          |          | ratio under  |
|                 |            |          |          |          | 28%          |
--------------------------------------------------------------------------------
| 10.0 (BG)       | 0.365      | 0.4      |          | 0.60     |              |
--------------------------------------------------------------------------------
| 20.0 (BG)       | 0.265      | 0.35     |          | 0.65     | Covenant     |
|                 |            |          |          |          | validity     |
|                 |            |          |          |          | begins       |
|                 |            |          |          |          | 8.12.2013    |
--------------------------------------------------------------------------------

Bank guarantees, EUR 66.0 million, have been given as security for the EUR 65.0 
million in loans granted by the European Investment Bank. EUR 20.0 million of   
these guarantees will expire by the end of 2013 and the plan is to extend them. 
Significant increases in margins may be expected when these bank guarantees are 
extended.                                                                       

Of the existing interest-bearing loans, a total of EUR 18.9 million will mature 
during the 12-month period following the reporting period.                      

Financing for the Pulkovo construction project in Russia will be provided by    
funding acquired by the parent company, which will be converted into long-term  
loans and shareholders' equity with due regard for the Russian                  
thin-capitalization rules.                                                      


Organization and Personnel                                                      

The President and CEO of Technopolis is Keith Silverang, MBA. Mr. Silverang has 
dual US and Finnish citizenship. He took his undergraduate degree at Boston     
University and completed an MBA at the Helsinki School of Economics.            

At its meeting on February 26, 2009, the Technopolis Board of Directors decided 
to change its organizational structure and to reduce the number of members on   
the Management Team. The Board decided to appoint Mr. Reijo Tauriainen, M.A.,   
CFO and Deputy CEO. Mr. Tauriainen served as Chief Financial Officer in the     
company in 2004-2007. He has been serving as the Finnish Country Manager since  
the beginning of 2008 and will continue in this office.                         

The Technopolis line organization now consists of three business units: Finland,
Russia and New Markets. Furthermore, the Group organization will have matrix    
support functions for its real estate development, business services, business  
development and support activities. The New Markets Unit has no net sales or    
operating profit and its expenses are included in administrative expenses.      

The Management Team comprises President and CEO Keith Silverang, Finnish Country
Manager and CFO Reijo Tauriainen, Director of Tampere operations and Business   
Services Satu Eskelinen and Chief Development Officer Jukka Akselin.            

The Group employed an average of 153 (151) people during the period. There were 
58 (50) employees in real estate operations, 34 (35) in business services and 61
(66) in development services. At the end of the reporting period, the total     
number of Group personnel was 153 (157).                                        

Annual General Meeting                                                          

The Annual General Meeting of Shareholders (AGM) of Technopolis Plc was held on 
March 26, 2009. The AGM adopted the Group and Parent Company financial          
statements for fiscal year 2008 and released the company management from        
liability.                                                                      

The AGM decided to pay a dividend of EUR 0.12 per share as proposed by the      
Board. The dividend was to be paid to the shareholders who were registered in   
the share register kept by Euroclear Finland Oy on the record date March 31,    
2009. The dividends were paid on April 7, 2009.                                 

The Annual General Meeting decided to amend section 8 of the Articles of        
Association by specifying that notices of the AGM should be served no later than
three weeks before the AGM.                                                     

The number of members on the Board of Directors was confirmed at six. Teija     
Andersen, Jussi Kuutsa, Matti Pennanen, Timo Ritakallio and Erkki Veikkolainen  
were elected to the Board for the term ending at the conclusion of the next     
Annual General Meeting. As well as the above members, the Board includes Pertti 
Huuskonen, who was elected full-time Chairman of the Board by the AGM on March  
27, 2008, for a term that began on September 15, 2008, and will end with the    
conclusion of the 2010 Annual General Meeting. Matti Pennanen was elected Deputy
Chairman of the Board.                                                          

The Annual General Meeting decided that Pertti Huuskonen be paid compensation   
according to the decision made thereon by the AGM of March 27, 2008, and in     
compliance with the agreement made with him, for the period beginning with the  
conclusion of the 2009 AGM and ending with the conclusion of the following AGM, 
taking into account, however, that the monetary compensation payable to Mr.     
Huuskonen will be reduced by 15 percent to EUR 288,150 in accordance with his   
own savings initiative.                                                         

The other members of the Board will be paid annual compensation as follows: EUR 
30,000 to the Deputy Chairman of the Board and EUR 25,000 to Board members. The 
Board members will be paid an additional EUR 600 per meeting for participation. 
Travel costs will be compensated to Board members in accordance with the        
company's travel regulations.                                                   

The AGM further decided to authorize the Board to extend the compensation       
agreement made with Pertti Huuskonen by one year under the original terms so    
that it will end with the conclusion of the 2011 AGM. According to the original 
terms the monetary compensation to the Chairman of the Board for the period is  
EUR 339 000.                                                                    

KPMG Oy Ab were appointed auditors for the Group, with Tapio Raappana, APA, as  
the auditor-in-charge. It was decided that the auditors be paid auditing fees on
the basis of reasonable invoicing.                                              

The Annual General Meeting decided to authorize the Board of Directors to decide
on purchasing the company's own shares as follows. The maximum number of shares 
to be acquired pursuant to this authorization is 5,700,000, which is equivalent 
to approximately 9.94% of the company's issued shares. Under the authorization, 
the company's own shares may only be purchased using its unrestricted equity.   

The company's own shares may be purchased at a price arrived at in public       
trading on the date of acquisition or at a price otherwise determined by the    
market.                                                                         

The decision on how the shares are to be acquired will be made by the Board of  
Directors. Derivatives may be used for this purpose. Shares need not necessarily
be acquired in proportion to the current holdings of the existing shareholders  
(directed acquisition).                                                         

This authorization to purchase the company's own shares cancels the             
authorization granted by the Annual General Meeting of March 27, 2008.          

The authorization will expire on September 26, 2010.                            

The AGM resolved to authorize the Board to decide on a share issue and on       
granting options and other special rights giving entitlement to shares as       
referred to in Chapter 10, section 1, of the Limited Liability Companies Act as 
follows.                                                                        

The maximum number of shares to be issued pursuant to this authorization is     
11,400,000, which is equivalent to approximately 19.88% of the company's issued 
shares.                                                                         

The Board of Directors will decide on all the terms of the share issue and on   
the granting of special rights giving entitlement to shares. The authorization  
concerns both the issuance of new shares and the conveyance of the company's own
shares. A share issue may be floated and special rights giving entitlement to   
shares granted in derogation to the pre-emptive right of shareholders (directed 
issue).                                                                         

This authorization cancels the authorizations granted by the Extraordinary      
General Meeting of November 29, 2007 and by the Annual General Meeting of March 
27, 2008, to decide on a share issue and on granting special rights giving      
entitlement to shares.                                                          

The authorization will expire on 26 March, 2012.                                

At the AGM, the Board made the decision to amend its proposal referred to in the
notice of the meeting so that the number of shares to be issued pursuant to the 
authorization may not exceed 11,400,000, which is equivalent to approximately   
19.88% of the company's issued shares.                                          

The AGM decided to adopt a share ownership plan for key personnel in the        
Technopolis Group.                                                              

The purpose of the plan is to harmonize the goals of the owners and the key     
personnel in order to increase the company's value, to make the key personnel   
committed to the company and to offer them a competitive remuneration plan based
on share ownership.                                                             

The plan consists of three earning periods: the calendar years 2010, 2011 and   
2012. The Board of Directors will decide on the criteria and targets for each   
earning period in the December of the previous year. Rewards for the earning    
periods 2010, 2011 and 2012 will be paid in 2011, 2012 and 2013 partly in cash  
and partly in company shares. Shares may not be disposed of during a commitment 
period of two and a half years.                                                 

Maximum rewards payable under the plan usually correspond to the value of some  
800,000 Technopolis Plc shares (including the proportion payable in cash).      


Evaluation of Operational Risks                                                 

The most significant risks in the business operations of Technopolis are        
financial and client risks as well risks related to the business operations in  
Russia.                                                                         

The objective of interest rate risk management is to mitigate the negative      
impact of market rate fluctuations on the Group's performance, financial        
position and cash flow. If necessary, the company will make use of forwards,    
interest rate swaps and interest rate options to hedge interest rate risks.     
Another aim of the company's interest rate risk policy is to diversify the      
interest rate risk of loan contracts over various loan periods on the basis of  
the market situation prevailing at any given time and the interest rate forecast
created by the company.                                                         

It is indicative of the structure of Technopolis' loan portfolio at the end of  
the fiscal period that a one point change in money market rates would change    
interest rate costs by EUR 1.8 million per annum.                               

Because of the interest rate risk associated with loans, a policy of            
diversifying interest bases is pursued. On March 31, 2009, 75.5% of the         
company's interest-bearing loans were pegged to the 3-12 month Euribor rate. Of 
all interest-bearing loans, 24.5% were fixed-rate loans with a maturity of 13 to
60 months.                                                                      

The objective of refinancing risk management is to ensure that the Group loan   
portfolio is sufficiently diversified in terms of the repayment schedules and   
financing instruments. The average capital-weighted outstanding loan period for 
interest-bearing loans was 10.4 years. In order to manage the financing risk,   
Technopolis draws upon the resources of a wide range of financiers, makes use of
a variety of financing instruments and maintains a high degree of solvency.     

Extended uncertainty on the financing market may affect the availability of     
growth financing and refinancing and their spreads in the future.               

The differences between Russian and Finnish legislation and administrative      
procedures may give rise to risks. If the premises cannot be let as planned, the
Pulkovo technology center will pose a financial risk to the Group. Once         
completed, Pulkovo will represent approximately 7% of the combined fair value of
the Group's investment properties.                                              

Changes in the exchange rates between the Russian ruble and the euro may have an
effect on the company's financial position and operations. Business transactions
denominated in rubles are recorded at the exchange rate applied on the          
transaction date. Any translation differences are entered in the comprehensive  
statement of income under other operating expenses or finance income and        
expenses according to the type of transaction involved. The acquisition of land 
in St. Petersburg has been financed in the local currency, and the related      
exchange rate risk has been hedged using a currency swap.                       

The deterioration in the general economic situation, if prolonged, may have an  
adverse effect on the company's clients and hence on the Group's business       
operations.                                                                     

Client risk management aims to minimize the negative impact of potential changes
in the client's financial position on the company's business and its financial  
performance. Client risk management focuses on a close understanding of the     
business that the client is engaged in and on the active monitoring of client   
information. As part of client risk management, Technopolis leases include      
rental security arrangements. All the properties have full-value insurance.     

Geographically, the Group's property portfolio is diversified among the Helsinki
metropolitan area, Jyväskylä, Lappeenranta, Tampere, the Oulu region, and St.   
Petersburg. No single client accounts for more than 8.7% of the Group's net     
sales. All in all, the Group has some 1,175 clients operating in several        
different sectors.                                                              

The company's leases fall into two categories: fixed-term and open-ended. The   
company aims to employ both types of lease depending on the market situation,   
the property involved and the tenant's business.                                

At the end of the period under review, the open-ended leases that could be      
terminated and renegotiated during the following 12 months covered a total of   
200,720 square meters of space, or 50% of the entire property portfolio. The    
notice periods for these leases are as follows: three months or less 9%; three  
to six months 25%; six to nine months 48%; and more than nine months 18% of the 
leases. At the end of the period, the average term of leases was 23 months.     

The current lease structure allows clients to change the premises they occupy   
flexibly as their business changes. This is a key element of the Technopolis    
service concept, and the company has solid long-term experience and expertise in
employing this approach under varying economic conditions.                      

In new building projects, Technopolis focuses on quality specifications and the 
manageability of the property's entire lifecycle. In the design phase, due      
consideration is given to all the maintenance and repair requirements in order  
to implement environmentally sustainable solutions for energy consumption, the  
adaptability of office facilities and recycling potential. When properties are  
bought, Technopolis carries out the standard property and environmental audits  
before finally committing itself to the transaction.                            

Changes in the market yield requirements may have a significant impact on the   
financial performance. When the yield requirements increase, the fair values of 
properties fall. Conversely, when the yield requirements decrease, the fair     
values of properties increase. While the changes increase or decrease the       
company's operating profit, they do not affect its direct result.               


Outlook                                                                         

Technopolis management expects the demand for its high-tech facilities and      
services to decline in 2009. There is a considerable risk that the financial    
occupancy rate will fall, which may have an adverse impact on the company's net 
sales and EBITDA in 2009 and 2010.                                              

The management anticipates that the economic downturn, if protracted, will pose 
a challenge to the Group's growth targets. The company will continue to pursue  
measures aimed at protecting profitability even under difficult market          
conditions. The Group management expects the net sales and EBITDA to increase by
5% to 8% in 2009.                                                               

In accordance with its growth strategy for 2012, Technopolis' objective is to   
have a presence in all the major Finnish high-tech hot spots and in two or three
other countries, in addition to Finland and Russia. The Group aims to increase  
its net sales at an average annual rate of 15% through both organic expansion as
well as acquisitions.                                                           

The Group's financial performance is determined by the general macroeconomic    
trends, client operations, financial markets and the yield requirements for     
properties. Developments in these areas may affect the Group's financial        
performance through changes in occupancy rates, the use of services, financing  
costs, the fair values of properties and office rent levels.                    

Oulu, April 23, 2009                                                            

TECHNOPOLIS PLC                                                                 
Board of Directors                                                              

Keith Silverang                                                                 
President and CEO                                                               

Additional information:                                                         
Keith Silverang, tel. +358 40 566 7785                                          

A PDF version of this financial report is available at www.technopolis.fi. For a
hardcopy version, please contact: tel. +358 8 551 3228 / Technopolis info.      

Technopolis provides an online information bulletin service that can be         
subscribed to on the company website. Subscribers will receive the company's    
information bulletins by email.                                                 

The accounting policies applied in the interim report and the formula for       
calculating key indicators are basically the same as in the 2008 annual report. 
Since January 1, 2009, the company has applied the revised IAS 1 and IAS 40     
standards as well as the IFRS 8 regulations. While the interim report has been  
prepared in accordance with the IFRS recognition and valuation principles, all  
the IAS 34 requirements have not been complied with.                            

The Technopolis Group has two operating segments based on geographical units:   
Finland and Russia. With the expansion of the operations, a third operating     
segment, New Markets, may also be reported. The segment division presented in   
this interim report is based on the Group's existing internal reporting         
procedures and the organization of the Group's operations. This is the first    
interim report in which the Group presents the information on the operating     
segments complete with comparative data.                                        

Investment properties are valued in accordance with the fair value model. The   
company has duly complied with the amended IAS 40 standard, under which         
investment properties under construction must be measured at fair value,        
provided that fair value can be reliably determined. The company has applied the
amended standard since the beginning of 2009.                                   

The figures are unaudited.                                                      


Technopolis Group:                                                              
--------------------------------------------------------------------------------
| STATEMENT OF COMPREHENSIVE      |         1-3/ |         1-3/ |        1-12/ |
| INCOME                          |              |              |              |
--------------------------------------------------------------------------------
| Currency unit: EUR million      |         2009 |         2008 |         2008 |
--------------------------------------------------------------------------------
| Net sales                       |        19,40 |        16,38 |        72,57 |
--------------------------------------------------------------------------------
| Other operating income 1)       |         0,47 |         2,07 |         5,48 |
--------------------------------------------------------------------------------
| Other operating expenses        |        -9,93 |        -9,63 |       -41,07 |
--------------------------------------------------------------------------------
| Change in fair value of         |       -14,04 |         2,58 |        -0,69 |
| investment properties           |              |              |              |
--------------------------------------------------------------------------------
| Depreciation 2)                 |        -0,13 |        -0,56 |        -0,98 |
--------------------------------------------------------------------------------
| Operating profit/loss           |        -4,22 |        10,83 |        35,31 |
--------------------------------------------------------------------------------
| Finance income and expenses     |        -3,69 |        -3,15 |       -13,93 |
--------------------------------------------------------------------------------
| Result before taxes             |        -7,91 |         7,68 |        21,38 |
--------------------------------------------------------------------------------
| Income taxes                    |         2,15 |        -2,15 |        -5,53 |
--------------------------------------------------------------------------------
| Net result for the period       |        -5,76 |         5,53 |        15,85 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OTHER COMPREHENSIVE INCOME      |              |              |              |
| ITEMS                           |              |              |              |
--------------------------------------------------------------------------------
| Available-for-sale financial    |         0,00 |        -0,03 |        -0,04 |
| assets                          |              |              |              |
--------------------------------------------------------------------------------
| Taxes related to other          |         0,00 |         0,01 |         0,01 |
| comprehensive income items      |              |              |              |
--------------------------------------------------------------------------------
| Other comprehensive income      |         0,00 |        -0,02 |        -0,03 |
| items after taxes for the       |              |              |              |
| period                          |              |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COMPREHENSIVE INCOME FOR THE    |        -5,76 |         5,51 |        15,82 |
| PERIOD, TOTAL                   |              |              |              |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Distribution of profit for the  |              |              |              |
| period:                         |              |              |              |
--------------------------------------------------------------------------------
| To parent company shareholders  |        -5,74 |         5,65 |        15,99 |
--------------------------------------------------------------------------------
| To non-controlling shareholders |        -0,02 |        -0,12 |        -0,14 |
--------------------------------------------------------------------------------
|                                 |        -5,76 |         5,53 |        15,85 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Distribution of comprehensive   |              |              |              |
| income for the period:          |              |              |              |
--------------------------------------------------------------------------------
| To parent company shareholders  |        -5,74 |         5,63 |        15,96 |
--------------------------------------------------------------------------------
| To non-controlling shareholders |        -0,02 |        -0,12 |        -0,14 |
--------------------------------------------------------------------------------
|                                 |        -5,76 |         5,51 |        15,82 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Earnings per share based on result flowing to parent company                 |
--------------------------------------------------------------------------------
| shareholders:                  |              |              |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share, basic (EUR)    |       -0,10  |         0,13 |          0,31 |
--------------------------------------------------------------------------------
| Earnings/share, adjusted for   |       -0,10  |         0,13 |          0,31 |
| dilutive effect (EUR)          |              |              |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of shares:                     |              |               |
--------------------------------------------------------------------------------
| - basic                    |       57 345 341 |   44 110 053 |    52 029 796 |
--------------------------------------------------------------------------------
| - diluted                  |       57 345 341 |   44 190 560 |    52 118 705 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL          |             |              |               |
| POSITION, ASSETS                |             |              |               |
--------------------------------------------------------------------------------
| Currency unit: EUR million      |   31.3.2009 |    31.3.2008 |    31.12.2008 |
--------------------------------------------------------------------------------
| Non-current assets              |             |              |               |
--------------------------------------------------------------------------------
| Intangible assets               |        1,98 |         2,05 |          2,02 |
--------------------------------------------------------------------------------
| Tangible assets                 |       50,48 |        32,08 |         37,94 |
--------------------------------------------------------------------------------
| Investment property             |      582,04 |       549,02 |        594,02 |
--------------------------------------------------------------------------------
| Investments                     |       26,40 |        26,58 |         26,70 |
--------------------------------------------------------------------------------
| Deferred tax assets             |        2,46 |         2,86 |          1,89 |
--------------------------------------------------------------------------------
| Non-current assets              |      663,36 |       612,59 |        662,57 |
--------------------------------------------------------------------------------
| Current assets                  |       22,10 |        17,90 |         20,99 |
--------------------------------------------------------------------------------
| Assets, total                   |      685,46 |       630,49 |        683,56 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL          |             |              |               |
| POSITION, SHAREHOLDERS' EQUITY  |             |              |               |
| AND LIABILITIES                 |             |              |               |
--------------------------------------------------------------------------------
| Currency unit: EUR million      |             |              |               |
--------------------------------------------------------------------------------
| Shareholders' equity            |             |              |               |
--------------------------------------------------------------------------------
| Share capital                   |       96,91 |        74,55 |         96,91 |
--------------------------------------------------------------------------------
| Premium fund                    |       18,55 |        18,55 |         18,55 |
--------------------------------------------------------------------------------
| Other funds                     |       63,82 |        27,37 |         63,82 |
--------------------------------------------------------------------------------
| Other shareholders' equity      |        0,13 |         0,18 |          0,55 |
--------------------------------------------------------------------------------
| Retained earnings               |       89,28 |        79,68 |         79,62 |
--------------------------------------------------------------------------------
| Net result for the period       |       -5,74 |         5,65 |         15,99 |
--------------------------------------------------------------------------------
| Parent company's shareholders'  |      262,96 |       205,98 |        275,44 |
| interests                       |             |              |               |
--------------------------------------------------------------------------------
| Non-controlling interests       |        0,24 |         0,28 |          0,26 |
--------------------------------------------------------------------------------
| Shareholders' equity, total     |      263,20 |       206,26 |        275,70 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities                     |             |              |               |
--------------------------------------------------------------------------------
| Non-current liabilities         |             |              |               |
--------------------------------------------------------------------------------
| Interest-bearing liabilities    |      343,68 |       315,17 |        329,84 |
--------------------------------------------------------------------------------
| Non-interest-bearing            |        1,35 |         1,39 |          1,38 |
| liabilities                     |             |              |               |
--------------------------------------------------------------------------------
| Deferred tax liabilities        |       35,56 |        37,11 |         38,11 |
--------------------------------------------------------------------------------
| Non-current liabilities, total  |      380,58 |       353,67 |        369,33 |
--------------------------------------------------------------------------------
| Current liabilities             |             |              |               |
--------------------------------------------------------------------------------
| Interest-bearing liabilities    |       18,87 |        49,89 |         20,43 |
--------------------------------------------------------------------------------
| Non-interest-bearing            |       22,81 |        20,67 |         18,10 |
| liabilities                     |             |              |               |
--------------------------------------------------------------------------------
| Current liabilities, total      |       41,68 |        70,56 |         38,53 |
--------------------------------------------------------------------------------
| Liabilities, total              |      422,26 |       424,24 |        407,86 |
--------------------------------------------------------------------------------
| Shareholders' equity and        |      685,46 |       630,49 |        683,56 |
| liabilities, total              |             |              |               |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| STATEMENT OF CASH FLOWS                        |             |               |
--------------------------------------------------------------------------------
| Currency unit: EUR million       |        1-3/ |        1-3/ |         1-12/ |
--------------------------------------------------------------------------------
|                                  |        2009 |        2008 |          2008 |
--------------------------------------------------------------------------------
| Cash flows from operating        |             |             |               |
| activities                       |             |             |               |
--------------------------------------------------------------------------------
| Operating profit/loss            |       -4,22 |       10,83 |         35,31 |
--------------------------------------------------------------------------------
| Change in fair value of          |       14,04 |       -2,58 |          0,69 |
| investment properties            |             |             |               |
--------------------------------------------------------------------------------
| Depreciation                     |        0,13 |        0,56 |          0,98 |
--------------------------------------------------------------------------------
| Other adjustments for non-cash   |        0,13 |       -0,25 |          0,14 |
| transactions                     |             |             |               |
--------------------------------------------------------------------------------
| Increase / decrease in working   |        1,79 |        0,12 |          0,24 |
| capital                          |             |             |               |
--------------------------------------------------------------------------------
| Interests received               |        0,69 |        0,21 |          2,41 |
--------------------------------------------------------------------------------
| Interests paid and fees          |       -5,91 |       -3,70 |        -17,12 |
--------------------------------------------------------------------------------
| Income from other investments    |        0,00 |             |          0,01 |
--------------------------------------------------------------------------------
| Taxes paid                       |       -0,63 |       -0,47 |         -2,47 |
--------------------------------------------------------------------------------
| Net cash provided by operating   |        6,03 |        4,72 |         20,19 |
| activities                       |             |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing        |             |             |               |
| activities                       |             |             |               |
--------------------------------------------------------------------------------
| Investments in other securities  |       -0,02 |       -0,11 |         -1,11 |
--------------------------------------------------------------------------------
| Investments in investment        |      -15,19 |      -21,02 |        -70,21 |
| properties                       |             |             |               |
--------------------------------------------------------------------------------
| Investments in tangible and      |       -0,03 |       -0,03 |         -0,27 |
| intangible assets                |             |             |               |
--------------------------------------------------------------------------------
| Repayments of loan receivables   |        0,00 |        0,00 |          0,01 |
--------------------------------------------------------------------------------
| Gains from disposals of other    |             |        2,30 |          2,33 |
| investments                      |             |             |               |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries      |             |      -18,72 |        -22,21 |
--------------------------------------------------------------------------------
| Net cash used in investing       |      -15,23 |      -37,57 |        -91,46 |
| activities                       |             |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing        |             |             |               |
| activities                       |             |             |               |
--------------------------------------------------------------------------------
| Increase in long-term loans      |       22,10 |       45,90 |         70,21 |
--------------------------------------------------------------------------------
| Decrease in long-term loans      |       -8,24 |       -4,17 |        -14,46 |
--------------------------------------------------------------------------------
| Dividends paid                   |             |             |         -6,60 |
--------------------------------------------------------------------------------
| Paid share issue                 |             |        0,02 |         58,48 |
--------------------------------------------------------------------------------
| Repayments of finance leasing    |        0,26 |        0,22 |          0,95 |
| receivables                      |             |             |               |
--------------------------------------------------------------------------------
| Change in short-term loans       |       -1,58 |       -2,45 |        -31,24 |
--------------------------------------------------------------------------------
| Net cash provided by financing   |       12,54 |       39,52 |         77,34 |
| activities                       |             |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net increase/decrease in cash    |        3,34 |        6,66 |          6,07 |
| assets                           |             |             |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents at     |        7,15 |        1,08 |          1,08 |
| period-start                     |             |             |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents at     |       10,48 |        7,74 |          7,15 |
| period-end                       |             |             |               |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN     |         |        |         |         |         |
| EQUITY                      |         |        |         |         |         |
--------------------------------------------------------------------------------
| Currency unit:    |   Share | Premium |  Other | Retaine | Non-con | Shareho |
| EUR million       | capital |    fund |  funds |       d | trollin |  lders' |
|                   |         |         |        | earning |       g |  equity |
|                   |         |         |        |       s | shareho |         |
|                   |         |         |        |         |   lders |         |
--------------------------------------------------------------------------------
| EQUITY            |   74,54 |   18,55 |  27,38 |   86,29 |    0,40 |  207,17 |
| 31.12.2007        |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Share capital     |    0,01 |         |   0,01 |         |         |    0,02 |
| increase          |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Directed share    |         |         |        |         |         |    0,00 |
| issue             |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Dividend          |         |         |        |   -6,62 |         |   -6,62 |
| distribution      |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Comprehensive     |         |         |  -0,02 |    5,65 |   -0,12 |    5,51 |
| income for the    |         |         |        |         |         |         |
| period            |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Other changes     |         |         |        |    0,18 |         |    0,18 |
--------------------------------------------------------------------------------
| EQUITY            |   74,55 |   18,55 |  27,37 |   85,50 |    0,28 |  206,26 |
| 31.3.2008         |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Share issue       |   22,36 |         |  37,26 |         |         |   59,63 |
--------------------------------------------------------------------------------
| Comprehensive     |         |         |  -0,01 |   10,34 |   -0,02 |   10,31 |
| income for the    |         |         |        |         |         |         |
| period            |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Other changes     |         |         |  -0,81 |    0,32 |         |   -0,49 |
--------------------------------------------------------------------------------
| EQUITY            |   96,91 |   18,55 |  63,82 |   96,16 |    0,26 |  275,70 |
| 31.12.2008        |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Dividend          |         |         |        |   -6,88 |         |   -6,88 |
| distribution      |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Comprehensive     |         |         |   0,00 |   -5,74 |   -0,02 |   -5,76 |
| income for the    |         |         |        |         |         |         |
| period            |         |         |        |         |         |         |
--------------------------------------------------------------------------------
| Other changes     |         |         |        |    0,13 |         |    0,13 |
--------------------------------------------------------------------------------
| EQUITY            |   96,91 |   18,55 |  63,82 |   83,67 |    0,24 |  263,20 |
| 31.3.2009         |         |         |        |         |         |         |
--------------------------------------------------------------------------------



Financial information by segment                                                

The Group's net sales or EBITDA do not include inter-segment items. Items after 
the EBITDA, such as depreciation, financing items and taxes, are not presented  
in the segment information because they are not allocated to segments.          



--------------------------------------------------------------------------------
| SEGMENT INFORMATION                   |       1-3/ |       1-3/ |      1-12/ |
--------------------------------------------------------------------------------
| Currency unit: EUR million            |       2009 |       2008 |       2008 |
--------------------------------------------------------------------------------
| Net sales                             |            |            |            |
--------------------------------------------------------------------------------
|   Finland                             |      19,34 |      16,36 |      72,43 |
--------------------------------------------------------------------------------
|   Russia                              |       0,06 |       0,06 |       0,27 |
--------------------------------------------------------------------------------
|   Unallocated and eliminations        |       0,00 |      -0,04 |      -0,13 |
--------------------------------------------------------------------------------
| Total                                 |      19,40 |      16,38 |      72,57 |
--------------------------------------------------------------------------------
| EBITDA                                |            |            |            |
--------------------------------------------------------------------------------
|   Finland                             |      10,94 |      10,17 |      42,32 |
--------------------------------------------------------------------------------
|   Russia                              |      -0,15 |      -0,21 |      -0,54 |
--------------------------------------------------------------------------------
|   Unallocated and eliminations        |      -0,84 |      -1,16 |      -4,80 |
--------------------------------------------------------------------------------
| Total                                 |       9,95 |       8,81 |      36,98 |
--------------------------------------------------------------------------------
| Assets                                |            |            |            |
--------------------------------------------------------------------------------
|   Finland                             |     678,02 |     629,65 |     671,47 |
--------------------------------------------------------------------------------
|   Russia                              |      20,93 |      11,64 |      19,14 |
--------------------------------------------------------------------------------
|   Eliminations                        |     -13,49 |     -10,80 |      -7,05 |
--------------------------------------------------------------------------------
| Total                                 |     685,46 |     630,49 |     683,56 |
--------------------------------------------------------------------------------




Direct and Indirect Result                                                      

Technopolis presents its official financial statements by applying the IFRS     
standards. The statement of comprehensive income includes a number of items     
unrelated to the company's actual business operations. Therefore, this is the   
first interim report in which the company presents its direct result, which     
better reflects its real result.                                                

The direct result presents the company's financial result for the period        
excluding the change in the fair value of investment properties, the change in  
the fair value of financial instruments and any non-recurring items, such as    
gains and losses on disposals. As the company has interest rate and currency    
swaps that do not satisfy the IFRS criteria for hedge accounting, the changes in
the fair value of these financial instruments are recognized in the statement of
comprehensive income. Additionally, the statement of comprehensive income       
showing the direct result presents the related taxes and deferred tax assets and
liabilities.                                                                    

Items excluded from the direct result and their tax effects are presented in the
statement of income showing the indirect result. Earnings per share have been   
calculated both from the direct and indirect results in accordance with the     
instructions issued by the European Public Real Estate Association EPRA. The    
direct and indirect result and the earnings per share calculated from them are  
consistent with the company's financial result and earnings per share for the   
period.                                                                         


--------------------------------------------------------------------------------
| Technopolis Group           |               |               |                |
--------------------------------------------------------------------------------
| DIRECT RESULT               |          1-3/ |          1-3/ |          1-12/ |
--------------------------------------------------------------------------------
| Currency unit: EUR million  |          2009 |          2008 |           2008 |
--------------------------------------------------------------------------------
| Net sales                   |         19,40 |         16,38 |          72,57 |
--------------------------------------------------------------------------------
| Other operating income      |          0,46 |          1,14 |           4,45 |
--------------------------------------------------------------------------------
| Other operating expenses    |         -9,93 |         -9,63 |         -41,07 |
--------------------------------------------------------------------------------
| Depreciation                |         -0,13 |         -0,13 |          -0,56 |
--------------------------------------------------------------------------------
| Operating profit/loss       |          9,81 |          7,75 |          35,40 |
--------------------------------------------------------------------------------
| Finance income and          |         -3,49 |         -3,37 |         -15,19 |
| expenses, total             |               |               |                |
--------------------------------------------------------------------------------
| Result before taxes         |          6,32 |          4,38 |          20,21 |
--------------------------------------------------------------------------------
| Taxes for direct result     |         -1,50 |         -1,29 |          -5,22 |
| items                       |               |               |                |
--------------------------------------------------------------------------------
| Non-controlling interests   |          0,02 |          0,12 |           0,14 |
--------------------------------------------------------------------------------
| Direct result for the       |          4,83 |          3,21 |          15,12 |
| period                      |               |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INDIRECT RESULT             |               |               |                |
--------------------------------------------------------------------------------
| Non-recurring items         |          0,01 |          0,92 |           1,03 |
--------------------------------------------------------------------------------
| Change in fair value of     |        -14,04 |          2,58 |          -0,69 |
| investment properties       |               |               |                |
--------------------------------------------------------------------------------
| Non-recurring depreciation  |          0,00 |         -0,42 |          -0,42 |
--------------------------------------------------------------------------------
| Operating profit/loss       |        -14,03 |          3,08 |          -0,08 |
--------------------------------------------------------------------------------
| Change in fair value of     |         -0,19 |          0,22 |           1,25 |
| financial instruments       |               |               |                |
--------------------------------------------------------------------------------
| Result before taxes         |        -14,22 |          3,30 |           1,17 |
--------------------------------------------------------------------------------
| Taxes for indirect result   |          3,65 |         -0,86 |          -0,30 |
| items                       |               |               |                |
--------------------------------------------------------------------------------
| Indirect result for the     |        -10,57 |          2,45 |           0,87 |
| period                      |               |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the period,      |         -5,74 |          5,65 |          15,99 |
| total                       |               |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earning per share, diluted *)                                                |
--------------------------------------------------------------------------------
| From direct result          |          0,08 |          0,07 |           0,29 |
--------------------------------------------------------------------------------
| From indirect result        |         -0,18 |          0,06 |           0,02 |
--------------------------------------------------------------------------------
| From net result for the     |         -0,10 |          0,13 |           0,31 |
| period                      |               |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares adjusted   |    57 345 341 |    44 190 560 |     52 118 705 |
| for dilutive effect         |               |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Earnings per share calculated according to EPRA's instructions            |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| KEY INDICATORS                    |             |              |             |
--------------------------------------------------------------------------------
|                                   |    1-3/2009 |     1-3/2008 |   1-12/2008 |
--------------------------------------------------------------------------------
| Change in net sales, %            |        18,4 |         20,5 |        27,5 |
--------------------------------------------------------------------------------
| Operating profit/loss/net sales,  |       -21,8 |         66,1 |        48,7 |
| %                                 |             |              |             |
--------------------------------------------------------------------------------
| Equity ratio, %                   |        38,6 |         32,9 |        40,5 |
--------------------------------------------------------------------------------
| Group company personnel during    |         153 |          151 |         165 |
| the period, average               |             |              |             |
--------------------------------------------------------------------------------
| Gross expenditure on assets, EUR  |      14 714 |       87 718 |     143 273 |
| 1,000                             |             |              |             |
--------------------------------------------------------------------------------
| Net rental revenue of investment  |         7,7 |          7,3 |         7,6 |
| properties, % 3)                  |             |              |             |
--------------------------------------------------------------------------------
| Financial occupancy rate, %       |        95,7 |         96,8 |        96,5 |
--------------------------------------------------------------------------------
| Earnings/share                    |             |              |             |
--------------------------------------------------------------------------------
| basic, EUR                        |       -0,10 |         0,13 |        0,31 |
--------------------------------------------------------------------------------
| diluted, EUR                      |       -0,10 |         0,13 |        0,31 |
--------------------------------------------------------------------------------
| Equity/share, EUR                 |        4,59 |         4,67 |        4,80 |
--------------------------------------------------------------------------------
| Average issue-adjusted number of  |             |              |             |
| shares                            |             |              |             |
--------------------------------------------------------------------------------
| basic                             |  57 345 341 |   44 110 053 |  52 029 796 |
--------------------------------------------------------------------------------
| diluted                           |  57 345 341 |   44 190 560 |  52 118 705 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CONTINGENT LIABILITIES              |            |            |              |
--------------------------------------------------------------------------------
| Currency unit: EUR million          |  31.3.2009 |  31.3.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Pledges and guarantees on own debt  |            |            |              |
--------------------------------------------------------------------------------
| Mortgages of properties             |     389,82 |     242,10 |       264,03 |
--------------------------------------------------------------------------------
| Book value of pledged securities    | 160,41     | 166,88     |       162,42 |
|                                     |            |            |              |
--------------------------------------------------------------------------------
| Other guarantee liabilities         |      13,24 | 47,87      |        13,24 |
|                                     |            |            |              |
--------------------------------------------------------------------------------
| Collateral given on behalf of       |       0,50 |       0,50 |         0,50 |
| associates                          |            |            |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities, machinery and  |       1,36 | 1,05       |         0,94 |
| equipment                           |            |            |              |
--------------------------------------------------------------------------------
| Project liabilities                 |       0,16 |       0,26 |         0,21 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate and currency swaps    |            |            |              |
--------------------------------------------------------------------------------
| Nominal values                      |     111,06 | 20,72      |       112,00 |
|                                     |            |            |              |
--------------------------------------------------------------------------------
| Fair values                         |       0,44 | 0,50       |         0,56 |
--------------------------------------------------------------------------------



1) Other operating income consists of operating subsidies received for          
development services; an equal amount is recorded under operating expenses for  
development services. The 2008 figures include non-recurring items of EUR 0.9   
million.                                                                        

2) The 2008 figures include non-recurring depreciation of EUR 0.4 million.      

3) The figure does not include properties commissioned and acquired during the  
fiscal year.                                                                    

Distribution:                                                                   
Nasdaq OMX Helsinki                                                             
Major news media                                                                
www.technopolis.fi