Technopolis Plc

SECURITIES NOTE AND SUMMARY 1 JUNE 2015

TECHNOPOLIS PLC

Listing of EUR 150,000,000 Senior Unsecured Callable Fixed Rate Notes Due May 2020 The notes are represented by units in denominations of EUR 1,000

Technopolis Plc (the “Issuer”) resolved on 21 May 2015 to issue senior unsecured notes with a principal amount of EUR 150,000,000 (the “Notes”) based on the authorization given by the Company’s Board of Direc- tors on 6 May 2015. The Notes were offered for subscription in a minimum amount of EUR 100,000 through a book-building procedure that was carried out on 21 May 2015 (the “Offering”). The Notes bear interest at the rate of 3.750 % per annum. The maturity of the Notes is on 28 May 2020, unless the Issuer prepays the Notes in accordance with the terms and conditions of the Notes (the "Terms and Conditions").

The Company has applied for the listing of the Notes (the "Listing") on the Official List of NASDAQ OMX Hel- sinki Ltd. (the “Helsinki Stock Exchange”). Public trading in the Notes is expected to commence on or about 4 June 2015 under the trading code TPSJ375018.

The prospectus consists of this securities note and summary (the “Securities Note”) and Technopolis Plc’s registration document dated 15 May 2015 (the “Registration Document”) (together, the “Prospectus”). This Securities Note contains information on the Notes and the Registration Document contains information on the Company, its business operations and its financial condition. The Prospectus has been prepared solely for the purpose of admission to Listing on the Helsinki Stock Exchange and does not constitute any offering of the Notes.

An investment in the Notes involves certain risks, see “Risk Factors” in the Prospectus. Besides filing this Securities Note with the Finnish Financial Supervisory Authority (the “FIN-FSA”) and the application to the Helsinki Stock Exchange, neither the Company nor the Lead Managers (as defined hereaf- ter) have taken any action, nor will they take any action to render the public offer of the Notes or their possession, or the distribution of this Securities Note or any other documents relating to the Notes admissible in any other jurisdiction than Finland requiring special measures to be taken for the purpose of public offer.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and the Notes may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of any U.S. person (as such terms are defined in Regulation S under the Securi- ties Act).

Lead Managers:

Danske Bank A/S Pohjola Bank plc

CERTAIN INFORMATION This Securities Note has been prepared in accordance with the following regulations: the Finnish Securities Market Act (14.12.2012/746, as amended) (the “Finnish Securities Market Act”), the decree issued by the Finnish Ministry of Finance on Listing Particulars under Chap- ters 3-5 of the Finnish Securities Market Act (20.12.2012/1019, as amended), Commission Regulation (EC) No 809/2004 issued on 29 April 2004 (annexes V and XXII, as amended), implementing Directive 2003/71/EC of the European Parliament and of the Council and the amendments thereto (the “Prospectus Directive”) concerning information contained in prospectuses and securities notes as well as the format, incorporation by reference and publication of such prospectuses and securities notes and dissemination of advertisements, and the regulations and guidelines issued by the FIN-FSA. The FIN-FSA has approved the Prospectus but is not liable for the correctness of the information presented herein. The journal number of the FIN-FSA’s decision of approval is 44/02.05.04/2015.

In this Securities Note, any reference to the “Company”, “Technopolis” or “Technopolis Group” means Technopolis Plc and its subsidiaries on a consolidated basis, except where it is clear from the context that the term means Technopolis Plc or a particular subsidiary, and except that references and matters relating to the shares and share capital of the Company or matters of corporate governance shall refer to the shares, share capital and corporate governance of Technopolis Plc. All references to the “Issuer” refer to Technopolis Plc.

Danske Bank A/S and Pohjola Bank plc (the “Lead Managers”) are acting exclusively for Technopolis as lead managers of the Offering and will not be responsible to anyone other than Technopolis for providing the protections afforded to their clients nor giving investment or other advice in relation to the Notes.

Prospective investors should rely solely on the information contained in the Prospectus. Neither Technopolis nor the Lead Managers have authorised anyone to provide any information or give any statements other than those provided in the Prospectus. The Lead Managers assume no responsibility for the accuracy or completeness of the information in the Prospectus and, accordingly, disclaim to the fullest extent permitted by law, any and all liability which they might otherwise be found to have in respect of the Prospectus or any such statement. Delivery of the Prospectus shall not, under any circumstances, indicate that the information presented in the Prospectus is correct on any day other than the date of the Prospectus, or that there would not be any changes in the business of Technopolis after the date of the Prospectus. However, if a fault or omission is discovered in the Prospectus or material new information occurs before the admission of the Notes for listing on the Helsinki Stock Exchange and such fault, omission or new information may be of material importance to investors, the Prospectus shall be supplemented in accordance with the Finnish Securities Market Act. Information given in the Prospectus is not a guarantee or grant for future events by Technopolis and shall not be considered as such. Unless otherwise stated, any estimates with respect to market development relating to Technopolis or its industry are based upon the reasonable estimates of the Company’s management.

In making an investment decision, each investor must rely on their examination, analysis and enquiry of Technopolis and the Terms and Conditions of the Notes, including the risks and merits involved. Neither Technopolis, nor the Lead Managers nor any of their respective affiliated parties or representatives, is making any representation to any offeree or subscriber of the Notes regarding the legality of the investment by such person. Investors are required to make their independent assessment of the legal, tax, business, financial and other consequences of an investment in the Notes.

The distribution of the Securities Note and the offer and sale of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession the Securities Note comes are required by Technopolis and the Lead Managers to inform themselves about and to observe any such restrictions. This Securities Note may not be distributed in the United States, Australia, Canada, Hong Kong, Japan or Singapore or such other countries or otherwise in such circumstances in which the offering of the Notes would be unlawful or require measures other than those required under the laws of Finland. This Securities Note does not constitute an offer of, or an invitation to purchase, the Notes in any jurisdiction. None of the Company, the Lead Managers or any of their respective affiliates or representatives accepts any legal responsibility for any such violations by any person or entity, whether or not a prospective purchaser of Notes, and whether or not the person or entity is aware of such restrictions.

This Securities Note has been prepared solely in connection with the listing of the Notes on the Helsinki Stock Exchange. It does not constitute an offer of securities for sale, or a solicitation of an offer to buy any securities, anywhere in the world.

This Securities Note has been prepared in English only. However, the summary of this Securities Note has been translated into Finnish.

The Offering and the Notes are governed by Finnish law. Any dispute arising in relation to the Offering or the Notes shall be settled exclusively by Finnish courts in accordance with Finnish law.

TABLE OF CONTENTS Page

CERTAIN INFORMATION ...... 2 SUMMARY ...... 4 RISK FACTORS ...... 29

RISKS RELATING TO THE NOTES...... 29 RESPONSIBILITY REGARDING THE SECURITIES NOTE ...... 34 STATEMENT REGARDING THE PROSPECTUS ...... 34 INFORMATION DERIVED FROM THIRD PARTY SOURCES...... 34 AVAILABILITY OF THE PROSPECTUS ...... 34 FORWARD-LOOKING STATEMENTS ...... 34 OTHER INFORMATION ...... 35 PUBLIC OFFER SELLING RESTRICTON UNDER THE PROSPECTUS DIRECTIVE ...... 35 TERMS AND CONDITIONS ...... 37 ADDITIONAL INFORMATION ON THE ISSUE OF THE NOTES ...... 62 TAXATION ...... 63

NON-RESIDENT HOLDERS OF NOTES ...... 63 RESIDENT HOLDERS OF THE NOTES...... 63 TRANSFER TAXATION...... 63 ARRANGEMENTS WITH THE LEAD MANAGERS ...... 64 LEGAL MATTERS ...... 64 DOCUMENTS ON DISPLAY AND AVAILABLE INFORMATION ...... 64

SUMMARY Summaries are made up of disclosure requirements known as “Elements”. These Elements are numbered in Sections A – E (A.1 – E.7).

This summary contains all the Elements required to be included in a summary for this type of securities and issuer. Because some Elements are not required to be addressed in this summary, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of “not applicable”.

Section A — Introduction and warnings A.1 Warning This summary should be read as an introduction to the Prospectus. Any decision to invest in the Notes should be based on consideration of the Prospectus as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under applicable law, have to bear the costs of translating the Prospectus before legal proceedings are initiated. Technopolis assumes civil liability in respect of this summary and its translation only if it is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus, or if it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in the Notes issued by the Company. A.2 Consent by the Not applicable. person responsible for drawing up the prospectus to the use of the prospectus

Section B — Issuer B.1 Legal and The legal and commercial name of the issuer is Technopolis Plc. Commercial name B.2 Domicile/Legal The domicile of Technopolis is Oulu, Finland. Technopolis is a public limited liability company Form/Legislati- incorporated in Finland and operating under Finnish law. on/Country of incorporation B.3 Key factors re- Technopolis is a listed company specializing in real estate, leasing of business premises, and lating to the services. Technopolis is a public limited company registered in Finland whose share is quoted issuer´s current on the Helsinki Stock Exchange. The Company’s operations are based on the values of cus- operations and tomer orientation, innovation, profitable growth, and responsibility. The Company focuses on principal activi- multi-user environments and flexible space. A multi-user environment refers to a single prop- ties erty or campus used by several customers. Flexibility involves the adaptability of the size and purpose of use of the space, which is a key part of the Company’s service concept. The Company’s premises are located in growth centres in which companies, organizations, and public sector actors operate. Due to their flexibility, Technopolis business environments are equally suitable for small companies with a few employees and major corporations with thousands of employees. About 47,000 people and nearly 1,700 companies and institutions operate in space provided by Technopolis. The Company’s service concept combines modern flexible space and services that support customers’ business operations. Technopolis offers its customers services related to space, business or the well-being and comfort of employees. The business idea of Tech- nopolis is to create an innovative and active business environment around its customers. The Company’s business operations are divided into three business areas: Finland, Baltic Rim

(Estonia, Russia and Lithuania) and Scandinavia (Norway). In 2014, operations in Finland accounted for 73.3 percent of net sales and 69.1 percent of the fair value of the Company’s completed investment properties. Operations in Baltic Rim accounted for 15.4 percent of net sales and 16.3 percent of the fair values of completed investment properties, respectively. Opera- tions in Scandinavia accounted for 11.3 percent of net sales and 14.6 percent of the fair values of completed investment properties. Technopolis campuses are located in Finnish growth centres, in Oslo in Norway, in Tallinn in Estonia, in St. Petersburg in Russia, and in Vilnius in Lithuania. The Company secondarily divides its business operations into two areas: real estate and services. In 2014, real estate operations generated 89.6 percent and services 10.4 percent of the Company’s net sales. Services account for a low share of net sales, but the Company considers them as having a significant effect on customer loyalty, which enables high financial occupancy rates. B.4a Most significant The weak growth of the world economy has forced companies to adjust to weakened demand recent trends and tighter price competition. For many companies, this has meant reductions in production capacity and expenses as well as personnel cuts. Price competition has also led to accelerat- ing transfer of production and also R&D to countries with lower costs than Western industrial countries, such as China and India. As the result of the offshoring of production, industrial production has accounted for a decreasing share of the gross production of Finland and other Western countries, and services for an increasing share. The Company’s management believes that increasing needs for services will also contribute to the demand for the Company’s services. The Company’s management believes that international companies are increasingly planning the procurement of personnel resources and space from a global perspective. The proximity of markets and low cost of personnel are among the criteria applied in choosing business locations. In addition, customers are price-conscious, and the weak economic situation is resulting in pressures on rents. The demand and prices for space in prime locations – downtown locations in particular – have remained favorable. Location has also become part of a company’s trademark, which can be seen in their choices regarding business locations. In addition to rental demand, investment demand for downtown real estate has been increasing, with investors seeking safe investment opportunities. Another trend has been the increase in remote work, sharing of space and virtual communication devices, and the results are already visible in space design and demand for space. The Company considers that the significance of space-related solutions and services that increase cost efficiency and provide functional added value will increase as a competitive advantage. Space is required to be efficient to manage and adapt quickly to the customer’s needs. B.5 Group The Group includes the parent company Technopolis Plc, which operates in Finland, Norway, Estonia, Russia, and Latvia. Technopolis Plc owns five regional real estate companies, which after the business transfer and capital contribution executed on February 28, 2013, each owns shares in properties and leases located in the respective region. The holdings of the parent company Technopolis Plc in the Group companies and affiliated companies at the date of the Registration Document are presented in the tables below. Holdings in Group companies Holding, % Finland Kiinteistö Oy Falcon Gentti, Espoo 100.00 Kiinteistö Oy Falcon Hali, Espoo 100.00 Kiinteistö Oy Falcon Lago, Espoo 100.00 Kiinteistö Oy Falcon Tinnu, Espoo 100.00 Kiinteistö Oy Finn-Medi 6-7, Tampere 100.00 Kiinteistö Oy Hermia, Tampere 71.96 Kiinteistö Oy Innopoli II, Espoo 100.00 Kiinteistö Oy Oulun Ydinkeskusta, Oulu 98.77 Kiinteistö Oy Oulun Kansankatu 53, Oulu 57.14 Kiinteistö Oy Technopolis Innopoli 3, Espoo 100.00 Kiinteistö Oy Technopolis Innova 4, Jyväskylä 100.00 Kiinteistö Oy Technopolis Microkatu 1, Kuopio 54.82

Kiinteistö Oy Technopolis Peltola, Oulu 100.00 Kiinteistö Oy Technopolis Tohloppi, Tampere 100.00 Kiinteistö Oy Technopolis Viestikatu 1-3, Kuopio 60.00 Kiinteistö Oy Technopolis Viestikatu 7, Kuopio 60.00 Kiinteistö Oy Yrttiparkki, Oulu 100.00 Oulun Teknoparkki Oy 84.14 Oulun Ydinkeskustan Parkki Oy 62.24 Technopolis Hitech Oy 100.00 Technopolis Kiinteistöt Jyväskylä Oy, Jyväskylä 100.00 Technopolis Kiinteistöt Lappeenranta Oy, Lappeenranta 100.00 Technopolis Kiinteistöt Oulu Oy, Oulu 100.00 Technopolis Kiinteistöt Pääkaupunkiseutu Oy, Helsinki 100.00 Technopolis Kiinteistöt Tampere Oy, Tampere 100.00 Technopolis Kuopio Oy 60.00

Lithuania Technopolis Lietuva UAB, Vilnius 100.00 UAB Domestas, Vilnius 100.00 UAB Gama Projektai 100.00 UAB Ninfarina 100.00 UAB Urban Housing, Vilnius 100.00

Norway Campus H, Oslo 51.04 Campus P, Oslo 51.04 Campus T, Oslo 51.04 Campus X, Oslo 51.04 Technopolis AS, Oslo 51.04 Technopolis Holding AS, Oslo 100.00 Technopolis Holding 2, Oslo 51.00

Russia Technopolis Neudorf, St. Petersburg, Russia 100.00 Technopolis St Petersburg LLC, St. Petersburg, Russia 100.00

Estonia Technopolis Baltic Holding OÜ, Tallinn, Estonia 100.00 Technopolis Ülemiste AS, Tallinn, Estonia 51.00

B.6 Major Share- Technopolis had a total of 7,107 registered shareholders on May 13, 2015. Nominee-registered holders and foreign investors held 36,956,682 shares, corresponding to 34.7 percent of all the shares and voting rights in the Company. The table below sets forth details of the Company’s ten largest registered shareholders and their respective holdings as at May 13, 2015. Shareholder Number of shares % 1. Varma Mutual Pension Insurance Company 25,448,192 23.89 2. Ilmarinen Mutual Pension Insurance Company 11,089,647 10.41 3. City of Oulu 3,515,971 3.30 4. OP Pohjola Group 1,682,633 1.58 5. Jyrki Hallikainen/Kickoff Oy 1,233,236 1.16 6. Laakkonen Mikko Kalervo 1,226,184 1.15 7. Finnish Cultural Foundation 1,188,042 1.12 8. ODIN Finland 1,119,944 1.05 9. Evli Finnish Small Cap Fund 831,994 0.78

10. Jenny and Antti Wihuri Foundation 723,164 0.68 Ten largest, total 47,059,007 44.18

According to information the Company received on March 13, 2012 from BNP Paribas Invest- ment Partners, the proportion of Technopolis Plc’s shares and votes held by its funds had de- creased below one tenth (10 percent) on November 20, 2010, and below one twentieth (5 percent) on January 17, 2012. The proportion of Technopolis Plc’s shares and votes directly and indirectly controlled on March 9, 2012, by BNP Paribas Investment Partners and its funds was altogether 2,653,086 shares and 4.19 percent. According to information the Company received on February 24, 2015 from BNP Investment Partners, the proportion of Technopolis Plc’s shares and votes held by its funds had increased above one twentieth (5 percent). The proportion of Technopolis Plc’s shares and votes, directly and indirectly controlled on that date by BNP Investment Partners and its funds, was altogether 5,426,317 shares and 5.09 percent. According to the rules of the fund controlled by BNP, which held 61,261 shares at the time, the fund can't exercise voting rights at general meetings. Hereby, the funds controlled by BNP can exercise 5.04 percent of all the votes. The Company is unaware of any shareholder having a controlling interest as referred to in Chapter 2, Section 4 of the Finnish Securities Markets Act or of any other arrangement which might affect the exercise of control in the Company. All the shares in the Company carry one vote. B.7 Selected histo- The tables below present selected audited consolidated financial information of the Company rical key finan- for the financial years ended December 31, 2014, December 31, 2013, and December 31, 2012, cial information and unaudited financial information for the three-month periods ended March 31, 2015, and the comparable figures included. The consolidated financial statements and interim reports have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU.

2015 2014 2014 2013 2012 (unaudited) (audited) 1 Jan–31 Mar 1 Jan–31 Dec CONSOLIDATED INCOME STATEMENT, EUR million Rental income 36.624 35.665 144.823 111.114 *) 93.130*) Service income 4.574 4.016 16.855 15.221*) 14.200*) Net sales, total 41.197 39.681 161.678 126.335 107.330 Other operating income 0.017 0.091 0.536 1.996 1.707 Premises expenses -10.053 -10.917 -41.208 -32.764*) *) Administration costs -3.930 -3.741 -13.825 -11.077 -11.005 Other operating expenses -5.019 -4.526 -20.012 -20.365*) -42.282*) Change in fair value of investment properties -5.876 0.968 -40.522 -17.611 -5.705 Depreciation -1.062 -0.852 -3.782 -2.660 -2.015 Operating profit/loss 15.276 20.703 42.865 43.854 48.031 Unrealized exchange rate profit/loss 2.145 -3.164 -22.056 -5.738*) *) Finance income and expenses -7.209 -5.083 -20.179 -15.467 -13,554*)

Profit before taxes 10.212 12.457 0.630 22.649 34.476 Deferred taxes 1.125 -0.039 1.223 13.770*) *) Current taxes -2.111 -0.932 -4.833 -4.861*) -7.526*) Net profit for the period 9.226 11.485 -2.981 31.558 26.950

Distribution of the net result for the period To parent company shareholders 7.869 8.750 -11.737 28.832 25.821 To non-controlling interests 1.357 2.735 8.756 2.725 1.129 Total 9.226 11.485 -2.981 31.558 26.950

Earnings per share, basic, EUR 0.06 0.07 -0.15 0.30 0.33

Earnings per share, diluted, EUR 0.06 0.07 -0.15 0.30 0.33

CONSOLIDATED STATEMENT OF COM- PREHENSIVE INCOME

Net profit for the period 9.226 11.485 -2.981 31.558 26.950 Other comprehensive income items Translation difference 11.968 -1.779 -20.643 -3.517 0.944 Available-for-sale financial assets 0.004 -0.030 -0.016 0.029 0.021 Derivatives 0.191 -2.759 -10.849 3.024 -3.970 Taxes related to other comprehensive income items -0.085 0.418 2.498 -0.740 0.971 Other comprehensive income items after taxes for the period 12.078 -4.151 -29.010 -1.204 -2.035

Comprehensive income for the period, total 21.304 7.335 -31.991 30.354 24.916

Distribution of the earnings income for the period To parent company shareholders 18.347 4.064 -36.615 27.629 23.787 To non-controlling shareholders 2.957 3,270 4.624 2.725 1.129 Total 21.304 7.335 -31.991 30.354 24.916 *) The distribution of earnings and expenses has been changed in 2014. Reference data for 2012 has not been corrected according to the new distribution model and comparison figures for 2012 and 2013 have not been audited.

2015 2014 2014 2013 2012

(unaudited) (audited) 31 Mar 31 Dec CONSOLIDATED BALANCE SHEET, EUR

million

Assets

Non-current assets

Intangible assets 6.607 6.080 6.808 6.303 5.558 Completed investment properties 1410.929 1427.726 1378.360 1410.418 956.520 Investment properties under construction 26.214 9.761 26.453 26.390 57.559 Tangible assets 12.660 22.226 19.550 18.569 13.731 Shares in affiliates 5.959 5.995 5.966 5.986 6.056 Investments and receivables 4.849 5.939 4.803 6.123 6.454 Deferred tax assets 19.478 15.866 17.780 15.825 2.740 Non-current assets, total 1486.695 1493.591 1459.719 1489.614 1048.618

Current assets

Current receivables 16.083 13.401 14.939 16.659 18.439 Cash and cash equivalents 29.279 39.320 28.270 54.095 15.676 Current assets, total 45.362 52.721 43.210 70.754 34.116

Assets, total 1532.057 1546.313 1502.929 1560.368 1082.734

EQUITY AND LIABILITIES

Equity

Share capital 96.914 96.914 96.914 96.914 96.914 Premium fund 18.551 18.551 18.551 18.551 18.551 Equity related bond 74.221 74.221 74.221 74.221 0.000

Invested unrestricted equity fund 215.616 215.622 215.627 215.513 116.274 Fair value reserve 0.187 0.174 0.188 0.204 0.175 Hedging instrument reserve -11.342 -6.108 -11.305 -3.962 -6.245 Translation difference -9.824 -5.728 -20.303 -3.218 0.299 Retained earnings 120.788 156.073 153.918 142.207 121.668 Net profit for the period 7.869 8.750 -11.737 28.832 25.821 Shareholders’ equity attributable to 512.978 558.469 516.073 569.261 373.456 shareholders Share of non-controlling interests in equity 61.792 58.543 59.537 55.027 16.071 Equity, total 574.770 617.012 575.610 624.289 389.527

Liabilities

Non-current liabilities 686.148 684.519 660.340 716.829 500.009 Deferred tax liabilities 34.534 33.029 34.711 32.799 49.735 Current liabilities 236.605 211.753 232.269 186.451 143.463 Liabilities, total 957.287 929.301 927.319 936.079 693.207

Equity and liabilities, total 1532.057 1546.313 1502.929 1560.368 1082.734

2015 2014 2014 2013 2012

(unaudited) (audited)

1 Jan–31 Mar 1 Jan–31 Dec SUMMARY OF THE STATEMENT OF CASH FLOWS, EUR million

Cash flows from operating activities 14.257 17.240 66.619 45.162 39.168 Cash flows from investing activities -12.227 -11.702 -60.080 -179.488 -116.584 Cash flows from financing activities -3.234 -20.076 -28.814 174.081 80.765 Dividends paid - - -11.105 -15.474 -12.673

KEY INDICATORS AND FINANCIAL RATI- OS

Change in net sales, % 3.82 33.54 27.98 17.71 15.61 Operating profit/net sales, % 37.08 52.17 26.51 34.71 44.75 EBITDA, EUR million 22.22 20.59 87.17 64.13 55.75 Change in EBITDA, % 7.9 47.2 35.94 15.02 17.27 Return on equity (ROE), % -0.50 6.23 7.36 Return on investment (ROI), % 3.33 3.56 5.46 Equity ratio, % 37.73 40.12 38.50 40.21 36 Net debt/equity (gearing), % 143.20 131.40 141.35 129.39 152.10 Interest coverage ratio 5.47 4.58 4.84 5.34 4.49 Employees in Group companies, average 237 198 214 187 178

SHARE-RELATED INDICATORS [1] Earnings/share, undiluted, EUR 0.06 0.07 - 0.15 0.30 0.33 Earnings/share, adjusted for dilutive effect, EUR 0.06 0.07 -0.15 0.30 0.33 Equity/share, EUR 4.15 4.55 4.17 4.66 4.46 Dividend/share, EUR - - 0.15 0.10 0.18 Issue-adjusted number of shares, basic, average 105,788,468 106,290,842 106,015,829 85,352,432 77,452,917 Issue-adjusted number of shares, diluted, average 105,788,468 106,376,449 106,015,829 85,531,524 77,710,463 Issue-adjusted number of shares, at end of period 105,788,468 106,407,741 106,083,079 106,268,407 83,709,282

OTHER INDICATORS

Net rental income, % [2] 7.75 7.19 7.50 7.60 7.80 Financial occupancy rate, % 93.80 94.00 94.70 93.60 95.34 Gross capital expenditure on non-current assets 32.732 7.428 69.061 466.727 115.766 P/E ratio 65.58 58.566 -24.16 14.55 10.21 Dividend Payout Ratio, % - - - 33.46 54.15 Effective dividend yield, % - - 4.05 2.30 5.31 Market capitalization, EUR 443,253,681 447,976,590 392,507,392 462,267,570 284,865,826 Share turnover, shares 10,548,647 5,591,550 28,389,026 22,095,150 18,994,144 Share turnover/average number of shares, 9.97 5.25 26.78 25.89 27.17 Share prices, EUR Highest price 4.60 4.70 4.70 5.16 3.67 Lowest price 3.57 4.15 3.40 3.72 2.64 Trade-weighted average price 4.13 4.48 4.23 4.39 3.25 Price at end of period 4.19 4.21 3.70 4.35 3.40 [1] The numbers of shares do not include treasury shares held by the Company. [2] The net rental income figures do not include properties commissioned and acquired during the financial period.

2015 2014 2014 2013 2012 (unaudited) (audited)

1 Jan–31 Mar 1 Jan–31 Dec DIRECT AND INDIRECT RESULT,

EUR million

Direct result

Net sales 41.197 39.681 161.678 126.335 107.330 Other operating income 0.003 0.072 0.290 1.333 1.304 Other operating expenses -19.006 -19.095 -74.718 -63.979 -53.285 Depreciation -1.062 -0.852 -3.782 -2.660 -2.015 Operating profit/loss 21.132 19.805 83.468 61.030 53.335 Finance income and expenses, total -5.836 -5.083 -20.156 -15.014 -13.029 Profit before taxes 15.296 14.722 63.312 46.016 40.306 Taxes for direct result items -1.461 -0.889 -3.895 -4.031 -9.241 Share of non-controlling interests -1.143 -1.061 -3.517 -1.506 -1.205 Direct result for the period 12.691 12.773 55.901 40.479 29.860

Indirect result Non-recurring items 0.021 -0.070 -0.081 0.435 0.401 Changes in fair value of investment properties -5.876 0.968 -40.522 -17.611 -5.705 Operating profit/loss -5.856 0.898 -40.603 -17.176 -5.304 Unrealized exchange rate gains and losses 0.778 -3.164 -22.079 -6.191 -0.525 Profit before taxes -5.078 -2.266 -62.683 -23.368 -5.829 Taxes for indirect result items 0.476 -0.083 0.284 12.940 1.715 Share of non-controlling interests -0.214 -1.674 -5.240 -1.219 0.076 Indirect result for the period -4.815 -4.022 -67.638 -11.647 -4.038

Result for the period for the parent company shareholders, total 7.876 8.750 -11.737 28.832 25.82

Earnings per share, diluted From direct result 0.12 0.12 0.53 0.47 0.38 From indirect result -0.05 -0.04 -0.64 -0.14 -0.05 From net result for the period 0.07 0.08 -0.11 0.34 0.33 Interest effect of the equity related bond -0.01 -0.01 -0.04 -0.04 0.00 From adjusted net result 0.06 0.07 -0.15 0.30 0.33

Direct and indirect result EPRA (European Public Real Estate Association) is an organization of listed real estate investment companies that publishes recommendations for the industry on the presentation of financial information, for instance, aiming to create uniform calculation models for real estate investment companies. 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, 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, unrealized exchange rate gains and losses, and any non-recurring items, such as gains and losses on disposals. Additionally, the statement of comprehensive income showing the direct result presents the related taxes and deferred tax assets and liabilities and the share attributable to non- controlling interests. Items excluded from the direct result and their tax effects and share attributable to non-controlling interests are presented in the statement of income showing the indirect result. As the company has interest 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 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 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. In the Company´s view, there have been no significant changes in its financial condition and operating results during the period presented. Recent events On May 7, 2015, Technopolis Plc annonced an investment of EUR 35.4 million. The Company will expand its Ozas campus in Vilnius, Lithuania. The expansion is expected to be competed in December, 2016. New buildings are class B+ where the demand is currently very strong. The market occupancy rate in the Vilnius B+ class is currently at 98.9 percent. The rentable space for the expansion is 21,600 m², and once complete, the rentable space of the campus will be approximately 63,300 m². The expansion also includes parking for 390 cars. The net initial yield of the expansion is estimated at 7.8% and the stabilized yield at 9.8 percent, while the market yield requirement is 7.9 percent. On April 2, 2015, Technopolis Plc sold 40 percent of its Kuopio-based business to KPY Sijoitus Oy, an investment company of Osuuskunta KPY (KPY). The sale was carried out through a holding company, Technopolis Kuopio Oy, to whom Technopolis Plc sold its business in the Kuopio region for EUR 125 million. Technopolis will not record any gains or losses on the transaction. Technopolis Plc owns 60 percent and KPY 40 percent of the holding company. B.8 Selected pro Not applicable. forma financial information B.9 Profit forecasts Technopolis announced the following future outlook on May 7, 2015: and estimates “Technopolis has forecasted that its net sales and EBITDA in 2015 will be at the same level or slightly higher than in 2014. In 2014 net sales were EUR 161.7 million and EBITDA EUR 87.2 million. The Group’s financial performance depends on exchange rates, the development of the overall business environment, customer operations, financial markets and market yields. Fur- thermore, any changes in the property portfolio may have an impact on the guidance. Ex- change rate volatility makes forecasting challenging.” The management of the Company may through its operations influence on the net sales by

increasing the occupancy rate and the sale of services as well as on the operating profit and turnover by means of cost control. On the other hand, the management of the Company cannot influence on changes in the market yield, which affect the current values of investment properties. The management of the Company cannot influence on the general interest level, which im- pacts on the Company’s financing costs. However, the management of the Company may prepare for changes in the interest levels by changing the terms for interest payments on its loans from variable interest rate to fixed interest rate or vice versa. B.10 Qualifications Not applicable. in the audit report B.17 Issuer ratings Not applicable.

Section C — Securities C.1 Type and class Senior, unsecured and unsubordinated notes with an aggregate principal amount of EUR of securities 150,000,000 and the units are in denominations of EUR 1,000. The ISIN code of the Notes is FI4000157078. C.2 Currency of the The currency of the Offering is euro. securities issue C.5 Restrictions on Not applicable. Each Note will be freely transferable after it has been registered into the re- the free trans- spective book-entry account. ferability of the securities C.8 Ranking of se- The Notes constitute direct, unsecured and unguaranteed obligations of the Issuer ranking curities pari passu among themselves and at least pari passu with the unsecured obligations of the Is- suer, save for obligations which are preferred by mandatory provisions of law. C.9 Interest and The Notes bear fixed interest at the rate of 3.750 %, per annum. yield; name of The interest on the Notes will be paid annually in arrears commencing on 28 May 2016 and representative thereafter on 28 May in each year (“Interest Payment Date”) until 28 May 2020 (the “Re- of debt security payment Date”). holders Interest in respect of the Notes shall be calculated on the “actual/actual ICMA” basis as specified by the International Capital Market Association. The effective yield of the Notes is 3.794 % per annum. Nordic Trustee Oy acts as the agent for the holders of the Notes. C.10 Explanation on Not applicable. The Notes have no derivative component in the interest payment. how the interest amount is affected by value of the underlying C.11 Admission to The Company has made an application for the admission of the Notes to public trading on the trading Helsinki Stock Exchange, and the Listing is expected to take place on or about 4 June 2015.

Section D — Risks D.1 Risks specific to There are risks relating to Technopolis as an issuer and its operating environment and busi- the issuer or its ness as well as to the Offering and the Notes issued therein. Prospective investors are advised industry to carefully review the Registration Document’s and this Securities Note’s sections “Risk factors”, which entail a detailed description of the risk factors in question. The risk factors are also listed below. The listing is not exhaustive and additional risks and uncertainties not presently known to the Company, or that the Company currently believes are immaterial, could also impair Technopolis’ business, results of operations and financial condition or an invest-

ment in Technopolis. The risks relating to the Company’s operating environment include the following factors: - Economic fluctuations in the economy may affect the business of Technopolis and its customers. - An increase in interest rates and low availability or high price of financing may have a material adverse effect on Technopolis’ result. - An unfavorable development of the real estate market has a material adverse effect on Technopolis. - Weakening demand for office space and a decline in rent levels may materially weaken Technopolis’ result and financial condition. - An increase in construction and renovation costs and an increased need for moderniza- tion of properties may significantly increase the Company’s costs. - Increasing competition tightens price competition and sets higher requirements for the quality of space. - The political and economic conditions and the size of operations outside Finland involve risks to the Company’s business. - The geopolitical situation in Europe may further weaken economic development and increase fluctuation of exchange rates. - Partial or complete break-up of the euro area would affect the Company´s business. - The Company is dependent upon permits and decisions of authorities. - Potential changes in the legislative framework may cause adjustment costs that are difficult to anticipate. - The geographical concentration of properties in the largest Finnish cities increases the Company’s dependence of regional factors. The risks relating to the Company and its business include the following factors: - The Company may not be able to implement its strategy. - The Company is dependendent on customers and their success and decision-making. - The Company may fail to implement organic investments or business acquisitions and/or property acquisitions in accordance with its strategy. - The Company may fail to integrate acquired sites into the Company’s business concept. - The Company’s focus on ownership and leasing of office properties may expose the Company to economic cycles. - Real estate investments together with other investors result in new risks. - Open-ended leases involve a risk that a significant number of leases will expire within a short period of time. - The Company is dependent on leases with key tenants. - The Company is dependent upon professional management and key personnel. - The Company may fail to acquire subcontracted services or transfer the related cost increase to customers. - Property valuation and the statements of appraisers are of a subjective and uncertain nature. - Potential damage related to construction and the resulting liabilities may decrease the fair value of properties. - More customer-specific renovations may be needed in the Company´s premises than previously to maintain high financial occupancy rates. - The Company is exposed to environmental liabilities. - The Company’s insurance policies do not necessarily cover all risks. - The Company’s reputation may be damaged, which may have an adverse effect on the Company’s ability to attract and retain customers as well as to retain personnel. The financing risks relating to the Company’s business include the following factors: - The Company may not be able to secure the availability or reasonable price of financing costs in the future. - The Company is exposed to changes in interest rates. - The Company’s financing agreements involve a counterparty risk. - The Company is exposed to fluctuations in exchange rates.

- Equity financing is associated with a risk of falling share prices. D.3 Risks specific to There are risks relating the Company as an issuer and to its operating environment and busi- the securities ness as well as to the Offering and the Notes issued thereunder. The risk factors relating to the Offering and the Notes issued thereunder are listed below. This listing is not exhaustive and additional risks and uncertainties not presently known to the Company, or that the Com- pany currently believes are immaterial, could also impair the Company’s business, results of operations and financial condition or an investment in the Company. The risks relating to the Offering and the Notes include the following factors: - The Notes may not be a suitable investment for all investors. - The Notes are not rated by any rating agency. - Active trading market for the Notes may not develop. - Since the Notes bear interest at a fixed interest rate, movements in market interest rates can adversely affect the value of the Notes. - Laws and practices applicable to the Notes may change. - Legal investment considerations may restrict certain investments. - The Notes carry no voting rights at the Issuer’s general meetings of shareholders. - Investors are exposed to credit risk in respect of the Issuer. - No guarantee or security is given in respect of the Notes. - Secured creditors will have prior claim to Technopolis’ assets that constitute their collateral as compared to holders of the Notes. - Technopolis may be able to merge, demerge, effect asset sales or otherwise effect significant transactions that may have a material adverse effect on the Notes and the holders of Notes. - Technopolis may incur additional debt without the consent of the holders of the Notes. - Technopolis’ possible extensive indebtedness may have an adverse effect on the Issuer’s ability to fulfil its obligations under the Notes as well as on the market price and value of the Notes. - The Issuer may have right or obligation to redeem and purchase the Notes prior to maturity due to Event of Default or Change of Control Event. - The Issuer has a right to redeem and purchase the Notes prior to maturity due to voluntary total redemption (call option). - The Issuer may not be able to finance the repurchase of Notes following a Change of Control Event. - The Issuer is not obliged to compensate for withholding tax or similar on the Notes. - Amendments to the Notes bind all holders of Notes. - Rights to payments that have not been claimed within 3 years are prescribed. - The completion of the transactions relating to the Notes is reliant on Euroclear Finland Ltd’s operations and systems. - A failure by the Agent to perform its duties and obligations properly may adversely affect the enforcement of the rights of the holders of the Notes.

Section E — Offer E.2b Reasons for the The proceeds are intended to be used for refinancing existing financial indebtedness of the Offering and Technopolis Group and for general corporate purposes. use of proceeds E.3 Terms and con- Issuer: Technopolis Plc, a public limited liability company incorporated in Finland. ditions of the Lead Managers: Danske Bank A/S and Pohjola Bank plc Offering Agent: Nordic Trustee Oy Aggregate principal amount: EUR 150,000,000 Issue date: 28 May 2015 Repayment Date: 28 May 2020 Interest payment dates: Annually in arrears commencing on 28 May 2016 and thereafter on 28 May in each year.

Interest: 3.750 % per annum. Optional redemption: Prior to 28 May 2018 make-whole call and thereafter but less than 48 months from the Issue date at a redemption price being appr. 101.875 % of the nominal amount and thereafter at a redemption price being appr. 100.938 % of the nominal amount, in each case together with accrued unpaid interest. Repayment: At par, bullet, on Repayment Date. Denominations: Minimum subscription is EUR 100,000 and the denomination of each book- entry unit is EUR 1,000. Use of proceeds: Refinancing of existing financial indebtedness of the Technopolis Group and general corporate purposes. Status: Senior, unsecured, unsubordinated. Covenants, mandatory repurchase and events of default: Restrictions on disposals, mergers and de-mergers, continuation of business, compliance with laws, related party transactions, admission to trading, undertakings towards the Agent, change of control, non-payment, cross-acceleration, breach or invalidity of Terms and Conditions, insolvency and attachment. Listing: The Notes are expected to be listed on the Helsinki Stock Exchange on or about 4 June 2015. Clearing: The Notes are issued dematerialised form in the Infinity book-entry securities system of Euroclear Finland Ltd. The registered address of Euroclear Finland Ltd is Urho Kek- kosen katu 5 C, FI-00100, Helsinki. Applicable law: Finnish law. ISIN code: FI4000157078. E.4 Material inte- Interests of the Lead Managers and the Agent: rests The proceeds of the Offering received by Technopolis are intended to be used, inter alia, for the refinancing of existing financial indebtedness, and therefore potentially also for the refinancing of debt owed to the Lead Managers or companies belonging to the same consolidated groups with the Lead Managers. The proceeds of the Offering will not be used for refinancing of existing financial indebtedness owed by Technopolis to the Lead Managers (or companies belonging to the same consolidated groups with the Lead Managers) in an amount exceeding EUR 25 million per Lead Manager (or companies belonging to the same consolidated group with such Lead Manager). The Lead Managers and their respective affiliates may hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities of the Issuer. Other business interest normal in the financial markets. E.7 Estimated ex- Not applicable. There are no expenses charged to the investors by the Company. penses charged to the investor

TIIVISTELMÄ Tiivistelmät koostuvat sääntelyn edellyttämistä tiedoista, joita kutsutaan nimellä ”Osatekijät” . Nämä Osatekijät on nume- roitu jaksoittain A – E (A.1 – E.7).

Tämä tiivistelmä sisältää kaikki ne Osatekijät, jotka kyseessä olevasta arvopaperista ja sen liikkeeseenlaskijasta tulee esit- tää. Osatekijöiden numerointi ei välttämättä ole juokseva, sillä kaikkia sääntelyssä lueteltuja osatekijöitä ei arvopaperin tai liikkeeseenlaskijan luonteen vuoksi ole esitettävä tässä tiivistelmässä..

Vaikka arvopaperin tai liikkeeseenlaskijan luonne edellyttäisi jonkin osatekijän sisällyttämistä tiivistelmään, on mahdollis- ta, ettei kyseistä Osatekijää koskevaa merkityksellistä tietoa ole lainkaan. Tällöin Osatekijä on kuvattu lyhyesti ja sen yhteydessä mainitaan ”ei sovellu". Jakso A – Johdanto ja varoitukset A.1 Varoitus Tätä tiivistelmää tulee pitää Esitteen johdantona. Sijoittajan tulee perustaa Velkakirjoja koskeva sijoituspäätöksensä Esitteessä esitettyihin tietoihin kokonaisuutena. Jos tuomioistuimessa pannaan vireille Esitteeseen sisältyviä tietoja koskeva kanne, kantajana toimiva sijoittaja voi sovellettavan lainsäädännön mukaan joutua ennen oikeudenkäynnin vi- reillepanoa vastaamaan Esitteen käännöskustannuksista. Technopolis vastaa siviilioikeudelli- sesti tästä tiivistelmästä ja sen käännöksestä vain, jos tiivistelmä on harhaanjohtava, epä- tarkka tai epäjohdonmukainen luettuna yhdessä Esitteen muiden osioiden kanssa tai jos tii- vistelmässä ei anneta yhdessä Esitteen muiden osien kanssa keskeisiä tietoja sijoittajien aut- tamiseksi, kun he harkitsevat sijoittamista Yhtiön Velkakirjoihin. A.2 Esitteen laati- Ei sovellu. misesta vastaa- van suostumus esitteen käyt- töön

Jakso B – Liikkeeseenlaskija B.1 Virallinen ja Technopolis Oyj. muu liiketoi- minnassa käy- tetty toiminimi B.2 Asuinpaikka/ Technopolis Oyj:n kotipaikka on Oulu. Technopolis on Suomessa perustettu julkinen osake- oikeudellinen yhtiö, johon sovelletaan Suomen lakia. muoto/ sovellettava laki/ liikkeeseenlaskijan perustamis- maa B.3 Liikkeeseen- Technopolis on kiinteistöihin, toimitilojen vuokraukseen ja palveluihin erikoistunut pörssiyh- laskijan tä- tiö. Technopolis on Suomessa rekisteröity julkinen osakeyhtiö, jonka osake noteerataan Hel- mänhetkisen singin Pörssissä. Yhtiön toiminta perustuu arvoihin, joita ovat asiakaskeskeisyys, innovatiivi- toiminnan suus, kannattava kasvu ja vastuullisuus. Yhtiö on keskittynyt monikäyttäjäympäristöihin ja luonne ja pää- muuntojoustaviin toimitiloihin. Monikäyttäjäympäristöllä tarkoitetaan, että yhtä kiinteistöä toimiala tai kampusta käyttävät useat eri asiakkaat. Muuntojoustavuus liittyy tilojen koon ja käyttö- tarkoituksen muunneltavuuteen, joka on keskeinen osa Yhtiön palvelukonseptia. Yhtiön toimitilat sijaitsevat kasvukeskuksissa ja niissä toimii yrityksiä, yhteisöjä ja julkisen sektorin toi- mijoita. Muuntojoustavuutensa ansiosta Technopoliksen toimintaympäristöt sopivat sekä muutaman työntekijän pienyrityksille että tuhansien työntekijöiden suuryrityksille.

Technopoliksen tiloissa toimii noin 47 000 ihmistä ja sillä on noin 1 700 asiakasta. Yhtiön pal- velukonsepti yhdistää nykyaikaiset joustavat toimitilat ja asiakkaiden liiketoimintaa tukevat

palvelut. Asiakkaat voivat hankkia Technopolikselta tilaan, liiketoimintaan tai työntekijöiden hyvinvointiin ja viihtyvyyteen liittyviä palveluita. Technopoliksen toiminta-ajatuksena on luoda asiakkaiden ympärille innovatiivinen ja aktiivinen toimintaympäristö. Yhtiön liiketoiminta on jaettu kolmeen liiketoiminta-alueeseen: Suomi, Baltic Rim (Viro, Ve- näjä ja Liettua) ja Skandinavia (Norja). Vuonna 2014 Suomen liiketoiminnan osuus liikevaihdosta oli 73,3 prosenttia ja Yhtiön valmiiden sijoituskiinteistöjen käyvistä arvoista 69,1 prosenttia. Baltic Rimin liiketoimintojen osuus liikevaihdosta oli 15,4 prosenttia, ja valmiiden si- joituskiinteistöjen käyvistä arvoista 16,3 prosenttia. Skandinavian liiketoimintojen osuus liikevaihdosta oli 11,3 prosenttia ja valmiiden sijoituskiinteistöjen käyvistä arvoista 14,6 prosenttia. Technopoliksen kampukset sijaitsevat Suomen kasvukeskuksissa, Norjassa Oslossa, Vi- rossa Tallinnassa, Venäjällä Pietarissa ja Liettuassa Vilnassa. Toissijaisena liiketoiminta- alueiden jakona Yhtiö käyttää: toimitilat ja palvelut. Vuonna 2014 toimitiloista tuli 89,6 prosenttia Yhtiön liikevaihdosta ja palveluista 10,4 prosenttia. Liikevaihdosta palveluiden osuus on pieni, mutta Yhtiö näkee niiden asiakkaita sitouttavan vaikutuksen merkittäväksi, mikä mahdollistaa korkeat taloudelliset vuokrausasteet. B.4a Merkittävim- Maailmantalouden heikko kasvu on pakottanut yritykset sopeutumaan heikentyneeseen ky- mät viimeai- syntään ja tiukentuneeseen hintakilpailuun. Monen yrityksen kohdalla se on tarkoittanut tuo- kaiset suun- tantokapasiteetin ja kulujen leikkauksia sekä henkilöstövähennyksiä. Hintakilpailu on myös taukset johtanut kiihtyvään tuotannon ja myös tutkimustoiminnan siirtämiseen kustannustasoltaan läntisiä teollisuusmaita edullisempiin maihin, kuten Kiinaan ja Intiaan. Tuotannon siirtymän seurauksena teollisentuotannon osuus Suomen ja muiden länsimaiden kokonaistuotannosta on laskenut ja palveluiden osuus noussut. Technopolis johto uskoo, että palvelutarpeiden li- sääntyminen kasvattaa myös sen tarjoamien palveluiden kysyntää. Yhtiön johto uskoo, että kansainväliset yritykset suunnittelevat kasvavassa määrin henkilös- töresurssien ja toimitilojen hankintaa globaalista näkökulmasta. Yritysten sijoittumisessa kri- teerit ovat muun muassa markkinoiden läheisyys sekä osaava ja edullinen työvoima. Asiak- kaat ovat lisäksi hintatietoisia ja heikko taloussuhdanne tuo paineita vuokrahintoihin. Hyvällä sijainnilla olevien tilojen – etenkin kaupunkien keskustoissa – kysyntä ja hintataso ovat säily- neet hyvällä tasolla. Sijainnista on tullut myös osa yrityksen tavaramerkkiä, mikä näkyy toimitilojen valinnoissa. Vuokrakysynnän lisäksi keskustakiinteistöjen investointikysyntä on ollut nousussa, kun sijoittajat ovat hakeneet turvallisia sijoituskohteita. Suuntauksena on ollut myös etätyöskentelyn, jaettujen työtilojen ja virtuaalisten kommuni- kointivälineiden yleistyminen, minkä vaikutukset ovat jo nyt nähtävissä tilasuunnittelussa ja toimitilojen kysynnässä. Yhtiö katsoo, että kustannustehokkuutta nostavien ja toiminnallista lisäarvoa tuottavien toimitilaratkaisujen ja palvelujen merkitys korostuu tulevaisuuden kilpai- lukeinona. Toimitiloilta vaaditaan tehokasta hallinnoitavuutta ja nopeaa muunneltavuutta asiakkaan tarpeiden mukaiseksi. B.5 Konserni Konserniin kuuluu emoyhtiö Technopolis Oyj, jolla on toimintaa Suomessa, Norjassa, Virossa, Venäjällä, ja Latviassa. Technopolis Oyj:n omistuksessa Suomessa on viisi alueellista kiinteis- töyhtiötä, jotka 28.2.2013 toteutetun Yhtiön sijoituskiinteistöjä koskevan liiketoimintasiirron ja apporttiluovutuksen jälkeen kukin omistavat kyseisellä maantieteellisellä alueella sijaitse- via kiinteistöjä ja vuokraoikeuksia. Tämän lisäksi Technopolis Oyj omistaa yksittäisiä muita kiinteistöyhtiöitä. Seuraavissa taulukossa on esitetty Technopolis Oyj -emoyhtiön omistukset Konserniin kuuluvissa yrityksissä sekä osakkuusyrityksissä Rekisteröintiasiakirjan päivämää- ränä. Osakkeet ja osuudet Konserniin kuuluvissa yrityksissä Osuus, % Suomi Kiinteistö Oy Falcon Gentti, Espoo 100,00 Kiinteistö Oy Falcon Hali, Espoo 100,00 Kiinteistö Oy Falcon Lago, Espoo 100,00 Kiinteistö Oy Falcon Tinnu, Espoo 100,00 Kiinteistö Oy Finn-Medi 6-7, Tampere 100,00 Kiinteistö Oy Hermia, Tampere 71,96 Kiinteistö Oy Innopoli II, Espoo 100,00 Kiinteistö Oy Oulun Ydinkeskusta, Oulu 98,77

Kiinteistö Oy Oulun Kansankatu 53, Oulu 57,14 Kiinteistö Oy Technopolis Innopoli 3, Espoo 100,00 Kiinteistö Oy Technopolis Innova 4, Jyväskylä 100,00 Kiinteistö Oy Technopolis Microkatu 1, Kuopio 54,82 Kiinteistö Oy Technopolis Peltola, Oulu 100,00 Kiinteistö Oy Technopolis Tohloppi, Tampere 100,00 Kiinteistö Oy Technopolis Viestikatu 1-3, Kuopio 60,00 Kiinteistö Oy Technopolis Viestikatu 7, Kuopio 60,00 Kiinteistö Oy Yrttiparkki, Oulu 100,00 Oulun Teknoparkki Oy 84,14 Oulun Ydinkeskustan Parkki Oy 62,24 Technopolis Hitech Oy 100,00 Technopolis Kiinteistöt Jyväskylä Oy, Jyväskylä 100,00 Technopolis Kiinteistöt Lappeenranta Oy, Lappeenranta 100,00 Technopolis Kiinteistöt Oulu Oy, Oulu 100,00 Technopolis Kiinteistöt Pääkaupunkiseutu Oy, Helsinki 100,00 Technopolis Kiinteistöt Tampere Oy, Tampere 100,00 Technopolis Kuopio Oy 60,00

Liettua Technopolis Lietuva UAB, Vilna 100,00 UAB Domestas, Vilna 100,00 UAB Gama Projektai 100,00 UAB Ninfarina 100,00 UAB Urban Housing, Vilna 100,00

Norja Campus H, Oslo 51,04 Campus P, Oslo 51,04 Campus T, Oslo 51,04 Campus X, Oslo 51,04 Technopolis AS, Oslo 51,04 Technopolis Holding AS, Oslo 100,00 Technopolis Holding 2, Oslo 51,00

Venäjä Technopolis Neudorf, Pietari, Venäjä 100,00 Technopolis St Petersburg LLC, Pietari, Venäjä 100,00

Viro Technopolis Baltic Holding OÜ, Tallinna, Viro 100,00 Technopolis Ülemiste AS, Tallinna, Viro 51,00

B.6 Merkittävim- 13.5.2015 Technopoliksella oli 7.107 rekisteröityä osakkeenomistajaa. Hallintarekisteröityjen mät osak- ja ulkomaalaisten osakkeenomistajien omistus oli yhteensä 36.956.682saketta, mikä vastasi keenomistajat 34,7 prosenttia Yhtiön kaikista osakkeista ja äänistä. Seuraavassa taulukossa luetellaan Yhtiön kymmenen suurinta rekisteröityä osakkeenomistajaa omistuksineen 13.5.2015 päivätyn tilanteen mukaan.

Omistaja Osakkeita % 1. Keskinäinen työeläkevakuutusyhtiö Varma 25.448.192 23,89 2. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 11.089.647 10,41 3. Oulun kaupunki 3.515.971 3,30 4. OP-Pohjola ryhmä 1.682.633 1,58

5. Jyrki Hallikainen / Kickoff Oy 1.233.236 1,16 6. Laakkonen Mikko Kalervo 1.226.184 1,15 7. Suomen kulttuurirahasto 1.188.042 1,12 8. ODIN Finland 1.119.944 1,05 9. Sijoitusrahasto Evli Suomi Pienyhtiöt 831.994 0,78 10. Jenny ja Antti Wihurin Rahasto 723.164 0,68 Kymmenen suurinta yhteensä 47.059.007 44.18

Yhtiön 13.3.2012 saaman tiedon mukaan BNP Investment Partnersin hallinnoimien rahastojen omistusosuus laski alle yhden kymmenesosan (10 prosenttia) 20.11.2010 ja alle yhden kahdeskymmenesosan (5 prosenttia) 17.1.2012. BNP Investment Partnersin hallinnoimien rahastojen suora ja epäsuora osuus äänistä ja osakkeista oli 9.3.2012 yhteensä 2 653 086 osaketta ja 4,19 prosenttia.

Yhtiön 24.2.2015 saaman tiedon mukaan BNP Investment Partnersin hallinnoimien rahastojen omistusosuus nousi yli yhden kahdeskymmenesosan (5 prosenttia). BNP Investment Part- nersin hallinnoimien rahastojen suora ja epäsuora osuus äänistä ja osakkeista oli tuolloin yh- teensä 5 426 317 osaketta ja 5,09 prosenttia. BNP:n hallinnoima rahasto, jonka hallussa oli tuolloin 61 261 osaketta, ei voi rahaston sääntöjen mukaan käyttää äänioikeuttaan yhtiöko- kouksissa. Täten BNP:n hallinnoimat rahastot voivat käyttää kaikista äänistä 5,04 prosenttia.

Yhtiö ei ole tietoinen siitä, että kenelläkään osakkeenomistajalla olisi arvopaperimarkkinalain 2 luvun 4 §:n mukainen määräysvalta Yhtiössä taikka mistään muustakaan järjestelystä, jolla voisi olla vaikutusta Yhtiön määräysvallan käyttämiseen. Yhtiön kaikki osakkeet oikeuttavat yhteen ääneen. B.7 Valikoidut his- Seuraavissa taulukoissa esitetään eräitä Yhtiön tilintarkastettuja konsernitilinpäätöstietoja torialliset kes- 31.12.2014, 31.12.2013 ja 31.12.2012 päättyneiltä katsauskausilta sekä tilintarkastamattomia keiset talou- tietoja Yhtiön osavuosikatsauksesta 31.3.2015 päättyneeltä kolmen kuukauden jaksolta ja sii- delliset tiedot hen sisältyvistä vertailutiedoista. Yhtiön konsernitilinpäätökset ja osavuosikatsaukset on laa- dittu EU:n käyttöönottamien kansainvälisten tilinpäätösstandardien (”IFRS”) mukaisesti.

2015 2014 2014 2013 2012 (tilintarkastamaton) (tilintarkastettu)

1.1.–31.3. 1.1.–31.12. TULOSLASKELMA, milj. euroa

Vuokratuotot 36,624 35,665 144,823 111,114 *) 93,130*) Palvelutuotot 4,574 4,016 16,855 15,221*) 14,200*) Liikevaihto yhteensä 41,197 39,681 161,678 126,335 107,330

Liiketoiminnan muut tuotot 0,017 0,091 0,536 1,996 1,707 Kiinteistöjen hoitokulut -10,053 -10,917 -41,208 -32,764*) *) Hallinnon kulut -3,930 -3,741 -13,825 -11,077 -11,005 Liiketoiminnan muut kulut -5,019 -4,526 -20,012 -20,365*) -42,282*) Sijoituskiinteistöjen käyvän arvon muutos -5,876 0,968 -40,522 -17,611 -5,705 Poistot -1,062 -0,852 -3,782 -2,660 -2,015 Liikevoitto/-tappio 15,276 20,703 42,865 43,854 48,031 Realisoitumattomat valuuttakurssivoitot ja -tappiot 2,145 -3,164 -22,056 -5,738*) *) Rahoitustuotot ja –kulut -7,209 -5,083 -20,179 -15,467*) -13,554 *) Voitto ennen veroja 10,212 12,457 0,630 22,649 34,476 Laskennalliset verot 1,125 -0,039 1,223 13,770*) *) Tuloverot -2,111 -0,932 -4,833 -4,861*) -7,526*) Tilikauden tulos 9,226 11,485 -2,981 31,558 26,950

Tilikauden tuloksen jakautuminen

Emoyhtiön osakkeenomistajille 7,869 8,750 -11,737 28,832 25,821 Määräysvallattomille 1,357 2,735 8,756 2,725 1,129 Yhteensä 9,226 11,485 -2,981 31,558 26,950

Osakekohtainen tulos, laimentamaton 0,06 0,07 -0,15 0,30 0,33 Osakekohtainen tulos, laimennusvaikutuk- sella oikaistu 0,06 0,07 -0,15 0,30 0,33

KONSERNIN LAAJA TULOSLASKELMA

Tilikauden tulos 9,226 11,485 -2,981 31,558 26,950 Muut laajan tuloksen erät Muuntoerot 11,968 -1,779 -20,643 -3,517 0,944 Myytävissä olevat rahoitusvarat 0,004 -0,030 -0,016 0,029 0,021 Johdannaiset 0,191 -2,759 -10,849 3,024 -3,970 Muihin laajan tuloksen eriin liittyvät verot -0,085 0,418 2,498 -0,740 0,971 Tilikauden muut laajan tuloksen erät verojen jälkeen 12,078 -4,151 -29,010 -1,204 -2,035

Tilikauden laaja tulos yhteensä 21,304 7,335 -31,991 30,354 24,916

Tilikauden laajan tuloksen jakautuminen Emoyhtiön osakkeenomistajille 18,347 4,064 -36,615 27,629 23,787 Määräysvallattomille 2,957 3,270 4,624 2,725 1,129 Yhteensä 21,304 7,335 -31,991 30,354 24,916 *) Tuottojen ja kulujen jaottelua muutettu vuonna 2014. Vertailutietoa vuoden 2012 osalta ei ole oikaistu uuden jaottelun mukaiseksi ja näiltä osin vuoden 2012 ja 2013 lukuja ei ole tilintarkastettu . 2015 2014 2014 2013 2012

(tilintarkastamaton) (tilintarkastettu)

31.3. 31.12. TASE, milj. euroa

Varat

Pitkäaikaiset varat Aineettomat hyödykkeet 6,607 6,080 6,808 6,303 5,558 Valmiit sijoituskiinteistöt 1410,929 1427,726 1378,360 1410,418 956,520 Rakenteilla olevat sijoituskiinteistöt 26,214 9,761 26,453 26,390 57,559 Aineelliset hyödykkeet 12,660 22,226 19,550 18,569 13,731 Osuudet osakkuusyhtiöissä 5,959 5,995 5,966 5,986 6,056 Sijoitukset ja saamiset 4,849 5,939 4,803 6,123 6,454 Laskennalliset verosaamiset 19,478 15,866 17,780 15,825 2,740 Pitkäaikaiset varat yhteensä 1486,695 1493,591 1459,719 1489,614 1048,618

Lyhytaikaiset varat Lyhytaikaiset saamiset 16,083 13,401 14,939 16,659 18,439 Rahat ja pankkisaamiset 29,279 39,320 28,270 54,095 15,676 Lyhytaikaiset varat yhteensä 45,362 52,721 43,210 70,754 34,116

Varat yhteensä 1532,057 1546,313 1502,929 1560,368 1082,734

OMA PÄÄOMA JA VELAT

Oma pääoma Osakepääoma 96,914 96,914 96,914 96,914 96,914 Ylikurssirahasto 18,551 18,551 18,551 18,551 18,551

Oman pääoman ehtoinen rahasto 74,221 74,221 74,221 74,221 0,000 Sijoitetun vapaan oman pääoman rahasto 215,616 215,622 215,627 215,513 116,274 Käyvän arvon rahasto 0,187 0,174 0,188 0,204 0,175 Suojausinstrumenttirahasto -11,342 -6,108 -11,305 -3,962 -6,245 Muuntoerot -9,824 -5,728 -20,303 -3,218 0,299 Edellisten tilikausien voitto 120,788 156,073 153,918 142,207 121,668 Tilikauden tulos 7,869 8,750 -11,737 28,832 25,821 Oma pääoma ennen määräysvallattomien omistajien osuutta yhteensä 512,978 558,469 516,073 569,261 373,456 Määräysvallattomien omistajien osuus omasta pääomasta 61,792 58,543 59,537 55,027 16,071 Oma pääoma yhteensä 574,770 617,012 575,610 624,289 389,527

Velat Pitkäaikaiset velat 686,148 684,519 660,340 716,829 500,009 Laskennalliset verovelat 34,534 33,029 34,711 32,799 49,735 Lyhytaikaiset velat 236,605 211,753 232,269 186,451 143,463 Velat yhteensä 957,287 929,301 927,319 936,079 693,207

Oma pääoma ja velat yhteensä 1532,057 1546,313 1502,929 1560,368 1082,734

2015 2014 2014 2013 2012

(tilintarkastamaton) (tilintarkastettu)

1.1.–31.3. 1.1.–31.12. TIIVISTELMÄ

RAHAVIRTALASKELMASTA, milj. euroa

Liiketoiminnan rahavirta 14,257 17,240 66,619 45,162 39,168 Investointien rahavirta -12,227 -11,702 -60,080 -179,488 -116,584 Rahoituksen rahavirta -3,234 -20,076 -28,814 174,081 80,765 Maksetut osingot - - -11,105 -15,474 -12,673

TUNNUSLUVUT JA

LIIKETOIMINTATIEDOT

Liikevaihdon muutos, % 3,82 33,54 27,98 17,71 15,61 Liikevoitto/liikevaihto, % 37,08 52,17 26,51 34,71 44,75 Käyttökate, milj. euroa 22,22 20,59 87,17 64,13 55,75 Käyttökatteen muutos, % 7,9 47,2 35,94 15,02 17,27 Oman pääoman tuotto (ROE), % -0,50 6,23 7,36 Sijoitetun pääoman tuotto (ROI),% 3,33 3,56 5,46 Omavaraisuusaste, % 37,73 40,12 38,50 40,21 36 Nettovelkaantumisaste, % 143,40 131,40 141,35 129,39 152,10 Koronmaksukyky 5,47 4,58 4,84 5,34 4,49 Henkilöstö keskimäärin konserniyhtiöissä 237 198 214 187 178

OSAKEKOHTAISET TIEDOT1

Tulos/osake, laimentamaton, euroa 0,06 0,07 -0,15 0,30 0,33 Tulos/osake, laimennettu, euroa 0,06 0,07 -0,15 0,30 0,33 Oma pääoma/osake, euroa 4,15 4,55 4,17 4,66 4,46 Osinko/osake, euroa - - 0,15 0,10 0,18 Osakkeiden (osakeantioikaistu) luku- määrä laimentamaton, keskimäärin 105.788.468 106.290.842 106.015.829 85.352.432 77.452.917 Osakkeiden (osakeantioikaistu) luku- määrä, laimennettu, keskimäärin 105.788.468 106.376.449 106.015.829 85.531.524 77.710.463 Osakkeiden (osakeantioikaistu) luku- määrä, kauden lopussa 105.788.468 106.407.741 106.083.079 106.268.407 83.709.282

MUUT TUNNUSLUVUT Nettovuokratuotto, %2 7,75 7,19 7,50 7,60 7,80 Taloudellinen vuokrausaste, % 93,80 94,00 94,70 93,60 95,34 Bruttoinvestoinnit taseen pitkäaikaisiin varoihin, milj. euroa 32,732 7,428 69,061 466,727 115,766 P/E-luku 65,58 58,566 -24,16 14,55 10,21 Osinko tuloksesta, % - - - 33,46 54,15 Efektiivinen osinkotuotto, % - - 4,05 2,30 5,31 Osakkeiden markkina-arvo, euroa 443.253.681 447.976.590 392.507.392 462.267.570 284.865.826 Osakkeiden vaihto, kpl 10.548.647 5.591.550 28.389.026 22.095.150 18.994.144 Osakkeiden vaihto keskimääräisestä lukumäärästä, % 9,97 5,25 26,78 25,89 27,17 Osakekurssit, euroa Ylin kurssi 4,60 4,70 4,70 5,16 3,67 Alin kurssi 3,57 4,15 3,40 3,72 2,64 Keskikurssi 4,13 4,48 4,23 4,39 3,25 Jakson päätöskurssi 4,19 4,21 3,70 4,35 3,40 1 Osakkeiden lukumäärät eivät sisällä yhtiön hallussa olevia omia osakkeita. 2 Luku ei sisällä kesken vuotta käyttöönotettuja ja hankittuja kiinteistöjä.

2015 2014 2014 2013 2012

(tilintarkastamaton) (tilintarkastettu)

1.1.–31.3. 1.1.–31.12. OPERATIIVINEN JA EI-OPERATIIVINEN

TULOS milj. euroa

Operatiivinen tulos Liikevaihto 41,197 39,681 161,678 126,335 107,330 Liiketoiminnan muut tuotot 0,003 0,072 0,290 1,333 1,304 Liiketoiminnan muut kulut -19,006 -19,095 -74,718 -63,979 -53,285 Poistot -1,062 -0,852 -3,782 -2,660 -2,015 Liikevoitto/-tappio 21,132 19,805 83,468 61,030 53,335 Rahoitustuotot ja -kulut yhteensä -5,836 -5,083 -20,156 -15,014 -13,029 Tulos ennen veroja 15,296 14,722 63,312 46,016 40,306 Verot operatiivisista eristä -1,461 -0,889 -3,895 -4,031 -9,241 Määräysvallattomien omistajien osuus -1,143 -1,061 -3,517 -1,506 -1,205 Tilikauden operatiivinen tulos 12,691 12,773 55,901 40,479 29,860

Ei-operatiivinen tulos Kertaluontaiset erät 0,021 -0,070 -0,081 0,435 0,401 Sijoituskiinteistöjen käyvän arvon muutos -5,876 0,968 -40,522 -17,611 -5,705 Liikevoitto/-tappio -5,856 0,898 -40,603 -17,176 -5,304 Realisoitumattomat valuuttakurssivoitot ja -tappiot 0,778 -3,164 -22,079 -6,191 -0,525 Tulos ennen veroja -5,078 -2,266 -62,683 -23,368 -5,829 Verot ei-operatiivisista eristä 0,476 -0,083 0,284 12,940 1,715 Määräysvallattomien osuus -0,214 -1,674 -5,240 -1,219 0,076 Tilikauden ei-operatiivinen tulos -4,815 -4,022 -67,638 -11,647 -4,038

Tilikauden tulos emoyhtiön osakkeenomistajille yhteensä 7,876 8,750 -11,737 28,832 25,82

Osakekohtainen tulos, laimennettu Operatiivisesta tuloksesta 0,12 0,12 0,53 0,47 0,38 Ei-operatiivisesta tuloksesta -0,05 -0,04 -0,64 -0,14 -0,05 Tilikauden tuloksesta 0,07 0,08 -0,11 0,34 0,33

Oman pääoman ehtoisen lainan koron vaikutus -0,01 -0,01 -0,04 -0,04 0,00 Oikaistusta tilikauden tuloksesta 0,06 0,07 -0,15 0,30 0,33

Operatiivinen ja ei-operatiivinen tulos

EPRA (European Public Real Estate Association) on listattujen kiinteistösijoitusyhtiöiden etu- järjestö, joka julkaisee toimialaa koskevia suosituksia mm. taloudellisen informaation esittä- misestä tavoitteenaan luoda yhteneväiset laskentamallit kiinteistösijoitusyhtiöiden kesken. Technopolis esittää virallisen tilinpäätöksensä IFRS-standardeja soveltaen. Tuloslaskelmaan sisältyy useita eriä, jotka eivät liity yhtiön operatiiviseen toimintaan. Tämän vuoksi yhtiö esit- tää operatiivisen tuloksen, joka kuvastaa paremmin yhtiön todellista tulosta. Operatiivisessa tuloksessa esitetään yhtiön tilikauden tulos lukuun ottamatta tilikauden ai- kaista sijoituskiinteistöjen käyvän arvon muutosta, rahoitusinstrumenttien käyvän arvon muutosta, realisoitumattomia valuuttakurssivoittoja ja -tappioita, sekä mahdollisia kerta- luonteisia eriä, kuten luovutusvoittoja ja -tappioita. Lisäksi operatiivisessa tuloslaskelmassa esitetään näihin liittyvät verot ja laskennalliset verot sekä osuus määräysvallattomille. Operatiivisesta tuloksesta erotetut erät, sekä niiden verovaikutus ja osuus määräysvallatto- mille, esitetään ei-operatiivisessa tuloslaskelmassa. Yhtiöllä on koronvaihtosopimuksia, jotka eivät täytä IFRS:n mukaisia suojauslaskennan edellytyksiä, ja näiden rahoitusinstrumenttien käyvän arvon muutokset esitetään ei-operatiivisessa tuloslaskelmassa. Sekä operatiivisesta että ei-operativiisesta tuloksesta on laskettu osakekohtainen tulos EP- RA:n ohjeistuksen mukaisesti. Operatiivinen ja ei-operatiivinen tulos ja niistä lasketut osakekohtaiset tulokset yhteensä täsmäävät yhtiön tilikauden tulokseen ja osakekohtaiseen tulokseen. Yhtiön mukaan sen taloudellisessa asemassa tai liiketoiminnan tuloksessa ei ole tapahtunut merkittäviä muutoksia taloudellisten tietojen kattamalla ajanjaksolla ja sen jälkeen.

Viimeaikaiset tapahtumat 7.5.2015 Yhtiö tiedotti investoivansa 35,4 miljoonaa euroa Ozaksen kampuksen laajennukseen Liettuassa Vilnassa. Laajennuksen arvioidaan valmistuvan joulukuussa 2016. Technopo- liksen uudet toimistorakennukset kuuluvat markkinoilla luokkaan B+, jossa kysyntä on tällä hetkellä erittäin hyvä. Vilnan markkinoiden vuokrausaste luokassa B+ on tällä hetkellä 98,9 prosenttia. Laajennuksen vuokrattavissa oleva pinta-ala on 21 600 m² ja se nostaa koko kampuksen vuokrattavissa olevan pinta-alan noin 63 300 m²:iin. Laajennukseen tulee myös 390 pysäköintipaikkaa. Yhtiö arvioi investoinnin ensimmäisen vuoden nettotuoton olevan 7,8 prosenttia ja vakiintuneen nettotuoton 9,8 prosenttia. Markkinoiden nettotuottovaade on 7,9 prosenttia. 2.4.2015 Technopolis Oyj myi 40 prosenttia Kuopion liiketoiminnastaan Osuuskunta KPY:n sijoitusyhtiölle, KPY Sijoitus Oy:lle (KPY). Kauppa toteutettiin perustetun Technopolis Kuopio Oy holding-yhtiön kautta, jolle Technopolis Oyj myi Kuopion alueen liiketoimintansa 125 miljoonan euron hintaan. Technopolis ei kirjaa kaupasta voittoja tai tappioita. Perustetusta yhti- östä Technopolis Oyj omistaa 60 prosenttia ja KPY 40 prosenttia. B.8 Valikoidut pro Ei sovellu. forma - muotoiset taloudelliset tiedot B.9 Tulosennus- Technopolis on tiedottanut tulevaisuuden näkymistään 7.5.2015 seuraavasti: teen tai -arvion ”Technopolis arvioi vuoden 2015 liikevaihdon ja käyttökatteen olevan samaa tasoa tai hieman luvut parempi kuin vuonna 2014. Vuonna 2014 liikevaihto oli 161,7 miljoonaa euroa ja käyttökate 87,2 miljoonaa euroa. Konsernin taloudellinen tulos on riippuvainen valuuttakurssien, yleisen toimintaympäristön, asiakaskunnan liiketoiminnan, rahoitusmarkkinoiden ja kiinteistömarkkinoiden tuottovaati- mustenkehityksestä. Ohjeistukseen voivat vaikuttaa lisäksi mahdolliset muutokset kiinteistö-

kannassa. Valuuttakurssien vaihtelut tekevät ennustamisesta haastavaa.” Yhtiön johto voi toiminnallaan vaikuttaa liikevaihtoon lisäämällä vuokrausastetta ja palveluiden myyntiä sekä kulukontrollilla käyttökatteeseen ja tulokseen. Sen sijaan Yhtiön johto ei voi vaikuttaa tuottovaatimusmuutoksiin, mitkä puolestaan vaikuttavat sijoituskiinteistöjen käypiin arvoihin. Yhtiön johto ei voi vaikuttaa yleiseen korkotasoon, jolla on vaikutuksia Yhtiön rahoituskus- tannuksiin. Yhtiön johto kuitenkin voi varautua korkotasojen muutoksiin vaihtamalla laino- jensa koronmaksuehtoja vaihtuvakorkoisesta kiinteäkorkoisiksi tai päinvastoin. B.10 Tilintarkastus- Ei sovellu. kertomuksen muistutukset B.17 Liikkeeseen- Ei sovellu. laskijan luotto- luokitukset

Jakso C – Arvopaperit C.1 Arvopaperei- Parhaalla etusijalla oleva, vakuudeton ja alistamaton velkakirjalaina, jonka kokonaisnimellis- den tyyppi ja määrä on 150,000,000 euroa ja yksikkökoko on 1.000 euroa. laji Velkakirjojen ISIN-koodi on FI4000157078. C.2 Arvopaperei- Velkakirjojen liikkeeseenlaskun valuutta on euro. den liikkeeseenlaskun valuutta C.5 Arvopaperei- Ei sovelleta. Velkakirjat ovat vapaasti luovutettavissa sen jälkeen, kun ne on kirjattu asian- den vapaata omaiselle arvo-osuustilille. luovutetta- vuutta koskevat rajoitukset C.8 Arvopaperei- Velkakirjat ovat Liikkeeseenlaskijan suoria, vakuudettomia ja takaamattomia velvoitteita, den etuoikeus- jotka ovat samanarvoisia keskenään ja jotka ovat etuoikeusjärjestyksessä vähintään samalla järjestys sijalla Liikkeeseenlaskijan vakuudettomien velvoitteiden kanssa, lukuun ottamatta niitä velvoitteita, joilla on etuoikeus pakottavan lain nojalla. C.9 Korko ja tuot- Velkakirjoille maksetaan kiinteää vuotuista korkoa, joka on 3.750 % vuodessa. to; velkapape- Velkakirjoille kertyvä korko maksetaan vuosittain takautuvasti alkaen 28.5.2016 ja tämän jäl- rien haltijoiden keen 28.5. kunakin vuonna (”Koronmaksupäivä”) 28.5.2020 saakka (”Takaisinmaksupäivä”). edustajan nimi Velkakirjoihin sovellettava koronlaskuperuste on International Capital Market Associationin määrittelemä “actual/actual ICMA”-laskentaperuste. Velkakirjojen efektiivinen tuotto on 3.794 % vuodessa. Nordic Trustee Oy toimii velkakirjanhaltijoiden agenttina. C.10 Tiedot siitä, Ei sovelleta. Velkakirjoille maksettava korko ei ole yhteydessä johdannaiseen. kuinka kohde- etuuden arvo vaikuttaa koron määrään C.11 Ottaminen Yhtiö on hakenut Velkakirjojen ottamista julkisen kaupankäynnin kohteeksi Helsingin Pörs- kaupankäyn- sissä. Velkakirjat listataan Helsingin Pörssiin arviolta 4.6.2015. nin kohteeksi

Jakso D – Riskit D.1 Liikkeeseen- Technopolikseen liikkeeseenlaskijana, sen toimintaympäristöön ja liiketoimintaan liittyy riski- laskijalle ja sen tekijöitä. Sijoittamista harkitsevaa kehotetaan perehtymään huolellisesti Rekisteröintiasiakir- toimialalle jaan ja tämän Arvopaperiliitteen kohtiin ”Riskitekijät”, joissa on yksityiskohtainen selostus ominaiset ris- kyseisistä riskitekijöistä. Riskitekijät on myös lueteltu jäljempänä. Luettelo ei ole tyhjentävä, kit ja myös riskit ja epävarmuustekijät, joista Yhtiö ei tällä hetkellä ole tietoinen tai joita se pitää tällä hetkellä epäolennaisina, saattavat vaikuttaa haitallisesti Technopoliksen liiketoimintaan, tulokseen ja taloudelliseen asemaan. Yhtiön toimintaympäristöön liittyvät riskit sisältävät seuraavat tekijät: - Talouden suhdannevaihtelut voivat vaikeuttaa Technopoliksen ja sen asiakkaiden liiketoimintaa. - Korkotason nousu sekä heikko rahoituksen saatavuus ja korkea hinta voivat vaikuttaa olennaisen epäedullisesti Technopoliksen tulokseen. - Kiinteistömarkkinoiden epäsuotuisalla kehityksellä on olennaisen epäedullinen vaikutus Technopolikseen. - Toimitilojen kysynnän heikentyminen ja vuokratasojen lasku voivat merkittävästi heiken- tää Technopoliksen tulosta ja taloudellista asemaa. - Rakentamiseen ja saneeraukseen liittyvien kustannusten nousu sekä kiinteistöjen lisään- tyvä modernisoinnin tarve voivat lisätä merkittävästi Yhtiön kustannuksia. - Lisääntyvä kilpailu hyvistä toimitiloista kiristää hintakilpailua ja asettaa korkeampia vaa- timuksia toimitilojen laadulle. - Ulkomaisen liiketoiminnan yhteiskunnalliset olot ja investointien koot aiheuttavat riskejä Yhtiön liiketoiminnalle. - Euroopan geopoliittinen tilanne saattaa entisestään heikentää talouskehitystä sekä lisätä valuuttakurssien vaihtelua. - Euroalueen osittainen jakautuminen tai hajoaminen vaikuttaisi Yhtiön liiketoimintaan. - Yhtiö on riippuvainen viranomaisluvista ja –päätöksistä. - Mahdolliset muutokset säädöskehikossa saattavat aiheuttaa vaikeasti ennakoitavia so- peuttamiskustannuksia. - Kiinteistöomaisuuden maantieteellinen keskittyminen Suomen suurimpiin kaupunkeihin lisää Yhtiön riippuvuutta alueellisista tekijöistä. Yhtiöön ja sen liiketoimintaan liittyvät riskit sisältävät seuraavat tekijät: - Yhtiö ei välttämättä onnistu strategiansa toteuttamisessa. - Yhtiö on riippuvainen asiakkaista ja niiden menestyksestä sekä päätöksenteosta. - Yhtiö saattaa epäonnistua strategiansa mukaisten orgaanisten investointien tai yritys- ja/tai kiinteistökauppojen toteuttamisessa. - Yhtiö voi epäonnistua hankittujen kohteiden integroinnissa osaksi Yhtiön liiketoiminta- konseptia. - Yhtiön keskittyminen toimistokiinteistöjen omistamiseen ja vuokraamiseen voi altistaa Yhtiön suhdannevaihteluille. - Kiinteistösijoitukset yhdessä muiden sijoittajien kanssa tuovat mukanaan uusia riskejä. - Toistaiseksi voimassa olevat vuokrasopimukset sisältävät riskin siitä, että merkittävä osa vuokrasopimuksista päättyy lyhyen ajan sisällä. - Yhtiö on riippuvainen vuokrasopimuksista merkittävimpien vuokralaisten kanssa. - Yhtiö on riippuvainen ammattitaitoisesta johdosta ja avainhenkilöstöstä. - Yhtiö saattaa epäonnistua alihankintana ostettavien palveluiden hankkimisessa tai niihin liittyvän kustannusten nousun siirtämisessä asiakkaalle. - Kiinteistöjen arvostaminen ja arvioitsijoiden lausunnot ovat luonteeltaan subjektiivisia ja epävarmoja. - Rakentamiseen liittyvät mahdolliset vahingot ja niistä seuraavat vastuut voivat alentaa kiinteistöjen arvoa. - Yhtiön kiinteistöt voivat vaatia aiempaa enemmän asiakaskohtaisia remontteja korkean taloudellisen vuokrausasteen ylläpitämiseksi. - Yhtiö on altis ympäristövastuille. - Yhtiön vakuutusturva ei välttämättä kata kaikkia riskejä.

- Yhtiön maine voi vahingoittua, millä saattaa olla epäedullinen vaikutus Yhtiön kykyyn hankkia ja säilyttää asiakkaita sekä pitää palveluksessaan henkilöstöä. Yhtiöön liiketoimintaan liittyvät rahoitusriskit sisältävät seuraavat tekijät: - Yhtiö ei välttämättä tulevaisuudessa kykene varmistamaan rahoituksen saatavuutta tai kohtuullista hintaa. - Yhtiö on altis korkotason muutoksille. - Yhtiön rahoitussopimuksiin liittyy vastapuoliriski. - Yhtiö on altis valuuttakurssien vaihteluille. - Oman pääomanehtoiseen rahoitukseen liittyy riski pörssikurssien laskusta. D.3 Arvopapereille Yhtiöön Liikkeeseenlaskijana ja sen toimintaympäristöön ja liiketoimintaan sekä Liikkeeseen- ominaiset ris- laskuun ja sen kohteena oleviin Velkakirjoihin liittyy riskitekijöitä. Liikkeeseenlaskuun ja sen kit kohteena oleviin Velkakirjoihin liittyvät riskit on lueteltu jäljempänä. Tämä luettelo ei ole tyh- jentävä, ja myös riskit tai epävarmuustekijät, joista Yhtiö ei tällä hetkellä ole tietoinen tai joita se juuri nyt pitää epäolennaisina, saattavat vaikuttaa haitallisesti Yhtiön liiketoimintaan, tulokseen ja taloudelliseen asemaan tai Yhtiöön tehtyyn sijoitukseen. Liikkeeseenlaskuun ja sen kohteena oleviin Velkakirjoihin liittyvät riskit sisältävät seuraavat tekijät: - Velkakirjat eivät välttämättä sovellu sijoituskohteeksi kaikille sijoittajille. - Velkakirjoilla ei ole luottoluokitusta. - Velkakirjoille ei välttämättä muodostu aktiivisia jälkimarkkinoita. - Koska Velkakirjoille on asetettu kiinteä korko, markkinakorkojen muutoksilla voi olla haitallinen vaikutus Velkakirjojen arvoon. - Velkakirjoihin liittyvät lait ja käytännöt voivat muuttua. - Sijoitusten laillisuutta koskevat säädökset saattavat rajoittaa joitakin sijoituksia. - Velkakirjat eivät anna äänioikeutta Liikkeeseenlaskijan yhtiökokouksissa. - Sijoittajat kantavat Liikkeeseenlaskijaa koskevan luottoriskin. - Velkakirjoista ei ole asetettu vakuutta tai annettu takausta. - Vakuusvelkojilla on Velkakirjojen haltijoihin verrattuna parempi oikeus Technopoliksen omaisuuteen, joka on heillä vakuutena. - Velkakirjojen ehdot sallivat Liikkeeseenlaskijan sulautumisen, jakautumisen, liiketoimin- takauppojen tai merkittävien transaktioiden toteuttamisen, joilla saattaa olla olennaisen haitallisia vaikutuksia Velkakirjoihin ja niiden haltijoihin. - Technopolis voi ottaa lisävelkaa ilman Velkakirjojen haltijoiden suostumusta. - Technopoliksen mahdollisella laajalla velkaantuneisuudella voi olla haitallinen vaikutus Liikkeeseenlaskijan kykyyn suoriutua Velkakirjojen mukaisista velvoitteistaan samoin kuin Velkakirjojen markkinahintaan ja arvoon. - Liikkeeseenlaskijalla voi olla oikeus tai velvollisuus lunastaa tai ostaa Velkakirjat ennen niiden erääntymistä eräännyttämisehtorikkomuksen tai määräysvallan vaihtumisen ta- kia. - Liikkeeseenlaskijalla on oikeus lunastaa ja ostaa Velkakirjat ennen niiden erääntymistä vapaaehtoista, täysimääräistä ja ennenaikaista lunastamista (call option) koskevan eh- don nojalla. - Liikkeeseenlaskija ei välttämättä kykene rahoittamaan Velkakirjojen takaisinostoa mää- räysvallan vaihtumisen yhteydessä. - Liikkeeseenlaskijalla ei ole velvollisuutta hyvittää Velkakirjoihin liittyviä ennakonpidätyk- siä tai vastaavia eriä. - Velkakirjoihin tehtävät muutokset sitovat kaikkia Velkakirjojen haltijoita. - Oikeus vaatia tehokkaasti maksuja Velkakirjojen perusteella lakkaa, mikäli niitä ei ole kolmen vuoden sisällä vaadittu. - Velkakirjoihin liittyvien transaktioiden toteutuminen on riippuvainen Euroclear Finland Oy:n toiminnasta ja järjestelmistä. - Agentin epäonnistuminen velvoitteidensa ja vastuidensa asianmukaisessa täyttämisessä voi vaikuttaa haitallisesti Velkakirjojen haltijoiden oikeuksien täytäntöönpanoon.

Jakso E – Tarjous E.2b Syyt tarjoami- Saadut tuotot aiotaan käyttää Technopolis-konsernin nykyisten lainojen takaisinmaksuun ja seen ja varojen yleisiin rahoitustarpeisiin. käyttö, jos muu kuin voi- ton tavoittelu ja/tai tietyiltä riskeiltä suo- jautuminen E.3 Tarjousehdot Liikkeeseenlaskija: Technopolis Oyj, suomalainen julkinen osakeyhtiö. Pääjärjestäjät: Danske Bank A/S ja Pohjola Pankki Oyj Agentti: Nordic Trustee Oy Lainan yhteenlaskettu nimellisarvo: 150,000,000 euroa. Liikkeeseenlaskupäivä: 28.5.2015 Takaisinmaksupäivä: 28.5.2020 Koronmaksupäivät: Vuosittain jälkikäteisesti 28.5.2016 alkaen ja tästä lähtien kunakin vuonna 28.5. Korko: 3.750 % vuodessa . Takaisinmaksu: Nimellisarvosta, kertalyhenteisesti, Takaisinmaksupäivänä. Vapaaehtoinen takaisinosto: Ennen 28.5.2018 täyden nimellisarvon mukainen takaisinosto ja sen jälkeen ja ennen, kun on kulunut 48 kuukautta liikkeeseenlaskupäivästä, takaisinostohin- ta on noin 101.875 % nimellisarvosta ja sen jälkeen takaisinostohinnalla, joka on noin 100.938 % nimellisarvosta, kussakin tapauksessa yhdessä erääntyneen, maksamatta olevan koron kanssa. Merkinnät: Minimimerkintä on 100.000 euroa ja arvo-osuuden yksikkökoko on 1.000 euroa. Varojen käyttötarkoitus: Konsernin nykyisten lainojen takaisinmaksu ja yleiset rahoitustar- peet. Lainan etuoikeusasema: Parhaalla etusijalla oleva, vakuudeton, alistamaton. Kovenantit ja ennenaikaisen takaisinoston ja eräännyttämisen edellytykset: varojen myynnin, sulautumisten ja jakautumisten rajoitus, liiketoiminnan jatkaminen, velvollisuus noudattaa lakia, lähipiirijärjestelyt, kaupankäynnin kohteeksi saattaminen, velvoitteet velkakirjanhaltijoiden Agenttia kohtaan, määräysvallan vaihtuminen, maksulaiminlyönti, ristiineräännyttä- minen, Velkakirjojen ehtojen rikkominen tai pätemättömyys, maksukyvyttömyys ja ulosmit- taus. Listaaminen: Velkakirjat listataan Helsingin Pörssiin arviolta 4.6.2015. Selvitys: Velkakirjat lasketaan liikkeeseen arvo-osuuksina Euroclear Finland Oy:n Infinity- arvo-osuusjärjestelmässä. Euroclear Finland Oy:n rekisteröity osoite on Urho Kekkosen katu 5 C, 00100 Helsinki. Sovellettava laki: Suomen laki. ISIN- koodi: FI4000157078. E.4 Olennaiset in- Pääjärjestäjien ja Agentin intressit: tressit Technopoliksen liikkeeseenlaskusta saamat tuotot on tarkoitus käyttää muun muassa nykyisten velkojen uudelleenrahoittamiseen ja siten mahdollisesti myös Pääjärjestäjien ja niiden kanssa samoihin konsolidointiryhmiin kuuluvien tahojen Yhtiölle tarjoamien lainojen uudelleenrahoittamiseen. Liikkeeseenlaskusta saatavia tuottoja ei käytetä Pääjärjestäjien (tai niiden kanssa samoihin konsolidointiryhmiin kuuluvien tahojen) Technopolikselle tarjoamien lainojen uudelleenrahoittamiseen 25 miljoonan euron ylittävältä osin Pääjärjestäjää (tai sen kanssa samoihin konsolidointiryhmiin kuuluvia tahoja) kohden. Pääjärjestäjillä ja niiden kanssa samoihin konsolidointiryhmiin kuuluvilla tahoilla voi koska hyvänsä olla lyhyitä tai pitkäaikaisia sijoituksia Liikkeeseenlaskijan velka- ja oman pää- omainstrumentteihin ja voivat käydä kauppaa tai tehdä muita järjestelyjä niillä omaan tai asi- akkaidensa lukuun.

Muu finanssimarkkinoilla normaali liiketoiminnallinen intressi. E.7 Arvioidut kus- Ei sovelleta. Yhtiö ei veloita kustannuksia sijoittajilta. tannukset, jotka veloite- taan sijoittajal- ta

RISK FACTORS Investors considering investment in the Notes should carefully review the information contained in the Prospectus and, in particular, the risk factors described below and in the stock exchange releases to be published by the Issuer after the Listing. Factors possibly affecting the investment decision are also discussed elsewhere in this Securities Note. Should one or more of the risks described herein, or any other risk, materialise, it may have a material adverse effect on Technopolis’ business, financial condition, results of operations and future prospects and, thereby, on the Issuer’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes. The following description is a summary of certain risk factors that may affect the Issuer’s ability to fulfil its obligations under the Notes or that are material in order to assess the market risk associated with the Notes. This description is based on the information known and assessed at the time of preparing this Securities Note, and, therefore, the description of the risk factors is not necessarily exhaustive. The risks identified below include all the material risks involved in an investment in the Notes, but the risks are not necessary limited to the following risk factors and the sequence in which the risk factors are listed is not an indication of their likelihood to occur or of the extent of their commercial consequences. All investors should make their own evaluations of the risks associated with an investment in the Notes and consult with their own professional advisers if they consider it necessary.

The capitalised words and expressions in this section shall have the meanings defined in “Terms and Conditions”.

Risks relating to the Notes

The Notes may not be a suitable investment for all investors

Each potential investor in the Notes must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

(i) have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks of investing in the Notes and the information contained or referred to in the Securities Note;

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Notes and the impact the Notes will have on its overall investment portfolio;

(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes; and

(iv) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

The Notes are not rated by any rating agency

The Notes are not currently rated by any rating agency and Technopolis does not intend to seek rating for the Notes in the future.

Active trading market for the Notes may not develop

The Notes constitute a new issue of securities and there has been no prior public market for the Notes. Although application has been made to list the Notes on the Helsinki Stock Exchange, there can be no assurance that such application will be approved. Further, even if the listing application is approved, there can be no assurance that a liquid public market for the Notes will develop, and even if such a market were to develop, neither the Issuer nor the Lead Managers are under any obligation to maintain such a market. In the absence of a secondary market, Notes may be difficult to sell at a satisfactory market price and the investor should be aware that he may realize a loss upon sale if Notes are sold prior to the redemption date. Even if the Notes are listed on an exchange, trading in the Notes will not always take place. Thus, it may be difficult and costly for the holder of the Notes to sell Notes within a short time frame, or at all, and it may be difficult for the holder to obtain a price that is equivalent to the price obtainable for securities that are traded in a liquid secondary market.

The liquidity and the market price for the Notes can be expected to vary with changes in market and economic conditions, the financial condition and prospects of the Issuer and other factors that generally influence the market prices of securities. Such fluctuations may significantly affect the liquidity and the market price of the Notes, which may trade at a discount to the price at which the holder of Notes invested in the Notes.

Since the Notes bear interest at a fixed interest rate, movements in market interest rates can adversely affect the value of the Notes

The Notes bear interest on its outstanding principal amount at a fixed interest rate. A holder of a security with a fixed interest rate is exposed to the risk that the value of such security could fall as a result of changes in the market interest rate. While the nominal compensation rate of a security with a fixed interest rate is fixed during the life of such security or during a certain period of time, the current interest rate on the capital market (market interest rate) typically changes on a daily basis. If the market interest rate increases, the value of such a security typically falls, until the yield of such security is approximately equal to the market interest rate. If the market interest rate falls, the value of a security with a fixed interest rate typically increases, until the yield of such a security is approximately equal to the market interest rate. Consequently, the holders of Notes should be aware that movements of the market interest rate can adversely affect the value of the Notes and can lead to losses for the holders of Notes if they sell their Notes.

Laws and practices applicable to the Notes may change

The Notes are issued under Finnish law in force on the issue date. Any new statutes, ordinances and regulations, amendments to the legislation or changes in application of the law (including any amendments to or changes in application of tax laws or regulations) after the issue date may affect the Notes and/or have a material adverse effect on the Issuer, which could affect the Issuer’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes.

Legal investment considerations may restrict certain investments

The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what extent (i) Notes are legal investments for it, (ii) Notes can be used as collateral for various types of borrowing and (iii) other restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult their legal advisers or the appropriate regulators to determine the appropriate treatment of Notes under any applicable risk-based capital or similar rules.

The Notes carry no voting rights at the Issuer’s general meetings of shareholders

The Notes carry no voting rights with respect to the general meetings of shareholders of the Issuer. Consequently, in the Issuer’s general meetings of shareholders the holders of Notes cannot influence any decisions by the Issuer to redeem the Notes or any decisions by the Issuer’s shareholders concerning, for instance, the capital structure of the Issuer, which could impact the Issuer’s ability to make payments on the Notes.

Investors are exposed to credit risk in respect of the Issuer

Investors in the Notes are exposed to a credit risk in respect of the Issuer. The investor’s possibility to receive interest payments and payments of principal under the Notes is thus dependent on the Issuer’s ability to fulfil its payment obligations, which in turn is to a large extent dependent on developments in Technopolis’ business and Technopolis’ financial performance.

No guarantee or security is given in respect of the Notes

The Notes will not be obligation of anyone other than the Issuer and will not be guaranteed by any other person or entity. No one other than the Issuer will accept any liability whatsoever in respect of any failure by the Issuer to pay any amount due under the Notes.

The Notes are unsecured debt instruments and the holders of the Notes would be unsecured creditors in the event of the Issuer’s bankruptcy or reorganization proceedings. Consequently, in addition to that any adverse change in the financial condition or prospects of the Issuer may have a material adverse effect on the liquidity of the Notes, and may result in a material decline in their market price, such adverse change may endanger the probability that the holders of Notes will receive the prompt and full payment, when due, for principal, interest and/or any other amounts and items payable to the holders of Notes pursuant to the Notes from time to time.

Secured creditors will have prior claim to Technopolis’ assets that constitute their collateral as compared to holders of the Notes

The Notes will not be secured by any assets. The Terms and Conditions permit the Issuer to incur additional secured indebtedness in the future subject to certain limitations. In the event of any liquidation of assets of the Issuer in any bankruptcy, liquidation or dissolution, holders of secured indebtedness will have a prior claim to those assets that constitute their collateral. In any of the foregoing events, it cannot be assured that there will be sufficient assets to pay amounts due on the Notes.

Technopolis may be able to merge, demerge, effect asset sales or otherwise effect significant transactions that may have a material adverse effect on the Notes and the holders of Notes

The Issuer and its subsidiaries may be able to merge, demerge, effect asset sales or otherwise effect significant transactions. Although the Terms and Conditions contain restrictions on Technopolis’ ability to enter into a merger, demerger and asset sale transactions these restrictions are subject to significant qualifications and exceptions. Under the Terms and Con- ditions, Technopolis will be able to merge with an entity outside Technopolis so long as Technopolis is the surviving entity and no Event of Default is continuing or would occur as a result of such merger and Technopolis is also permitted to demerge so long as no Event of Default is continuing or would occur as a result of such merger. In the event the Issuer was to enter into any such transaction, the Issuer’s ability to fulfil its obligations under the Notes as well as the market price and value of the Notes may be materially and adversely affected.

Technopolis may incur additional debt without the consent of the holders of the Notes

Technopolis may be able to incur additional debt in the future. Incurring additional debt permitted under the Terms and Conditions may reduce the amount recoverable by the holders of Notes upon winding-up or insolvency of the Issuer.

Technopolis’ possible extensive indebtedness may have an adverse effect on the Issuer’s ability to fulfil its obligations under the Notes as well as on the market price and value of the Notes

Technopolis requires, and expects to continue to require, a significant amount of liquidity and capital resources to finance its business. Possible extensive indebtedness, whether secured or unsecured, may have a significant effect on the operations of Technopolis, such as (i) limit Technopolis’ ability to raise additional finance on corresponding or more favorable financial and other terms than currently in force in order to finance its future working capital needs, investments, acquisitions or other general operative needs; (ii) require that a considerable part of the cash flow from operating activities of Technopolis be used for payments of the principle and interests of the debts, which would reduce the assets and cash flows available for operating activities and development of the operations; (iii) make Technopolis more exposed to unfavorable financial conditions than its competitors, which could weaken the Issuer’s competitiveness and (iv) expose Technopolis to increases in interest rate levels. Although Technopolis currently generates sufficient funds from operating cash flows to satisfy its debt service requirements and its capacity to obtain new financing is adequate, there can be no assurance that it will maintain such cash flows and adequate financial structure in the future. Breach of any of the debt covenants included in Technopolis’ financing documents or the inability to comply with the required financial ratios could result in a default under Technopolis’ debt obligations. This could result in the need to renegotiate Technopolis’ financing as a result of which the terms of financing may weaken.

If any payment default occurs, the Issuer’s lenders may elect to declare all of the Issuer’s outstanding borrowings, together with accrued interest and fees, to be immediately due and payable. In such circumstances, the lenders under the Issuer’s credit agreements also have the right to terminate any commitments to provide further financing. If the Issuer is unable to repay outstanding borrowings when due, the lenders under the credit agreements will have the right to proceed against any collateral granted to them to secure the debt, which collateral is pursuant to the Terms and Conditions permitted to exist and be granted subject to certain requirements set out in the Terms and Conditions. If the payment of debt under the Issu- er’s credit agreements was accelerated, there can be no assurance that any such collateral would be sufficient to repay the Issuer’s debt.

Should any of the above factors materialize, this could have a material adverse effect on Technopolis’ business, financial condition, results of operations and future prospects and, thereby, on the Issuer’s ability to fulfil its obligations under the Notes as well as on the market price and value of the Notes.

The Issuer may have right or obligation to redeem and purchase the Notes prior to maturity due to Event of Default or Change of Control Event

As specified in the Terms and Conditions, the holders of Notes are entitled to demand premature repayment of the Notes in case of an Event of Default (see Condition 11 (Acceleration of the Notes)) or a Change of Control Event (see Condition 8.4 (Mandatory repurchase due to a Change of Control Event (put option))). Such premature repayment may have a material adverse effect on the Issuer’s business, financial condition, results of operations and future prospects and, thereby, on the Issuer’s ability to fulfil its obligations under the Notes of such holders of Notes who elect not to exercise their right to get their Notes prematurely repaid as well as the market price and value of such Notes.

In addition, as specified in the Terms and Conditions, the Issuer may at any time purchase Notes in any manner and at any price prior to maturity. Only if such purchases are made through a tender offer, such offer must be available to all holders of Notes on equal terms. The Issuer is entitled to retain, resell or nullify the Notes at its discretion. Consequently, a holder of Notes offering Notes to the Issuer in connection with such purchases may not receive the full invested amount. Further- more, a holder of Notes may not have the possibility to participate in such purchases. The purchases – whether through tender offer or otherwise – may have a material adverse effect on the Issuer’s business, financial condition, results of operations and future prospects and, thereby, on the Issuer’s ability to fulfil its obligations under the Notes to such holders who do not participate in the purchases as well as the market price and value of such Notes.

Furthermore, if more than 75% of the aggregate nominal principal amount of the Notes has been repurchased pursuant to a demand by the holders of Notes based on a Change of Control Event, the Issuer is entitled to prepay also the remaining outstanding Notes at a price per Note equal to 101% of the nominal amount of the Note together with accrued but unpaid interest by notifying the holders of Notes of such prepayment. Such early repayment initiated by the Issuer may incur financial losses or damage, among other things, to such holders of Notes who had prepared themselves to have the amount of the Notes invested until the contractual final maturity of the Notes.

The Issuer has a right to redeem and purchase the Notes prior to maturity due to voluntary total redemption (call option)

As specified in the Terms and Conditions, in addition to the right for the Issuer to redeem remaining Notes if more than 75% of the aggregate nominal principal amount of the Notes has been repurchased pursuant to a demand by the holders of Notes based on a Change of Control Event, the Issuer is entitled to redeem the Notes at any time prior to maturity (see Condition 8.3 (Voluntary total redemption (call option))). Such early redemption by the Issuer may incur financial losses or damage, among other things, to such holders of Notes who had prepared themselves to have the amount of the Notes invested until the contractual final maturity of the Notes.

The Issuer may not be able to finance the repurchase of Notes following a Change of Control Event

Upon a Change of Control Event, the holders of Notes are entitled to demand repurchase of the Notes at a price per Note equal to 101% of its nominal amount plus accrued but unpaid interest to the date of such repurchase. The source for any repurchase required as a result of any such event will be available cash or cash generated from operating activities or other sources, including borrowings, sales of assets, sales of equity or funds provided by subsidiaries of the Issuer. If a Change of Control Event occurs, there can be no assurance that the Issuer will have or will be able to generate sufficient funds to repurchase the Notes that have been requested to be repurchased.

The Issuer is not obliged to compensate for withholding tax or similar on the Notes

In the event of any withholding tax, public levy or similar is imposed in respect of payments to holders of Notes on amounts due pursuant to the Notes, the Issuer is neither obliged to gross-up or otherwise compensate holders of Notes for the lesser amounts the holders of Notes will receive as a result of the imposition of withholding tax or similar nor entitled to a premature redemption of the Notes.

Amendments to the Notes bind all holders of Notes

The Terms and Conditions may be amended in certain circumstances, with the required consent of a defined majority of the holders of Notes. The Terms and Conditions contain provisions for calling meetings of the holders of the Notes to consider matters affecting the interests of the holders of Notes generally. These provisions permit defined majorities to bind all

holders of Notes including holders of Notes who did not attend and vote at the relevant meeting and holders of Notes who voted in a manner contrary to the majority.

Rights to payments that have not been claimed within 3 years are prescribed

In case any payment under the Notes has not been claimed within three (3) years from the original due date thereof, the right to such payment shall be prescribed. Such prescription may incur financial losses to such holders of Notes who have not claimed payment under the Notes within three (3) years.

The completion of the transactions relating to the Notes is reliant on Euroclear Finland Ltd’s operations and systems

The Notes are issued in the book-entry securities system of Euroclear Finland Ltd, and consequently, no physical securities will be issued. The Notes are dematerialized securities and title to the Notes is recorded and transfers of the Notes are affected only through the relevant entries in the book-entry system and registers maintained by Euroclear Finland Ltd and its account operators. Therefore, timely and successful completion of transactions relating to the Notes depends on the fact that the book-entry securities system is operational. Any malfunction or delay in the book-entry securities systems or failure by any party to the system may result in the transaction not to take place as expected or to be delayed, which may cause financial losses or damage to the holders of Notes whose rights depended on the timely and successful completion of the transaction. The Issuer or any other third party will not assume any responsibility for the timely and full functionality of the book-entry securities system.

A failure by the Agent to perform its duties and obligations properly may adversely affect the enforcement of the rights of the holders of the Notes

By subscribing for, or accepting the assignment of, any Note, each holder of a Note will accept the appointment of the Agent (being on the Issue Date Nordic Trustee Oy) to act on its behalf and to perform administrative functions relating to the Notes. The Agent shall have, among other things, the right to represent the holders of the Notes in all court and administrative proceedings in respect of the Notes. However, the rights, duties and obligations of the Agent as the representative of the holders of the Notes will be subject to the provisions of the Terms and Conditions and the Agency Agreement, and there is no specific legislation or market practice in Finland which would govern the Agent’s performance of its duties and obligations relating to the Notes. A failure by the Agent to perform its duties and obligations properly or at all may adversely affect the enforcement of the rights of the holders of the Notes. Under the Terms and Conditions, the funds collected by the Agent as the representative of the holders of the Notes in connection with the acceleration of the Notes must be held separately from the funds of the Agent and be treated as escrow funds to ensure that in the event of the Agent’s bankruptcy, such funds can be separated for the benefit of the holders of the Notes. In the event the Agent would fail to separate the funds in an appropriate manner, the funds could be included in the Agent’s bankruptcy estate.

The Agent may be replaced by a successor Agent in accordance with the Terms and Conditions. Generally, the successor Agent has the same rights and obligations as the retired Agent. It may be difficult to find a successor Agent with commer- cially acceptable terms or at all. Further, it cannot be excluded that the successor Agent would not breach its obligations under the above documents or that insolvency proceedings would not be initiated against it.

Nordic Trustee Oy, being the Agent on the Issue Date, has a professional indemnity insurance covering Nordic Trustee Oy and its parent company Nordic Trustee Holding ASA and Nordic Trustee Holding ASA's other subsidiaries as follows: NOK 500,000,000 per claim and in the annual aggregate.1 There is however no assurance whether this insurance will be maintained/renewed until the maturity of the Notes or whether any successor Agent will have liability insurance.

Materialisation of any of the above risks may have a material adverse effect on the enforcement of the rights of the holders of the Notes and the rights of the holders of the Notes to receive payments under the Notes.

1 Source: Certificate of insurance, Professional Indemnity Insurance for Nordic Trustee Holding ASA 30.11.2014–29.11.2015 by Lockton Companies AS.

RESPONSIBILITY REGARDING THE SECURITIES NOTE

Technopolis Plc Business identity code: 0487422-3 Registered office: Oulu, Finland Address: Elektroniikkatie 8, FI-90590 Oulu, Finland

STATEMENT REGARDING THE PROSPECTUS The Issuer has furnished the information in the Prospectus and accepts responsibility for the completeness and accuracy of the information presented herein. The Issuer declares that, having taken all reasonable care to ensure that such is the case, the information contained in the Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import.

INFORMATION DERIVED FROM THIRD PARTY SOURCES Where certain information contained in the Securities Note has been derived from third party sources, such sources have been identified therein. Technopolis confirms that any such third party information has been accurately reproduced herein and as far as the Company is aware and is able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading. However, Technopolis or the Lead Managers have not independently verified, and cannot give any assurances as to the appropriateness of, such information. Should this Securities Note contain market data or market estimates in connection with no source has been presented, such market data or market estimate is based on Technopolis' management’s estimates.

AVAILABILITY OF THE PROSPECTUS The Prospectus is available as of 2 June 2015 at the website of the Company at www.technopolis.fi and at the offices of the Company at Elektroniikkatie 8, FI-90570 Oulu. In addition, the Prospectus is available as of 2 June 2015 at the service point of the Helsinki Stock Exchange at Fabianinkatu 14, FI-00100 Helsinki.

For the avoidance of doubt, the contents of Technopolis’ website or any other website do not form a part of the Prospectus, and prospective investors should not rely on such information in making their decision to invest in the Notes.

FORWARD-LOOKING STATEMENTS Certain statements in the Securities Note, including but not limited to certain statements set forth under “Summary” and “Risk Factors” are based on the beliefs of Technopolis’ corporate management as well as assumptions made by and information currently available to it, and such statements may constitute forward-looking statements. The words “believe”, “expect”, “anticipate”, “intend” or “plan” and similar expressions identify such forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Technopolis, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to those discussed in section “Risk Factors” in the Securities Note including the following: ability to obtain financing on terms that are favourable or consistent with Technopolis’ expec- tations; the impact of changes in financing costs, including changes in interest rate level; legislative and judicial developments; and fluctuations in the market price of the Notes. The above examples are not exhaustive and new risks emerge from time to time. In addition to factors that may be described elsewhere in this Securities Note, the factors discussed under “Risk Factors” could cause Technopolis’ actual results of operations or its financial condition to differ materially from those expressed in any forward-going statement. Should one or more of these or other risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the actual results of operations or financial condition of Tech- nopolis or its ability to fulfil its obligations under the Notes could differ materially from those described herein as anticipated, believed, estimated or expected.

The Issuer does not intend, and does not assume any obligation, to update any forward-looking statements contained herein unless required to do so by applicable legislation.

OTHER INFORMATION Financial information set forth in a number of tables of this Securities Note has been rounded. Accordingly, in certain in- stances, the sum of the numbers in a column or row may not conform exactly to the total figure given for that column or row. In addition, certain percentages presented in the tables in this Securities Note reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.

In this Securities Note, references to “euro” or “EUR” are to the currency of the member states of the EU participating in the European Economic and Monetary Union.

PUBLIC OFFER SELLING RESTRICTON UNDER THE PROSPECTUS DIRECTIVE

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State"), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date"), no offer of Notes which are the subject of the offering contemplated by this Securities Note has been made or will be made to the public in that Relevant Member State except that, with effect from and including the Relevant Implementation Date, an offer of such Notes may be made to the public in that Relevant Member State:

(a) qualified investors: at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(b) fewer than 150 offerees: at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of the relevant Lead Manager or Lead Man- agers nominated by the Issuer for any such offer; or

(c) at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of Notes referred to above shall require the Issuer or any Lead Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus pursuant to Article 16 of the Prospectus Di- rective.

For the purposes of this provision:

(i) the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State; and

(ii) the expression Prospectus Directive means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.

UNITED KINGDOM

In relation to the United Kingdom, any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended (the "FSMA")) has only been communicated or caused to be communicated, and will only be communicated or caused to be communicated in connection with the issue or sale of any Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer. All applicable provisions of the FSMA have been and will be complied with respect to anything done or to be done in relation to the Notes in, from, or otherwise involving the United Kingdom.

FRANCE

The Notes, the Securities Note or any other offering material relating to the Notes have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France, and have not been distributed or caused to be distributed and will not be distributed or caused to be distributed to the public in France, and such offers, sales and distributions have been and will be made in France only to (a) providers of investment services relating to portfolio management for the

account of third parties and/or (b) qualified investors (investisseurs qualifiés), other than individuals, all as defined in, and in accordance with, Articles L.411-1, L.411-2, D.411-1 and D.411-44 of the French Code monétaire et financier.

ITALY

The offering of the Notes has not been registered pursuant to Italian securities legislation and, accordingly, no Notes may be offered, sold or delivered, nor may copies of the Securities Note or of any other document relating to the Notes be distributed in the Republic of Italy, except:

(i) to qualified investors (investitori qualificati), as defined pursuant to Article 100 of Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and Article 34-ter, first paragraph, letter (b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time (Regulation No. 11971); or

(ii) in other circumstances which are exempted from the rules on public offerings pursuant to Article 100 of the Finan- cial Services Act and Article 34-ter of Regulation No. 11971.

(iii) Any offer, sale or delivery of the Notes or distribution of copies of the Securities Note or any other document relating to the Notes in the Republic of Italy under (i) or (ii) above must be:

a. made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Repub- lic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007 (as amended from time to time) and Legislative Decree No. 385 of 1 September 1993, as amended (the "Banking Act"); and

b. in compliance with Article 129 of the Banking Act, as amended, and the implementing guidelines of the Bank of Italy, as amended from time to time, pursuant to which the Bank of Italy may request information on the issue or the offer of securities in the Republic of Italy; and

c. in compliance with any other applicable laws and regulations or requirement imposed by CONSOB or other Italian authority.

SWITZERLAND

This document is not intended to constitute an offer or solicitation to purchase or invest in the Notes described herein. The Notes may not be publicly offered, sold or advertised, directly or indirectly, in, into or from Switzerland and will not be listed on the SIX Swiss Exchange or on any other exchange or regulated trading facility in Switzerland. Neither this Securities Note nor any other offering or marketing material relating to the Notes constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland, and neither this Securities Note nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland.

TERMS AND CONDITIONS

TERMS AND CONDITIONS FOR

TECHNOPOLIS PLC EUR 150,000,000 SENIOR UNSECURED FIXED RATE NOTES

ISIN: FI4000157078

TABLE OF CONTENTS 1. DEFINITIONS AND CONSTRUCTION ...... 39 2. ISSUANCE AND STATUS OF THE NOTES ...... 43 3. USE OF PROCEEDS ...... 44 4. CONDITIONS FOR DISBURSEMENT ...... 44 5. NOTES IN BOOK-ENTRY FORM ...... 45 6. PAYMENTS IN RESPECT OF THE NOTES ...... 45 7. INTEREST ...... 45 8. REDEMPTION AND REPURCHASE OF THE NOTES ...... 46 9. INFORMATION TO NOTEHOLDERS ...... 47 10. UNDERTAKINGS ...... 48 11. ACCELERATION OF THE NOTES ...... 50 12. DISTRIBUTION OF PROCEEDS ...... 52 13. RIGHT TO ACT ON BEHALF OF A NOTEHOLDER ...... 52 14. DECISIONS BY NOTEHOLDERS ...... 53 15. NOTEHOLDERS’ MEETING ...... 55 16. WRITTEN PROCEDURE ...... 55 17. AMENDMENTS AND WAIVERS ...... 55 18. APPOINTMENT AND REPLACEMENT OF THE AGENT ...... 56 19. NO DIRECT ACTIONS BY NOTEHOLDERS ...... 59 20. PRESCRIPTION ...... 59 21. NOTICES AND PRESS RELEASES ...... 59 22. FORCE MAJEURE AND LIMITATION OF LIABILITY ...... 60 23. GOVERNING LAW AND JURISDICTION ...... 60

1. DEFINITIONS AND CONSTRUCTION

1.1 Definitions

In these terms and conditions (the “Terms and Conditions”):

“Accounting Principles” means international financial reporting standards (IFRS) within the meaning of Regu- lation 1606/2002/EC on the application of international accounting standards as in force on the Issue Date.

“Adjusted Nominal Amount” means the Total Nominal Amount less the Nominal Amount of all Notes owned by a Group Company or an Affiliate of the Issuer, irrespective of whether such Group Company or an Affiliate of the Issuer is directly registered as owner of such Notes.

”Affiliate” means, in relation to any specified Person, another Person directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purpose of this defini- tion, ”control” when used with respect to any Person means the power to direct the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms ”controlling” and ”controlled” have meanings correlative to the foregoing.

“Agency Agreement” means the agency agreement entered into on or before the Issue Date, between the Is- suer and Nordic Trustee Oy, or any replacement agency agreement entered into after the Issue Date between the Issuer and a replacing Agent.

“Agent” means Nordic Trustee Oy, incorporated under the laws of Finland with corporate registration number 2488240-7, acting for and on behalf of the Noteholders in accordance with these Terms and Conditions, or another party replacing it, as Agent, in accordance with these Terms and Conditions.

“Applicable Premium” means the higher of:

(a) 1.00 per cent. of the Nominal Amount; and

(b) an amount equal to

(i) 100 per cent. of the Nominal Amount plus 50 per cent. of the Interest Rate (calculated on the Nominal Amount for one year); plus

(ii) all remaining scheduled Interest payments on the Note until the First Call Date (but excluding accrued but unpaid Interest up to the relevant Redemption Date),

in each case discounted (for the time period starting from and excluding the relevant Redemption Date until and including the First Call Date or the relevant Interest Payment Date, as the case may be) using a discount rate equal to the yield to maturity of Bundesobligation with a maturity date on or about the Final Maturity Date plus 0.50 per cent., minus

(iii) the Nominal Amount.

The Applicable Premium shall be calculated and determined by the Issuer.

”Book-Entry Securities System” means the Infinity system being part of the book-entry register maintained by the CSD or any other replacing book-entry securities system.

”Book-Entry System Act” means the Finnish Act on Book-Entry System and Clearing Operations (Fin: Laki arvo-osuusjärjestelmästä ja selvitystoiminnasta 749/2012, as amended).

“Business Day” means a day on which banks in Helsinki are open for general business and on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open

“Business Day Convention” means the first following day that is a CSD Business Day.

”Change of Control Event” means the occurrence of an event or series of events whereby one or more Per- sons, acting in concert (Fin: yksissä tuumin toimiminen), gain control of the Issuer and where ”control” means (a) acquiring or controlling, directly or indirectly, more than 50 per cent of the total voting rights represented by the shares of the Issuer (being votes which are capable of being cast at general meetings of shareholders), or (b) the right to, directly or indirectly, appoint or remove at least a majority of the members of the board of directors of the Issuer.

“Compliance Certificate” means a certificate substantially in the form set out in Appendix 1 (Form of Com- pliance Certificate).

“CSD” means Euroclear Finland Oy, business identity code 1061446-0, Urho Kekkosen katu 5 C, P.O. Box 1110, 00101 Helsinki, Finland or any entity replacing the same as a central securities depository.

“CSD Business Day” means a day on which the Book-Entry Securities System is open in accordance with the regulations of the CSD.

“EBITDA” means, in respect of any Measurement Period, the consolidated operating profit/(loss) of the Is- suer excluding any change in fair value of investment properties and depreciation, as determined by reference to the most recent audited annual or unaudited semi-annual/interim, as the case may be, consolidated income statement of the Issuer.

“Euro” and “EUR” means the single currency of the participating member states in accordance with the legislation of the European Community relating to Economic and Monetary Union.

“Event of Default” means an event or circumstance specified in paragraphs (a) to (f) of Clause 11.1.

“Final Maturity Date” means 28 May 2020.

“Finance Documents” means these Terms and Conditions, and any document by which the Terms and Conditions are amended or any part thereof waived in compliance with Clause 17 (Amendments and waivers).

“Financial Indebtedness” means:

(a) moneys borrowed (including under any bank financing);

(b) the amount of any liability under any lease or hire purchase contracts which would, in accordance with the Accounting Principles be treated as a finance lease or a capital lease);

(c) receivables sold or discounted (other than on a non-recourse basis, provided that the requirements for de-recognition under the Accounting Principles are met);

(d) any amount raised pursuant to any note purchase facility or the issue of any bond or note or similar instrument;

(e) any other transaction (including the obligation to pay deferred purchase price) having the commercial effect of a borrowing or otherwise being classified as borrowing under the Ac- counting Principles;

(f) the marked-to-market value of derivative transactions entered into in connection with protection against, or in order to benefit from, the fluctuation in any rate or price (if any actual amount is due as a result of a termination or a close-out, such amount shall be used instead);

(g) counter-indemnity obligations in respect of guarantees or other instruments issued by a bank or financial institution; and

(h) liabilities under guarantees or indemnities for any of the obligations referred to in paragraphs (a) to (g) above.

“First Call Date” means 28 May 2018.

“Force Majeure Event” has the meaning set forth in Clause 22.1.

“Group” means the Issuer and its Subsidiaries from time to time (each a “Group Company”).

“Insolvent” means, in respect of a relevant Person, that it (i) is deemed to be insolvent within the meaning of Section 1 of Chapter 2 of the Finnish Bankruptcy Act (Fin: Konkurssilaki 120/2004, as amended) (or its equivalent in any other jurisdiction), (ii) admits inability to pay its debts as they fall due, (iii) suspends making payments on any of its debts, (iv) by reason of actual financial difficulties commences negotiations with its creditors (other than the Noteholders) with a view to rescheduling any of its indebtedness (including company reorganisation under the Finnish Act on Company Reorganisation (Fin: Laki yrityksen saneerauksesta 47/1993, as amended) (or its equivalent in any other jurisdiction)) or (v) is subject to involun- tary winding-up, dissolution or liquidation.

“Interest” means the interest on the Notes calculated in accordance with Clauses 7.1 to 7.3.

“Interest Expense” means, for any Measurement Period, all charges, interest, commission, fees, discounts, premiums and other finance costs in respect of Financial Indebtedness incurred by the Group as shown in the most recent audited annual or unaudited semi-annual/interim, as the case may be, consolidated income statement of the Issuer.

“Interest Payment Date” means 28 May of each year or, to the extent such day is not a CSD Business Day, the CSD Business Day following from the application of the Business Day Convention. The first Interest Payment Date for the Notes shall be 28 May 2016 and the last Interest Payment Date shall be the relevant Redemption Date.

“Interest Period” means (i) in respect of the first Interest Period, the period from (and including) the Issue Date to (but excluding) the first Interest Payment Date, and (ii) in respect of subsequent Interest Periods, the period from (and including) an Interest Payment Date to (but excluding) the next succeeding Interest Payment Date (or a shorter period if relevant). An Interest Period shall not be adjusted by application of the Business Day Convention.

“Interest Rate” means 3.750 per cent. per annum.

“Issue Date” means 28 May 2015.

“Issuer” means Technopolis Plc, a public limited liability company incorporated under the laws of Finland with business identity code 0487422-3.

“Issuing Agency Agreement” means the agreement dated 12 May 2015 regarding services related to the Notes entered into by and between the Issuer and the Issuing Agent in connection with the issuance of the Notes (as amended and restated from time to time).

“Issuing Agent” means Issuing Agent acting as issue agent (Fin: liikkeeseenlaskijan asiamies) and paying agent of the Notes for and on behalf of the Issuer, or any other party replacing the same as Issuing Agent in accordance with the regulations of the CSD.

"Material Group Company" means, at any time, a Subsidiary of the Issuer which: a) has total assets representing two (2) per cent. or more of Total Assets of the Group or b) has total net sales representing two (2) per cent. or more of consolidated total net sales of the Group.

“Measurement Period” means a twelve month period ending on a Reference Date.

“Nominal Amount” has the meaning set forth in Clause 2.4.

“Noteholder” means the Person who is registered in the register maintained by the CSD pursuant to paragraph 2 of Section 3 of Chapter 6 of the Book-Entry System Act as direct registered owner (Fin: omistaja) or nominee (Fin: hallintarekisteröinnin hoitaja) with respect to a Note.

“Noteholders’ Meeting” means a meeting among the Noteholders held in accordance with Clause 15 (Noteholders’ Meeting).

“Notes” means debt instruments, each for the Nominal Amount and of the type referred to in paragraph 1 of Section 34 of the Act on Promissory Notes (Fin: Velkakirjalaki 622/1947, as amended) (Fin: joukkovelka- kirja) and which are governed by and issued under these Terms and Conditions.

”Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, unincorporated organisation, government, or any agency or political subdivision thereof or any other entity, whether or not having a separate legal personality.

“Record Time” means:

(a) in relation to a payment of Interest, default interest and/or redemption of the Notes when such payment is made through the Book-Entry Securities System, the end of the first CSD Business Day prior to, as applicable, (i) an Interest Payment Date, (ii) the day on which default interest is paid, (iii) a Redemption Date or (iv) a date on which a payment to the Noteholders is to be made under Clause 12 (Distribution of proceeds); and

(b) in relation to a Noteholders’ Meeting and Written Procedure, the end of the CSD Business Day specified in the communication pursuant to Clause 15.3 or Clause16.3, as applicable; and

“Redemption Date” means the date on which the relevant Notes are to be redeemed or repurchased in accordance with Clause 8 (Redemption and repurchase of the Notes).

“Reference Date” means 31 March, 30 June, 30 September and 31 December in each year. The first Refer- ence Date shall be 30 June 2015.

“Relevant Market” means the Helsinki Stock Exchange maintained by NASDAQ OMX Helsinki Ltd.

“Security” means a mortgage, charge, pledge, lien, security assignment or other security interest securing any obligation of any Person, or any other agreement or arrangement having a similar effect.

“Secured Total Indebtedness” means such amount of Total Indebtedness that is secured by a Security granted by the Issuer or a Subsidiary of the Issuer.

“Subsidiary” means, in relation to any Person, any Finnish or foreign legal entity (whether incorporated or not), in respect of which such Person, directly or indirectly, (i) owns shares or ownership rights representing more than fifty (50) per cent. of the total number of votes held by the owners, (ii) otherwise controls more than fifty (50) per cent. of the total number of votes held by the owners, (iii) has the power to appoint and remove all, or the majority of, the members of the board of directors or other governing body, or (iv) exer- cises control as determined in accordance with the international financial reporting standards (IFRS) within

the meaning of Regulation 1606/2002/EC on the application of international accounting standards (or as otherwise adopted or amended from time to time).

“Total Assets” means the total assets (excluding intangible assets) of the Group as in the most recent audited annual or unaudited interim, as the case may be, consolidated financial statements of the Issuer.

“Total Equity” shall mean the aggregate of shareholders’ equity plus minority interests, untaxed voluntary reserves and the principal amount (and any capitalized interest) of any hybrid debt instrument to the extent it is treated as equity according to the Accounting Principles less taxable items of untaxed reserves, and excluding, for the avoidance of doubt, any loan characterised as a capital loan according to the Finnish Com- panies Act.

“Total Indebtedness” means the total Financial Indebtedness (on a consolidated basis) of the Group as determined by reference to the most recent audited annual or unaudited semiannual, as the case may be, consolidated financial statements of the Issuer.

“Total Nominal Amount” means the aggregate Nominal Amount of all the Notes outstanding at the relevant time.

“Written Procedure” means the written or electronic procedure for decision making among the Notehold- ers in accordance with Clause 16 (Written Procedure).

1.2 Construction

1.2.1 Unless a contrary indication appears, any reference in these Terms and Conditions to:

(a) “assets” includes present and future properties, revenues and rights of every description;

(b) any agreement or instrument is a reference to that agreement or instrument as supplemented, amended, novated, extended, restated or replaced from time to time;

(d) a provision of law is a reference to that provision as amended or re-enacted;

(e) words denoting the singular number shall include the plural and vice versa; and

(f) a time of day is a reference to Helsinki time.

1.2.2 When ascertaining whether a limit or threshold specified in Euro has been attained or broken, an amount in another currency shall be counted on the basis of the rate of exchange for such currency against Euro for the previous Business Day, as published by the European Central Bank on its website (www.ecb.int). If no such rate is available, the most recent rate published by the European Central Bank shall be used instead.

1.2.3 No delay or omission of the Agent or of any Noteholder to exercise any right or remedy under the Fi- nance Documents shall impair or operate as a waiver of any such right or remedy.

2. ISSUANCE AND STATUS OF THE NOTES 2.1 The Notes are denominated in Euro and each Note is constituted by these Terms and Conditions.

2.2 The Notes are offered for subscription in a minimum amount of EUR 100,000 by way of a private placement mainly to domestic and international institutional investors outside of the United States of America through a book-building procedure. The subscription period shall commence and end on 21 May 2015. Bids for subscription shall be submitted to Danske Bank Oyj, Fixed Income Sales, Hiililaiturinkuja 2, Helsinki, FI-00075 DANSKE BANK, Finland, telephone +358 10 513 8756 or +358 10 513 8750 and to Pohjola Bank plc, Debt Capital Markets,

Teollisuuskatu 1b, FI-00510 Helsinki, Finland, telephone: +358 10 252 7970 during the subscription period and within regular business hours. Subscriptions made are irrevocable. All subscriptions remain subject to the final acceptance by the Issuer. The Issuer may, in its sole discretion, reject a subscription in part or in whole. The Is- suer shall decide on the procedure in the event of over-subscription. After the final allocation and acceptance of the subscriptions by the Issuer each investor that has submitted a subscription shall be notified by the Issuer whether and, where applicable, to what extent such subscription is accepted. Subscriptions notified by the Issu- er as having been accepted shall be paid for as instructed in connection with the subscription. Notes subscribed and paid for shall be entered to the respective book-entry accounts of the subscribers on a date advised in connection with the issuance of the Notes in accordance with the Finnish legislation governing book-entry system and book-entry accounts as well as regulations and decisions of the CSD.

2.3 By subscribing for Notes, each initial Noteholder, and, by acquiring Notes, each subsequent Noteholder (i) agrees that the Notes shall benefit from and be subject to the Finance Documents and (ii) agrees to be bound by these Terms and Conditions and the other Finance Documents.

2.4 The nominal amount (Fin: arvo-osuuden yksikkökoko) of each Note is EUR 1,000 (the “Nominal Amount”). The aggregate nominal amount of the Notes is EUR 150,000,000. All Notes are issued on the Issue Date on a fully paid basis at an issue price of 99.803 per cent. of the Nominal Amount.

2.5 The Notes constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference among them.

2.6 Each Note is freely transferable after it has been registered into the respective book-entry account of a Note- holder but the Noteholders may be subject to purchase or transfer restrictions with regard to the Notes, as applicable, under local laws to which a Noteholder may be subject. Each Noteholder must ensure compliance with such restrictions at its own cost and expense.

3. USE OF PROCEEDS The Issuer shall use the proceeds from the issue of the Notes, less the costs and expenses incurred by the Issuer in connection with the issue of the Notes, for refinancing existing indebtedness and for general corporate purposes.

4. CONDITIONS FOR DISBURSEMENT 4.1 The Issuing Agent shall pay the net proceeds from the issuance of the Notes to the Issuer on the later of (i) the Issue Date and (ii) the day on which the Agent notifies the Issuing Agent that it has received the following, in form and substance satisfactory to it:

(a) these Terms and Conditions;

(b) the Issuing Agency Agreement and the Agency Agreement duly executed by the parties thereto;

(c) a copy of a resolution from the board of directors of the Issuer approving the issue of the Notes and authorising specified Person(s) to approve and execute any documents and take any other action necessary to consummate such issue;

(d) evidence that the Person(s) who has/have signed the Issuing Agency Agreement, the Agency Agree- ment and any other documents in connection therewith on behalf of the Issuer is/are duly authorised to do so; and

(e) such other documents and information as is agreed between the Agent and the Issuer.

4.2 The Agent may assume that the documentation delivered to it pursuant to Clause 4.1 is accurate, correct and complete unless it has actual knowledge that this is not the case, and the Agent does not have to verify the contents of any such documentation.

4.3 The Agent shall confirm to the Issuing Agent when it has received the documents and evidence referred to in Clause 4.1.

5. NOTES IN BOOK-ENTRY FORM 5.1 The Notes will be issued in dematerialised form in the Book-Entry Securities System in accordance with the Book-Entry System Act and regulations of the CSD and no physical notes will be issued.

5.2 Each Noteholder consents to the Issuer having a right to obtain information on the Noteholders, their contact details and their holdings of the Notes registered in the Book-Entry Securities System, such as information recorded in the lists referred to in paragraphs 2 and 3 of Section 3 of Chapter 6 of the Book-Entry System Act kept by the CSD in respect of the Notes and the CSD shall be entitled to provide such information upon request. At the request of the Agent or the Issuing Agent, the Issuer shall (and shall be entitled to do so) promptly obtain such information and provide it to the Agent or the Issuing Agent, as applicable.

5.3 The Agent and the Issuing Agent shall have the right to obtain information referred to in Clause 5.2 from the CSD in respect of the Notes if so permitted under the regulation of the CSD. The Issuer agrees that each of the Agent and the Issuing Agent is at any time on its behalf entitled to obtain information referred to in Clause 5.2 from the CSD in respect of the Notes.

5.4 The Issuer shall issue any necessary power of attorney to such persons employed by the Agent as are notified by the Agent, in order for such individuals to independently obtain information referred to in Clause 5.2 directly from the CSD in respect of the Notes. The Issuer may not revoke any such power of attorney unless directed by the Agent or unless consent thereto is given by the Noteholders.

5.5 The Issuer, the Agent and the Issuing Agent may use the information referred to in Clause 5.2 only for the purposes of carrying out their duties and exercising their rights in accordance with these Terms and Conditions with respect to the Notes and shall not disclose such information to any Noteholder or third party unless necessary for the before-mentioned purposes.

6. PAYMENTS IN RESPECT OF THE NOTES 6.1 Any payments under or in respect of the Notes pursuant to these Terms and Conditions shall be made to the Person who is registered as a Noteholder at the Record Time prior to an Interest Payment Date or other relevant due date in accordance with the Finnish legislation governing the Book-Entry Securities System and book- entry accounts as well as the regulations of the CSD.

6.2 If, due to any obstacle affecting the CSD, the Issuer cannot make a payment, such payment may be postponed until the obstacle has been removed. Any such postponement shall not affect the Record Time. 6.3 The Issuer is not liable to gross-up any payments under the Finance Documents by virtue of any withholding tax, public levy or the similar.

6.4 All payments to be made by the Issuer pursuant to these Terms and Conditions shall be made without (and free and clear of any deduction for) set-off or counterclaim.

7. INTEREST 7.1 Each Note carries Interest at the Interest Rate from (and including) the Issue Date up to (but excluding) the relevant Redemption Date.

7.2 Interest accrues during an Interest Period. Payment of Interest in respect of the Notes shall be made to the Noteholders on each Interest Payment Date for the preceding Interest Period.

7.3 Interest shall be calculated on the “actual/actual ICMA” basis as specified by the International Capital Market Association.

7.4 If the Issuer fails to pay any amount payable by it on its due date, default interest shall accrue on the overdue amount from (and including) the due date up to (but excluding) the date of actual payment at a rate which is

two (2) percentage points higher than the Interest Rate. Accrued default interest shall not be capitalised. No default interest shall accrue where the failure to pay was solely attributable to the Agent, the Issuing Agent or the CSD, in which case the Interest Rate shall apply instead.

8. REDEMPTION AND REPURCHASE OF THE NOTES 8.1 Redemption at maturity

The Issuer shall redeem all of the outstanding Notes in full on the Final Maturity Date with an amount per Note equal to the Nominal Amount together with accrued but unpaid Interest. If the Final Maturity Date is not a CSD Business Day, then the redemption shall occur on the CSD Business Day determined by application of the Busi- ness Day Convention.

8.2 Issuer’s purchase of Notes

The Issuer may at any time and at any price purchase any Notes on the market or in any other way, provided that if purchases are made through a tender offer, the possibility to tender must be made available to all Note- holders on equal terms. The Notes held by the Issuer may at the Issuer’s discretion be retained, sold or cancelled by the Issuer.

8.3 Voluntary total redemption (call option)

8.3.1 The Issuer may redeem all, but not only some, of the outstanding Notes in full:

(a) any time prior to the First Call Date, at an amount per Note equal to 100 per cent. of the Nominal Amount together with accrued but unpaid Interest, plus the Applicable Premium;

(b) any time from and including the First Call Date to, but excluding, the first CSD Business Day falling four (4) years after the Issue Date at an amount per Note equal to 100 per cent. of the Nominal Amount plus 50 per cent. of the Interest Rate (calculated on the Nominal Amount for one year), together with accrued but unpaid Interest;

8.3.2 any time from and including the first CSD Business Day falling four (4) years after the Issue Date to, but excluding, the Final Maturity Date at an amount per Note equal to 100 per cent. of the Nominal Amount plus 25 per cent. of the Interest Rate (calculated on the Nominal Amount for one year), together with accrued but unpaid Interest.

8.3.3 Redemption in accordance with Clause 8.3.1 shall be made by the Issuer giving not less than fifteen (15) Business Days’ notice to the Noteholders and the Agent. Any such notice is irrevocable but may, at the Issuer’s discretion, contain one or more conditions precedent. Upon expiry of such notice and the fulfil- ment of the conditions precedent (if any), the Issuer is bound to redeem the Notes in full at the applicable amounts.

8.4 Mandatory repurchase due to a Change of Control Event (put option)

8.4.1 Upon the occurrence of a Change of Control Event, each Noteholder shall have the right to request that all, or only some, of its Notes be repurchased at a price per Note equal to 101 per cent. of the Nominal Amount together with accrued but unpaid Interest, during a period of twenty (20) Business Days following a notice from the Issuer of the Change of Control Event pursuant to Clause 9.1.2 (after which time period such right shall lapse). However, such period may not start earlier than upon the occurrence of the Change of Control Event.

8.4.2 The notice from the Issuer pursuant to Clause 9.1.2 shall specify the repurchase date that is a CSD Busi- ness Day and include instructions about the actions that a Noteholder needs to take if it wants Notes held by it to be repurchased. If a Noteholder has so requested, and acted in accordance with the instructions in the notice from the Issuer, the Issuer shall, or shall procure that a Person designated by the Issuer will, repurchase the relevant Notes and the repurchase amount shall fall due on the repurchase date

specified in the notice given by the Issuer pursuant to Clause 9.1.2. The repurchase date must fall no later than forty (40) Business Days after the end of the period referred to in Clause 8.4.1.

8.4.3 The Issuer shall comply with the requirements of any applicable securities laws and regulations in connection with the repurchase of Notes. To the extent that the provisions of such laws and regulations conflict with the provisions in this Clause 8.4, the Issuer shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Clause 8.4 by virtue of the conflict.

8.4.4 Any Notes repurchased by the Issuer pursuant to this Clause 8.4 may at the Issuer’s discretion be retained, sold or cancelled.

8.4.5 The Issuer shall not be required to repurchase any Notes pursuant to this Clause 8.4, if a third party in connection with the occurrence of a Change of Control Event offers to purchase the Notes in the manner and on the terms set out in this Clause 8.4 (or on terms more favourable to the Noteholders) and purchases all Notes validly tendered in accordance with such offer. If the Notes tendered are not purchased within the time limits stipulated in this Clause 8.4, the Issuer shall repurchase any such Notes within five (5) Business Days after the expiry of the time limit.

8.4.6 If Notes representing more than 75 per cent of the aggregate nominal principal amount of the Notes have been repurchased pursuant to this Clause8.4, the Issuer is entitled to repurchase all the remaining outstanding Notes at the price stated in Clause 8.4.1 above by notifying the remaining Noteholders of its intention to do so no later than fifteen (15) Business Days after the latest possible repurchase date pursuant to Clause 8.4.2. Such prepayment may occur at the earliest on, and no later than forty (40) Busi- ness Days after, the tenth CSD Business Day following the date of such notice.

9. INFORMATION TO NOTEHOLDERS 9.1 Information from the Issuer

9.1.1 The Issuer will make the following information available to the Noteholders by publication on the website of the Issuer:

(a) as soon as the same become available, but in any event within four (4) months after the end of each financial year, its audited consolidated financial statements for that financial year and annual report;

(b) as soon as the same become available, but in any event within two (2) months after the end of each quarter of its financial year, its unaudited consolidated financial statements or the year-end report (Fin: tilinpäätöstiedote) (as applicable) for such period;

(c) as soon as practicable following an acquisition or disposal of Notes by a Group Company, the aggregate Nominal Amount held by the Group Companies, or the amount of Notes cancelled by the Issuer; and

(d) any other information required to be disclosed under the Finnish Securities Markets Act (Fin: Arvopa- perimarkkinalaki 746/2012, as amended) and the rules and regulations of the Relevant Market.

9.1.2 The Issuer shall immediately notify the Noteholders and the Agent upon becoming aware of the occurrence of a Change of Control Event. Such notice may be given in advance of the occurrence of a Change of Control Event and be conditional upon the occurrence of such Change of Control Event if a definitive agreement is in place providing for a Change of Control Event.

9.1.3 When the financial statements and other information are made available to the Noteholders pursuant to Clause 9.1.1, the Issuer shall send copies of such financial statements and other information to the Agent.

9.1.4 The Issuer shall together with the financial statements submit to the Agent a compliance certificate in the form of Appendix 1 hereto (i) setting out calculations and figures as to compliance with Clause 10.6 (Financial undertakings), (ii) containing a confirmation that no Event of Default has occurred (or if an Event of Default has occurred, what steps have been taken to remedy it, and (iii) attaching copies of any notices sent to the Relevant Market.

9.1.5 The Issuer shall immediately notify the Agent (with full particulars) upon becoming aware of the occurrence of any event or circumstance which constitutes an Event of Default, or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing) constitute an Event of Default, and shall provide the Agent with such further information as it may reasonably request in writing following receipt of such notice. Should the Agent not receive such information, the Agent is entitled to assume that no such event or circumstance exists or can be expected to occur, provided that the Agent does not have actual knowledge of such event or circumstance.

9.2 Information from the Agent

9.2.1 Subject to the restrictions of a non-disclosure agreement entered into by the Agent with the Issuer, the Agent is entitled to disclose to the Noteholders any event or circumstance directly or indirectly relating to the Issuer or the Notes. Notwithstanding the foregoing, the Agent shall notify the Noteholders of the occurrence of an Event of Default in accordance with Clause 11.3.

9.3 Publication of Finance Documents

9.3.1 The latest version of these Terms and Conditions (including any document amending these Terms and Conditions) shall be available on the websites of the Issuer and the Agent.

9.3.2 The Finance Documents shall be available for review at the office of the Agent during normal business hours.

10. UNDERTAKINGS The Issuer undertakes to (and shall, where applicable, procure that the other Group Companies will) comply with the undertakings set forth in this Clause 10 for so long as the Notes remain outstanding

10.1 Continuation of business

The Issuer shall procure that no substantial change is made to the general nature of the business from that carried on by the Group on the Issue Date.

10.2 Mergers and de-mergers

10.2.1 The Issuer shall not carry out any merger where the Issuer is not the surviving entity or any liquidation of the Issuer.

10.2.2 The Issuer shall not (and shall procure that no other Group Company will) carry out:

a) any merger (or other business combination or corporate reorganisation involving the consolida- tion of assets and obligations) of the Issuer or such other Group Company with any other Person (other than a Group Company); or

b) any demerger (or a corporate reorganisation having the same or equivalent effect) of the Issuer or such other Group Company;

if an Event of Default is continuing or would occur as a result of such merger, business combination, corporate reorganisation, demerger (or a corporate reorganisation having the same or equivalent effect).

10.2.3 Each Noteholder agrees, with respect to the Notes it holds, not to exercise, and hereby waives in advance, its right in accordance with the Finnish Companies Act (Fin: Osakeyhtiölaki 624/2006, as amended) to object to any merger or demerger if (and only if) such merger or demerger (as applicable) (a) is not prohibited under these Terms and Conditions or (b) has been consented to by the Noteholders in a Noteholders' Meeting or by way of a Written Procedure.

10.3 Disposals

10.3.1 The Issuer shall not (and shall procure that no other Group Company will) sell, transfer or otherwise dis- pose of all or a substantial part of the Group's assets (including shares or other securities in any Person) or operations (other than to a Group Company), unless such sale, transfer or disposal:

a) is carried out on terms and conditions customary for such transactions; and

b) unless at the time of such sale, transfer or disposal no Event of Default is continuing or would result from such disposal.

10.3.2 If any cash proceeds from a sale, transfer or disposal (whether by a single transaction or a series of transactions that can be deemed a single transaction) referred to in Clause 10.3.1 above (other than to a Group Company) exceed EUR 50,000,000 (or its equivalent in other currencies) (such cash the “Cash Pro- ceeds”) the Issuer: 10.3.3 a) may within twelve (12) months after receipt thereof apply, and/or cause such Group Company to apply, such Cash Proceeds at its option only to make an investment in properties and/or assets that will be used in the business of the Group or in repayment or discharge of any Financial Indebt- edness incurred by the Group Companies; and

b) shall, to the extent the Cash Proceeds are not applied in accordance with paragraph (a) above, apply the remaining Cash Proceeds towards repayment or discharge of any Financial Indebtedness incurred by the Group Companies without delay after the expiry of the twelve month period referred to in (a) above,

or as an alternative way to fulfil the requirement under paragraphs (a) and (b) the Issuer may during such twelve (12) month period launch an offer to repurchase the Notes for the higher of (i) their Nominal Amount and (ii) the fair market value of the Notes, in which case the requirement under paragraphs (a) and (b) shall be deemed fulfilled irrespective of whether any Notes are so repurchased. For the avoidance of doubt, Cash Proceeds required to be applied in accordance with Clause 10.3.2 above shall be the entire amount of such proceeds and not only the amount in excess of EUR 50,000,000.

10.4 Compliance with laws

The Issuer shall (and shall procure that each other Group Company will) comply with all laws and regulations to which it may be subject from time to time, if failure so to comply would materially impair its ability to perform its payment obligations under the Notes.

10.5 Related party transactions

The Issuer shall (and shall procure that each other Group Company will) conduct all dealings with the direct and indirect shareholders of the Group Companies and/or any Affiliates of such direct or indirect shareholders at arm's length.

10.6 Financial undertakings

10.6.1 The Issuer shall ensure that:

a) Equity ratio: on each Reference Date, the ratio of the Group's Total Equity to Total Assets shall not be less than 28%;

b) Secured solvency ratio: on each Reference Date, the ratio of the Group's Secured Total Indebted- ness to Total Assets shall not be more than 55% unless the Security securing any new secured Fi- nancial Indebtedness is also provided for the benefit of the Noteholders securing the obligations of the Issuer under these Terms and Conditions equally and rateable with the creditors of such new secured Financial Indebtedness; and

c) Interest coverage ratio: on each Reference Date for the Measurement Period then ending, the aggregate amount of EBITDA divided by the Interest Expense shall not be less than 2.

10.6.2 The Agent shall be entitled to enter into any document (on behalf of the Noteholders) evidencing any Security, and is hereby authorised to give instructions relating to the Security on behalf of the Notehold- ers.

10.7 Admission to trading

10.7.1 The Issuer shall use its best efforts to ensure that the loan constituted by these Terms and Conditions and evidenced by the Notes is admitted to trading on the Relevant Market, and that it remains admitted or, if such admission to trading is not possible to obtain or maintain, admitted to trading or traded on another regulated market (each as defined in Directive 2004/39/EC on markets in financial instruments).

10.7.2 Following an admission to trading, the Issuer shall take all actions on its part to maintain the admission for as long as any Notes are outstanding, but not longer than up to and including the last day on which the admission to trading reasonably can, pursuant to the then applicable regulations of the Relevant Market and the CSD, subsist.

10.8 Undertakings relating to the Agency Agreement

10.8.1 The Issuer shall, in accordance with the Agency Agreement:

a) pay fees to the Agent;

b) indemnify the Agent for costs, losses and liabilities;

c) furnish to the Agent all information requested by or otherwise required to be delivered to the Agent; and

d) not act in a way which would give the Agent a legal or contractual right to terminate the Agency Agreement.

10.8.2 The Issuer and the Agent shall not amend any provisions of the Agency Agreement without the prior consent of the Noteholders if the amendment would be detrimental to the interests of the Noteholders.

11. ACCELERATION OF THE NOTES 11.1 The Agent is entitled to, and shall following a demand in writing from a Noteholder (or Noteholders) representing at least twenty-five (25) per cent. of the Adjusted Nominal Amount (such demand may only be validly made by a Person who is a Noteholder at the end of the Business Day on which the demand is received by the Agent and shall, if made by several Noteholders, be made by them jointly) or following an instruction given pursuant to Clause 11.4, on behalf of the Noteholders (i) by notice to the Issuer, declare all, but not only some, of the outstanding Notes due and payable together with any other amounts payable under the Finance Documents, immediately or at such later date as the Agent determines, and/or (ii) exercise any or all of its rights, remedies, powers and discretions under the Finance Documents, if:

(a) the Issuer does not pay on the due date any amount payable by it under the Finance Documents, unless the non-payment:

(i) is caused by technical or administrative error; and

(ii) is remedied within five (5) Business Days from the due date;

(b) the Issuer does not comply with any terms or conditions of the Finance Documents to which it is a party (other than those terms referred to in paragraph (a) above), unless the non-compliance:

(i) is capable of remedy; and

(ii) is remedied within twenty (20) Business Days of the earlier of the Agent giving notice and the Issuer becoming aware of the non-compliance;

(c) any Finance Document becomes invalid, ineffective or varied (other than in accordance with the provisions of the Finance Documents), and such invalidity, ineffectiveness or variation has a detrimental effect on the interests of the Noteholders;

(d) the Issuer or any Material Group Company is, or is deemed for the purposes of any applicable law to be, Insolvent;

(e) any attachment, sequestration, distress or execution, or any analogous process in any jurisdiction, af- fects any material asset, having an aggregate value of at least EUR 10,000,000 (or its equivalent in other currencies), of the Issuer or a Material Group Company and is not discharged within fourteen (14) Business Days; or

(f) any Financial Indebtedness of the Issuer or a Material Group Company is not paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described), , provided that no Event of Default will occur under this paragraph (f) if (i) any relevant payment to be made is contested in good faith and as long as it has not resulted in a payment obligation of the relevant member of the Group (confirmed by a court, arbitral tribunal or a government authority, subject to Clause 11.5) or (ii) the aggregate amount of Financial Indebtedness referred to herein is less than EUR 10,000,000.

11.2 The Agent may not accelerate the Notes in accordance with Clause 11.1 by reference to a specific Event of De- fault if it is no longer continuing.

11.3 The Agent shall notify the Noteholders of an Event of Default within five (5) Business Days of the date on which the Agent received actual knowledge of that an Event of Default has occurred and is continuing, except if the Event of Default does not relate to a payment failure in respect of the Notes and the Agent considers that withholding the notice is not detrimental to the interests of the Noteholders. The Agent shall, within twenty (20) Business Days of the date on which the Agent received actual knowledge of that an Event of Default has occurred and is continuing (and if the Event of Default does not relate to a payment failure in respect of the Notes, within sixty (60) Business Days, decide if the Notes shall be so accelerated. If the Agent decides not to accelerate the Notes, the Agent shall promptly seek instructions from the Noteholders in accordance with Clause 14 (Decisions by Noteholders). The Agent shall always be entitled to take the time necessary to consider carefully whether an occurred event or circumstance constitutes an Event of Default.

11.4 If the Noteholders instruct the Agent to accelerate the Notes, the Agent shall promptly declare the Notes due and payable and take such actions as may, in the opinion of the Agent, be necessary or desirable to enforce the rights of the Noteholders under the Finance Documents, unless the relevant Event of Default is no longer continuing.

11.5 If the right to accelerate the Notes is based upon a decision of a court of law, an arbitral tribunal or a government authority, it is not necessary that the decision has become enforceable under law or that the period of ap- peal has expired in order for cause of acceleration to be deemed to exist.

11.6 In the event of an acceleration of the Notes in accordance with this Clause 11, the Issuer shall redeem Notes at an amount per Note equal to 100 per cent. of the Nominal Amount.

12. DISTRIBUTION OF PROCEEDS 12.1 All payments by the Issuer relating to the Notes and the Finance Documents following an acceleration of the Notes in accordance with Clause 11 (Acceleration of the Notes) shall be distributed in the following order of pri- ority, in accordance with the instructions of the Agent:

(a) first, in or towards payment pro rata of (i) all unpaid fees, costs, expenses and indemnities payable by the Issuer to the Agent in accordance with the Agency Agreement (other than any indemnity given for liability against the Noteholders) and/or the Issuing Agent in accordance with the Issuing Agency Agreement, (ii) other costs, expenses and indemnities relating to the acceleration of the Notes, or the protection of the Noteholders’ rights in each case as may have been incurred by the Agent, (iii) any costs incurred by the Agent for external experts that have not been reimbursed by the Issuer in accordance with Clause 18.2.7, and (iv) any costs and expenses incurred by the Agent in relation to a Note- holders’ Meeting or a Written Procedure that have not been reimbursed by the Issuer in accordance with Clause 14.12;

(b) secondly, in or towards payment pro rata of accrued but unpaid Interest under the Notes (Interest due on an earlier Interest Payment Date to be paid before any Interest due on a later Interest Payment Date) and default interest payable pursuant to Clause 7.4;

(d) fourthly, in or towards payment pro rata of any other costs or outstanding amounts unpaid under the Finance Documents.

Any excess funds after the application of proceeds in accordance with paragraphs (a) to (d) above shall be paid to the Issuer.

12.2 If a Noteholder or another party has with the consent of the Agent paid any fees, costs, expenses or indemnities referred to in Clause 12.1(a), such Noteholder or other party shall be entitled to reimbursement by way of a corresponding distribution in accordance with Clause 12.1(a).

12.3 Funds that the Agent receives (directly or indirectly) in connection with the acceleration of the Notes constitute escrow funds and must be held on a separate interest-bearing account on behalf of the Noteholders and the other interested parties. The Agent shall arrange for payments of such funds in accordance with this Clause 12 as soon as reasonably practicable.

12.4 If the Issuer or the Agent shall make any payment under this Clause 12, the Issuer or the Agent, as applicable, shall notify the Noteholders of any such payment at least fifteen (15) Business Days before the payment is made. Such notice shall specify the Record Time, the payment date and the amount to be paid. Notwithstand- ing the foregoing, for any Interest due but unpaid the Record Time specified in Clause 6.1 shall apply.

13. RIGHT TO ACT ON BEHALF OF A NOTEHOLDER 13.1 If any Person other than a Noteholder wishes to exercise any rights specifically allocated to Noteholders under the Finance Documents, it must obtain a power of attorney from the Noteholder or a successive, coherent chain of powers of attorney starting with the Noteholder and authorising such Person or provide other evidence of ownership or authorisation satisfactory to the Agent.

13.2 A Noteholder may issue one or several powers of attorney to third parties to represent it in relation to some or all of the Notes held by it. Any such representative may act independently under the Finance Documents in relation to the Notes for which such representative is entitled to represent the Noteholder and may further delegate its right to represent the Noteholder by way of a further power of attorney.

13.3 The Agent shall only have to examine the face of a power of attorney or other evidence of authorisation that has been provided to it pursuant to Clause 13.1 and may assume that it has been duly authorised, is valid, has not been revoked or superseded and that it is in full force and effect, unless otherwise is apparent from its face or is otherwise notified to the Agent.

14. DECISIONS BY NOTEHOLDERS 14.1 A request by the Agent for a decision by the Noteholders on a matter relating to the Finance Documents shall (at the option of the Agent) be dealt with at a Noteholders’ Meeting or by way of a Written Procedure.

14.2 Any request from the Issuer or a Noteholder (or Noteholders) representing at least ten (10) per cent. of the Ad- justed Nominal Amount (such request may only be validly made by a Person who is a Noteholder on the Busi- ness Day immediately preceding the day on which the request is received by the Agent and shall, if made by several Noteholders, be made by them jointly) for a decision by the Noteholders on a matter relating to the Fi- nance Documents shall be directed to the Agent and dealt with at a Noteholders’ Meeting or by way of a Writ- ten Procedure, as determined by the Agent. The Person requesting the decision may suggest the form for decision making, but if it is in the Agent’s opinion more appropriate that a matter is dealt with at a Noteholders’ Meeting or by way of a Written Procedure, the Agent shall have the right to decide where such matter shall be dealt with.

14.3 The Agent may refrain from convening a Noteholders’ Meeting or instigating a Written Procedure if (i) the suggested decision must be approved by any Person in addition to the Noteholders and such Person has informed the Agent that an approval will not be given, or (ii) the suggested decision is not in accordance with applicable laws.

14.4 Only a Person who is, or who, directly or indirectly, has been provided with a power of attorney pursuant to Clause 13 (Right to act on behalf of a Noteholder) from a Person who is registered as a Noteholder:

(a) at the Record Time on the CSD Business Day specified in the communication pursuant to Clause 15.3, in respect of a Noteholders’ Meeting, or

(b) at the Record Time on the CSD Business Day specified in the communication pursuant to Clause 16.3, in respect of a Written Procedure,

may exercise voting rights as a Noteholder at such Noteholders’ Meeting or in such Written Procedure in respect of Notes held by such Person at the relevant Record Time, provided that the relevant Notes are included in the Adjusted Nominal Amount.

14.5 The following matters shall require the consent of Noteholders representing at least 75 per cent. of the Adjust- ed Nominal Amount for which Noteholders are voting at a Noteholders’ Meeting or for which Noteholders reply in a Written Procedure in accordance with the instructions given pursuant to Clause 16.3:

(a) a change to the terms of any of Clause 2.1, and Clause 2.6 ;

(b) a reduction of the premium payable upon the redemption or repurchase of any Note pursuant to Clause 8 (Redemption and repurchase of the Notes);

(d) a change to the terms for the distribution of proceeds set out in Clause 12 (Distribution of proceeds);

(e) a change to the terms dealing with the requirements for Noteholders’ consent set out in this Clause 14;

(f) a change of issuer, an extension of the tenor of the Notes or any delay of the due date for payment of any principal or interest on the Notes;

(g) a mandatory exchange of the Notes for other securities; and

(h) early redemption of the Notes, other than upon an acceleration of the Notes pursuant to Clause 12 (Acceleration of the Notes) or as otherwise permitted or required by these Terms and Conditions.

14.6 Any matter not covered by Clause 14.5 shall require the consent of Noteholders representing more than 50 per cent. of the Adjusted Nominal Amount for which Noteholders are voting at a Noteholders’ Meeting or for which Noteholders reply in a Written Procedure in accordance with the instructions given pursuant to Clause 16.3. This includes, but is not limited to, any amendment to, or waiver of, the terms of any Finance Doc- ument that does not require a higher majority (other than an amendment permitted pursuant to Clause 17.1(a) or (b)), an acceleration of the Notes.

14.7 Quorum at a Noteholders’ Meeting or in respect of a Written Procedure only exists if a Noteholder (or Note- holders) representing at least fifty (50) per cent. of the Adjusted Nominal Amount in case of a matter pursuant to Clause 14.5, and otherwise twenty (20) per cent. of the Adjusted Nominal Amount:

(a) if at a Noteholders’ Meeting, attend the meeting in person or by telephone conference (or appear through duly authorised representatives); or

(b) if in respect of a Written Procedure, reply to the request.

14.8 If a quorum does not exist at a Noteholders’ Meeting or in respect of a Written Procedure, the Agent or the Issuer shall convene a second Noteholders’ Meeting (in accordance with Clause 15.1) or initiate a second Written Procedure (in accordance with Clause 16.1), as the case may be, provided that the relevant proposal has not been withdrawn by the Person(s) who initiated the procedure for Noteholders’ consent. The quorum requirement in Clause 14.7 shall not apply to such second Noteholders’ Meeting or Written Procedure.

14.9 Any decision which extends or increases the obligations of the Issuer or the Agent, or limits, reduces or extin- guishes the rights or benefits of the Issuer or the Agent, under the Finance Documents shall be subject to the Is- suer’s or the Agent’s consent, as applicable.

14.10 The Issuer may not, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Noteholder for or as inducement to any consent under these Terms and Conditions, unless such consideration is offered to all Noteholders that consent at the relevant Noteholders’ Meeting or in a Written Procedure within the time period stipulated for the consideration to be payable or the time period for replies in the Written Pro- cedure, as the case may be.

14.11 A matter decided at a duly convened and held Noteholders’ Meeting or by way of a Written Procedure is binding on all Noteholders, irrespective of them being present or represented at the Noteholders’ Meeting or responding in the Written Procedure.

14.12 All costs and expenses incurred by the Issuer or the Agent for the purpose of convening a Noteholders’ Meeting or for the purpose of carrying out a Written Procedure, including reasonable fees to the Agent, shall be paid by the Issuer.

14.13 If a decision is to be taken by the Noteholders on a matter relating to the Finance Documents, the Issuer shall promptly at the request of the Agent provide the Agent with a certificate specifying the number of Notes owned by Group Companies or (to the knowledge of the Issuer) its Affiliates, irrespective of whether such Per- son is directly registered as owner of such Notes. The Agent shall not be responsible for the accuracy of such certificate or otherwise be responsible for determining whether a Note is owned by a Group Company or an Af- filiate of the Issuer.

14.14 Information about decisions taken at a Noteholders’ Meeting or by way of a Written Procedure shall promptly be sent by notice to the Noteholders and published on the websites of the Issuer and the Agent, provided that a failure to do so shall not invalidate any decision made or voting result achieved. The minutes from the relevant Noteholders’ Meeting or Written Procedure shall at the request of a Noteholder be sent to it by the Issuer or the Agent, as applicable.

15. NOTEHOLDERS’ MEETING 15.1 The Agent shall convene a Noteholders’ Meeting by sending a notice thereof to the CSD and each Noteholder no later than five (5) Business Days after receipt of a valid request from the Issuer or the Noteholder(s) (or such later date as may be necessary for technical or administrative reasons).

15.2 Should the Issuer want to replace the Agent, it may convene a Noteholders’ Meeting in accordance with Clause 15.1 with a copy to the Agent. After a request from the Noteholders pursuant to Clause 18.4.4, the Issuer shall no later than five (5) Business Days after receipt of such request (or such later date as may be necessary for technical or administrative reasons) convene a Noteholders’ Meeting in accordance with Clause 15.1.

15.3 The notice pursuant to Clause 15.1 shall include (i) time for the meeting, (ii) place for the meeting, (iii) agenda for the meeting (including each request for a decision by the Noteholders), (iv) a specification of the CSD Busi- ness Day at the end of which a Person must be registered as a Noteholder in order to be entitled to exercise voting rights at the meeting and (v) a form of power of attorney. Only matters that have been included in the notice may be resolved upon at the Noteholders’ Meeting. Should prior notification by the Noteholders be required in order to attend the Noteholders’ Meeting, such requirement shall be included in the notice.

15.4 The Noteholders’ Meeting shall be held no earlier than ten (10) Business Days and no later than thirty (30) Busi- ness Days from the date of the notice.

15.5 Without amending or varying these Terms and Conditions, the Agent may prescribe such further regulations regarding the convening and holding of a Noteholders’ Meeting as the Agent may deem appropriate.

16. WRITTEN PROCEDURE 16.1 The Agent shall instigate a Written Procedure no later than five (5) Business Days after receipt of a valid request from the Issuer or the Noteholder(s) (or such later date as may be necessary for technical or administrative reasons) by sending a communication to the CSD and each Person who is registered as a Noteholder at the Record Time prior to the date on which the communication is sent.

16.2 Should the Issuer want to replace the Agent, it may send a communication in accordance with Clause 16.1 to each Noteholder with a copy to the Agent.

16.3 A communication pursuant to Clause 16.1 shall include (i) each request for a decision by the Noteholders, (ii) a description of the reasons for each request, (iii) a specification of the CSD Business Day at the end of which a Person must be registered as a Noteholder in order to be entitled to exercise voting rights, (iv) instructions and directions on where to receive a form for replying to the request (such form to include an option to vote yes or no for each request) as well as a form of power of attorney, and (v) the stipulated time period within which the Noteholder must reply to the request (such time period to last at least fifteen (15) Business Days from the communication pursuant to Clause 16.1). If the voting is to be made electronically, instructions for such voting shall be included in the communication.

16.4 When a consent from the Noteholders representing the requisite majority of the total Adjusted Nominal Amount pursuant to Clauses 14.5 or 14.6 has been received in a Written Procedure, the relevant decision shall be deemed to be adopted pursuant to Clause 14.5 or 14.6, as the case may be, even if the time period for replies in the Written Procedure has not yet expired.

17. AMENDMENTS AND WAIVERS 17.1 The Issuer and the Agent (acting on behalf of the Noteholders) may agree to amend the Finance Documents or waive a past default or anticipated failure to comply with any provision in a Finance Document, provided that:

(a) such amendment or waiver is not detrimental to the interest of the Noteholders in any material respect, or is made solely for the purpose of rectifying obvious errors and mistakes;

(b) such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority; or

(c) such amendment or waiver has been duly approved by the Noteholders in accordance with Clause 14 (Decisions by Noteholders).

17.2 The consent of the Noteholders is not necessary to approve the particular form of any amendment to the Fi- nance Documents. It is sufficient if such consent approves the substance of the amendment.

17.3 The Agent shall promptly notify the Noteholders of any amendments or waivers made in accordance with Clause 17.1, setting out the date from which the amendment or waiver will be effective, and ensure that any amendments to the Finance Documents are published in the manner stipulated in Clause 9.3 (Publication of Fi- nance Documents). The Issuer shall ensure that any amendments to these Terms and Conditions are duly registered with the CSD and each other relevant organisation or authority.

17.4 An amendment to the Finance Documents shall take effect on the date determined by the Noteholders Meet- ing, in the Written Procedure or by the Agent, as the case may be.

18. APPOINTMENT AND REPLACEMENT OF THE AGENT 18.1 Appointment of Agent

18.1.1 By subscribing for Notes, each initial Noteholder, and, by acquiring Notes, each subsequent Noteholder:

(a) agrees to and accepts the appointment of the Agent to act as its agent and representative in all matters relating to the Notes and the Finance Documents, and authorises the Agent to act on its behalf (without first having to obtain its consent, unless such consent is specifically required by these Terms and Conditions) in any legal or arbitration proceedings relating to the Notes held by such Noteholder and to exercise such rights, powers, authorities and discretions as are specifically delegated to the Agent by these Terms and Conditions together with all such rights, powers, authorities and discretions as are incidental thereto; and

(b) agrees to and accepts that, upon the Agent delivering an acceleration notice in accordance with Clause 11.1, it will be considered to have irrevocably transferred to the Agent all its procedural rights and legal authority to claim and collect any and all receivables under the Notes and to receive any funds in respect of the Notes (Fin: prokurasiirto) as a result of which transfer, the Agent shall be irrevocably entitled to take all such action in its own name but on behalf of and for the benefit of each Noteholder (at the expense of the Noteholders).

18.1.2 Each Noteholder shall immediately upon request provide the Agent with any such documents (in form and substance satisfactory to the Agent) that the Agent deems necessary for the purpose of exercising its rights and/or carrying out its duties under the Finance Documents. The Agent is under no obligation to represent a Noteholder which does not comply with such request if due to such failure the Agent is unable to represent such Noteholder.

18.1.3 The Issuer shall promptly upon request provide the Agent with any documents and other assistance (in form and substance satisfactory to the Agent), that the Agent deems necessary for the purpose of exercising its rights and/or carrying out its duties under the Finance Documents.

18.1.4 The Agent is entitled to fees for its work and to be indemnified for costs, losses and liabilities on the terms set out in the Finance Documents and the Agency Agreement and the Agent’s obligations as Agent under the Finance Documents are conditioned upon the due payment of such fees and indemnifi- cations.

18.1.5 The Agent may act as agent or other representative for several issues of securities issued by or relating to the Issuer and other Group Companies notwithstanding potential conflicts of interest.

18.2 Duties of the Agent

18.2.1 The Agent shall represent the Noteholders in accordance with the Finance Documents. Except as specified in Clause 4 (Conditions for disbursement), the Agent is not responsible for the execution or enforce- ability of the Finance Documents.

18.2.2 When acting in accordance with the Finance Documents, the Agent is always acting with binding effect on behalf of the Noteholders. The Agent shall carry out its duties under the Finance Documents in a reasonable, proficient and professional manner, with reasonable care and skill.

18.2.3 The Agent shall monitor the compliance by the Issuer with its obligations under the Finance Documents on the basis of information made available to it pursuant to the Finance Documents or received from a Noteholder. The Agent is not obligated to assess the Issuer’s financial situation other than as expressly set out in these Terms and Conditions.

18.2.4 The Agent is entitled to take any step it in its sole discretion considers necessary or advisable to protect the rights of the Noteholders pursuant to these Terms and Conditions.

18.2.5 The Agent is entitled to delegate its duties to other professional parties, but the Agent shall remain liable for the actions of such parties under the Finance Documents.

18.2.6 The Agent shall treat all Noteholders equally and, when acting pursuant to the Finance Documents, act with regard only to the interests of the Noteholders and shall not be required to have regard to the interests or to act upon or comply with any direction or request of any other Person, other than as explicitly stated in the Finance Documents.

18.2.7 The Agent is entitled to engage external experts when carrying out its duties under the Finance Docu- ments. The Issuer shall on demand by the Agent pay all costs reasonably incurred for external experts engaged after the occurrence of an Event of Default, or for the purpose of investigating or considering (i) an event or circumstance which the Agent reasonably believes is or may lead to an Event of Default or (ii) a matter relating to the Issuer which the Agent reasonably believes may be detrimental to the interests of the Noteholders under the Finance Documents. Any compensation for damages or other recoveries received by the Agent from external experts engaged by it for the purpose of carrying out its duties under the Finance Documents shall be distributed in accordance with Clause 12 (Distribution of proceeds).

18.2.8 Notwithstanding any other provision of the Finance Documents to the contrary, the Agent is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation.

18.2.9 If in the Agent’s reasonable opinion the cost, loss or liability which it may incur (including reasonable fees to the Agent) in complying with instructions of the Noteholders, or taking any action at its own initiative, will not be covered by the Issuer, the Agent may refrain from acting in accordance with such instructions, or taking such action, until it has received such funding or indemnities (or adequate Security has been provided therefore) as it may reasonably require.

18.2.10 The Agent shall give a notice to the Noteholders (i) before it ceases to perform its obligations under the Finance Documents by reason of the non-payment by the Issuer of any fee or indemnity due to the Agent under the Finance Documents or the Agency Agreement or (ii) if it refrains from acting for any reason described in Clause 18.2.9. 18.3 Limited liability for the Agent

18.3.1 The Agent will not be liable to the Noteholders for damage or loss caused by any action taken or omitted by it under or in connection with any Finance Document, unless directly caused by its negligence or wilful misconduct. The Agent shall never be responsible for indirect loss.

18.3.2 The Agent shall not be considered to have acted negligently if it has acted in accordance with advice from or opinions of reputable external experts engaged by the Agent or if the Agent has acted with rea-

sonable care in a situation when the Agent considers that it is detrimental to the interests of the Note- holders to delay the action in order to first obtain instructions from the Noteholders.

18.3.3 The Agent shall not be liable for any delay (or any related consequences) in crediting an account with an amount required pursuant to the Finance Documents to be paid by the Agent to the Noteholders, provided that the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.

18.3.4 The Agent shall have no liability to the Noteholders for damage caused by the Agent acting in accordance with instructions of the Noteholders given in accordance with Clause 14 (Decisions by Noteholders) or a demand by Noteholders given pursuant to Clause 11.1.

18.3.5 Any liability towards the Issuer which is incurred by the Agent in acting under, or in relation to, the Fi- nance Documents shall not be subject to set-off against the obligations of the Issuer to the Noteholders under the Finance Documents.

18.4 Replacement of the Agent

18.4.1 Subject to Clause 18.4.7, the Agent may resign by giving notice to the Issuer and the Noteholders, in which case the Noteholders shall in consultation with the Issuer appoint a successor Agent at a Note- holders’ Meeting convened by the retiring Agent or by way of a Written Procedure initiated by the retiring Agent.

18.4.2 Subject to Clause 18.4.7, if the Agent is Insolvent, the Agent shall be deemed to resign as Agent and the Issuer shall within ten (10) Business Days appoint a successor Agent.

18.4.3 Any successor Agent appointed pursuant to this Clause 18.4 must be an independent financial institution or other reputable company which regularly acts as agent under debt issuances.

18.4.4 A Noteholder (or Noteholders) representing at least ten (10) per cent. of the Adjusted Nominal Amount may, by notice to the Issuer (such notice may only be validly given by a Person who is a Noteholder at the end of the Business Day on which the notice is received by the Issuer and shall, if given by several Note- holders, be given by them jointly), require that a Noteholders’ Meeting is held for the purpose of dismiss- ing the Agent and appointing a new Agent. The Issuer may, at a Noteholders’ Meeting convened by it or by way of a Written Procedure initiated by it, propose to the Noteholders that the Agent be dismissed and a new Agent appointed.

18.4.5 If the Noteholders have not appointed a successor Agent within ninety (90) days after (i) the earlier of the notice of resignation was given or the resignation otherwise took place or (ii) the Agent was dismissed through a decision by the Noteholders, the Issuer shall appoint a successor Agent.

18.4.6 The retiring Agent shall, at its own cost, make available to the successor Agent such documents and rec- ords and provide such assistance as the successor Agent may reasonably request for the purposes of per- forming its functions as Agent under the Finance Documents.

18.4.7 The Agent’s resignation or dismissal shall only take effect upon the appointment of a successor Agent and acceptance by such successor Agent of such appointment and the execution of all necessary documentation to effectively substitute the retiring Agent.

18.4.8 Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall, in respect of any action which it took or failed to take whilst acting as Agent, (a) remain entitled to the benefit of the Finance Documents and (b) remain liable under the Finance Documents. Its successor, the Issuer and each of the Noteholders shall have the same rights and obligations amongst themselves under the Finance Documents as they would have had if such successor had been the original Agent.

18.4.9 In the event that there is a change of the Agent in accordance with this Clause 18.4, the Issuer shall execute such documents and take such actions as the new Agent may reasonably require for the purpose of vesting in such new Agent the rights, powers and obligation of the Agent and releasing the retiring Agent from its further obligations under the Finance Documents and the Agency Agreement. Unless the Issuer and the new Agent agree otherwise, the new Agent shall be entitled to the same fees and the same indemnities as the retiring Agent.

19. NO DIRECT ACTIONS BY NOTEHOLDERS 19.1 A Noteholder may not take any steps whatsoever against the Issuer to enforce or recover any amount due or owing to it pursuant to the Finance Documents, or to initiate, support or procure the winding-up, dissolution, liquidation, company reorganisation (Fin: yrityssaneeraus) or bankruptcy (Fin: konkurssi) (or its equivalent in any other jurisdiction) of the Issuer in relation to any of the obligations of the Issuer under the Finance Documents.

19.2 Clause 19.1 shall not apply if:

(a) the Agent has been instructed by the Noteholders in accordance with the Finance Documents to take any of the actions referred to in Clause 19.1 but fails for any reason to take, or is unable to take (for any reason other than a failure by a Noteholder to provide documents in accordance with Clause 18.1.2), such actions within a reasonable period of time and such failure or inability is continuing. However, if the failure to take such actions is caused by the non-payment by the Issuer of any fee or indemnity due to the Agent under the Finance Documents or the Agency Agreement or by any reason described in Clause 18.2.9, such failure must continue for at least forty (40) Business Days after notice pursuant to Clause 18.2.10 before a Noteholder may take any action referred to in Clause 19.1; and

(b) the Noteholders have resolved pursuant to these Terms and Conditions that, upon the occurrence of a failure by the Agent referred to in (a) above, a Noteholder shall have the right to take any action referred to in Clause 19.1.

19.3 The provisions of Clause 19.1 shall not in any way limit an individual Noteholder’s right to claim and enforce payments which are due to it under Clause 8.4 (Mandatory repurchase due to a Change of Control Event (put option)) or other payments which are due by the Issuer to some but not all Noteholders.

20. PRESCRIPTION 20.1 The right to receive payment of the principal of or interest on the Notes shall be prescribed and become void three (3) years from the date on which such payment became due.

20.2 If a limitation period is duly interrupted in accordance with the Finnish Act on Limitations (Fin: Laki velan vanhentumisesta 728/2003, as amended), a new limitation period of at least three (3) years will commence.

21. NOTICES AND PRESS RELEASES 21.1 Notices

21.1.1 Any notice or other communication to be made under or in connection with the Finance Documents:

(a) if to the Agent, shall be given at the address registered with the Finnish Trade Register on the Business Day prior to dispatch and by e-mail to [email protected] and [email protected];

(b) if to the Issuing Agent, shall be given at the address specified in the Issuing Agency Agreement;

(c) if to the Issuer, shall be given at the address registered with the Finnish Trade Register on the Business Day prior to dispatch and designated “To the attention of Treasury Officer” and by email to bank- [email protected]; and

(d) if to the Noteholders, shall be given at their addresses as registered with the CSD, at the Record Time prior to dispatch, and by either courier delivery or letter for all Noteholders. A Notice to the Notehold- ers shall also be published on the websites of the Issuer and the Agent.

21.1.2 Any notice or other communication made by one Person to another under or in connection with the Fi- nance Documents shall be in English and sent by way of courier, fax, e-mail, personal delivery or letter and will become effective, in the case of courier or personal delivery, when it has been left at the address specified in Clause 21.1.1 or, in the case of letter, three (3) Business Days after being deposited postage prepaid in an envelope addressed to the address specified in Clause 21.1.1 or, in the case of fax or e-mail, when actually received in a readable form.

21.1.3 Failure to send a notice or other communication to a Noteholder or any defect in it shall not affect its suf- ficiency with respect to other Noteholders.

21.2 Press releases

21.2.1 Any notice that the Issuer or the Agent shall send to the Noteholders pursuant to Clauses 15.1. and 16.1. shall also be published by a notice published in Kauppalehti, Helsingin Sanomat or any other major Finn- ish newspaper selected by the Issuer, or if applicable, the Agent. Any such notice shall be deemed to have been received by the Noteholders when published in any manner specified in this Clause 21.2.1.

21.2.2 In addition to Clause 21.2.1, if any information relating to the Notes or the Issuer or the Group contained in a notice the Agent may send to the Noteholders under these Terms and Conditions has not already been made public in accordance with these Terms and Conditions, the Agent shall before it sends such information to the Noteholders give the Issuer the opportunity to make public such information in accordance with these Terms and Conditions. If the Issuer does not promptly make public such information and the Agent considers it necessary to make such information public in accordance with Clause 21.2.1 before it can lawfully send a notice containing such information to the Noteholders, the Agent shall be entitled to do so.

22. FORCE MAJEURE AND LIMITATION OF LIABILITY 22.1 Neither the Issuer, the Agent nor the Issuing Agent shall be held responsible for any damage arising out of any legal enactment, or any measure taken by a public authority, or war, strike, lockout, boycott, blockade or any other similar circumstance (a “Force Majeure Event”). The reservation in respect of strikes, lockouts, boycotts and blockades applies even if the Agent or the Issuing Agent itself takes such measures, or is subject to such measures.

22.2 The Issuing Agent shall have no liability to the Noteholders if it has observed reasonable care. The Issuing Agent shall never be responsible for indirect damage with exception of gross negligence and wilful misconduct.

22.3 Should a Force Majeure Event arise which prevents the Issuer, the Agent or the Issuing Agent from taking any action required to comply with these Terms and Conditions, such action may be postponed until the obstacle has been removed.

22.4 The provisions in this Clause 22 apply unless they are inconsistent with the provisions of the Book-Entry System Act which provisions shall take precedence.

23. GOVERNING LAW AND JURISDICTION 23.1 These Terms and Conditions, and any non-contractual obligations arising out of or in connection therewith, shall be governed by and construed in accordance with the laws of Finland.

23.2 The Issuer submits to the non-exclusive jurisdiction of the Finnish courts with the District Court of Helsinki (Fin: Helsingin käräjäoikeus) as the court of first instance.

APPENDIX 1 (Compliance Certificate)

COMPLIANCE CERTIFICATE

To: Nordic Trustee Oy as Agent From: Technopolis Plc as Issuer Dated:

Dear Sirs,

Technopolis Plc – EUR 150,000,000 senior unsecured fixed rate notes due May 2020 (the "Notes")

1. We refer to the terms and conditions of the Notes (the "Terms and Conditions"). This is a Compliance Certificate. Terms defined in the Terms and Conditions have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

2. We confirm that:

a) on [reference date] the ratio of the Group's Total Equity to Total Assets is [ ]%;

b) on [reference date] the ratio of the Group's Secured Total Indebtedness to Total Assets [ ]%;

and

c) the aggregate amount of EBITDA divided by the Interest Expense for the Measurement Period ending on [reference date] is [ ].

3. We confirm that no Event of Default is continuing.

4. This Compliance Certificate is governed by Finnish law.

In [●], on the [●] day of [●] 20[●]

TECHNOPOLIS PLC as Issuer

______Name:

ADDITIONAL INFORMATION ON THE ISSUE OF THE NOTES

Form of the Notes: Securities in dematerialised, book-entry form issued in the Infinity book- entry securities system maintained by Euroclear Finland Ltd. Depository and settlement Euroclear Finland Ltd, Urho Kekkosen katu 5 C, FI-00100, Helsinki, Infinity system: system of Euroclear Finland Ltd. Estimated amount of the EUR 149,704,500 total proceeds: Effective yield of the Notes: 3.794 % per annum. Agent for the holders of the Nordic Trustee Oy, Aleksanterinkatu 15 B, FI-00100 Helsinki, Finland. Notes: Issuing Agent: Danske Bank Plc, Hiililaiturinkuja 2, FI-00180 Helsinki. Publication date and inves- The result of the Offering was announced on 22 May 2015 and the Notes tors: were allocated mainly to institutional investors. Listing: Application has been made to have the Notes listed on the Helsinki Stock Exchange maintained by NASDAQ OMX Helsinki Ltd. Estimated time of Listing: On or about 4 June 2015. Interests of the participants Interests of the Lead Managers and the Agent: Business interest normal in of the participants of the the financial markets. Offering: In addition, the proceeds of the Offering received by Technopolis are intended to be used, inter alia, for the refinancing of existing financial indebtedness, and therefore potentially also for the refinancing of debt owed to the Lead Managers or companies belonging to the same consolidated groups with the Lead Managers. The proceeds of the Offering will not be used for refinancing of existing financial indebtedness owed by Technopolis to the Lead Managers (or companies belonging to the same consolidated groups with the Lead Managers) in an amount exceeding EUR 25 million per Lead Manager (or companies belonging to the same consolidated group with such Lead Manager). Estimated net amount of the The aggregate net proceeds to the Company from the Offering, after deduc- proceeds: tion of the fees and expenses payable by Technopolis, will be approximately EUR 149,05 million. Estimated expenses related The fees and expenses incurred in connection with the Offering and payable to the Offering: by the Issuer amount in aggregate to an estimated EUR 0,65 million. Use of proceeds: Refinancing of existing financial indebtedness of the Technopolis Group and for general corporate purposes. Date of the entry of the Notes subscribed and paid for have been entered by the Issuing Agent to the Notes to the book-entry respective book-entry accounts of the subscribers on 28 May 2015 in accord- system ance with the Finnish legislation governing book-entry system and book- entry accounts as well as regulations and decisions of Euroclear Finland Ltd.

TAXATION The following is a general description addressing only the Finnish withholding tax treatment of income arising from the Notes. This summary is based on the laws and regulations in full force and effect in Finland as at the date of this Securities Note, which may be subject to change in the future, potentially with retroactive effect. Investors should be aware that the comments below are of a general nature and do not constitute legal or tax advice and should not be understood as such. The comments below relate only to the position of persons who are the absolute beneficial owners of the Notes. Prospec- tive investors are therefore advised to consult their own qualified advisors so as to determine, in the light of their individual situation, the tax consequences of the acquisition, holding, redemption, sale or other disposition of the Notes.

Non-resident holders of Notes

Payments made by or on behalf of the Issuer to persons not resident in Finland for tax purposes and who do not engage in trade or business through a permanent establishment or a fixed place of business in Finland may be made without withholding or deduction for, or on account of, any present taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Republic of Finland or by any municipality or other political subdivision or taxing authority thereof or therein.

Resident holders of the Notes

Corporates

Payments made by or on behalf of the Issuer to corporates resident in Finland for tax purposes may be made without withholding or deduction for, or on account of, any present taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Republic of Finland or by any municipality or other political subdivision or taxing authority thereof or therein.

Individuals and estates

Payments made under the Notes should not be subject to withholding according to the Act on Withholding on Interest In- come (Laki korkotulon lähdeverosta 1341/1990, as amended). Payments of interest or interest compensation (secondary market compensation, in Finnish “jälkimarkkinahyvitys”) made to individuals or estates are generally subject to advance withholding of income tax according to the Prepayment Act (Ennakkoperintälaki 1118/1996, as amended). The withholding liability should primarily lie with a possible paying agent or other intermediary (such as a financial institution) effecting the payment to the Noteholder, if the paying agent or intermediary is resident in Finland for tax purposes or the payment is made through a Finnish permanent establishment of a non-resident paying agent or intermediary.

Transfer taxation

A transfer of the Notes is not subject to Finnish transfer taxation.

ARRANGEMENTS WITH THE LEAD MANAGERS Danske Bank A/S and Pohjola Bank plc are acting as Lead Managers of the Offering. The Company has entered into agreements with the Lead Managers with respect to certain services to be provided by the Lead Managers in connection with the Offering.

The Lead Managers and companies belonging to the same consolidated groups with the Lead Managers may have per- formed and may in the future perform investment or other banking services for the Company in the ordinary course of business. The proceeds of the Offering received by Technopolis are intended to be used, inter alia, for refinancing existing financial indebtedness, potentially also including financing provided by the Lead Managers or companies belonging to the same consolidated groups with the Lead Managers.

LEGAL MATTERS Certain legal matters in connection with the Offering have been passed upon for Technopolis by Roschier, Attorneys Ltd.

DOCUMENTS ON DISPLAY AND AVAILABLE INFORMATION The Company’s Finnish language articles of association and extract from the Finnish Trade Register, the English language Agency Agreement (as defined in the Terms and Conditions) and the Issuance Agency Agreement, may be inspected at the head office of the Company, Technopolis Plc, Elektroniikkatie 8, FI-90570 Oulu on weekdays from 9:00 am to 4:00 pm Finn- ish time. In order to ensure best possible service, persons wishing to examine the documents referred to in this section are kindly requested to notify the Company of their visit in advance by telephone +358 46 712 0000.

The Company will publish annual reports, including audited consolidated financial statements, quarterly interim financial information and other information as required by the Finnish Securities Market Act and the rules of the Helsinki Stock Ex- change. Such information will be available on the Company’s website at www.technopolis.fi.

THE COMPANY Technopolis Plc Elektroniikkatie 8 FI-90570 OULU Finland

LEAD MANAGERS Danske Bank A/S Pohjola Bank plc 2-12 Holmens Kanal Teollisuuskatu 1b DK-1092 Copenhagen FI-00510 Helsinki Denmark Finland

LEGAL ADVISER TO THE COMPANY Roschier, Attorneys Ltd. Keskuskatu 7A FI-00100 Helsinki Finland

AGENT Nordic Trustee Oy Aleksanterinkatu 15 B FI-00100 Helsinki Finland