VALUATION REPORT

Polar Portfolio

Two investment properties and one development site located in Finland

Bank of America Merrill Lynch International Limited

Date of Valuation: 31 July 2019 Legal Notice and Disclaimer

This valuation report (the “Report”) has been prepared by CBRE Limited (“CBRE”) exclusively for Bank of America Merill Lynch International Limited (the “Client”) in accordance with the original terms of engagement entered into between CBRE and the client dated 18 September 2018 (“the Instruction” and subsequent terms of engagement dated 11 July 2019. The Report is confidential to the Client and any other Addressees named herein and the Client and the Addressees may not disclose the Report unless expressly permitted to do so under the Instruction.

Where CBRE has expressly agreed (by way of a reliance letter) that persons other than the Client or the Addressees can rely upon the Report (a “Relying Party” or “Relying Parties”) then CBRE shall have no greater liability to any Relying Party than it would have if such party had been named as a joint client under the Instruction.

CBRE’s maximum aggregate liability to the Client, Addressees and to any Relying Parties howsoever arising under, in connection with or pursuant to this Report and/or the Instruction together, whether in contract, tort, negligence or otherwise shall not exceed the lower of:

(i) 25% of the value of the properties to which the Instruction relates (as at the valuation date); or

(ii) €60 million euros.

Subject to the terms of the Instruction, CBRE shall not be liable for any indirect, special or consequential loss or damage howsoever caused, whether in contract, tort, negligence or otherwise, arising from or in connection with this Report. Nothing in this Report shall exclude liability which cannot be excluded by law.

If you are neither the Client, an Addressee nor a Relying Party then you are viewing this Report on a non-reliance basis and for informational purposes only. You may not rely on the Report for any purpose whatsoever and CBRE shall not be liable for any loss or damage you may suffer (whether direct, indirect or consequential) as a result of unauthorised use of or reliance on this Report. CBRE gives no undertaking to provide any additional information or correct any inaccuracies in the Report.

None of the information in this Report constitutes advice as to the merits of entering into any form of transaction.

If you do not understand this legal notice then it is recommended that you seek independent legal advice.

C CONTENTS

PART I EXECUTIVE SUMMARY 1

PART II VALUATION REPORT 4

PART III PROPERTY REPORTS 16

PART IV APPENDICES ENGAGEMENT LETTER MARKET REPORT TENANCY SCHEDULE VALUATION SCHEDULE INDICATIVE REINSTATEMENT COST SCHEDULE VALUATION INPUTS

3 C PART I EXECUTIVE SUMMARY

C BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED ADDRESS DATE OF VALUATION: 31 JULY 2019

EXECUTIVE SUMMARY

THE PROPERTIES Addresses: Ratina Shopping Centre: Vuolteenkatu 1, 33100 Tampere, Finland Ratina Office Development (under construction): Hatanpään Valtatie 9, 33100 Tampere, Finland

Tikkurila Office, väritehtaankatu 8, 01300 Vantaa, Finland VALUATION DATE 31 July 2019

TENURE Freehold

TENANCY/LICENCE/MANAGEMENT AGREEMENT In accordance with the tenancy schedule provided, the properties are leased to a number of tenants on varying lease terms. We have calculated the gross passing rent of the shopping centre to be €17,083,362 p.a. and a net rent of €12,873,580 p.a. after the deduction of operational expenses. We have calculated the gross passing rent of the Tikkurila Office to be €2,131,012 p.a. and a net rent of €1,641,512 p.a. after the deduction of operational expenses. The total estimate of the market rental (ERV) of the shopping centre is €20,977,580 p.a., the Tikkurila Office €2,775,895 p.a and the completed office development is €3,701,280 p.a.

OPINION OF VALUE Market Value We have valued each property individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole. The Aggregate Market Value above is provided for information purposes only and you should refer to the main report for the individual property valuations. Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms, where available. We are of the opinion that the Market Value of the Freehold interest in the Ratina Shopping Centre as at 31 July 2019 is:

€257,000,000 (TWO HUNDRED FIFTY-SEVEN MILLION EUROS) exclusive of VAT.

We are of the opinion that the Market Value of the Freehold interest in the Ratina Office Development as at 31 July 2019 is:

€14,480,000 (FOURTEEN MILLION FOUR HUNDRED EIGHTY THOUSAND EUROS) exclusive of VAT.

We are of the opinion that the Market Value of the Freehold interest in the Tikkurila Office Development as at 31 July 2019 is: €34,400,000 (THIRTY-FOUR MILLION FOUR HUNDRED THOUSAND EUROS) exclusive of VAT.

EXECUTIVE SUMMARY 2 C BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED ADDRESS DATE OF VALUATION: 31 JULY 2019

Vacant Possession Value We are of the opinion that the Vacant Possession Value of the Freehold interest in the Ratina Shopping Centre as at 31July 2019 is:

€178,000,000 (ONE HUNDRED SEVENTY-EIGHT MILLION EUROS) exclusive of VAT. (Excluding the Ratina Office).

We are of the opinion that the Vacant Possession Value of the Freehold interest in the Tikkurila Office as at 31July 2019 is:

€24,700,000 (TWENTY-FOUR MILLION SEVEN HUNDRED THOUSAND EUROS) exclusive of VAT.

CONFIRMATION OF SUITABILITY FOR LENDING PURPOSES

Summary of Loan Terms

We have not been provided with details of the loan amount and loan terms proposed and therefore cannot comment on the suitability of the properties for the proposed loan. We recommend that the Bank provides us with these details for our comment.

EXECUTIVE SUMMARY 3 C PART II VALUATION REPORT

C C CBRE Limited Henrietta House Henrietta Place London W1G 0NB Switchboard +44 20 7182 2000 Fax +44 20 7182 2273

VALUATION REPORT

Report Date 19 November 2019

Addressee Bank of America Merrill Lynch International Limited 2 King Edward Street London EC1A 1HQ For the attention of: Wayne R. Miller, FRICS, MAI, AI-GRS Senior Vice President

This report may be relied upon by Bank of America Merrill Lynch International Limited and its affiliates, successors and/or assigns; the selected Facility Agent, its successors and/or assigns; and the selected Security Agent, its successors and/or assigns, in connection with their respective consideration of the extension of credit related to the properties and/or the beneficial ownership thereof (the "Loan Financing").

This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any arranger of the Loan Financing and their assigns, any actual or prospective investor (including agents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing, any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing (together the "Beneficiaries"). A Beneficiary shall be permitted to rely on the report only on the condition that it acknowledges that the valuers shall not be liable to the Beneficiary for any special, indirect or consequential, damages and that the valuers' total aggregate liability to all lenders, agents, Beneficiaries and any other third party who seeks to rely on the report (the "Aggregate Cap") shall be limited to a sum not to exceed the lesser of 25% of the market value or sixty million euros (60,000,000 EUR).

Reliance by the Beneficiaries and any other third parties on the report shall constitute deemed acceptance of the above provisions in this paragraph and that any matters or disputes arising as a result shall be governed by English law and subject to the exclusive jurisdiction of the English courts.

This report may be disclosed, without reliance, to any rating agency in connection with a Securitization. We certify that, to the best of our knowledge and belief:

www.cbre.co.uk

Registered in England No 3536032 Registered Office St Martin’s Court 10 Paternoster Row London EC4M 7HP CBRE Limited is regulated by the RICS - The statements of fact contained in this report are true and correct.

- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.

- We have no present or prospective interest in the properties that is the subject of this report and no personal interest with respect to the parties involved.

- We highlight, we have previously valued the portfolio on two occasions, most recently in March 2019. This was disclosed to you at the outset of the instruction and it is not considered a conflict of interest which would prevent us from undertaking this instruction.

- We have no bias with respect to the properties that is the subject of this report or to the parties involved with this assignment.

- Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

- Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this valuation report.

- Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, only insofar as this is also in conformity with the RICS Valuation – Professional Standards (the “Red Book").

- We have made a personal inspection of each property that is the subject of this report.

- No one provided significant real property valuation (appraisal) assistance to the persons signing this certification. The Properties The portfolio consists of two investment properties and one development site located in Finland. Property Descriptions As indicated in our property reports below.

Ownership Purpose Investment and Development

Instruction To value the unencumbered freehold interest on the basis of Market Value as at the Valuation date in accordance with the terms of engagement entered into between CBRE and the addressee dated 11 July 2019.

Valuation Date 31 July 2019.

Capacity of Valuer External Valuer, as defined in the RICS Valuation – Global Standards 2017.

Purpose Secured Lending purposes only Where you have advised us that the valuation is required for your use in a particular secured lending transaction, we consent to its use solely for that

VALUATION REPORT 7 C transaction. Where you have not revealed to us details of a particular lending transaction, we consent to its use only in a single secured lending decision.

Market Value €257,000,000 (TWO HUNDRED FIFTY-SEVEN MILLION EUROS) exclusive of VAT.

€14,480,000 (FOURTEEN MILLION FOUR HUNDRED EIGHTY THOUSAND EUROS) exclusive of VAT.

€34,400,000 (THIRTY-FOUR MILLION FOUR HUNDRED THOUSAND EUROS) exclusive of VAT.

Vacant Possession Value €178,000,000 (ONE HUNDRED SEVENTY-EIGHT MILLION EUROS) exclusive of VAT.

€24,700,000 (TWENTY-FOUR MILLION SEVEN HUNDRED THOUSAND EUROS) exclusive of VAT.

Where a property is owned by way of a joint tenancy in a trust for sale, or through an indirect investment structure, our Valuation represents the relevant apportioned percentage of ownership of the value of the whole property, assuming full management control. Our Valuation does not necessarily represent the 'Market Value' (as defined in RICS Valuation – Global Standards 2017) of the interests in the indirect investment structure through which the Property is held. Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms. We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.

Replacement Cost Value €281,800,000 (TWO HUNDRED EIGHTY-ONE MILLION EIGHT HUNDRED THOUSAND, EUROS) exclusive of VAT.

Estimated Rental Value €23,753,475 p.a. (TWENTY THREE MILLION SEVEN HUNDRED FIFTY THREE THOUSAND FOUR HUNDRED SEVENTY FIVE EUROS) exclusive of VAT.

GDV of the Ratina Office €45,554,215 (FORTY FIVE MILLION FIVE HUNDRED FIFTY FOUR THOUSAND Development TWO HUNDRED FIFTEEN EUROS) exclusive of VAT.

As-Is Ratina Office €14,480,000 (FOURTEEN MILLION FOUR HUNDRED EIGHTY THOUSAND Development EUROS) exclusive of VAT.

Suitability of the We are of the opinion that the properties interests provide suitable security for properties as security for mortgage purposes although we have not been provided with details of the loan mortgage purposes amount and loan terms proposed and therefore cannot comment on the suitability of the properties for the proposed loan. We recommend that the Bank provides us with these details for our comment.

VALUATION REPORT 8 C Compliance with The Valuation has been prepared in accordance with the RICS Valuation – Global Valuation Standards Standards 2017 which incorporate the International Valuation Standards and the RICS Valuation – Professional Standards UK January 2014 (revised April 2015) (the "Red Book”). We confirm that we have sufficient current local and national knowledge of the particular property market involved, and have the skills and understanding to undertake the Valuation competently. Where the knowledge and skill requirements of the Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of the Red Book. This Valuation is a professional opinion and is expressly not intended to serve as a warranty, assurance or guarantee of any particular value of the subject properties. Other valuers may reach different conclusions as to the value of the subject properties. This Valuation is for the sole purpose of providing the intended user with the valuer’s independent professional opinion of the value of the subject properties as at the Valuation date.

Assumptions The Properties details on which the Valuation is based are as set out in this report. We have made various assumptions as to tenure, letting, taxation, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination – as set out below. If any of the information or assumptions on which the Valuation is based are subsequently found to be incorrect, the Valuation figure may also be incorrect and should be reconsidered. Variation from Standard None. Assumptions Verification We recommend that before any financial transaction is entered into based upon these Valuations, you obtain verification of any third-party information contained within our report and the validity of the assumptions we have adopted. We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks which may be, or may become, uninsurable. Before undertaking any financial transaction based upon this Valuation, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss occur.

Valuer The Properties has been valued by a valuer who is qualified for the purpose of the Valuation in accordance with the Red Book. Previous involvement We confirm that we have had no previous material involvement with the properties and Conflicts of Interest and that copies of our conflict of interest checks have been retained within the working papers.

Reliance This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.

VALUATION REPORT 9 C Publication Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.

Yours faithfully Yours faithfully

Graham Hughes MRICS Olli Kantanen Executive Director Senior Director RICS Registered Valuer Registered Valuer For and on behalf of For and on behalf of CBRE Limited CBRE Valuation Finland

T: 020 7182 2631 T: +358 50 5400 805

E: [email protected] E: [email protected]

CBRE – Valuation & Advisory Services T: 020 7182 2000 F: 020 7182 2273 W: www.cbre.co.uk

VALUATION REPORT 10 C BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED ADDRESS DATE OF VALUATION: 31 JULY 2019

SOURCES OF INFORMATION AND SCOPE OF WORKS

Sources of Information We have carried out our work based upon information supplied to us by Blackstone/Sponda, as set out within this report, which we have assumed to be correct and comprehensive. This includes information provided as part of the previous valuations in September and December 2018. Information included: - Tenancy Schedules - Cost and Opex Schedules - Floor Plans - Technical Due Diligence Reports - Environmental Due Diligence Reports - Legal Due Diligence Reports - Development Cost Summaries/Timings - Parking Income Schedules

The Properties Our reports contain a summary of the Property details on which our Valuation has been based.

Inspection Vesa Kiviluoto on CBRE Finland undertook inspections of the assets on the following dates:

PROPERTY DATE Ratina Shopping Centre: 16/07/2019 Ratina Office Development (under construction): 25/03/2019 Tikkurila Office 24/09/2018

We note, internal inspections were completed on the investment assets – albeit a limited inspection of the development site was undertaken due to excavation works on site.

Areas We have not measured the Properties but have relied upon the floor areas provided to us by Sponda included within the Tenancy Schedule and as set out in this report, which we have assumed to be correct and comprehensive.

Environmental Matters We have been provided with Phase I Environmental Due Diligence as prepared by Anthesis and dated 30 August 2018. The findings of these reports have been commented on in our individual property reports.

Services and Amenities We understand that all main services including water, drainage, electricity and telephone are available to the properties. None of the services have been tested by us.

Repair and Condition We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Properties. We are unable, therefore, to give any assurance that the Properties is free from defect.

SOURCES OF INFORMATION AND SCOPE OF WORKS 11 C BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED ERROR! NO TEXT OF SPECIFIED STYLE IN DOCUMENT. ERROR! NO TEXT OF SPECIFIED STYLE IN DOCUMENT. ONE INVESTMENT PROPERTY AND ONE DEVELOPMENT SITE LOCATED IN FINLAND DATE OF VALUATION: 31 JULY 2019

Town Planning We have not undertaken planning enquiries.

Titles, Tenures and We were provided a Draft Red Flag Legal Due Diligence Report prepared by White Lettings & Case and dated 11 October 2018. We have also been provided with an updated lease extract from the draft legal due diligence report dated 19 July 2019. Details of title/tenure under which the Properties are held and of lettings to which it is subject are as supplied to us. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. We should emphasise, however, that the interpretation of the documents of title [including relevant deeds, leases and planning consents] is the responsibility of your legal adviser. We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers’ likely perceptions of the financial status of tenants.

SOURCES OF INFORMATION AND SCOPE OF WORKS 12 C

VALUATION ASSUMPTIONS

Capital Values The Valuation has been prepared on the basis of "Market Value", which is defined in the Red Book as: "The estimated amount for which an asset or liability should exchange on the Valuation date between a willing buyer and a willing seller in an arm's-length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion."

The valuation represents the figure that would appear in a hypothetical contract of sale at the valuation date. No adjustment has been made to this figure for any expenses of acquisition or realisation - nor for taxation which might arise in the event of a disposal. No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charge. No account has been taken of the availability or otherwise of capital based Government or European Community grants.

Rental Values Unless stated otherwise rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes, nor do they necessarily accord with the definition of Market Rent in the Red Book, which is as follows: "The estimated amount for which an interest in real property should be leased on the Valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm's-length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.".

The Property Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the building. Landlord’s fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the building and are included within our Valuations. Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our Valuations. All measurements, areas and ages quoted in our report are approximate.

Environmental Matters In the absence of any information to the contrary, we have assumed that: a) the properties are not contaminated and is not adversely affected by any existing or proposed environmental law; b) any processes which are carried out on the properties which are regulated by environmental legislation are properly licensed by the appropriate authorities. c) the properties are either not subject to flooding risk or, if it is, that sufficient flood defences are in place and that appropriate building insurance could be obtained at a cost that would not materially affect the capital value. d) invasive species such as Japanese Knotweed are not present on the Properties.

Repair and Condition In the absence of any information to the contrary, we have assumed that:

VALUATION ASSUMPTIONS 13 C BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED ERROR! NO TEXT OF SPECIFIED STYLE IN DOCUMENT. ERROR! NO TEXT OF SPECIFIED STYLE IN DOCUMENT. THREE INVESTMENT PROPERTIES AND ONE DEVELOPMENT SITE LOCATED IN FINLAND DATE OF VALUATION: 09 NOVEMBER 2018

[a] there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the properties; [b] the properties are free from rot, infestation, structural or latent defect; [c] no currently known deleterious or hazardous materials or suspect techniques have been used in the construction of, or subsequent alterations or additions to, the properties; and [d] the services, and any associated controls or software, are in working order and free from defect. We have otherwise had regard to the age and apparent general condition of the properties. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.

Title, Tenure, Lettings, Unless stated otherwise within this report, and in the absence of any information to Planning, Taxation and the contrary, we have assumed that: Statutory & Local (a) the properties possess a good and marketable title free from any onerous or Authority requirements hampering restrictions or conditions; (b) the building has been erected either prior to planning control, or in accordance with planning permissions, and has the benefit of permanent planning consents or existing use rights for their current use; (c) the properties is not adversely affected by town planning or road proposals; (d) the building complies with all statutory and local authority requirements including building, fire and health and safety regulations, and that a fire risk assessment and emergency plan are in place; (e) all rent reviews are upward only and are to be assessed by reference to full current market rents; (f) there are no tenant’s improvements that will materially affect our opinion of the rent that would be obtained on review or renewal; (g) tenants will meet their obligations under their leases, and are responsible for insurance, payment of business rates, and all repairs, whether directly or by means of a service charge; (h) there are no user restrictions or other restrictive covenants in leases which would adversely affect value; (I) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required; and (j) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy.

VALUATION ASSUMPTIONS 14 C PART III PROPERTY REPORT

C PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PROPERTY REPORT

HATANPÄÄN VALTATIE 9, TAMPERE

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

VALTTERI JOKINEN 16/07/19 31/07/19 OFFICE (DEVELOPMENT)

KEY VALUATION FACTORS

POSITIVE ° The site is located slightly south of the Tampere town centre and has strong vehicle connections via the E12 motorway running north- south across the city and connecting the site with the capital of Helsinki ° The site is rectangular in shape, level in topography and relatively clear of vegetation ° The completed office development will benefit from a position adjacent to the Ratina Shopping Centre, eventually assisting in demand from future occupiers, purchasers and investors ° Similarly, we note the property will also benefit from a position next to a public bus terminal ° We note construction works of the frame of the building are currently underway, we understand that the project is running in accordance with its development timeline and budget ° As at the date of valuation, we note a number of lease pre-commitments to Elisa, NCC, Optiplan and Sitowise which accounts for approximately 84% of total occupancy by income, or 80% of occupancy by leasable area ° The parking facilities will be provided in an underground basement. No a-grade parking on the site. Notwithstanding, vehicle parking available within streets surrounding PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

NEGATIVE ° We note a high office vacancy within the Tampere locality, albeit, this typically relates to inferior quality / located premises ° Furthermore, we are highlighting a number of competing commercial office schemes currently under construction, within close proximity of the site. This will create additional competition to secure occupiers for the remaining lettable area.

LOCATION & SITUATION

MACRO LOCATION The subject property is located in Tampere, located in Southern Finland, 180 km north-west from Helsinki. Nearby cities include Lahti (130 km), Jyväskylä (150 km) and Turku (165 km). Tampere is the 3rd biggest city of Finland and has a population of ca. 235,700. Tampere is one of the fastest growing cities in Finland with an expected population growth of some 15 % by 2040, well above the national average of 6.3 %. Tampere plans to increase its population to 250,000 by 2030. Tampere is also the capital of the Pirkanmaa region, comprising of 22 municipalities and having a total population of more than 515,000 inhabitants. One of the biggest problems Tampere faces is unemployment. Tampere's current unemployment rate (June 2019) is 12.0%. Tampere is an industrial city with the larger companies operating in mechanical engineering, automation, ICT technologies, forestry, mining and chemical industries. The largest companies include UPM, Sandvik mining and construction and Pirkanmaa Osuuskauppa. Tampere is located at the crossroads of the main traffic way of Finland. The city benefits from excellent transportation infrastructure. with a direct rail connection to Helsinki, well-established urban public transportation network and international airport.

MICRO LOCATION The subject property is situated in Ratina, Tampere. Ratina office site is situated on the southern side of Tampere CBD, less than 1 km away from the city centre and train station. The area has good connectivity via public transportation. Surrounding developments predominantly include retail and office use. On the south side of the property there are multiple residential properties. Primary arterial roads of Tampere Valtatie pass by the property to the south and Hatanpään Valtatie to the east. We note the closest airport is Tampere- Pirkkala airport, which is located ca. 20 km away from Tampere city centre. PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PROPERTY DESCRIPTION

SITE DESCRIPTION The property comprises a 3,094 sqm development site which is rectangular in shape, level in contour and relatively clear of vegetation. As at our inspection we note that construction of the frame has reached the third office level.

PROPOSED The proposed development will comprise a retail- and office building which DEVELOPMENT will comprise a gross lettable area of 13,400 sqm, constructed with architecturally high standards. As at the date of valuation we note a number of lease pre-commitments to Elisa, NCC and Optiplan. These tenants account for approximately 84% of total occupancy by income, or 80% of occupancy by leasable area.

Proposed Floor Areas FLOOR / UNIT USE SQ M Parking Parking 172 spaces Basement, P1-2, 1 Other 902 Ground Retail 610 Level 1-7 Office 11,888 TOTAL 13,400 sqm

DUE DILIGENCE

ENVIRONMENTAL We have been instructed not to make any investigations in relation to the CONSIDERATIONS presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. Based on the environmental report prepared by Anthesis, dated 30th August 2018 we understand that the property is not affected by any material environmental issues. No material issues in excess of the materiality threshold of 25,000 EUR were identified as a part of the Environmental Due Diligence Assessment. The property is affected by one potentially material environmental issue. The issue includes environmental setting (previous intrusive investigations). However, no potentially material issues in excess of the materiality threshold of 25,000 EUR were identified as a part of the Environmental Due Diligence Assessment. Based on the information available, the environmental risk associated with the site in its continued current land use is considered to be low to moderate. PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

TOWN PLANNING The property is part of the local detailed plan 8093 which is zoned for retail- and office operations (K). For the purposes of valuation, we have assumed that the property has all necessary permissions for its current use.

LEGAL CONSIDERATIONS

LEGAL DUE We have had site of the legal DD dated on 19 July 2019 for the leases and DILLIGENCE assets prepared by White & Case. In addition, we have had site of the legal overview report dated on 24 July 2019 by Roschier. Based on the documents, no significant red flag issues or material issues impacting the valuations have been found.

FUTURE TENANCIES Based on lease information provided, we note various pre- agreed lease commitments which will commence upon practical completion of the development. The property’s main tenant will be Elisa, which will lease approximately 50% of the available area. NCC and Optiplan have also signed a lease for 1,310 sqms office which equates to approximately 10% of the leasable area. There are multiple vacant units in the property albeit, we note completion of the project is not expected until June 2020. Elisa and NCC & Optiplan have fixed leases which commence upon completion of the development, with first break options in March 2027. Sitowise Oy has leased in total of 2,448 sqms office with a lease with an indefinite lease term. First break option is in April 2024. Office rents vary from €21 sqm/p.m to €22.5 sqm/p.m.

DEVELOPMENT SITE EVIDENCE

SITE EVIDENCE: Please refer the sales evidence of development sites located in Tampere below.

EVIDENCE We note there has been a limited number of development site transactions COMMENTARY: within Tampere in recent years. We highlight that the subject property was recently transacted in Q2 2018 when the City of Tampere sold the site to Sponda. We understand the transaction was an open market transaction, notwithstanding, we note details surrounding the exact deal are restricted by Finnish privacy laws. We understand the transacted price of the site was €6.9m prior to transfer taxes of 4%. This transaction value reflects a level of 520 €/sq m over the permissible GLA. In addition, there was another site transaction in Q1 2017 in the vicinity of the property where a retail and office site was sold with a price reflecting a level of 600 €/sq m over the permissible GLA. However, the site was later developed into residential use and this might have had an impact on the initial pricing. PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

VALUATION We have undertaken our assessment of value using the Residual Valuation APPROACH Approach. This approach commences by first calculating the competed value of the development being the Gross Development Value (GDV). From the GDV we will deduct the development costs in order to complete the development. We will then make assumptions regarding the profit a developer would likely target. Risk is reflected in the profit. i.e. If pre-lets in place this risk/uncertainty is reduced and therefore this is reflected in a lower profit on cost. We then deduct a finance cost associated with the development. This gives the amount available for the land element and represents the likely market price payable in order to achieve the desired margin.

VALUATION CONSIDERATIONS

MARKETABILITY & Once complete, the asset will provide a dynamic office premises and POTENTIAL supported by some ground floor retail accommodation. It is positioned in a PURCHASERS: good office location which is complemented by its position next to the Ratina Shopping Centre. If offered to the market for sale, we consider the property would have good demand from both national and international developers.

SALES PERIOD: 6-12 months.

SUITABILITY FOR We are of the opinion that the property interests provide suitable security for LOAN SECURITY: mortgage purposes, although we have not been provided with details of the loan amount and loan terms proposed and therefore cannot comment on the suitability of the property for the proposed loan. We recommend that the Bank provides us with these details for our comment.

VALUATION Our residual appraisal is based on the construction of the office building and METHODOLOGY – car park provision and has been prepared using the following assumptions: MARKET VALUE: Build and Lettable Areas:

We have been provided a summary of gross lettable area of 13,400 m². We have not been provided a summary of buildable area however this is not applicable given we have been provided a full summary of construction costs to complete the development.

We understand parking for the property will be provided by a facility on an adjoining site and allow spaces for approximately 172 vehicles. Based on information provided we understand these spaces will be transferred with the property if sold in the future. We also understand they will appear on the cadastral plan once the title is registered. Should this not be the case, we reserve the right to review our valuation. This approximately equates to a provision of 1 car park per 78 sq. m of GLA.

PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Timing:

Assuming a notional sale at the date of valuation 31/07/2019 we have allowed a 1-month lead time to negotiate a continuation with the existing contractor. We have made an allowance of 18 months construction from the date of valuation. This is in accordance with the development timeline provided. We have assumed the GLA not currently subject to a lease commitment will be leased within a period of 3 months post completion. This relates to approximately 19.9% of the GLA.

ERV:

Our market rents are based on the pre-agreed leases within the building. We have adopted €21.5 per sqm for the office space, €25 per sqm for the retail space, €8 per sqm for space designated as other and parking at €160 per car park space per month. To derive our net market rents, we have then made an allowance for the landlord’s non- recoverable costs of €4.6 per sqm p.m. for all elements (c.20% of the rental value). Allowing for these, we calculate a net market rent of €2,961,024 per annum.

Yields:

We have adopted an Equivalent yield of 6.50% over all elements.

Gross Development Value:

On this basis the GDV for the entire site is €45,554,215.

Development Costs:

We have been provided with project costs outstanding from September 2018 through to the end of the project. The amount outstanding as at May 2019 is €22,672,156. This equates to approximately €1,692 per sq. m over the GLA. Given the costs are variable, we have allowed an amount for construction contingency being €1,133,608 which equates to 5% of costs remaining. We have also been provided planning and professional fees of €1,257,270 which includes associated costs for design, engineers, surveyors, marketing, legal and management fees.

Finance and Other Cost:

We have been provided an amount of €950,000 which we have used for modelling purposes.

Development costs:

The total costs of completing the development of the project are €27,798,526 to arrive at the residual value.

Other costs we have allowed for include: PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Letting Fees: 15% which have been allowed for in our assessment of GDV.

Profit:

We have targeted a profit on cost at 12.5% which takes into consideration the risk of leasing the remaining 19.9% of GLA together with the risk associated with a variable construction budget albeit we note we have allowed a construction contingency of 5%. Profit is applied to all acquisition and development costs.

The total profit on the project allowed for amounts to circa €5,061,581 over the remaining development timeline.

Residual Value: The residual value of the land is €14,479,600 which we have rounded to €14,480,000 for practical purposes. PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

SALES EVIDENCE

PROPERTY PROPERTY DATE SITE TOTAL PROPOSED PURCHASE CAPITAL RATE CAPITAL RATE ADDRESS USE AREA BUILDING PRICE PER SITE VALUE AREA BUILDING PER SQ M RIGHTS SQ M

Hataanpään Office, retail 2018 Q2 3,094 13,800 €6,900,000 €500per sqm €2,214 per valtatie 9, sqm Tampere

Voimakatu, Retail, office 2017 Q1 2,162 3,065 €1,900,000 €620 per sqm €860 per sqm Tampere

PROPERTY ID: RATINA OFFICE DEVELOPMENT ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PICTURES

PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PROPERTY REPORT

VUOLTEENKATU 1, TAMPERE

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

VALTTERI JOKINEN 16/07/19 31/07/19 SHOPPING CENTRE

KEY VALUATION FACTORS

POSITIVE . Location at the juncture of important fairways . Modern premises . Strong tenants . Largest shopping centre in Tampere . Good accessibility by car and public transportation . Availability of parking

. Long term leases

NEGATIVE . Competition with Koskikeskus . Slightly further from CBD compared to competitor Koskikeskus . Vacant premises, ~20% . Increased popularity of e-commerce PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

LOCATION & SITUATION

MACRO LOCATION The subject property is located in Tampere, in Southern Finland ca. 180 km north-west from Helsinki. Nearby cities include Lahti (130 km), Jyväskylä (150 km) and Turku (165 km). Tampere is the 3rd biggest city of Finland and has a population of ca. 235,700. Tampere is one of the fastest growing cities in Finland with an expected population growth of some 15 % by 2040, well above the national average of 6.3 %. Tampere plans to increase its population to 250,000 by 2030. Tampere is also the capital of the Pirkanmaa region, comprising of 22 municipalities and having a total population of more than 515,000 inhabitants. One of the biggest problems Tampere faces is unemployment. Tampere's current unemployment rate (June 2019) is 12.0%. Tampere is an industrial city with the larger companies operating in mechanical engineering, automation, ICT technologies, forestry, mining and chemical industries. The largest companies include UPM, Sandvik mining and construction and Pirkanmaa Osuuskauppa. Tampere is located at the crossroads of the main traffic way of Finland. The city benefits from excellent transportation infrastructure with a direct rail connection to Helsinki, well-established urban public transportation network and international airport.

MICRO LOCATION The subject property is situated in Ratina, Tampere. Ratina shopping centre is situated on the southern side of Tampere CBD, less than 1 km away from the city centre and train station. The area has good connectivity to public transportation. Surrounding developments consists of central operations areas, including retail and office use. On the south side of the property there are multiple residential properties. Primary arterial roads of Tampereen Valtatie pass by the property to the south and Hatanpään Valtatie to the east. Hatanpään valtatie connects Tampere to Helsinki. The closest airport is Tampere-Pirkkala airport, which is located ca. 20 km away from Tampere city centre. Another big shopping centre, Koskikeskus, is located ca. 500 meters away from the property. Koskikeskus’ location is closer to the city centre and both properties have a similar tenant mix.

CATCHMENT Tampere is the main city of the Pirkanmaa district and attracts employers and consumers from nearby cities. The Pirkanmaa region has a total population of more than 515,000 which strengthens the potential customer flow in Tampere.

COMPETITION Competition is concentrated in the city centre of Tampere. Besides shopping centre Ratina, the largest retail sites are in the main street Hämeenkatu and shopping centre Koskikeskus. PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PROPERTY DESCRIPTION

DESCRIPTION The site comprises of three properties, Ratina shopping centre, Ranta-Ratina and Ratinankulma which are all connected via underground walkaways. The property is laid over two separate plots. Both sites are sloped and of irregular shape. They are densely built and the possibility to extend the buildings is limited. The shopping centre was completed in 2018, Ranta-Ratina was completely rebuilt and extended in 2018 whilst maintaining the original façade, while Ratinankulma was completely rebuilt whilst maintaining the original façade and some protected indoor structures. Parking facilities are located on the underground floors. The shopping centre has three levels of retail plus two underground levels. The entrance to Ratina is made via the 2nd retail floor, from Vuolteenkatu street and through Ratina square. The office premises can be found in the two floors above the retail premises. In addition, there is a separate extension to the building with 7 floors named ´Periscope´, consisting of restaurant space. Based on the inspection, the premises meet the modern requirements and the centre has a simple floor layout, making navigation around the centre simple. The buildings that are situated on the north side of the Ratina square have retail and office space across two floors. The offices are mostly situated in the uppermost floors. Based on the inspection, some of the retail units and the office space in these two buildings require TI´s before occupancy. According to the TDD report by Vahanen, the properties are partly founded on concrete footing and partly on the bedrock. The base floor slab, on the bottom underground floor comprises in-situ cast reinforced concrete slab. The foundation walls are mostly made of in-situ cast reinforced concrete. The external walls of the Shopping Centre are partly steel-framed insulated light-element structures with metal cassette, fixed metal framed window walls or similar façade surfaces. Some of the facades are spot masonry brick walls. Windows are mainly insulation glass units. The external walls of Ratinankulma and Ranta-Ratina are both spot masonry brick walls with plastered façade surfaces. The property has mechanical ventilation with cooling and benefits from all main services, including district heating, water electricity, and drainage. Property cooling consist of a water cooling system.

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us, as set out below. There are multiple tenants in the properties. The main tenants include clothing stores Zara, H&M and Halonen, grocery stores K-Supermarket and Lidl and furniture store Vepsäläinen. Some of the premises are still vacant and have not been fully completed. PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

SITE AREA The shopping centre is situated on two sites. 837-113-200-4: 22 586 sq m 837-113-199-14: 4 665 sq m Total: 27,251 sq m

Floor Areas FLOOR / UNIT USE SQ M 1-3, 6-7, P1-P2 Retail 43,600.5 2-5 Office 7,527.5 P1-2, 1 Storage 1,776 P2, 1 Staff facilities/other 114.0 P2 Parking 135 rented spaces (outside operator) TOTAL 53,018

DUE DILIGENCE

STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been supplied with a technical survey report prepared by Vahanen, dated 11 September 2018. The report summarises that the property is considered to be of low risk. Based on Vahanen TDD report the estimated costs of the repair needs during the next 10 years are 743.000 €, 0.12 €/sq m (gross)/mth. The level of the costs can be considered average / below average considering the age and the type of the property. The report does not include assessment of maintenance costs or annual repair costs (opex) or costs that are related to the tenants’ improvements or modification works typically compensated by the tenant. At the time of our inspection, the property appeared to be in reasonable condition commensurate with its age, use and construction. Based on the information provided, we adjusted an average repair cost of 0.12 €/sq m/mth within our valuation for the 10-year period.

ENVIRONMENTAL We have been instructed not to make any investigations in relation to the CONSIDERATIONS presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent, then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses of either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exist. Based on the environmental report prepared by Anthesis, dated 4th October 2018, we understand that the property is not affected by any material PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

environmental issues. No material issues in excess of the materiality threshold of 25,000 EUR were identified as a part of the Environmental Due Diligence Assessment. The property is affected by some potentially material environmental issues. These issues include environmental setting (previous intrusive investigations and site history) and hazardous building materials (asbestos and PAH). According to reporting the environmental risk associated with the site in its continued current land use is considered to be low to moderate. Any apparent environmental concerns were not noted during the site inspection. However, technical premises need to be cleaned as some construction waste and dust was still observed.

TOWN PLANNING The properties are part of the local detailed plans 8204 and 8369. The shopping centre and Ranta-Ratina buildings follow the plan 8204 which is zoned for central retail- and office operations and allows large retail trade units (KMK-1). The Ratinankulma follows the plan 8369 which is zoned for retail and office use (K). In addition, Ranta-Ratina and Ratinankulma buildings are protected as they are considered architecturally valuable and important buildings for the preservation of cityscape. There are no ongoing re-zoning projects in the subject site area or within immediate vicinity of the site. For the purposes of valuation, we have assumed that the property has all necessary permissions for its current use.

LEGAL CONSIDERATIONS

TENURE Freehold. Titles for the sites are held by Kiinteistö Oy Ratinan Kauppakeskus (owned by Sponda). Property ID’s have been verified from National Survey of Finland to be 837-113-200-4 (Shopping center and Ranta Ratina) and 837- 113-199-14 (Ratinan Kulma), checked 17.7.2019.

LEGAL DUE We have had site of the legal DD dated on 19 July 2019 for the leases and DILLIGENCE assets prepared by White & Case. In addition, we have had site of the legal overview report dated on 24 July 2019 by Roschier. Based on the documents, no significant red flag issues or material issues impacting the valuations have been found.

TENANCIES There are 110 tenants occupying the property. The biggest tenants include Tullinkulman Työterveys, K-Supermarket, H&M, Halonen, Lidl, L-Export, KappAhl and Lindex which all have contract rents over 500,000 €/year. The five largest tenants have signed fixed contracts until 2025-2045. The longest lease is for H&M with a fixed lease ending in 2045. The average lease maturity for all contracts is 6.1 years including mall income and parking and 6.5 years excluding mall income and parking. It should be noted that we have considered units AT2Q27 and AT3Q25 as vacant, for the reason MOW is a separate company owned by Sponda and these are considered internal lease agreements. PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Trailing 12 months net income from customer parking is ca. 1,189,000 €. A market level of 1,190,000 € per annum has been adopted. Detailed financial investigations of the tenants are outside the scope of this report. We believe that the property investment market would view the tenant companies as providing strong security.

MARKET COMMENTARY

OCCUPATIONAL Tampere is the 3rd most populated city in Finland and the second largest MARKET urban area in Finland, and as such has reasonable levels of occupier demand. However, Tampere has a far smaller catchment to that of the likes of the Helsinki Metropolitan Area. Therefore, competition for shopping centres, department stores and other destination uses is tight due to there being a limited market. Ratina is part of the CBD retail area, having the most desired retail space and occupies national and local operators. The retail rents in Tampere range between 8-55 €/sq m/mth. The highest gross rents for retail properties in CBD range between 20-55 €/sq m/mth. In prime areas, modern properties’ yields fluctuate between 5.50% to 6.50% and the vacancy rate is between 2.00% to 4.00%. Tampere deck and central arena is currently the largest active retail property construction in Tampere. The Central Deck and Arena project will house a 50,000 sq m multi-purpose arena, and 60,000 sq m of residential, hotel, office and retail premises. The project will be completed in phases between 2022-2024. Other large active constructions include TAYS extension, Technopolis Asemakeskus improvement and Courtyard by Marriott hotel construction. New tramway leads the new planning and construction in Tampere. There will be more housing built along the tramway and the land use will be intensified. This will extend the city of Tampere outside the city centre, providing good framework for services and housing. In 2018, the retail supply in Tampere increased significantly due to the completion of Ratina shopping center and Westeri retail center located in Tesoma. Please refer to the annexures page attached for additional market commentary.

RENTAL EVIDENCE: Table of evidence appended.

EVIDENCE The rental evidence presented reflect rental levels on good quality shopping COMMENTARY: centres in Tampere. Due to confidentiality, exact locations cannot be disclosed or commented on in detail. PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

OPINION OF MARKET We have not received OCR figures for the analysis of market rents. Also, they RENT: could be affected by the fact that the property has only recently opened and is not in a stabilised position. Since opening, the monthly sales have increased from 5.8 million Euro in April 2018 to 9.7 million Euro in June 2019. The average sales from May to June have increased from 8.0 million Euro in 2018 to 9.3 million Euro in 2019 (+16.6%). The amount of parking has fluctuated notably during the first half of 2019. This is mostly due to changes in discount policies. Starting from April, there have been 1-hour free parking available via Ratina app. From April to June, parking has averaged to 59,500 times per month. The long-term income from short term parking is difficult to assess reliably due to exceptional figures of the first half of 2019. We have assessed our market income for short-term parking based on the competitive schemes and information on parking income in similar properties. Our valuation calculation assumes a net income of 1,190,000 € for short term parking. Rents reflect the rental levels obtained in Tampere shopping centres and modern offices. Based on the evidence appended and having regard to the characteristics of the property, we have adopted the following market rates: - € 7-160 per sq m/mth for the retail spaces depending on the size and location of the unit - € 20-35 per sq m/mth for office depending on the size and location of the unit - € 15 per sq m/mth for storage - € 160 per pc/mth for parking (tenants) o Calculation also includes the future parking income from 113 spaces of Ratina office. I.e. the amount of leased parking spaces that are not subject to easement for Ratina Office. In addition, the annual mall income ca. 50,000 € and short-term parking income of 1,190,000 € per annum has been included in our valuation.

In total, our estimated rental value for the property is 20,977,580 € annually.

INVESTMENT EVIDENCE

INVESTMENT MARKET The Tampere region is the most active property market area in Finland outside the Helsinki Metropolitan region. Investors are now looking to invest in Tampere, which offers higher returns than Helsinki. Demand and the yield spread between Helsinki and Tampere is wide. Depending on the micro location and property specifics, yields tend to move out 250-300 bps from central Helsinki prime rates. Tampere has attracted both domestic and PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

international real estate investors, though the majority of investors are still Finnish. In 2018, the total transaction volume of Finland was around 9.2 billion euros. The transaction volume decreased in Tampere from €850 million in 2017 to €560 million in 2018. In 2018, the biggest transactions and construction deals in Tampere included Technopolis sale (three campuses in Tampere), Sponda’s office development from NCC (~26 mil. €), OP-Palvelukiinteistö care property development from YIT (~15 mil. €), VR-Yhtymä office and car park sale to Finnpark Oy (12 mil. €) and 767 million € portfolio deal which Cibus acquired from Sirius Capital partners which included properties also from Tampere. By Q2 2019, there has been only two over 5 million € deals in Tampere this year. In June, Citycon sold Arabia and Duo shopping centers to NREP with 77 million euros. Duo shopping center is located in Tampere, in Hervanta city district ca. 8 km south-east from the city center. Other deal made in April was a residential development contract for 86 rental apartments between vendor NCC and purchaser Luotsi Capital Oy, with a contract value of 7.4 million euros. Please refer to the annexures page attached for additional market commentary.

INVESTMENT Table of evidence appended. EVIDENCE:

EVIDENCE The amount of transaction evidence for similar shopping centre´s is limited COMMENTARY: as there has been only few shopping centre transactions outside HMA in recent years. Due to the heterogeneity of comparable assets we have relied on their yield, income and cost levels.

OPINION OF Yields are currently below the long-term average due to low interest rates and VALUATION YIELDS: ample funds in the market seeking real estate investments. Once interest rates rise and other forms of investment become more appealing than those currently, real estate yields are expected to start trending upwards again. In the short term, real estate yields are expected to remain at a below average level. Based on our general market knowledge, confidential information on yields for specific transactions and the abovementioned sales, an equivalent cashflow yield of 6.00% is currently considered appropriate for the subject property. The adopted valuation assessment reflects an initial yield (NOI II) of 5.01% for the headline rents and 4.36% for the estimated 1st year income. The yield spread between Helsinki and Tampere is wide. Depending on the micro location and property specifics, yields tend to move out 250-300 bps from central Helsinki prime rates. Specifically, office yields have trended downwards in Tampere.

PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

VALUATION CONSIDERATIONS

VOID PERIODS AND Approximately 80 % of the property is currently leased (Day 1 occupancy of RE-LETTABILITY: 83%). It should be noted that we have considered units AT2Q27 and AT3Q25 as vacant, for the reason MOW is a separate company owned by Sponda and these are considered internal lease agreements resulting in a Day 1 occupancy of 79.3% for the purpose of our report. We have allowed for a leasing void of 3 months on expiry of the term certain. This allowance includes any rent-free periods that might be granted and takes into consideration a tenant retention possibility. A leasing void of 12 months has been allowed for the vacant office, storage and retail premises and also for parking places. Letting fees are typically 1 month´s rent and rent-free periods 1 month for each year in a lease. These costs to the owner are considered to be included in our void assumption and long term structural vacancy for market rents.

MARKETABILITY & Due to size of the property, most likely investors would be large property POTENTIAL companies, institutional investors and property funds. PURCHASERS:

SALES PERIOD: 9-18 Months

SUITABILITY FOR We have not been provided with loan terms and therefore cannot provide LOAN SECURITY: specific comment thereon. Subject to the specific comments made within the body of this report, in our view, the property is deemed as being suitable for loan security, subject to prudent lending practices, however we are not aware of the loan amount or terms.

COSTS AND In arriving at our opinion of value, we have explicitly modelled costs provided ADJUSTMENTS to us and additional assumption based cost items have been modelled, as outlined below; - Operating expenses of 6.53 €/sq m/mth have been adopted. o Based on the opex budget provided by the owner o Marketing charge of 551,000 € have been deducted from the total costs as it is recoverable from the tenants. - TI´s in total of 673,600 € have been adopted on some vacant office and retail premises. o Several vacant units in the old building part require TI´s. A rate of 400 €/sq m has been adopted (1,916.5 sq ms). - Average repair cost of 0.12 €/sq m/mth has been adopted. o Based on Vahanen TDD report - An additional repair reservation of 0.25 €/sq m/mth has been included in our valuation for Terminal NOI repair cost level. - A long-term vacancy of 6.4 % for market rents has been adopted for cash flow period and 5.0% for terminal value. PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

o Lower vacancy for terminal value is adopted as Shopping centre is expected to stabilise over the 10-year period.

We have arrived at our opinion of Market Value adopting the Discounted Cash Flow method of valuation. Within this approach, all future cash flows for the next ten years are estimated and discounted by using cost of capital to give their present values. These values added with the present value of the property’s terminal value will be treated as the market value of the property. Our valuation approach results a Market Value of €257,000,000, equating to €4,847 per sq m. As the shopping centre is not yet in a stabilised state, the valuation includes increased uncertainty which is reflected through the assumptions on yield, parking income and other mall income.

VALUATION The constituent inputs in terms of rental value and non-recoverable costs METHODOLOGY – largely align with the Market Value approach. The key exception being that VACANT POSSESSION we have adopted a special assumption that the property is 100% vacant/non- VALUE: income producing as at the valuation date. This value is predominantly derived using the traditional investment method of valuation but critically benchmarking the resultant capital rate per sq m against the prevailing evidence. In approaching our valuation under the Special Assumption that the property is entirely vacant (Vacant Possession Value), we have adopted an equivalent yield of 7.50% due to higher risk, void period of 18 months for vacant premises. In addition to voids, in preparing our assessment of Vacant Possession value we have maintained €400 per sq m of TI´s to some office and retail spaces (1,916.5 sq ms). This results in a vacant possession value of €178,000,000 equating to €3,357 per sq m.

REMAINING The remaining economic life of the property is estimated to be 50 years. ECONOMIC LIFE AND The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. REINSTATEMENT COST ASSESSMENT: For indicative purposes only, we estimate that the reinstatement cost for the property would be in the region of EUR 222,900,000 on a day one basis, including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. It should not be used as a basis for obtaining quotations for insurance, or for the placing of insurance and the assessment does not intend to provide any guarantee as to the condition of the property being assessed. The total reinstatement cost is calculated as follows: PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

CONSTRUCTION COST GROSS AREA RATE Other Finland COST Vuolteenkatu 1, Tampere sqm / pcs €/sqm or pcs Office 4 778 2 399 11 462 422 Retail 46 402 3 100 143 844 650 Storage /basement amenities 1 923 1 709 3 285 553 Basement car park 1 200 40 000 48 000 000 Staff facilities/other 210 2 399 375 900 Total construction cost inc. external 53 312 207 000 000 works & professional fees, rounded

DEMOLITION COST GROSS AREA RATE COST Demolition of existing building 53 312 100 5 331 200

CONTINGENCY RATE ALLOWANCE Project contingency 5,0 % 10 616 560

TOTAL REINSTATEMENT COST COST Total reinstatement cost, exc. VAT, rounded 222 900 000

CONSTRUCTION COST SPLIT COST Building construction 205 140 466 Professional fees 1 689 534 External works 170 000 TOTAL 207 000 000

PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

RENTAL EVIDENCE

PROPERTY PROPERTY DATE TOTAL AREA TENANT LEASE BREAK RENT (P.A) RENTAL RATE ADDRESS USE LENGTH OPTION PER SQ M (YEARS)

Tampere Retail Q2 2019 405 5.2 135,912 28.00 (gross)

Tampere Retail Q2 2019 189 7.7 59,739 26.30 (gross)

Tampere Retail Q2 2019 132 4 45,128 28.50 (gross)

Tampere Retail Q2 2019 151 5.1 91,185 50.50 (gross)

Tampere Retail Q2 2019 1138 10 293,475 21.50 (gross) PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Tampere Retail Q2 2019 176 5 179,562 85.00 (gross)

Tampere Retail Q1 2019 986 10 After 5 290,357 24.50 (gross)

Tampere Retail Q1 2019 81 3 73,133 75.20 (gross)

Tampere Retail Q1 2019 98 UFN 69,866 59.40 (gross)

Tampere Restaurant Q2 2019 278 5 136,430 41.00 (gross)

Tampere Restaurant Q2 2019 108 5 39,358 30.50 (gross)

Tampere Restaurant Q1 2019 88 5 61,247 58.30 (gross)

PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

SALES EVIDENCE

PROPERTY PROPERTY DATE TOTAL AREA WAULT PASSING PURCHASE NET INITIAL CAPITAL ADDRESS USE (YEARS) RENT PER PRICE YIELD (%) RATE PER SQ ANNUM M

Ratatie 11, Shopping Q2 2019 9,035 66 MIL € 7,305 Vantaa center

Hämeentie 111, Shopping Q2 2019 35,554 77 MIL € 2,166 Helsinki & center Pietilänkatu 2, Tampere

Vantaanportinkatu Shopping Q1 2019 85,000 250 MIL € 2,925 3, Vantaa (34% center share)

Itäkatu 1, Helsinki Shopping Q4 2018 100,000 450 MIL € 4,500 center PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Malmin Kaari 13- Shopping Q2 2018 12,400 Confidential 19, Helsinki center

5 shopping Shopping Q3 2017 61,000 167 MIL € 2,738 centres in Espoo, center Vantaa, Helsinki and Jyväskylä

Kauppakatu 31, Shopping Q3 2017 5,830 Confidential Jyväskylä center

Siltakatu 11, Shopping Q2 2017 9,750 30.4 MIL € 3,118 Espoo center

Skanssinkatu 10, Shopping Q2 2017 37,230 N/A Turku center

PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PICTURES

PROPERTY ID: RATINA SHOPPING CENTER ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019 PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PROPERTY REPORT

VÄRITEHTAANKATU 8, VANTAA

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

VESA KIVILUOTO 24/09/18 31/07/19 OFFICE, HOTEL

KEY VALUATION FACTORS

POSITIVE ° Modern development ° Location is one of the best possible in Tikkurila ° Situated in a strong developing area with good connections ° Mixed use building ° Micro location ° Good tenant profile

NEGATIVE ° Vacancy currently stands at 26 % ° Situated on the opposite side of the Dixi shopping centre ° Competition from Dixi offices ° Tikkurila is still an emerging office market PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

LOCATION & SITUATION

MACRO LOCATION The subject property is located in Vantaa, Southern Finland. Vantaa is the 4th largest city in Finland with a population of 223,027. Vantaa and the neighbouring cities Helsinki, Espoo and Kauniainen combined, form the HMA (Helsinki Metropolitan Area) and have over 1.2 million inhabitants. The HMA is the largest economical centre in Finland and accounts approximately for one third of GDP with significant growth potential as the population is expected to grow by 12% by 2030. Further to this, approximately 46.6% of the population in HMA have attained a tertiary degree which is higher than the EU28 average of 39.1%.

MICRO LOCATION The subject property is situated in Tikkurila, Vantaa. Tikkurila is the municipal centre of Vantaa and it has developed strongly in recent years. The site is situated in the vicinity of the DIXI shopping centre, just across the railway tracks, in a mixed commercial and residential locality. Tikkurila train stop is close by and the Helsinki CBD can be reached within 25 minutes by train and Helsinki- Vantaa airport in 20 minutes respectively. The property sits in the corner of Väritehtaanpolku and Väritehtaankatu. In overall the micro location can be described as good due to connections and the fact that it is situated in a fast-growing municipal centre.

PROPERTY DESCRIPTION

DESCRIPTION The site comprises one building which was completed in 2018, however, some minor corrective actions are still pending completion. The property comprises office and retail spaces and has one underground with six above ground floors. The building is connected to the Tikkurila train station and Shopping centre DIXI via an above ground walkway on the buildings third floor. The exterior facade of the building constitutes of prefabricated reinforced concrete sandwich elements partly patinaed using the umbra patination method and partly covered with stove-enamelled aluminium profiled mesh sheets. There is also affixed aluminium framed window-wall system. The frame of the building is reinforced concrete while the roofing material is bitumen felt. The basement of the building has parking facility, social premises, storages and two air-raid shelters. Ground floor has retail space (two units), lobby for the offices and technical space. The upper levels constitute of office, retail, gym and hotel premises. The building has in total of four stair cases and four elevators. The Property has mechanical ventilation with cooling and benefits from all main services, including district heating, water, electricity and drainage.

ACCOMMODATION Based on the information provided, the property extends 9,514 sqm arranged over seven floors. The floor plates provide flexible accommodation. At the time of the valuation, there were 23 units vacant with a total area of 2,505.4 sqm according to the rent roll provided. The building has parking spaces in the basement and in the yard area. The total amount of parking is PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

214 spaces that are subject to 234 parking permissions. 92 spaces are in the yard area and 122 are located in a parking facility underground. The property has been leased to multiple tenants, including Lehto Group, Forenom apartment hotel, Fitness 24/7 and K-Supermarket grocery store. Ca. 26 % of the premises are still vacant.

Floor Areas FLOOR / UNIT USE SQ M 3-6 Office 4,488 1-3 Retail 2,804.5 4-6 Hotel 1,649 0-1 Storage 288 0,1,3-6 Other 284.5 Parking Parking 234 pc. (parking permissions) TOTAL 9,514

DUE DILIGENCE

STATE OF REPAIR At the time of the inspection the property appeared to be in good condition. We have had sight of the Vahanen condition study, incorporating maintenance and repair costs, which have been incorporated into our assessment of value. According to the TDD report prepared by Vahanen, the estimated costs of the repair needs during the next 10 years are 145,000 €. The level of costs is considered to be average, considering the age and the type of the property. These costs are included in our valuation. At the time of our inspection, the property appeared to be in reasonable condition commensurate with its age, use and construction.

ENVIRONMENTAL Based on the Phase 1 Environmental Due Diligence report drawn by Anthesis CONSIDERATIONS Finland Oy, no material issues in excess of the materiality threshold of 25,000 EUR were identified as part of the environmental due diligence.

TOWN PLANNING The property is situated in a building block intended for retail and office buildings (K). In addition, the real estate company owns the parking area next to the property which is zoned for parking (LPA). For the purposes of this valuation, we have assumed that the property has all necessary permissions for its current use. The new zoning plan gained legal force on October 17, 2018 increasing the amount of building right from 13,471.5 sqm to 16,000 sqm and the maximum number of floors was increased to seven enabling the construction of the second phase. We have considered this in our valuation. PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

LEGAL CONSIDERATIONS

TENURE Freehold. Title for the site is held by Kiinteistö Oy Vantaan Väritehtaankatu 8 (owned by Sponda). Property’s IDs has been verified from National Survey of Finland to be 92-62-31-1(office building) and 92-62-32-15 (parking area) (checked 17.7.2019).

LEGAL DUE We have had site of the legal DD dated on 19 July 2019 for the leases and DILLIGENCE assets prepared by White & Case. In addition, we have had site of the legal overview report dated on 24 July 2019 by Roschier. Based on the documents, no significant red flag issues or material issues impacting the valuations have been found.

TENANCIES There are six tenants occupying the property and currently one of the premises is being refurbished for an existing lease. Niras Finland Oy has signed a lease starting from October which will add the total tenant count to seven. The property has both fixed and rolling leases. Average lease maturity for all contracts is 5.1 years. Tenants pay capital rent and in addition they pay maintenance charge. Main tenants in the building are Lehto group Oyj, Majoituspalvelu Forenom Oy and Fitness24seven Oy. They all have fixed leases that are valid until April 2024 or 2025. Other significant tenants in the building are Kesko Oyj and Täsmä Työterveys Oy. In general, we see that market would see the tenant mix in a positive light. Office rents in the building vary from 23.15€/sqm/mth to 29.55€/sqm/mth, retail rents from 20.51€/sqm/mth to 27.26€/sqm, hotel rents from 23.01€/sqm to 28.76€/sqm and storage rents from 14.00€/sqm to 14.41€/sqm. Parking rights have rents ranging from 60.00€/pcs/mth to 156.06 €/pcs/mth Detailed financial investigations of the tenants are outside the scope of this report. We believe that the property investment market would view the tenant companies as providing good security.

MARKET COMMENTARY

OCCUPATIONAL In Vantaa, the most important commercial property market areas are MARKET concentrated around the airport and its surroundings, as well as in the Tikkurila centre. Tikkurila is a developing municipal centre that has in recent years started to emerge as a modern office location. The vacancy in Tikkurila offices follows the general trend in HMA; vacancy in modern offices is low, but in the older stock the vacancy can be expected to be above average in the long term. Notable recent completions, in addition to subject property, include the office part in shopping centre DIXI with leasable area of ca. 17,000 sqm and Tikkurilan Silkki with leasable area of 5,000 sqm. Based on the listings Dixi has ca. 220 sqm available for leasing and Renor Oy Tikkurilan Silkki ca. 180 sqm available. PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

In modern offices in Tikkurila area, rental levels are in the range of 19 to 24 €/sqm/mth depending on the size, floor and location of the unit. Please refer to the annexures page attached for additional market commentary.

RENTAL EVIDENCE: Table of evidence appended.

EVIDENCE We have had specific regard to the evidence within the subject property and COMMENTARY: in the immediate vicinity, drawing our conclusions on market value. This includes the assets in the Tikkurila centre where recent lettings have concluded.

OPINION OF MARKET Having regard to the market evidence and tone for the area, we have RENT: adopted the following gross market rates: - 23 or 28 €/sqm/mth for offices and other spaces comparable to offices - 20-27 €/sqm/mth for retail units depending on the location of the unit - 23 or 28 €/sqm/mth for hotel units - 10 or 15 €/sqm/mth for storages - 50 and 153 €/pc/mth for parking rights

In total, our estimated rental value for the property is 2,775,895 € annually.

INVESTMENT EVIDENCE

INVESTMENT MARKET There is a high level of investment demand for good quality and well-located assets. The past two years have shown an increasing number of foreign market parties which has improved the liquidity in the market. Due to limited supply, we have seen the prime yields decrease by 160 bps compared to long term average. However, it now appears that the yields have bottomed and further decrease is not expected. As the investment demand has been strongly focused on prime assets situated in HMA, the yield gap between the Capital region and rest of the Finland has increased and can even extend to 200- 300 bps depending on the asset category. Currently the yields in modern offices in Espoo and Vantaa typically fall within the range of 5.50% to 7.00% depending on the micro location and the level of occupancy. PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Please refer to the annexures page attached for additional market commentary.

INVESTMENT Table of evidence appended. EVIDENCE:

EVIDENCE Considering the location and the fact that the building has only recently COMMENTARY: completed, we have adopted market rents that are higher than presented in the table of evidence. We note there has been a limited number of development site transactions within Vantaa in recent years. There was a site transaction in Aviapolis area in Q2 2018 where an office site was sold with a price reflecting a level of 270 €/sq m over the permissible building right. In addition, there were three site transactions in Aviapolis area between Q1 2010 and Q1 2012 where office sites were sold with prices reflecting a level of 320-355 €/sq m over the permissible building right.

OPINION OF Yields are currently below the long-term average due to low interest rates and VALUATION YIELDS: ample funds in the market seeking real estate investments. Once interest rates rise and other forms of investment become more appealing than currently, real estate yields are expected to start trending upwards again. In the short term, real estate yields are expected to remain at a below average level. Based on our general market knowledge, confidential information on yields for specific transactions and the abovementioned sales, an equivalent cashflow yield of 6.15% is currently considered appropriate for the subject property. The adopted valuation assessment reflects an initial yield of 4.77% for the headline rents and 2.01% for estimated 1st year income where vacancies and rent-free periods have been accounted for.

VALUATION CONSIDERATIONS

VOID PERIODS AND Approximately 74 % percent of the property is currently leased. We have RE-LETTABILITY: made a leasing void allowance of 3 months on expiry of the term certain. This allowance includes any rent-free periods that might be granted and takes into consideration a tenant retention possibility. We have assumed 12 months void period for the current vacant units. Letting fees are typically 1 month´s rent and rent-free periods 1 month for each year in a lease. These owner costs are considered to be included in our void assumption and long term structural vacancy for market rents. PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

MARKETABILITY & This asset represents a large multi-use building in the centre of Tikkurila. POTENTIAL There is an above market level vacancy in the property, but the current leases PURCHASERS: guarantee a positive NOI. The marketability of the asset in its current status is average mainly due to the current level of occupancy. We consider the most potential buyers for the property to be foreign and domestic property investment companies.

SALES PERIOD: 6-12 months

SUITABILITY FOR We have not been provided with loan terms and therefore cannot provide LOAN SECURITY: specific comment thereon. Subject to the specific comments made within the body of this report, in our view, the property is deemed as being suitable for loan security, subject to prudent lending practices, however we are not aware of the loan amount or terms.

COSTS AND Based on the information provided and our knowledge of the market, in ADJUSTMENTS approaching our valuation, we have made allowances for the following capital and non-recoverable costs: - Operating expenses of 4.18 €/sq m/mth have been adopted. - TI´s in total of 554,300 € have been adopted on vacant office and retail premises and for Niras Finland Oy’s 273,5 sqms office space. o Vacant offices and retail premises require tenant fit out. Cost level of TI cost of 200 €/sq m has been adopted. - An additional repair reservation of 0.25 €/sqm/mth has been included in our valuation for Terminal NOI repair cost level. - Vacancy of 5.0 % during the cash flow period for market rents has been adopted for the cash flow period and 7.5 % in the residual value calculation. In addition, we have taken into account the value of the unused building right. Due to the change in local plan, Väritehtaankatu 8 has additional building right and allows the office property to have one additional floor (maximum 7 floors). We have valued the unused building right to be 350 €/sqm, equating to 885,500 € increase in value in total. Due to the increase in land value, Väritehtaankatu has agreed to construct a passageway to compensate the added value to the City of Vantaa. According to Legal Due Dilligence made by White & Case in July 2019, KOy Vantaan Väritehtaankatu 8 has an obligation to pay a land use payment in the amount of EUR 350,000 to the City of Vantaa, which obligation is set off by KOy Vantaan Väritehtaankatu 8 with the construction and maintenance of the above passageway arrangement. This is taken into account as ‘’other costs’’ in our calculations.

VALUATION We have arrived at our opinion of Market Value adopting the Discounted METHODOLOGY – Cash Flow method of valuation. Within this approach, all future cash flows MARKET VALUE: for the next ten years are estimated and discounted by using cost of capital to give their present values. These values added with the present value of the PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

property’s terminal value and the value of the unused building right will be treated as the market value of the property. Our valuation approach results a Market Value of €34,400,000, equating to €3,616 per sq m. We have compared the result of our valuation against comparable transactions of modern offices in Vantaa area. In regard to their capital values, rents and yields support the valuation considering the assumptions made. Exact details of the comparable transactions cannot be disclosed due to confidentiality.

VALUATION The constituent inputs in terms of rental value and non-recoverable costs METHODOLOGY – largely align with the Market Value approach. The key exception being that VACANT POSSESSION we have adopted a special assumption that the property is 100% vacant/non- VALUE: income producing as at the valuation date. This value is predominantly derived using the traditional investment method of valuation but critically benchmarking the resultant capital rate per sq m against the prevailing evidence. In approaching our valuation under the Special Assumption that the property is entirely vacant (Vacant Possession Value), we have adopted an equivalent yield of 7.15% due to higher risk, void period of 24 months for vacant premises. In addition to voids, in preparing our assessment of Vacant Possession value we have maintained €200 or €400 per sqm of TI´s to some office and retail spaces. This results in a vacant possession value of €24,700,000, equating to €2,596 per sq m.

REMAINING The remaining economic life of the property is estimated to be 50 years. ECONOMIC LIFE AND REINSTATEMENT The property has not been inspected by a suitably qualified building COST ASSESSMENT: surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost for the property would be in the region of EUR 31,100,000 on a day one basis, including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. It should not be used as a basis for obtaining quotations for insurance, or for the placing of insurance and the assessment does not intend to provide any guarantee as to the condition of the property being assessed. The total reinstatement cost is calculated as follows: PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

CONSTRUCTION COST GROSS AREA RATE HELSINKI COST Väritehtaankatu 8, Vantaa sqm / pcs €/sqm or pcs Office 4 488 2 446 10 977 648 Storage /basement amenities 573 1 742 997 295 Car park 214 27 500 5 885 000 Hotel 1 649 2 816 4 644 360 Retail 2 805 2 174 6 096 983 Total construction cost inc. external works 9 728 28 600 000 & professional fees, rounded

DEMOLITION COST GROSS AREA RATE COST Demolition of existing building 9 728 100 972 800

CONTINGENCY RATE ALLOWANCE Project contingency 5,0 % 1 478 640

TOTAL REINSTATEMENT COST COST Total reinstatement cost, exc. VAT, rounded 31 100 000

CONSTRUCTION COST SPLIT COST Building construction 26 740 466 Professional fees 1 689 534 External works 170 000 TOTAL 28 600 000

PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

RENTAL EVIDENCE

PROPERTY PROPERTY DATE TOTAL AREA TENANT LEASE BREAK RENT (P.A) RENTAL RATE ADDRESS USE LENGTH OPTION PER SQ M (YEARS)

Tikkurila Office 2019 Q1 2,063 9.0 506,508 20.5 (Gross)

Tikkurila Office 2019 Q1 165 3.0 45,540 23.0 (Gross)

Tikkurila Office 2019 Q2 304 rolling 72,324 19.8 (Gross)

Tikkurila Office 2019 Q2 354 3.0 96,000 22.6 (Gross)

Tikkurila Office 2019 Q2 74 rolling 21,600 24.3 (Gross) PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Myyrmäki Office 2018 Q4 587 2.25 117,776 16.7 (Gross)

Aviapolis Business Park 2018 Q4 325 2.5 72,150 18.5 (Gross)

Aviapolis Business Park 2018 Q4 231 1.5 43,077 15.5 (Net)

Vapaala Business Park 2018 Q2 146 2.5 27,156 15.5 (Net)

Aviapolis Business Park 2018 Q2 198 3 40,392 21.6 (Gross)

Aviapolis Business Park 2017 Q4 596 rolling 3.5 121,870 21.9 (Gross)

Vapaala Business Park 2017 Q4 264 rolling 3 59,218 18.7 (Gross) PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Vapaala Business Park 2017 Q4 259 rolling 5 57,371 18.5 (Gross)

Vapaala Business Park 2017 Q3 237 rolling 3 51,192 18.0 (Gross)

Aviapolis Business Park 2017 Q3 198 2.75 40,456 21.9 (Gross)

Aviapolis Business Park 2017 Q3 198 3.5 40,535 21.9 (Gross)

PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

SALES EVIDENCE

PROPERTY PROPERTY DATE TOTAL AREA WAULT PASSING PURCHASE NET INITIAL CAPITAL RATE ADDRESS USE (YEARS) RENT PER PRICE YIELD (%) PER SQ M ANNUM

Karhumäentie 2, Business park 2019 Q2 8,000 30.0 MIL € 3,750 Vantaa

Itämerenkatu 5, Office 2019 Q1 8,800 41.0 MIL € 4,659 Helsinki

Konepajankuja Office 2018 Q4 8,850 45.0 MIL € 5,085 1, Helsinki

Bertel Jungin Business park 2018 Q2 5,600 23.6 MIL € 4,214 aukio 1, Espoo PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

Itämerenkatu 3, Office 2017 Q2 9,900 28.7 MIL € 2,899 Helsinki

Karhumäentie 3, Business park 2017 Q1 9,000 36 MIL € 4,000 Vantaa

Mannerheimintie Business park 2017 Q1 10,864 45 MIL € 4,142 113, Helsinki

Ilmala, Helsinki Business park 2016 Q3 11,600 50 MIL € 4,310

Peltolantie 27, Office 2016 Q1 5,000 15.4 MIL € 3,080 Vantaa

PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

PICTURES

PROPERTY ID: VANTAAN VÄRITEHTAANKATU 8 ON BEHALF OF: SPONDA OYJ VALUATION DATE: 31/07/2019

APPENDICES

TERMS OF ENGAGEMENT

Award Confirmation

Graham Hughes MRICS on behalf of CBRE Limited is hereby authorized to perform the following Statement of Work (SOW) as further defined herein, execution of which must comply with all terms and conditions of this Order and master service agreement(s) CW973025. Vendor acknowledges that this confirmation letter is a summary of select contract terms and conditions which is provided for convenience. To view the complete agreement electronically accepted by Vendor, refer to Bank of America's Commercial Valuation Services Information Management System.

Supplier: Statement of Work VSIMS ID: 18-005168-APR-008 Service Requested: Appraisal (Order) Project Description: Polar;Vantaan Väritehtaankatu 8,UU,Ventaa,FIN and 1 more property. Borrower / Client: Blackstone Sourcing Manager: Wayne Miller(813-968-7283) Contract Amendments (original terms remain in force except where expressly modified) Date Amended Revised Due Date Revised Fee Revised Statement of Work 07/25/2019 08/02/2019 USD 31,000 Extended delivery date due to data delays Original Terms Award Date Delivery Due Date Fee Delivery Performance 07/11/2019 07/30/2019 USD 31,000 All deliveries due by 6 PM local time unless otherwise specified. Time is of the essence. Review of all attachments and initial communication with identified project or property contacts must occur within five days of engagement. Liquidated damages may be assessed if the Statement of Work (SOW), including the delivery of all reports and requested data, is incomplete by the listed due date. Damages will be assessed at a rate of 5% of the negotiated fee for each day (cumulative) the SOW remains incomplete. Damages will not be imposed for delays resulting from circumstances beyond the appraiser's control if timely notice is provided; such circumstances to be judged for their validity solely by the Sourcing Manager. Individual standalone reports to be provided for each listed property unless instructed otherwise in this agreement. Service Definition Product: International ; Appraisal Certification: Contracted Appraiser Must Sign # CUR Premise Interest Allocations Market Value As-Is Freehold Real Estate 1 EUR Subject to Leases to End Tenants Market Value Other Freehold Real Estate 2 EUR VPV Replacement Cost Value As-Is Not Applicable Real Estate 3 EUR Indicative Reinstatement Cost (As is for Most; Upon Completion for Development Asset) Market Value As-Is Freehold Real Estate 4 EUR ERV Prospective Market Value Upon Completion of Construction Freehold Real Estate 5 EUR Ratina Development Asset Policies, Procedures, Other Terms and Conditions 1. Update of prior valuation work. 2. CERTIFICATION LANGUAGE: The valuation must include the EMEA-APAC Certification Language in the attached reference document (altered as relevant for prior services and to name those who provided signification valuation assistance). 3. INVOICE: To expedite invoice processing the invoice must identify the address and work performed for all properties. Include the statement ----- FOREIGN SOURCE ----- to expedite processing and ensure the appropriate accounting rules are followed. If not included on the invoice, include a separate document listing your wire instructions in order to process the payment electronically. 4. OTHER REQUIREMENTS: Appraisal reports must include: 1) Remaining economic life ----- 2) Exposure time ----- 3) Marketing time ----- 4) Identification and support of the most probable buyer (investor or owner-user). If the most probable buyer is an investor, the valuation should include appropriate deductions and discounts for vacant, owner-occupied and owner-affiliate-occupied space (treat as vacant and available for lease). ----- 5) The Cost Approach should be employed for proposed construction, new construction (24 months old or less) or gut renovation unless waived by Commercial Appraisal Services (CAS). ----- 6) Reappraisals must explain differences in value for assignments completed for Bank of America within the last two years. ----- 7) Review CAS Valuation Requirements prior to beginning an assignment and CAS Assignment Reminders prior to submitting assignment results. 5. RELIANCE LANGUAGE: Include the following language in the Letter of Transmittal and the Intended Use Section of the report: "This report may be relied upon by Bank of America Merrill Lynch International Limited and its affiliates, successors and/or assigns; the selected Facility Agent, its successors and/or assigns; and the selected Security Agent, its successors and/or assigns, in connection with their respective consideration of the extension of credit related to the property and/or the beneficial ownership thereof (the "Loan Financing"). This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any arranger of the Loan Financing and their assigns, any actual or prospective investor (including agents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing, any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing (together the "Beneficiaries"). A Beneficiary shall be permitted to rely on the report only on the condition that it acknowledges that the valuers shall not be liable to the Beneficiary for any special, indirect or consequential, damages and that the valuers' total aggregate liability to all lenders, agents, Beneficiaries and any other third party who seeks to rely on the report (the "Aggregate Cap") shall be limited to a sum not to exceed the lesser of 25% of the market value or twenty million pounds (20,000,000 GBP). Reliance by the Beneficiaries and any other third parties on the report shall constitute deemed acceptance of the above provisions in this paragraph and that any matters or disputes arising as a result shall be governed by English law and subject to the exclusive jurisdiction of the English courts. This report may be disclosed, without reliance, to any rating agency in connection with a Securitization." 6. WARRANTIES AND REPS: Include the following statement in the Letter of Transmittal and/or other prominent section of the report: "Bank of America Merrill Lynch makes no warranties or representations regarding this document or the conclusions contained herein."

Documents (document content must be downloaded from VSIMS) SOW-specific Reference Documents 1. EMEA-APAC_VALUATION_REQUIREMENTS_09012017_083254.pdf 2. EMEA-APAC_CERTIFICATION_LANGUAGE_09012017_082842.docx

Addressee and Distribution Instructions Report Distribution Name Address Comments Wayne R. Miller, FRICS, MAI, AI-GRS Bank of America Merrill Lynch International DAC | 2 [email protected] Addressee and Intended User Senior Vice President King Edward St | London | EC1A 1HQ Global Project Contact(s) (optional contacts listed where applicable) N/A

Property 002 Property Name Project Polar - Tikkurila Office Property Address Vantaan Väritehtaankatu 8; Ventaa, UU Finland Site Owner Blackstone Tax Parcel ID(s) Multiple Property Type Office:Office Building-Low-Rise Property Use Current Use: Office; Proposed Use: Office Property Status Existing; Year Built/Age: 2018; Occupancy: 70% Tenancy Multi-Tenant (1 or more leases > 1yr); # of Tenants: 6 Property Measures Building: 9,514 SQ-M ; 102,371 SF-GBA ; Land Area: 2 Acres ; Marketing No Miscellaneous Ground Lease: N; AOC: N; Built pre-1989: N; Flood Hazard: N; Other Comments Contacts Daniele (Blackstone) 07901 711 237

Property 003 Property Name Project Polar - Ratina Assets Property Address 2 Locations in Ratina-Area; Tampere, PI Finland Site Owner Blackstone Tax Parcel ID(s) Multiple Property Type Office:Office Building-Low-Rise Property Use Current Use: 1 shopping centre; 1 U/C office; Proposed Use: Same Property Status Under Construction; Year Built/Age: 2018; Occupancy: 82% Tenancy Multi-Tenant (1 or more leases > 1yr); # of Tenants: 125 Property Measures Building: 66,525 SQ-M ; 715,809 SF-GBA ; Land Area: 7.5 Acres ; Marketing No Miscellaneous Ground Lease: N; AOC: N; Built pre-1989: N; Flood Hazard: N; Other Comments 1 shopping center and 1 under construction office building (64% pre-let). Contacts Daniele (Blackstone) 07901 711 237

APPENDICES

MARKET REPORT

Finland Economic Overview

The Finnish economy reached its peak in 2018 and growth is slowing down in 2019, with a further slowdown expected in the coming years. Growth is still expected to remain positive in the short to medium term. GDP growth is expected to be 1.7% in 2019, before slowing down to 1.4% in 2020 and 1.2% in 2021, and under 1% thereafter. In 2018 the economy grew by 2.3%.

The reason for the slower growth is mainly a decline in housing construction and exports. Global economic growth and internal trade are slowing down on a broad front, especially in Europe. The uncertainty surrounding Brexit has negatively impacted trade with EU countries and industrial growth in Germany has dropped notably, mainly due to the car industry. Trade barriers increased last year, and a “trade war” is the largest threat to global economic growth. Finnish exports are still expected to grow by 2.3% in 2019, largely due to the delivery of ships.

Good growth in private consumption is expected to continue in 2019, supported by higher disposable income, an improving employment rate and low inflation. Private consumption is expected to grow by 1.8% in 2019, up from 1.4% in 2018. Public consumption is forecast to grow by 0.2% in 2019, and continue to grow at Employment improved notably in 2018, with the average monthly unemployment a similar rate in the short term. The outgoing government’s saving measures will rate falling from 8.6% in 2017 to 7.4%. Unemployment decreased in all regions cease to impact and the need for services is growing with the aging population. and in all age groups, with some sectors already reporting a shortage of workers. The unemployment rate is expected to average at 6.3% in 2019, before falling Private investment is expected to grow by only 0.4% in 2019, mainly due to a further to 6.1% in 2020 and 6.0% in 2021. The employment rate for 2019 is 3.9% decline residential construction. Large industrial companies are expected expected to be 72.7%, and this rate is expected to rise in the future, with the grow their investments while small and medium companies are cutting back on working age population declining as people retire. In the lead up to the investments. parliament election in April 2019, all major political parties announced the improvement of the employment rate as one of their key goals for the next election term, in order to avoid having to make further cuts to public spending.

Source: Finnish Ministry of Finance Finland Helsinki - Economic Overview

Helsinki and neighboring cities of Espoo, Vantaa and Kauniainen form a uniform Helsinki Metropolitan Area (HMA), which accounts for a major proportion of economic activity in Finland. The larger Helsinki region which consists of HMA and 10 neighboring municipalities accounts for 27% of the Finnish population, 32% of workplaces and 37% of GDP. The predictive economic production indicator shows that the region is clearly outpacing the rest of the country. Helsinki region’s economic growth has remained solid over 13 past quarters and in Q4 2018 its Y-o-Y growth was nearly 4% while the country level growth was only slightly above 2% during the same period.

The city of Helsinki has a population of ca. 648,000 being the largest municipality In 2017 the average income in Helsinki was €32,147, compared with the average in Finland. Helsinki benefits from urbanization and during the last ten years the for Finland of €29,540 per year. According to the ELY-Centre, the unemployment population growth has been positive. Average annual population growth has been rate in Helsinki was 8.8% in March 2019, showing an 80-bps decrease compared 1.17% exceeding the national average of 0.37%. During the last ten years, the to March 2018. Largest sectors measured by the employed workforce in Helsinki proportion of the working age population has decreased from 71.9% to 68.7% in are human health and social work activities with a 14% share, wholesale and Helsinki while the country level proportion has decreased from 66.4% to 62.2%. retail trade; repair of motor vehicles and motorcycles (10%), information and The population in Helsinki is expected to grow by 17% to ca. 759,000 by 2040 communication (10%) and professional, scientific and technical activities (10%). outpacing the national growth of 6%.

Sources: Statistics Finland; Centre for Economic Development, Transport and the Environment (ELY-Centre); The Urban Research TA ltd Finland Espoo and Vantaa - Economic Overview ESPOO VANTAA

The city of Espoo has a population of ca. 284,000, being the second largest The city of Vantaa has a population of ca. 228,000 being the fourth largest municipality in Finland. Espoo benefits from urbanization and the pull of the municipality in Finland. Vantaa benefits from urbanization and the pull of the neighboring capital city Helsinki. During the last ten years, the population growth neighboring capital city Helsinki. During the last ten years the population growth has been positive in Vantaa. Average annual population growth has been 1.56% has been positive in Espoo. Average annual population growth has been 1.60%, exceeding the national average of 0.37%. During the last ten years, the proportion exceeding the national average of 0.37%. During the last ten years, the proportion of the working age population has decreased from 70.2% to 67.2% in Vantaa of the working age population has decreased from 69.5% to 66.1% in Espoo, while the country level proportion has decreased from 66.4% to 62.2%. The while the country level proportion has decreased from 66.4% to 62.2%. The population in Vantaa is expected to grow by 12% to ca. 255,000 by 2040 population in Espoo is expected to grow by 19% to ca. 338,000 by 2040, outpacing the national growth of 6%. outpacing the national growth of 6%. In 2017 the average income in Vantaa was €25,892, compared with the average for Finland of €29,540 per year. According to the ELY-Centre, the unemployment In 2017, the average income in Espoo was €32,787, compared with the average rate in Vantaa was 8.3% in March 2019, showing a 110-bps decrease compared for Finland of €29,540 per year. According to the ELY-Centre, the unemployment to March 2018. rate in Espoo was 7.5% in March 2019, showing a 60-bps decrease compared to March 2018. Largest sectors measured by the employed workforce in Vantaa are wholesale and retail trade; repair of motor vehicles and motorcycles with a 20% share, Largest sectors measured by the employed workforce in Espoo are wholesale and transportation and storage (15%), manufacturing (11%) and administrative and support service activities (10%). retail trade; repair of motor vehicles and motorcycles with a 17% share, human health and social work activities (13%), information and communication (10%) and professional, scientific and technical activities (10%). Finland Tampere - Economic Overview

The city of Tampere has a population of ca. 235,500, being the third largest municipality in Finland. Tampere benefits from urbanization and during the last ten years the population growth has been positive due to constantly growing migration. Average annual population growth has been 1.11% exceeding the national average of 0.35%. During the last ten years, the proportion of the working age population has decreased from 70.5% to 67.4% in Tampere while the country level proportion has decreased from 66.4% to 62.2%. The population in Tampere is expected to grow by 13% to ca. 262,000 by 2040 outpacing the national growth of 6%.

In 2017 the average income in Tampere was €28,930, compared with the average for Finland of €29,540 per year. According to the ELY-Centre, the unemployment rate in Tampere was 11.30% in March 2019, showing a 120-bps decrease compared to March 2018.

In 2016, the largest sectors measured by the employed workforce in Tampere were human health and social work activities with a 18% share, manufacturing (12%), wholesale and retail (11%), professional, scientific and technical activities (8%), and education (7%).

Tampere and neighbouring municipalities Nokia, Kangasala, Ylöjärvi, Lempäälä, Hämeenkyrö, Orivesi, Pirkkala, Pälkäne and Vesilahti form the Tampere sub- region of Pirkanmaa region which accounts for a large proportion of economic activity in Finland. The Tampere region accounts for over 7% of the Finnish population, more than 7% of workplaces (2016) and 7% of GDP (2016).

Sources: Statistics Finland; Centre for Economic Development, Transport and the Environment (ELY-Centre); City of Tampere Finland HMA - Office Market Overview SUBMARKETS AND CURRENT MARKET SITUATION

The best regarded office areas in the Helsinki Metropolitan area (HMA) are the Helsinki CBD and Ruoholahti in Helsinki and Keilaniemi in Espoo.

The office stock in the CBD is mainly old, often built in the early 20th century, while the stock in the other areas is much more modern, much of it built after 2000.

Other large office concentrations in the HMA include Vallila, Sörnäinen, Pasila and Pitäjänmäki in Helsinki, Leppävaara, Kilo- Mankkaa, Tapiola and along the Western highway in Espoo and Aviapolis in Vantaa. Kalasatama is an emerging office area.

Source: CBRE Research Finland HMA - Office Market Overview SUBMARKETS AND CURRENT MARKET SITUATION

City centre* Ruoholahti Vallila Pasila Keilaniemi Leppävaara Aviapolis Tikkurila HMA Total

Office stock (sq m) 896,000 400,000 490,000 610,000 330,000 300,000 266,000 157,000 8,822,000

Vacancy rate (%) 6.1 11.4 8.0 6.3 7.5 13.2 11.5 5.0 12.8

Prime gross rent 45.0 26.0 25.0 30.0 26.0 24.0 24.0 24.0 (€/sq m/month)

Average gross rent 28.9 22.8 15.8 19.1 24.1 19.6 18.4 21.3 (€/sq m/month)

Prime yield (%) 3.4 4.25 4.75 4.5 4.75 5.5 5.75 5.5 – 5.75 **

Under construction (sq m) 21,800 15,200 55,000 41,200 18,500 12,600 339,000

Planned (sq m) 9,000 28,400 28,900 44,300 110,200 30,100 54,900 40,100 635,000

* City centre is larger CBD area including traditional CBD, Kamppi and Töölönlahti ** Based on indicative negotiations which state that new office developments with good locations (rail connections), long leases and low vacancy trade currently at this level.

Source: CBRE Research; KTI Finland HMA - Office Market Overview SUBMARKETS AND CURRENT MARKET SITUATION

CBD The Central Business District in Helsinki is located at the city centre. CBD is the preferred location for the most renowned finance houses, investment banks, advisory companies and law firms. The building stock is mainly from the late 19th and early 20th centuries. The prime gross rents have increased significantly over the past year (6% y-o-y change, Q4 2018). Few major office buildings are currently being refurbished in the area. Demand for offices has continuously been at a high level.

Ruoholahti Ruoholahti is one of Helsinki region’s prime office markets and the gateway to Helsinki from Espoo, located 2 kilometres west of the city centre. Many large office users, including professional services’ providers such as PwC, Deloitte and Accenture, pension insurance companies Ilmarinen and Varma, and a number of industrial companies such as Kemira and Cargotec, have their offices in Ruoholahti. Salmisaari, which is included in the Ruoholahti office area, has mainly new office stock from late 2000s and new developments are in planning and under construction. Office building stock from Ruoholahti is mainly from the late 1990s and early 2000s.

Vallila Vallila is one of Helsinki’s leading workplace and office areas. Finland’s largest financial institutions, Nordea and OP Group, and many other internationally well-known companies such as Digita, Telia, GE Healthcare, and Securitas are located in Vallila. In addition, Vallila is an established educational area with a large number of school, university and college occupiers. The area’s building stock is mainly from the 1940s to 1990s.

Pasila Pasila and Ilmala are office areas where old and new buildings are mixed. While eastern and western Pasila are occupied by older office stock, central Pasila is one of the biggest development schemes in Helsinki. Ilmala on the other hand, is known as an older media hub (older offices of YLE and MTV, major Finnish medias) but the area has now developed into modern office area especially next to Ilmala train station. The older office stock in Pasila and Ilmala are mainly from 1960s to 1990s. Newer stock is from late 2000s and majority of office spaces are under construction and in the planning. Office property Tripla Business Park will have a rentable area of 37,500 sq m. Upon its completion in 2020, Tripla will offer around 7,000 jobs.

Source: CBRE Research Finland HMA - Office Market Overview SUBMARKETS AND CURRENT MARKET SITUATION

Keilaniemi Right at the doorstep of Helsinki, Keilaniemi provides one of the leading office districts in Espoo and Helsinki metropolitan area. The region is located at the intersection of two vital highways, Ring Road I and the Western highway, which produce a high amount of traffic past the area. Keilaniemi is thus situated in a very central location, it has a distance of 7 kilometres to the Helsinki CBD. Keilaniemi is branded as an area for high tech and business. This is visible in the area, since Keilaniemi is home to a multitude of Finnish technology firms ranging from the elevator company Kone to IT firms such as Microsoft & Tieto. These companies alongside Accountor and Fortum are the biggest tenants of the area. Majority of the buildings in the vicinity are from the early 2000’s.

Leppävaara Leppävaara is one of the central office & shopping districts in Espoo. It is located in the intersection of Ring Road I and the Turku highway. The district has one of the largest shopping centers of Finland in its heart called Sello. Leppävaara hosts expert road engineering firms such as Ramboll and Vahanen, as well as electricity firms of the likes of Schneider Electric. Additionally, Aditro occupies large office facilities in Leppävaara area. Furthermore, the region consists mainly of multiple business parks, in which the previously mentioned businesses work from. Building stock in the area is from 2000s and 2010s. Vacancy in the area has remained rather high since some of the buildings are almost fully occupied and some are suffering from high vacancy. Highest vacancies in the area can be found on the west side of Ring road I.

Aviapolis Aviapolis is located ca. 20 kilometres north of Helsinki CBD. The Aviapolis area, the surrounding of the Helsinki-Vantaa Airport has developed rapidly during the past few years. Currently this area has around 18,000 inhabitants, and about 35,000 jobs and regarding to the forecasts both key figures will increase. Office stock in the area consists mainly of business parks completed in 2010s. Aviapolis is the most prime office location in the city of Vantaa and it has also a remarkable industrial and logistics concentration.

Source: CBRE Research Finland Tampere - Office Market Overview SUBMARKETS AND CURRENT MARKET SITUATION

FinnMedi The total office stock in Tampere is around 900,000 sqm. City centre consists mostly of old outdated office stock, while modern business parks

and headquarter type buildings are located in south of CBD, Tulli and Centre Ratina. CBD

Hatanpää is the second largest office concentration in Tampere after city center. The office stock in the area is modern and high quality.

Nekala and Sarankulma have mostly lower quality office stock and office premises are usually in mixed premises, mainly with industrial premises. Hatanpää

Nekala FinnMedi office area is located in Tampere University Hospital area and it attracts mainly tenants operating in health sector.

Hervanta is the most significant ICT cluster in Tampere and home to mainly small, start-up companies but also some international operators.

Sarankulma

Hervanta

Source: CBRE Research; KTI Finland Tampere - Office Market Overview SUBMARKETS AND CURRENT MARKET SITUATION

City centre Tulli Ratina Tampere Total City centre consists mostly of old outdated office stock while modern business parks and headquarter type buildings are located Tulli and Office stock (sq m) 330,000 (City centre, Tulli and Ratina total) 900,000 Ratina.

Vacancy rate (%) 19.8 5.2 10.2 11.0

Prime gross rent 21.0 23.0 23.0 (€/sq m/month)

Average gross rent 17.0 20.0 18.0 (€/sq m/month)

Prime yield (%) 6.5 * 6.5 * 6.5 *

Under construction 20,500 10,275 30,775 (sq m)

Planned (sq m) 30,675 53,175

* Latest transactions have been made at 6.5% but on-going negotiations indicate much lower prime yield level.

Source: CBRE Research; KTI Finland Retail Market Overview CURRENT MARKET SITUATION Fueled by a significantly strengthened overall economy and increased private consumption, Finland's retail turnover development remains on a growth path. In 2017, the retail market witnessed a 2.0% sales’ growth, followed by a 2.7% increase in 2018.

In 2019 and 2020, the strong financial situation and economic confidence of consumers, low unemployment and a forecasted increase in consumption are driving sales of the Finnish retail market, resulting in an annual growth of 0.5%. At the same time, urbanisation and an increase in the working age population are fuelling the sales growth in the Helsinki region in the long run. However, we expect the location of a retail property to have a more significant role in determining the value of the property in the Helsinki region in the future as more and more retail tenants are willing to pay higher rents for a central location.

However, when it comes to other growing cities outside the Helsinki region, many retailers have suffered from decreasing sales which has led to growing vacancies in city centres.

Source: CBRE Research; Finnish Commerce Federation 2019; Statistics Finland March 2019 Finland Tampere - Retail Market Overview SUBMARKETS The completion of Ratina shopping centre in 2018 almost doubled the total shopping centre stock in Tampere, which totals ca. 130,000 sq m currently. Before the opening of Ratina, Koskikeskus was previously in its own class Ylöjärvi measured by sales and the number of stores, leaving other centres far behind. Rentable area of Ratina shopping centre is almost twice the amount of rentable area of Koskikeskus and these two neighboring centres comprise a Lielahti major part of the retail space in the city centre.

The city centre is divided in two parts, west and east, by Tammerkoski river. In CBD Kaleva addition to Ratina and Koskikeskus, the retail stock in the centre consists of high street shops and two department stores, Stockmann in the east and Sokos Nekala

in the west. On the west side there is also a former Anttila department store Turkkirata Partola Koivistonkylä which is now suffering from high vacancy. The commercial focus of the city

centre has moved at least temporarily to the east side of the centre due to the Linnakallio completion of Ratina shopping centre and on-going construction of the tram line which passes through the centre via Hämeenkatu.

The retail submarkets in Tampere compete also with Ideapark which is a 100,000 sq m shopping centre located in Lempäälä ca. 20 km south of Tampere next to Helsinki-Tampere motorway.

Source: CBRE Research Finland Investment Offices TRANSACTION VOLUME For the office investment market, 2018 was the second record-high year in a row The HMA office transaction volume in Q1 2019 was ca. EUR 484 million, which with a total transaction volume of €3.580 million, 169% higher than the average is 6% below the figure for the corresponding quarter the year before, however is volume in 2010-2017. Thus, office transactions accounted for 39% of the total still a solid result. The HMA office transaction volume in 2018 was ca. EUR 2.75 transactions for Finland in 2018, meaning that the office sector is once again the bn. which was an exceptional result, and the second highest figure in history, number one sector in terms of investment volume. Top transactions in 2018 falling behind only the 2017 volume of EUR 3.26 bn. The large Sponda included sales of Technopolis shares, offices of Tripla, KPMG headquarters, and corporate sale took place in 2017. Finnish buyers acquired 38% of the sales Kymppi of Kalasatama. volume in 2018, while foreign buyers bought 62%. The foreign buyers were mainly German, Swedish, British or American, which is typical in Finland. In Q1 2019, foreign buyers’ share was greater at 74%.

Office Transaction Volume €3.6 billion 6 000 5 000 4 000

Millions 3 000 € 2 000 1 000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 HMA Non-HMA

Source: CBRE Research Finland HMA – Investment Offices YIELDS Finland has become an interestingly attractively investment location for foreign In the best office districts outside the centre, such as in Ruoholahti, Vallilla and buyers, partly because economic conditions have been improving over the last Keilaniemi, prime yield requirements are also declining partly from the diffusion couple of years, later than in many other European countries. As a result, there from the centre. High demand with improving rental markets has driven the has been yield contraction for offices. At the end of Q1, the prime office yield in downward yield pressure also to secondary properties outside of the city centre. the Helsinki CBD was 3.4%, down by 10 basis points both from Q4 and Q1 Although the property components such as good tenants, long maturity and low 2018. vacancy are crucial for the investments to happen.

Source: CBRE Research Finland Helsinki - Investment Offices, Development Pipeline

Between 2008 and 2018, new office development has averaged to 123,000 sq m annually in the Helsinki Metropolitan Area. The annual reduction through changes of use has been around 30,000 sq m on average resulting in a significant net increase in the office stock in recent years. Several new developments and refurbishments are underway in Helsinki Metropolitan Area over the coming years. As of March 2019, there were 22 projects (new and redevelopment) under construction totalling some 339,000 sq m with estimated completion by Q2 2021.

STATUS COMPLETION CITY DISTRICT NAME ADDRESS NEW/REDEVELOPEMENT PROPERTY TYPE GROSS AREA RENTABLE AREA SQ M Under construction 2019/Q4 Helsinki Vallila Office property (Ässäkeskus) Fleminginkatu 34 redevelopment office 51000 41000 Under construction 2020 Helsinki Pasila Tripla Workery Offices new office 50000 37500 Under construction 2019/Q2 Helsinki Kalasatama K-Kampus (phase I) Työpajankatu 12 new office (headquarter) 37500 35000 Under construction 2020/Q2 Helsinki Kalasatama Office property (Kaupunkiympäristotalo) Työpajankatu / Hermannin Rantatie new office 40000 27500 Under construction 2020/Q2 Helsinki Kamppi Office property (phase II of redevelopment) Arkadiankatu 4-6 redevelopment office 29000 21750 Under construction 2020/Q1 Helsinki Telakkaranta Office property (Telakkakatu 6) Telakkakatu 6 new office 17500 Under construction 2019/Q3 Helsinki Sörnäinen K6 (Lintulahti Corner) Kaikukatu 6 new office 18500 12000 Under construction 2020/Q3 Helsinki Jätkäsaari Woodcity (phase II: office property) Jätkäsaarenlaituri 1 new office 12000 Under construction 2019/Q3 Helsinki Kamppi Office property (Ruoholahdenkatu 21) Ruoholahdenkatu 21 redevelopment office 10000 Under construction 2019/Q2 Helsinki Kalasatama Rantatien Loikka (phase II) Hermannin rantatie 6 new office 6800 Under construction 2019/Q3 Helsinki Pasila Esterinportti office property Esterinportti 1 redevelopment office 4900 3675 Under construction 2019/Q2 Helsinki Ruoholahti Office property (Roihu) Porkkalankatu 3 redevelopment office 15200 Under construction 2019/Q3 Helsinki Hakaniemi Kiinteistö Oy Haapaniemenkatu 5 Haapaniemenkatu 5 redevelopment office 7350 5512,5 Under construction n/a Helsinki Vallila Fredriksberg, phases II-III Konepajankuja 3-5 new office 18600 13950 Under construction 2020/Q3 Helsinki Katajanokka Merikasarmi, phase I Laivastokatu 22 redevelopment office 13000 9750 Under construction 2021/Q2 Helsinki Katajanokka Merikasarmi, phase II Laivastokatu 22 redevelopment office 13000 9750 Total Under Construction 278888

Source: KTI Finland Helsinki - Investment Offices, Development Pipeline

STATUS COMPLETION CITY DISTRICT NAME ADDRESS NEW/REDEVELOPEMENT PROPERTY TYPE GROSS AREA RENTABLE AREA SQ M Planned n/a Helsinki Kaarela Office property (Etelä-Suomen lämpöhuolto Oy) Kehruutie 8 new office n/a n/a Planned n/a Helsinki Punavuori Office property extension Uudenmaankatu 8–12 new office n/a n/a Planned n/a Helsinki Vallila Office property (Aleksis kiven katu 5) Aleksis Kiven katu 5 new (from office to office) office 21500 Planned 2022/Q4 Helsinki Ruoholahti We Land Porkkalankatu 26 new office 37000 21000 Planned n/a Helsinki Ruskeasuo Office property Mannerheimintie / Hakamäentie new office, retail 17000 12750 Planned 2021-2022 Helsinki Ruskeasuo Manskun Rasti, phase III, Talisman Mannerheimintie 115 / Nauvontie 16 new office 17000 10800 Planned n/a Helsinki Vallila Fredriksberg, phase IV Konepajankuja 7 new office 10000 7400 Planned n/a Helsinki Pasila Ilmalanrinne office building, phases II-III Ilmalanrinne new office 13000 9750 Planned n/a Helsinki Herttoniemi Design House Laivalahdenkatu 4 new office 12000 9000 Planned n/a Helsinki Kluuvi Government Palace Snellmaninkatu 1 redevelopment office 12000 9000 Planned n/a Helsinki Pasila Ilmalan Tori (phase II) Ilmalanrinne new office 10000 7500 Planned 2023 Helsinki Kalasatama REDI office premises new office 10000 7500 Planned n/a Helsinki Salmisaari Technopolis Ruoholahti (phase IV-V) new office 9800 7350 Planned n/a Helsinki Pasila Forum Virium Center, phase I Ilmalankuja 1 new office 9000 6750 Planned n/a Helsinki Pasila Forum Virium Center, phase II Ilmalankuja new office 9000 6750 Planned n/a Helsinki Pasila Forum Virium Center, phase III Ilmalankuja new office 9000 6750 Planned n/a Helsinki Pasila Forum Virium Center, phase IV Ilmalankuja new office 9000 6750 Planned 2021-2022 Helsinki Ruskeasuo Manskun Rasti, phase IV, Lilly Mannerheimintie 115 / Nauvontie 17 new office 6200 Planned n/a Helsinki Pitäjänmäki Bolero Business Park, phase IV Atomitie 2 d new office 6000 4500 Planned 2020/Q4 Helsinki Hakaniemi Siltasaari 10 Siltasaarenkatu 10 redevelopment office 7600 Planned n/a Helsinki Kamppi Office property Eerikinkatu 4 new office, retail 2800 Planned n/a Helsinki Punavuori Erottaja 2 Erottajankatu 2 redevelopment office, retail 6000 Planned 2023/Q1 Helsinki Kamppi Growth Company Campus Lapinlahdenkatu 16 new office 56000 42000 Planned n/a Helsinki Kluuvi Office property Mikonkatu 7 redevelopment office n/a n/a Planned n/a Helsinki Niemenmäki Office property (Tower A) Lapinmäentie 1 redevelopment office 25000 18750 Planned 2022/Q2 Helsinki Pitäjänmäki Office property (B & C buildings) Höyläämötie 1 redevelopment office 15706 11779,5 Planned n/a Helsinki Kaartinkaupunki Office property Kasarmikatu 36 redevelopment office 4000 3000 Planned n/a Helsinki Taka-Töölö Garden Helsinki new office 20000 Planned n/a Helsinki Lassila Estradi, phase II Aku Korhosen tie 8 new office 5000 3750 Total Planned 276930

Source: KTI Finland Espoo - Investment Offices, Development Pipeline

STATUS COMPLETION CITY DISTRICT NAME ADDRESS NEW/REDEVELOPEMENT PROPERTY TYPE GROSS AREA RENTABLE AREA SQ M Under construction 2020/Q3 Espoo Otaniemi Innopoli 4 (phase I) Tekniikantie 21 new office 20750 6400 Under construction 2020 Espoo Keilaniemi Accountor Tower Keilaniementie 1 redevelopment office 24700 18525 Under construction 2019/Q3 Espoo Otaniemi Tietotie (phase II) Tietotie 6 redevelopment office 14678 Planned n/a Espoo Olari Office property (phase I) Piispanportti 11 new office 5000 3750 Planned n/a Espoo Keilaniemi Keilaniemi Next Keilaniementie 6 new ofice 18300 9500 Planned 2022/Q3 Espoo Otaniemi Innopoli 4 (phase II) Tekniikantie 21 new office 7500 6300 Planned 2024/Q4 Espoo Otaniemi Innopoli 4 (phase III) Tekniikantie 21 new office 6400 Planned n/a Espoo Keilaniemi Keilaniemen portti new office 15000 11250 Planned n/a Espoo Leppävaara Säterinkallio new office n/a n/a Planned 2022 Espoo Keilaniemi Office property Keilaniementie new office 48000 36000 Planned n/a Espoo Perkkaa Hatsinanpuisto (phase II) Perkkaantie 2 new office 20000 18500 Planned 2021/Q2 Espoo Perkkaa Hatsinanpuisto (phase I) Perkkaantie 2 new office 20000 18500 Planned n/a Espoo Keilaniemi Keilaranta Tower Keilaranta 9 new office 43530 32648 Planned 2019/Q4 Espoo Keilaranta Swing II Miestentie 5-9 new office 6575 Planned n/a Espoo Leppävaara Avec 2 Esikunnankatu 1 new office 12500 10841 Planned n/a Espoo Niittymaa Koy Niittyportti, phase I Niittymaa new office 9000 Planned n/a Espoo Keilaniemi Office property Keilaniementie new office 9000 Planned n/a Espoo Leppävaara Derby Business Park, phase II Tarvonsalmenkatu new office 11000 8250 Planned n/a Kauniainen Kauniainen Paasi Business House Bensowinkuja 2 new office 9300 6975 Planned n/a Espoo Niittymaa Koy Niittyportti, phase II Niittymaa new office 9000 6750 Planned n/a Espoo Mankkaa Business Park Mankkaa III Klovinpellontie 3 new office 7500 5625 Planned n/a Espoo Leppävaara Polaris Business Park, phase IV Itsehallintokuja new office 6680 5500 Planned n/a Espoo Leppävaara Polaris Business Park, phase V Itsehallintokuja 2 new office 6680 5500 Planned n/a Espoo Keilaniemi Keilaranta office property, phase I Keilaranta 2 new office 7000 5250 Planned n/a Espoo Olari Office property (phase I) Piispanraitti 7 new office 5000 3750 Planned n/a Espoo Suomenoja Drive-in-Center Finnoonniitty 1 new office, warehouse, production 5000 3750 Planned n/a Espoo Nöykkiö Work & Trade Espoonlahti Sillankorva 1 new office, industrial, retail, warehouse 3000 2250 Planned n/a Espoo Tapiola Office property (Orion Oyj) Orionintie 1 redevelopment, new office 3000 2250 Total 273717

Source: KTI Finland Vantaa - Investment Offices, Development Pipeline

STATUS COMPLETION CITY DISTRICT NAME ADDRESS NEW/REDEVELOPEMENTPROPERTY TYPE GROSS AREA RENTABLE AREA SQ M Under construction 2019/Q3 Vantaa Veromies Office property Robert Huberintie 16 new office 10000 7500 Under construction 2019/Q2 Vantaa Veromies Technopolis Helsinki-Vantaa (extension) Teknobulevardi 7 new office 5100 Under construction 2020 Vantaa Vantaanlaakso Vaisala Oyj (extension) Vanha Nurmijärventie 21new office 10000 7900 Planned n/a Vantaa Veromies Grand Wing Business Park Rälssitie 1 new office 24600 18450 Planned n/a Vantaa Tikkurila Office property (Jokiniementie 54) Jokiniementie 54 new office 24000 18000 Planned n/a Vantaa Pakkala Aviatower Valuuttakatu 1 new office 23300 13000 Planned n/a Vantaa Koivuhaka Commercial property Koivupuistontie new office, industrial 17000 12750 Planned n/a Vantaa Tikkurila Väritehtaankatu 8 (commercial property, phase II) Väritehtaankatu 8 new office, retail, hotel, other16000 12000 Planned 2022 Vantaa Tikkurila Office property (Kielotie 13, reconstruction) Kielotie 13 new office 13500 10125 Planned 2020 Vantaa Vantaankoski Pressi Smart Premises (phase II) Uutistie 3b new office 6300 5700 Planned n/a Vantaa Vantaankoski Pressi Smart Premises (phase III) Uutistie 3a new office 6000 4500 Planned n/a Vantaa Koivuhaka Retail and office property (Kuriiri) Kuriiritie 11-15 new office 8500 6375 Planned 2019 Vantaa Veromies Mondo Business Park, phase I (of 6 phases) Karhumäenkuja 1 new office 7000 (total 46000) 5444 Planned n/a Vantaa Veromies Aviapolis office building, phase II Virkatie 9 new office 6500 4875 Planned n/a Vantaa Veromies Avia Centre Koy, phases I Markkatie 6-8 new office 3400 3400 Planned n/a Vantaa Veromies Avia Centre Koy, phases II Markkatie 6-8 new office 3400 3400 Planned n/a Vantaa Veromies Aviapolis office building, phase I Virkatie 9 new office 4500 3375 Planned n/a Vantaa Veromies Avia Line, phase IV Perintötie 2 new office 4000 3000 Total 144894

Source: KTI Finland HMA - Investment Offices, Development Pipeline

The below map outlines office developments which are under construction in the main submarkets of Helsinki Metropolitan Area.

Source: KTI Finland Tampere - Investment Offices YIELDS

Foreign investor deals are rare outside the Helsinki Metropolitan Area. Interest towards the largest cities like Tampere and Oulu has increased during recent years, but the supply of core properties that fulfil foreign investors’ demands is very limited. Nevertheless, the activity in the market has remained solid and many centrally located office buildings have been sold, since local and domestic investors have acted as parties of the deals in the majority of transactions.

Yield gap between prime offices in Tampere and Helsinki CBD widened after 2010, but it begun to tighten again in 2018.

Source: CBRE Research Finland Tampere - Investment Offices, Development Pipeline As of March 2019, there were three projects under construction totalling some 31,000 sq m with estimated completion by Q3 2021. Most of the schemes locate in City centre and Ratina or their immediate surroundings. The largest construction project in Tampere is the 120,000 sqm Central Deck and Arena project in the city center of Tampere, which will consist 5 residential properties, a hotel and lots of retail and office space. There is also a new office development in Ratina, which will be ready in 2019.

STATUS COMPLETION CITY DISTRICT NAME NEW/REDEVELOPEMENTPROPERTY TYPE RENTABLE AREA SQ M Under construction 2019/Q4 Tampere City centre Office property (Asemakeskuksen kampus; phase I) new office 13200 Under construction 2020/Q2 Tampere Ratina Office and retail property new office, retail 10275 Under construction 2020/Q3 Tampere City centre Office property (Asemakeskuksen kampus; phase II) new office 7300 Planned 2021/Q3 Tampere City centre Tampere deck and central arena (Tower II) new office 11250 Planned 2021/Q3 Tampere City centre Tampere deck and central arena (Tower I) new office 9000 Planned n/a Tampere Hatanpää Ranta-Sarvis office building new office 7500 Planned n/a Tampere Pyynikki Pyynikin Trikoo (office, retail) new office, retail 7500 Planned n/a Tampere Ratina Ratinan Virta (phase I) new office 5550 Planned n/a Tampere Ratina Ratinan Voltti (phase II) new office 4875 Planned n/a Tampere Hervanta Office property (Naulakatu) new office 4500 Planned n/a Tampere Härmälä-Partola Ilmailunkatu office building, phase I / Fouga new office 3000 Total 83950

Source: KTI Finland Investment Retail TRANSACTION VOLUME Investment volume for the retail sector has increased, on average, ca. 26% per The HMA retail transaction volume in 2018 was ca. EUR 1.05 bn. comprising ca. annum in 2010-2018, resulting in €2,108 million invested in 2018. With a share 48% share of the total retail transaction volume. of 23%, retail was the second most attractive sector for capital in 2018. Large shopping centres, in particular, have attracted buyers during the past couple of years. In 2018, notable retail transactions included the sales of ITIS shopping centre (€450m) and a bookstore of Stockmann's Book Building (€109m) and a purchase of 123 retail premises by Cibus (€750m). Retail Transaction Volume 2 500

2 000 €2.1 billion 1 500

Millions 1 000 €

500

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

HMA Non-HMA

Source: CBRE Research Finland Investment Retail YIELDS Prime yields have been decreasing, especially for high street properties, to levels of 3.5-4.5% during the past few years. These lowered yields underline the increased demand of investors for central or high-catchment location of retail properties, resulting in tightened yield spreads or risk premiums. However, even though the risk premium for properties with central locations holds close to 3% in Finland at the moment, it still represents one of the highest premium levels in Europe, which is expected to be also the case in the future.

Source: CBRE Research Finland Tampere - Investment Retail, Development Pipeline

There is currently one retail project under construction in Tampere with a scope to be completed by Q4 2019. Moreover, 10 projects were under planning phase, with the largest ones in Lakalaiva, Tampere and Pirkkala. The largest completed construction project in 2018 was shopping center Ratina. In addition, Finland’s first Marriott hotel will open 2019 which construction is currently ongoing.

STATUS COMPLETION CITY DISTRICT NAME ADDRESS NEW/REDEVELOPMENT PROPERTY TYPE GROSS AREA RENTABLE AREA SQM Under construction 2019/Q4 Tampere Tesoma Retail (S-Market) Vanamonkatu 2 new retail n/a n/a Planned n/a Pirkkala n/a Motorcenter n/a new retail (retail property) 20000 15000 Planned n/a Pirkkala n/a Etra - Meltex Pirkkala Toiviontie new retail, warehouse n/a n/a Planned n/a Pirkkala Partola Retail centre Partola Kenkätie 16 new retail (retail centre) 5500 4125 Planned n/a Pirkkala Partola Shopping centre Veska (extension) Saapastie 2 new retail (shopping centre) n/a 4600 Planned n/a Tampere City centre Rasti-kortteli (160 apartments) Itsenäisyydenkatu / Murtokatu new residential (owner-occupied), retail, office n/a 2500 Planned n/a Tampere Lahdesjärvi Lahdesjärvi retail park (phase II) Automiehenkatu new retail (retail park) 12000 10500 Planned n/a Tampere Lakalaiva Altto n/a new retail 15500 11625 Planned n/a Tampere Lielahti Cirius Taninkatu 7 new retail 8219 8000 Planned n/a Ylöjärvi Elovainio Elovainio retail centre (phase II) Hallitie 1 new retail (retail centre) 10000 3400 Planned n/a Ylöjärvi Elovainio Shopping centre Elo (extension) Elotie 1 new retail (shopping centre) n/a 1300 Total 61050

Source: KTI Finland HMA- Occupational / Rental Market Offices RENTS

During the past years, the differences in the rental performance of prime and secondary office areas have increased. The rental growth in Helsinki Metropolitan Area is expected to be sluggish in areas where the vacancy rates are high and stock is old. The best premises in prime areas continue attracting tenants, whereas in the secondary areas, vacancy rates remain high and rents are pressured. Prime gross rents in Helsinki have reached a level of €40 per sq m per month whereas in Espoo and Vantaa the achievable prime rental levels have increased to €26 and €23 per sq m per month, respectively.

Due to a lack of available land and significant restrictions to replace existing stock, there is virtually no new office development in the Helsinki CBD. Most of the CBD offices are also from the late 19th and early 20th centuries, and there is a lack of contemporary, flexible, high-end office premises that meet the changing needs of companies. Driven by stable occupier demand and very limited supply, the Helsinki CBD office market has enjoyed steady rental growth. Majority of the strong rental growth is justified by a general rehabilitation and improvement of the area as well as increased tenant demand for well-located office accommodation in central areas. Larger occupiers demand for high standard office premises, centrally located within the CBD and proximity to Central Railway Station. This has led to highest rental growths being observed in close proximity to Töölönlahti.

In most other office areas, performance is dependent on the micro location and characteristics of the individual asset in question. KTI (KTI Property Information Ltd) reports prevailing rent levels of different submarkets. Average prevailing rent levels in main sub-markets have increased smoothly. Average rent level in Tikkurila has increased rapidly during past two years, which underlines the development of the area. Prevailing rents adjust sluggishly to movements of market rents. Thereby, current market rent levels are higher than prevailing rents.

Source: CBRE Research Finland HMA- Occupational / Rental Market Offices RENTS

Source: CBRE Research; KTI Finland HMA - Occupational / Rental Market Offices VACANCY

The high vacancy rate in the Helsinki Metropolitan Area remains one of the challenges for some office investors as there is currently ca. 1.1 million sq m (12.5%) of vacant office space. In the KTI rental database, the occupancy rates of large investors’ portfolios stood at 84.7% in the Helsinki Metropolitan Area. However, increased tenant demand for high standard office premises, centrally located within the CBD has decreased the amount of vacant office space in Helsinki CBD. Most of the large vacancy rate can be explained by the vacant old office stock. There is still demand for new, modern and flexible office premises, also outside CBD.

A significant portion of the vacant stock is obsolete poor quality stock, or at least is poorly located. Some conversions or redevelopments into other uses such as hotels or apartments have taken place or are planned, however this often requires a lengthy re-zoning process and sometimes the municipalities are unwilling to reduce the number of workplaces in the area, often making redevelopment difficult.

Source: CBRE Research; KTI Finland HMA - Occupational / Rental Market Offices TAKE-UP

Despite somewhat challenging past economic conditions and occupiers’ increased space efficiency, the net take-up of offices turned positive in 2016, to some 75,000 sq m, and was 51,000 sq m in 2017 after having been negative or near zero for several years. In 2018, the net take-up reached ca. 83,000 sq m. However, as occupiers’ needs and requirements and new traffic infrastructure has increased new development, the vacancy rate remains high despite positive take-up figures.

Source: KTI Finland Tampere – Occupational / Rental Market Offices RENTS AND VACANCY

The office rents in Tampere range between EUR 8.00 and EUR 23.00 per sq m per Total vacancy in Tampere is currently 13.0%. Outdated office stock month. The highest gross rents for offices are reachable in the city centre, Tulli and in the city centre suffers from even higher vacancy rates, but the Ratina with a range between 17.0 EUR and 23.0 EUR per sqm per month. occupancy rate in modern office stock is much lower. Vacancy rate in Tulli is currently ca. 5.2% and in Ratina ca. 10.2%.

Source: CBRE Research; KTI APPENDICES TENANCY SCHEDULE RENT ROLL As at 30.4.2020

AMOUNT, CURRENT RENT, CURRENT RENT, MARKET RENT, PREMISE ID TENANT PREMISE TYPE AREA, sqm LEASE TYPE LEASE END FIRST NOTICE DATE NOTICE PERIOD, mth pcs EUR/mth EUR/m2/mth EUR/m2/mth 1 Elisa Other 212 Fixed 31/03/2026 4,436 20.9 21.5 9 Elisa Office 205 Fixed 31/03/2026 4,293 20.9 21.5 10 Vacant Other 690 8.0 11 Vacant Retail 299 25.0 12 Vacant Retail 312 25.0 13 Elisa Office 2,588 Fixed 31/03/2026 54,197 20.9 21.5 14 Elisa Office 2,588 Fixed 31/03/2026 54,197 20.9 21.5 15 Elisa Office 1,379 Fixed 31/03/2026 28,877 20.9 21.5 16 Vacant Office 1,371 21.5 17 NCC & Optiplan Office 1,310 Fixed 31/03/2026 28,356 21.6 21.5 18 Sitowise Oy Office 1,224 UFN 30/04/2023 12 27,388 22.4 21.5 19 Sitowise Oy Office 1,224 UFN 30/04/2023 12 27,388 22.4 21.5

21 Elisa Parking 172 UFN - 27,520 160.0 160.0 - -

Total 13,400 172 RENT ROLL As at 31.7.2019

AMOUNT, CURRENT RENT, CURRENT RENT, MARKET RENT, PREMISE ID TENANT PREMISE TYPE AREA, sqm LEASE TYPE LEASE END FIRST DATE NOTICE PERIOD, mth pcs BREAK EUR/mth EUR/m2/mth EUR/m2/mth X 1A04 Ilmapallokeskus Balloon Center Oy Retail 230 Fixed 31/12/2021 6,250 27.2 25.0 X 1A06 Vacant Retail 111 25.0 X 1B05 Clas Ohlson Oy Retail 1,191 Fixed 21/03/2028 21/03/2023 34,027 28.6 27.0 X 1B06 Halti Oy Retail 235 Fixed 30/06/2021 9,637 41.0 40.0 X 1B08 Veikkaus Oy Retail 120 Fixed 21/03/2023 10,213 85.1 80.0 X 1B09 Suomalainen Kirjakauppa Oy Retail 470 Fixed 21/03/2023 26,241 55.8 50.0 X 1B10 Oy Vallila Collection Ab Retail 351 Fixed 21/03/2021 13,254 37.8 50.0 X 1B11 Vacant Retail 276 50.0 X 1B12 Finlayson Oy Retail 259 Fixed 21/03/2022 13,960 53.9 55.0 X 1B13 HBS Finland Oy Retail 238 Fixed 21/03/2023 15,884 66.7 60.0 X 1B14 Silmäasema Optiikka Oy Retail 138 Fixed 21/03/2023 10,488 76.0 75.0 X 1B17 Royal Ravintolat Oy Retail 254 Fixed 25/04/2020 11,216 44.2 45.0 X 1C04 lautapelit piste fi oy Retail 62 Fixed 31/01/2020 2,475 39.9 35.0 X 1C07 Life Finland Oy Retail 50 Fixed 21/03/2023 5,339 106.8 100.0 X 1C10 DNA Kauppa Oy Retail 112 Fixed 21/03/2021 9,526 85.1 80.0 X 1D03 Elisa Oyj Retail 164 Fixed 21/03/2021 12,923 78.8 70.0 X 1D11 It´s Pure Oy Retail 30 Fixed 31/03/2020 2,758 91.9 80.0 X 1D12 Video Film Town Oy Retail 42 Fixed 31/03/2020 2,634 63.5 70.0 X 1D13 Video Film Town Oy Retail 38 Fixed 31/03/2020 2,380 63.5 80.0 X 1D14 Tampereen Jäätelöliike Osakeyhtiö Retail 9 Fixed 31/08/2019 139 16.3 125.0 X 1D15 Tampereen Jäätelöliike Osakeyhtiö Retail 15 Fixed 31/08/2019 236 16.3 125.0 X 1D16 Fafa´s Plats Oy Retail 73 Fixed 21/03/2023 5,935 81.3 80.0 X 1D17 Picnic Finland Oy Retail 175 Fixed 21/03/2023 6,477 37.0 37.5 X 1D18 Vacant Retail 126 75.0 X 1D19 Teknikmagasinet Finland Oy Retail 70 Fixed 21/03/2020 6,199 89.2 75.0 X 1D21 Tormenta Oy Retail 71 Fixed 21/03/2021 4,799 68.1 75.0 X 1E01-b Smoothie Heaven Oy Storage 8 UFN 1 143 17.8 15.0 X 1E01-c Vacant Storage 38 15.0 X 1E13 (myyntipiste) Marko Laaksonen Oy Retail 5 Fixed 30/04/2021 0 0.0 125.0 X 1E15 Smoothie Heaven Oy Retail 25 Fixed 21/03/2023 4,072 166.2 160.0 X 1E16 Vacant Retail 16 90.0 X 1F01-a Espresso House Finland Oy Storage 24 Fixed 21/03/2023 383 15.9 15.0 X 1F01-b Suomalainen Kirjakauppa Oy Storage 24 UFN 3 536 22.3 15.0 X 1F01-c Ilmapallokeskus Balloon Center Oy Storage 24 UFN 3 415 17.3 15.0 X 1F01-d1 Tullinkulman Työterveys Oy Storage 14 Fixed 31/03/2037 189 13.5 15.0 X 1F01-d2 Vacant Storage 10 15.0 X 1F01-e Restel Fast Food Oy Storage 15 UFN 3 291 19.4 15.0 X 1F01-f Reima Oy Storage 15 UFN 3 260 17.3 15.0 X 1F01-g Oy Skinnvest Ab Storage 15 UFN 3 260 17.3 15.0 X 1F02 Vacant Retail 178 35.0 X 1F03 Tampereen 3. apteekki Retail 261 Fixed 30/09/2023 30/09/2021 13,916 53.4 50.0 X 1F04 Lidl Suomi Kommandiittiyhtiö Retail 1,962 Fixed 18/04/2028 47,098 24.0 22.5 X 1F09 Alko Oy Retail 328 Fixed 31/03/2023 11,981 36.6 35.0 X 1F10 Vacant Retail 258 35.0 X 1F12 Instru optiikka Oy Retail 102 Fixed 21/03/2023 7,166 70.3 65.0 X 1F14 Kesko Oyj Retail 2,886 Fixed 07/04/2033 07/03/2028 67,566 23.4 22.0 X 1F19 Fonum Oy Ab Retail 36 Fixed 31/03/2021 3,118 86.6 85.0 X 1F20 Vacant Retail 471 22.5 X 1F21 Vacant Retail 329 25.0 X 1F22 Wau Experience Oy Retail 529 Fixed 31/10/2021 10,061 19.0 17.5 X 1G10 Veljekset Halonen Oy Retail 994 Fixed 31/03/2025 22,056 22.2 20.0 X 1H02-a Bodim Port Oy Storage 10 UFN 3 205 20.5 15.0 X 1H02-b Fafa´s Plats Oy Storage 15 UFN 3 297 20.5 15.0 X 1H19 KappAhl Oy Storage 102 Fixed 06/04/2023 1,423 14.0 15.0 X 1H21 Vacant Storage 48 15.0 X 1H22 Wau Experience Oy Storage 53 Fixed 31/10/2021 629 11.9 15.0 X 1J02-a Vacant Storage 30 15.0 X 1J02-b Asian Fusion Oy Storage 31 UFN 3 516 16.9 15.0 X 1J02-c Momento Fastfood Oy Storage 26 Fixed 30/06/2023 476 18.7 15.0 X 1J03-a Fresho Oy Storage 10 UFN 3 202 20.2 15.0 X 1J03-b Linkosuon Kahvila Oy Storage 20 Fixed 21/03/2023 282 14.1 15.0 X 1J03-c Vacant Storage 15 15.0 X 1J03-d It´s Pure Oy Storage 15 Fixed 31/03/2020 282 19.4 15.0 X 1J04-a CPR Finland Oy Storage 18 UFN 3 312 17.8 15.0 X 1J04-b OH-Deveci KY Storage 18 UFN 3 295 16.9 15.0 X 1J04-c Player One Oy Storage 18 UFN 3 373 21.3 15.0 X 1K03 Royal Ravintolat Oy Storage 105 UFN 3 1,342 12.8 15.0 X 1K22 Eurokangas Oy Retail 779 Fixed 31/03/2022 12,212 15.7 14.5 X 1L01 Lindex Oy Storage 81 UFN 12 1,316 16.2 15.0 X 1L03 Guess Finland Oy Storage 44 UFN 3 762 17.3 15.0 X 1B17b (245,5m2) Royal Ravintolat Oy Other (no area) Fixed 25/04/2020 1,563 6.4 1,517.5 X ID17d (45m2), terassi Picnic Finland Oy Other (no area) Fixed 21/03/2023 540 12.0 540.0 X 1D18b (27m2) Vacant Other (no area) 329.4 X AT1D22b (59,5) Pancho Villa Finland Oy Other (no area) Fixed 31/03/2023 632 10.6 613.0 X 2B08 Instru optiikka Oy Retail 139 Fixed 21/03/2023 9,730 70.3 65.0 X 2B10 Vacant Retail 525 35.0 X 2B11 Glitter Oy Retail 50 Fixed 31/03/2021 4,351 87.0 85.0 X 2B12 Guess Finland Oy Retail 257 Fixed 30/04/2023 14,593 56.9 55.0 X 2B13 New Yorker Finland Oy Retail 1,224 Fixed 21/03/2023 35,715 29.2 27.5 X 2C02 Gina Tricot Oy Retail 417 Fixed 21/03/2023 20,429 49.0 47.5 X 2C04 Player One Oy Retail 200 Fixed 31/03/2023 10,105 50.5 50.0 X 2C06 H & M Hennes & Mauritz Oy (H&M) Retail 1,435 Fixed 31/03/2045 14/03/2025 28,690 20.0 20.0 X 2C08 Bodim Port Oy Retail 50 Fixed 21/03/2023 3,694 73.9 80.0 X 2C15 Restel Fast Food Oy Retail 109 Fixed 06/05/2025 5,367 49.5 50.0 X 2D08 Granit Funktion och Förvaring Oy Retail 167 Fixed 21/03/2023 11,525 69.0 55.0 X 2D09 GoMinerals Finland Oy Retail 60 Fixed 31/05/2019 4,369 72.8 70.0 X 2D10 Greasy Fingers Oy Retail 101 Fixed 31/03/2020 5,532 54.8 55.0 X 2D11 Kicks Kosmetikkedjan Oy/ Kicks Kosmetikkedjan Ab Retail 190 Fixed 21/03/2023 10,496 55.4 55.0 X 2D15 Restel Fast Food Oy Retail 190 Fixed 06/05/2025 9,398 49.5 50.0 X 2E06 Linkosuon Kahvila Oy Retail 97 Fixed 21/03/2023 5,748 59.3 50.0 X 2E07 Linkosuon Kahvila Oy Retail 103 Fixed 21/03/2023 6,103 59.3 50.0 X 2E08 Kultajousi Oy Retail 60 Fixed 21/03/2021 5,961 99.3 90.0 X 2E09 Vacant Retail 155 50.0 X 2E10 Pro Fashion Oy Retail 161 Fixed 21/03/2021 8,906 55.3 55.0 X 2E11 Pro Fashion Oy Retail 115 Fixed 21/03/2021 6,341 55.1 55.0 X 2E12 CHANGE of Scandinavia Finland Oy Ab Retail 80 Fixed 31/03/2021 7,803 97.5 80.0 X 2E15 Motimate Oy Retail 39 Fixed 31/12/2019 1,500 38.5 85.0 X 2E16 CPR Finland Oy Retail 147 Fixed 21/03/2023 8,461 57.6 55.0 X 2F02 Zara Finland Oy Retail 1,466 Fixed 18/04/2033 18/12/2022 15,035 10.3 20.0 X 2F04 H & M Hennes & Mauritz Oy (Monki) Retail 415 Fixed 31/03/2045 14/03/2023 8,290 20.0 40.0 X 2F07 Espresso House Finland Oy Retail 269 Fixed 21/03/2023 12,734 47.4 45.0 X 2F09 Vacant Retail 98 90.0 X 2F10 Oy Ur&Penn Finland Ab Retail 50 Fixed 21/03/2023 3,163 63.3 60.0 X 2F11 Lindex Oy Retail 380 Fixed 21/03/2025 22,276 58.7 55.0 X 2F12 Veljekset Halonen Oy Retail 366 Fixed 31/03/2025 8,110 22.2 55.0 X 2F14 Synsam Group Finland Oy Retail 128 Fixed 21/02/2024 10,951 85.6 85.0 X 2F15 KappAhl Oy Retail 751 Fixed 31/03/2023 38,387 51.1 50.0 X 2G06 Monimark Oy Retail 194 Fixed 07/08/2019 9,184 47.3 45.0 X 2G09 Hohtoa Finland Oy Retail 66 Fixed 31/03/2021 2,788 42.6 50.0 X 2H09 Hohtoa Finland Oy Retail 90 Fixed 31/03/2021 3,831 42.6 50.0 X 2L01 Vacant Other (no area) 0.0 X RA TER1 (128,5m2) Restel Fast Food Oy Other (no area) Fixed 06/05/2025 1,091 8.5 1,059.1 X 2E16b (88 m2), terassitila CPR Finland Oy Other (no area) Fixed 21/03/2023 1,089 12.4 1,056.0 X Valomainos A1 Tampereen valtatie Pancho Villa Finland Oy Other (no area) UFN 1 206 200.0 X Valomainos A2 Ratinan Raitti Alko Oy Other (no area) UFN 1 155 200.0 X Valomainos A3 Tampereen valtatie Picnic Finland Oy Other (no area) UFN 1 206 200.0 X Valomainos A4 Ratinan Raitti Vepsäläinen/Habitat Other (no area) UFN 1 206 200.0 X Valomainos A4 Tampereen valtatie Darlamkali Oy Other (no area) UFN 1 206 200.0 X Valomainos A5 Tampereen valtatie Smoothie Heaven Oy Other (no area) UFN 1 206 200.0 X Valomainos A9 Tampereen valtatie Vacant Other (no area) 200.0 X Valomainos B2 Tampereen valtatie Restel Fast Food Oy Other (no area) UFN 1 206 200.0 X Valomainos B2 Vuolteenkatu Tampereen 3. apteekki Other (no area) UFN 1 0 200.0 X Valomainos B3 Ratinan Raitti Tullinkulman Työterveys Oy Other (no area) UFN 1 206 200.0 X Valomainos B3 Tampereen valtatie Vacant Other (no area) 200.0 X Valomainos C2 Ratinan Raitti Lindex Oy Other (no area) UFN 1 206 200.0 X Valomainos C4 Ratinan Raitti Tampereen 3. apteekki Other (no area) UFN 1 206 200.0 X Valomainos C8 Tampereen valtatie Vacant Other (no area) 200.0 X Valomainos D1 Tampereen valtatie Momento Fastfood Oy Other (no area) UFN 1 206 200.0 X Valomainos D2 Vuolteenkatu Alko Oy Other (no area) UFN 1 155 200.0 X Valomainos D4 Tampereen valtatie OH-Deveci KY Other (no area) UFN 1 206 200.0 X Valomainos D8 Tampereen valtatie Homerun Oy Other (no area) UFN 1 206 200.0 X Valomainos E2 Tampereen valtatie Alko Oy Other (no area) UFN 1 155 200.0 X Valomainos E4 Tampereen valtatie Tampereen 3. apteekki Other (no area) UFN 1 206 200.0 X Valomainos E5 Tampereen valtatie Tullinkulman Työterveys Oy Other (no area) UFN 1 206 200.0 X Valomainos E6 Tampereen valtatie Ilmapallokeskus Balloon Center Oy Other (no area) UFN 1 206 200.0 X Valomainos E7 Tampereen Valtatie Suomalainen Kirjakauppa Oy Other (no area) UFN 1 206 200.0 X Valomainos F1 Tampereen Valtatie Vacant Other (no area) 200.0 X Valomainos F2 Tampereen Valtatie KappAhl Oy Other (no area) UFN 1 206 200.0 X Valomainos F5 Tampereen Valtatie DNA Kauppa Oy Other (no area) UFN 1 206 200.0 X Valomainos F6 Tampereen Valtatie Eurokangas Oy Other (no area) UFN 1 203 200.0 X Valomainos F8 Tampereen Valtatie Vepsäläinen/Habitat Other (no area) UFN 1 206 200.0 X Valomainos G3 Tampereen Valtatie Lindex Oy Other (no area) UFN 1 206 200.0 X Valomainos Suvantokatu 1D Vepsäläinen/Habitat Other (no area) UFN 1 206 200.0 X 3A13 OH-Deveci KY Retail 147 Fixed 31/03/2023 5,879 40.1 50.0 X 3A14 Asian Fusion Oy Retail 70 Fixed 21/03/2023 3,908 55.8 50.0 X 3B08 L-Export Oy Retail 133 Fixed 21/03/2023 6,393 48.2 45.0 X 3B09 L-Export Oy Retail 502 Fixed 21/03/2023 19,010 37.9 35.0 X 3B10 L-Export Oy Retail 509 Fixed 21/03/2023 19,237 37.8 35.0 X 3B12 KappAhl Oy Retail 108 Fixed 31/03/2020 3,606 33.5 50.0 X 3B13 Söpö Himalaya Oy Retail 177 Fixed 31/08/2021 7,201 40.8 50.0 X 3B14 Sushi World Oy Retail 109 Fixed 21/03/2023 5,885 54.2 50.0 X 3B15 Momento Fastfood Oy Retail 202 Fixed 30/06/2023 11,584 57.5 50.0 X 3C02 Trio Jesper Oy Retail 198 Fixed 31/12/2019 4,792 24.3 40.0 X 3C06 H & M Hennes & Mauritz Oy (H&M) Retail 1,677 Fixed 31/03/2045 14/03/2025 33,540 20.0 20.0 X 3C13 Fresho Oy Retail 60 Fixed 21/03/2023 4,050 67.5 60.0 X 3C14 Tortilla House Oy Retail 66 Fixed 21/03/2023 3,566 54.0 50.0 X 3C15 Kotipizza Oyj Retail 121 Fixed 21/03/2023 6,148 51.0 50.0 X 3C16 Oy Skinnvest Ab Retail 12 Fixed 21/03/2023 630 54.8 50.0 X 3D02 Streamlog Oy Retail 175 Fixed 31/08/2019 875 5.0 40.0 X 3D08 Lili Lifestyle Oy Retail 108 Fixed 21/03/2021 5,939 55.0 45.0 X 3D09 Vacant Retail 99 45.0 X 3D11 Reima Oy Retail 138 Fixed 30/06/2021 6,533 47.3 45.0 X 3D12 Kids Company Oy Retail 173 Fixed 31/03/2023 7,272 42.0 45.0 X 3D16 Oy Skinnvest Ab Retail 190 Fixed 21/03/2023 10,379 54.8 50.0 X 3E08 Vacant Retail 243 30.0 X 3E09 Vacant Retail 112 30.0 X 3E10 Vacant Retail 165 30.0 X 3E11 Finnmari Oy Retail 156 Fixed 31/03/2021 5,398 34.6 30.0 X 3E16 Vacant Retail 161 40.0 X 3F02 Zara Finland Oy Retail 1,497 Fixed 18/04/2033 18/12/2022 15,339 10.2 17.5 X 3F05 Scandinavian Outdoor Oy Retail 415 Fixed 31/07/2022 8,280 20.0 30.0 X 3F06 Vacant Retail 321 30.0 X 3F07 Vacant Retail 50 30.0 X 3F09 Shoe House Oy Retail 203 Fixed 31/01/2020 4,655 22.9 30.0 X 3F10 Lindex Oy Retail 398 Fixed 21/03/2025 18,631 46.8 30.0 X 3F12 Vacant Retail 192 30.0 X 3F16 Veljekset Halonen Oy Retail 917 Fixed 31/03/2025 20,347 22.2 20.0 X 4A01 Tullinkulman Työterveys Oy Office 1,925 Fixed 31/03/2037 21/03/2033 47,849 24.9 25.0 X 5A01 Tullinkulman Työterveys Oy Office 1,495 Fixed 31/03/2037 21/03/2033 37,160 24.9 25.0 X 5A02 Vacant Office 425 20.0 X 6B15 Periscope Group Oy Retail 293 Fixed 31/03/2020 3,609 12.3 30.0 X TER 6B15 (289m2) Periscope Group Oy Other (no area) Fixed 31/03/2020 0 0.0 0.0 X 7B15 Periscope Group Oy Retail 201 Fixed 31/03/2020 2,470 12.3 30.0 X P1 ATM Automatia Pankkiautomaatit Oy Other (no area) UFN 6 0 0.0 X P1D16 (pullonpalautus) Marko Laaksonen Oy Retail 147 Fixed 30/04/2021 1,072 7.3 7.0 X P1E02 Kultajousi Oy Storage 7 UFN 3 121 17.3 15.0 X P1E20 Vacant Retail 141 20.0 X P1F01 Granit Funktion och Förvaring Oy Storage 22 UFN 3 319 14.5 15.0 X P1F02 Vacant Storage 40 15.0 X P1F21 Vacant Storage 64 15.0 X P1F22 Vacant Storage 45 15.0 X P1G21 Vacant Storage 9 15.0 X P1H20 Vacant Storage 15 15.0 X P1J02 Vacant Storage 33 15.0 X P2 parking space - 0 (free 13) Vacant Parking 13 0.0 X P2 parking space - 1 (1) Vacant Parking 1 160.0 X P2 parking space - 10 (1) Viihdekeskus Hohto Oy Parking 1 Fixed 30/04/2023 167 167.3 160.0 X P2 parking space - 11 (1) Monimark Oy Parking 1 Fixed 07/08/2019 167 167.3 160.0 X P2 parking space - 12 (1) Player One Oy Parking 1 Fixed 31/03/2023 167 167.3 160.0 X P2 parking space - 13 (1) Matkapuhelinhuolto Digiman Oy Parking 1 Fixed 31/03/2021 167 167.3 160.0 X P2 parking space - 14 (1) Ha-Ki-Kor Oy Parking 1 UFN 1 167 167.3 160.0 X P2 parking space - 15 (1) Vacant Parking 1 160.0 X P2 parking space - 16 (1) Linkosuon Kahvila Oy Parking 1 Fixed 21/03/2023 167 167.3 160.0 X P2 parking space - 17 (1) SmoBurger Oy Parking 1 Fixed 31/03/2027 167 167.3 160.0 X P2 parking space - 18 (1) Clas Ohlson Oy Parking 1 Fixed 21/03/2028 167 167.3 160.0 X P2 parking space - 19 (1) Vacant Parking 1 160.0 X P2 parking space - 2 (57) Tullinkulman Työterveys Oy Parking 57 UFN 1 7,763 136.2 160.0 X P2 parking space - 20 (1) Vacant Parking 1 160.0 X P2 parking space - 21 (1) Sakun Eläinkauppa Oy Parking 1 UFN 1 167 167.3 160.0 X P2 parking space - 22 (1) Elisa Oyj Parking 1 Fixed 21/03/2021 167 167.3 160.0 X P2 parking space - 23 (1) Vacant Parking 1 160.0 X P2 parking space - 24 (1) Tortilla House Oy Parking 1 Fixed 21/03/2023 167 167.3 160.0 X P2 parking space - 25 (1) Lili Lifestyle Oy Parking 1 UFN 1 167 167.3 160.0 X P2 parking space - 26 (4) Eurokangas Oy Parking 4 UFN 1 651 162.8 160.0 X P2 parking space - 27 (2) Hohtoa Finland Oy Parking 2 UFN 1 335 167.3 160.0 X P2 parking space - 28 (2) Tampereen 3. apteekki Parking 2 Fixed 30/09/2023 165 82.4 160.0 X P2 parking space - 29 (1) OH-Deveci KY Parking 1 UFN 1 165 164.8 160.0 X P2 parking space - 3 (1) Vacant Parking 1 160.0 X P2 parking space - 30 (2) Mediduo Oy Parking 2 UFN 1 330 164.8 160.0 X P2 parking space - 31 (1) Vacant Parking 1 160.0 X P2 parking space - 31 (2) Decokit Oy Parking 2 UFN 1 325 162.4 160.0 X P2 parking space - 32 (3) NCC Suomi Oy Parking 3 UFN 1 487 162.4 160.0 X P2 parking space - 33 (5) Vepsäläinen/Habitat Parking 5 UFN 1 824 164.8 160.0 X P2 parking space - 5 (4) Marko Laaksonen Oy Parking 4 UFN 1 502 125.5 160.0 X P2 parking space - 6 (3) Lidl Suomi Kommandiittiyhtiö Parking 3 Fixed 18/04/2028 669 223.1 160.0 X P2 parking space - 7 (1) Vacant Parking 1 160.0 X P2 parking space - 8 (4) Periscope Group Oy Parking 4 UFN 1 669 167.3 160.0 X P2 parking space - 9 (2) Veljekset Halonen Oy Parking 2 Fixed 31/03/2025 335 167.3 160.0 X P2A17-b Tortilla House Oy Storage 8 UFN 3 154 20.5 15.0 X P2A17-c Periscope Group Oy Storage 8 UFN 3 114 15.2 15.0 X P2A17-d Periscope Group Oy Storage 8 UFN 3 114 15.2 15.0 X P2A20 Tullinkulman Työterveys Oy Other 13 Fixed 31/03/2037 21/03/2033 172 13.8 10.0 X P2A21 Tullinkulman Työterveys Oy Other 47 Fixed 31/03/2037 21/03/2033 640 13.8 10.0 X P2B19 Periscope Group Oy Storage 44 UFN 3 459 10.4 15.0 X P2C19 Vacant Storage 40 15.0 X P2E01 Tullinkulman Työterveys Oy Storage 30 Fixed 31/03/2037 21/03/2033 409 13.8 15.0 X P2F01 Tullinkulman Työterveys Oy Storage 39 Fixed 31/03/2037 21/03/2033 527 13.5 15.0 X P2F02 Vacant Storage 4 15.0 X P2L21 (carwash) Tmi Vesa Impola Retail 130 Fixed 30/04/2023 3,603 27.8 25.0 X AT1D22 (ravintola) Pancho Villa Finland Oy Retail 469 Fixed 21/03/2023 18,221 38.9 35.0 X AT1E22 Matkapuhelinhuolto Digiman Oy Retail 51 Fixed 31/03/2021 3,677 72.8 75.0 X AT1E24 iTapsa Services Oy Retail 74 Fixed 30/04/2020 3,402 46.3 50.0 X AT1N24 (kahvila) Concept4 Oy Ltd. Retail 246 Fixed 31/03/2020 8,104 33.0 30.0 X AT1R26 Eläinsoppi- Animalshop Oy Retail 222 Fixed 21/03/2023 8,370 37.8 35.0 X AT1T26 Vacant Retail 129 25.0 X AT1V26 Vacant Retail 73 35.0 X AT2D22 SmoBurger Oy Retail 471 Fixed 31/03/2027 12,686 26.9 30.0 X AT2Q27 Vacant Office 820 20.0 X AT2S24 Brewdog Oy Retail 100 Fixed 01/09/2023 8,838 88.4 35.0 X Valomainospaikka 3H Suvantokatu Pancho Villa Finland Oy Other (no area) UFN 1 0 200.0 X Valomainospaikka 3I Suvantokatu Pancho Villa Finland Oy Other (no area) UFN 1 0 200.0 X Valomainospaikka K2 Suvantokatu SmoBurger Oy Other (no area) UFN 1 206 200.0 X AT3D22 Fitness24Seven Oy Retail 671 Fixed 31/03/2028 14/03/2024 15,105 22.5 20.0 X AT3Q25 Vacant Office 1,262 20.0 X ATP1C23 Vacant Storage 23 15.0 X ATP1C24-a Vacant Storage 52 15.0 X ATP1C24-b Vacant Storage 15 15.0 X ATP1C24-c Kids Company Oy Storage 15 UFN 3 269 17.9 15.0 X ATP1C24-d SmoBurger Oy Storage 11 UFN 3 199 19.0 15.0 X ATP1C24-e Vacant Storage 11 15.0 X ATP1D22 Viihdekeskus Hohto Oy Retail 546 Fixed 30/04/2023 8,410 15.4 15.0 X ATP1D23-a Brewdog Oy Storage 11 Fixed 01/09/2023 0 0.0 15.0 X ATP1D23-b Tampereen 3. apteekki Storage 10 UFN 3 218 21.8 15.0 X ATP1D23-c Vacant Storage 10 15.0 X ATP1D23-d Vacant Storage 11 15.0 X ATP1D24-a Vacant Storage 30 15.0 X ATP1D24-b Vacant Storage 25 15.0 X ATP1E22 Vacant Storage 83 15.0 X ATP1E23 Vacant Storage 102 15.0 X ATP1E24 Vacant Storage 96 15.0 X VU1EK Vepsäläinen/Habitat Retail 1,267 Fixed 31/08/2023 15,597 12.3 12.5 X VU1G02 Vacant Retail 286 12.5 X VU1K12 Vacant Other 55 10.0 X VU1K14 Tallink Silja Oy Storage 19 Fixed 21/03/2021 385 20.3 15.0 X VU1R01 Eurokangas Oy Retail 356 Fixed 31/03/2022 5,608 15.8 14.5 X VU1R02 Take T Oy Retail 98 Fixed 21/03/2021 3,305 33.9 30.0 X VU1R05 Vacant Retail 85 15.0 X VU1T01 Novart Oy Retail 272 Fixed 16/10/2021 9,210 33.9 15.0 X VU1T02 Vepsäläinen/Habitat Retail 296 Fixed 31/08/2019 735 2.5 12.5 X Valomainospaikka Suvantokatu 1A Vacant Other (no area) 200.0 X Valomainospaikka Suvantokatu 1B Eurokangas Oy Other (no area) UFN 1 0 200.0 X Valomainospaikka Suvantokatu 1C Fiskars Finland Oy Ab Other (no area) UFN 1 206 200.0 X Valomainospaikka Suvantokatu 1D Vacant Other (no area) 200.0 X Valomainospaikka Suvantokatu 1E Vacant Other (no area) 200.0 X Valomainospaikka Suvantokatu 1F Alko Oy Other (no area) UFN 1 155 200.0 X Valomainospaikka Suvantokatu 2B Eurokangas Oy Other (no area) UFN 1 0 200.0 X Valomainospaikka Suvantokatu 2F Vacant Other (no area) 200.0 X VU2E01 Santiago Productions Oy Retail 132 Fixed 31/05/2024 5,502 41.7 12.5 X VU2E02 Vepsäläinen/Habitat Retail 290 Fixed 31/08/2023 3,570 12.3 12.5 X VU2G01 Vacant Retail 76 40.0 X VU2G02 Vacant Retail 173 40.0 X VU2K01 Vacant Retail 79 25.0 X VU2K02 Vacant Retail 81 25.0 X VU2K03 Mattokymppi Oy Retail 226 Fixed 31/08/2020 5,019 22.2 22.0 X VU2K04 Tallink Silja Oy Retail 65 Fixed 21/03/2021 3,122 48.4 40.0 X VU2T01 Vacant Retail 262 22.0 X VU2T02 Vacant Retail 120 40.0 X VU2T03 Fiskars Finland Oy Ab Retail 133 Fixed 31/08/2020 6,402 48.3 40.0 X VU3E01 Vacant Office 149 22.0 X VU3E02 Vacant Office 279 22.0 X VU3G01 Vacant Office 96 22.0 X VU3G02 ÖGA - pieni silmäsairaala Oy Office 213 Fixed 30/04/2023 6,373 30.0 22.0 X VU3G03 Vacant Office 41 22.0 X VU3K01 Vacant Office 241 22.0 X VU3K02 Mediduo Oy Office 173 Fixed 30/04/2023 6,400 37.1 35.0 X VU3T01 Vacant Office 80 22.0 X VU3T02 Vacant Office 332 22.0 X Valomainos F4 Tampereen Valtatie Vacant Other (no area) 200.0 X P2 parking space - 34 (1) Vacant Parking 1 160.0 X 1S08 Vacant Other (no area) 0.0 X Valomainos F7 Tampereen Valtatie Wau Experience Oy Other (no area) UFN 1 0 0.0 X Valomainospaikka J Suvantokatu Viihdekeskus Hohto Oy Other (no area) UFN 1 0 0.0 X P2 parking space - 35 (1) Santiago Productions Oy Parking 1 Fixed 31/05/2024 160 160.0 160.0 X 2 Vacant Other 0 0.0 X P2 parking space - 4 (1) Vacant Parking 1 160.0 X AT2D22b SmoBurger Oy Other (no area) Fixed 31/03/2027 0 0.0 0.0 X Valomainospaikka K VU Suvantokatu Novart Oy Other (no area) UFN 1 0 0.0 X Valomainospaikka A VU Ratinan Kuja Novart Oy Other (no area) UFN 1 0 0.0 X 1S10 Vacant Other (no area) 0.0 X Valomainospaikka AT 3C, Suvantokatu Vacant Other (no area) 0.0 X Valomainospaikka AT 3D, Suvantokatu Vacant Other (no area) 0.0 X Valomainospaikka AT G, Ratinan Aukio Vacant Other (no area) 0.0 X Valomainospaikka AT H, Ratinan Aukio Vacant Other (no area) 0.0 X Valomainospaikka D, AT Ratinan Kuja Vacant Other (no area) 0.0 X Valomainospaikka E, AT Ratinan Kuja Vacant Other (no area) 0.0 X Valomainospaikka G, AT Ratinan Kuja Vacant Other (no area) 0.0 X Valomainos B2 Ratinan Raitti Clas Ohlson Oy Other (no area) UFN 1 206 206.1 X Valomainos C Vuolteenkatu Clas Ohlson Oy Other (no area) UFN 1 206 206.1 X Valomainos E8 Tampereen valtatie Clas Ohlson Oy Other (no area) UFN 1 206 206.1 X Valomainospaikka L VU Ratinan aukio Tallink Silja Oy Other (no area) UFN 1 0 0.0 X Valomainos C3 Tampereen Valtatie Sushi World Oy Other (no area) UFN 1 206 206.1 X Valomainos B1 Tampereen Valtatie SmoBurger Oy Other (no area) UFN 1 0 0.0 X Valomainospaikka B Ratinan Aukio SmoBurger Oy Other (no area) UFN 1 0 0.0 X Valomainospaikka K4 Suvantokatu SmoBurger Oy Other (no area) UFN 1 206 206.1 X Valomainos B1 Ratinan Raitti L-Export Oy Other (no area) UFN 1 206 206.1 X Valomainos G4 Tampereen Valtatie L-Export Oy Other (no area) UFN 1 206 206.1 X Valomainos D13 Tampereen Valtatie L-Export Oy Other (no area) UFN 1 206 206.1 X Valomainos G5 Tampereen Valtatie L-Export Oy Other (no area) UFN 1 206 206.1 X Valomainospaikka AT A, Suvantokatu Brewdog Oy Other (no area) UFN 1 0 0.0 X Valomainos C10 Tampereen Valtatie Kultajousi Oy Other (no area) UFN 1 206 206.1 X Valomainos C7 Tampereen valtatie Oy Ur&Penn Finland Ab Other (no area) UFN 1 206 206.1 X 2L02 Vacant Other (no area) 0.0 X 2S13 Vacant Other (no area) 0.0 X 2S14 Vacant Other (no area) 0.0 X P1 laundromat Vacant Other (no area) 0.0 X AT2E26 Vacant Retail 239 25.0 X AT2E28 Vacant Retail 246 25.0 X 1F13 Telia Finland Oy Retail 208 Fixed 30/04/2022 13,070 62.8 40.0 X P2 parking space - 37 (1) 107338 JH-Ravintolat Oy Parking 1 UFN 1 162 162.4 160.0 X P2 parking space - 36 (3) 106500 Vacant Parking 3 160.0 X 1S09 Vacant Other (no area) 0.0 X Valomainos D10 Tampereen valtatie Vacant Other (no area) 0.0 X Valomainos F3 Tampereen valtatie Vacant Other (no area) 0.0 X P2 parking space - 38 (4) Vacant Parking 4 160.0 X AT1Q25 Vacant Retail 465 30.0 X AT2E26b (87 m2) Vacant Other (no area) 0.0 X AT2E28b (175 m2) Vacant Other (no area) 0.0 X Customer parking Customer parking (NET of operator cost) Parking 790 Fixed 30/09/2019 99,167 125.5 125.5 X Mall income Mall income Other (no area) Fixed 30/09/2019 3,500 4,166.7 X Income from Ratina office parking Parking 113 UFN 0 0 0.0 160.0 RENT ROLL As at 31.7.2019

AMOUNT, CURRENT RENT, CURRENT RENT, MARKET RENT, PREMISE ID TENANT PREMISE TYPE AREA, sqm LEASE TYPE LEASE END FIRST NOTICE DATE NOTICE PERIOD, mth pcs EUR/mth EUR/m2/mth EUR/m2/mth X 21109 Fitness24Seven Oy Retail 1,176 Fixed 19/04/2025 24,692 21.0 20.5 X 21104 Kesko Oyj Retail 588 Fixed 19/04/2025 12,060 20.5 20.0 X 21119 Majoituspalvelu Forenom Oy Hotel 551 Fixed 19/04/2025 15,845 28.8 28.0 X 21126 Majoituspalvelu Forenom Oy Hotel 549 Fixed 19/04/2025 12,631 23.0 23.0 X 21132 Majoituspalvelu Forenom Oy Hotel 549 Fixed 19/04/2025 12,631 23.0 23.0 X 21112 Toothpicks and Honey Oy Retail 460 Fixed 04/04/2023 11,818 25.7 20.0 X 21129 Lehto Group Oyj Office 375 UFN 30/04/2023 12 8,671 23.2 23.0 X 21136 Lehto Group Oyj Office 375 Fixed 05/04/2025 8,671 23.2 23.0 X 21114 Täsmä Työterveys Oy Office 375 UFN 15/12/2023 6 11,066 29.5 28.0 X 21122 Vacant Office 374 23.0 X 21130 Lehto Group Oyj Office 332 Fixed 05/04/2025 7,676 23.2 23.0 X 21137 Lehto Group Oyj Office 332 Fixed 05/04/2025 7,676 23.2 23.0 X 21123 Vacant Office 331 23.0 X 21121 Vacant Office 283 23.0 X 21128 Vacant Office 283 23.0 X 21134 Lehto Group Oyj Office 280 Fixed 05/04/2025 6,483 23.2 23.0 X 21115 Niras Finland Oy Office 274 Fixed 30/09/2022 6,427 23.5 23.0 X 21108 Lehto Group Oyj Retail 238 UFN 30/04/2023 12 6,489 27.3 23.0 X 21133 Lehto Group Oyj Office 211 Fixed 05/04/2025 4,886 23.2 23.0 X 21127 Vacant Office 209 23.0 X 21120 Vacant Office 208 23.0 X 21113 Vacant Office 195 23.0 X 21111 Vacant Retail 152 27.0 X 21103 Vacant Retail 112 20.0 X 21107 Vacant Retail 80 25.0 X - Majoituspalvelu Forenom Oy Storage 78 Fixed 31/03/2025 1,105 14.3 10.0 X 21098 Lehto Group Oyj Storage 61 Fixed 05/04/2025 879 14.4 10.0 X A3.006 (toimisto D) Täsmä Työterveys Oy Office 56 UFN 15/12/2023 6 1,655 29.5 28.0 X 21099 Vacant Storage 56 15.0 X 21096 Vacant Other 47 5.0 X 21167 Vacant Parking 38 50.0 X 21138 Vacant Other 35 5.0 X 21159 Vacant Parking 32 150.0 X 21124 Vacant Other 29 5.0 X 21094 Lehto Group Oyj Other 27 Fixed 05/04/2025 389 14.4 5.0 X 21095 Lehto Group Oyj Other 26 Fixed 05/04/2025 367 14.4 5.0 X 21102 Vacant Storage 24 15.0 X - Vacant Parking 22 50.0 X 21171 Lehto Group Oyj Parking 21 Fixed 05/04/2025 3,236 154.1 150.0 X 21092 Lehto Group Oyj Other 21 Fixed 05/04/2025 295 14.4 5.0 X 21169 Lehto Group Oyj Parking 20 UFN 3 3,121 156.1 150.0 X 21170 Lehto Group Oyj Parking 20 UFN 3 1,248 62.4 50.0 X 21170 Vacant Parking 20 0.0 X 21172 Lehto Group Oyj Parking 19 Fixed 05/04/2025 1,171 61.6 50.0 X 21189 Vacant Storage 18 15.0 X 21188 Niras Finland Oy Storage 17 Fixed 30/09/2022 238 14.0 15.0 X 21106 Toothpicks and Honey Oy Other 17 Fixed 04/04/2023 246 14.5 5.0 X 21117 Niras Finland Oy Other 14 Fixed 30/09/2022 333 23.5 5.0 X 21161 Vacant Other 14 5.0 X 21162 Täsmä Työterveys Oy Other 14 UFN 15/12/2023 6 418 29.5 28.0 X 21100 Vacant Storage 14 15.0 X 21101 Vacant Storage 12 15.0 X 21174 Majoituspalvelu Forenom Oy Parking 10 UFN 1 1,500 150.0 150.0 X 21174 Lehto Group Oyj Parking 10 UFN 1 1,561 156.1 150.0 X 21175 Lehto Group Oyj Parking 10 UFN 1 624 62.4 50.0 X 21135 Vacant Storage 9 15.0 X 21131 Lehto Group Oyj Other 9 UFN 30/04/2023 12 206 23.2 23.0 X 21163 Lehto Group Oyj Other 9 Fixed 05/04/2025 206 23.2 23.0 X 21164 Vacant Other 9 5.0 X 21165 Vacant Other 9 5.0 X 21125 Vacant Other 6 5.0 X 21173 Täsmä Työterveys Oy Parking 5 UFN 15/12/2023 6 765 153.0 153.0 X 21166 Majoituspalvelu Forenom Oy Parking 5 UFN 1 300 60.0 50.0 X 21168 Vacant Parking 2 150.0 X 21105 Vacant Other (no area) 0.0 Total 9,514 234

APPENDICES

PORTFOLIO SUMMARY

Portfolio Summary Value date: 31-Jul-2019

Market Value Value Valuation Model Value € Value € Value € Reversionary yield Passing Market Operating exp. Repairs Valuation Property City GLA Site Area date Methodology maturity (31-Jul-2019) GLA €/m2 Site Area €/m2 PV of CF's PV of Residual CF Yield Terminal yield (NOI I) rents (€/year) rents (€/year) (€/m2/mth) (€/m2/mth) Ratina SC Tampere 53,018.0 31/07/2019 DCF 10 years 257,000,000 4,847 111,201,107 145,493,827 6.00% 6.00% 6.26% 17,083,362 20,977,580 6.53 0.12 Ratina Office Development Tampere 3,094 31/07/2019 Residual N/A 14,480,000 4,680 N/A N/A N/A N/A N/A N/A N/A N/A N/A Tikkurila Office Vantaa 9,514.0 31/07/2019 DCF 10 years 34,400,000 3,616 15,046,785 18,478,328 6.15% 6.15% 4.02% 2,131,012 2,775,895 4.18 0.13

TOTAL 62,532.0 3,094.0 305,880,000 126,247,892 163,972,155 19,214,374 23,753,475 Vacant Possession Value Value Model Value € Value € Value € Reversionary yield Passing Market Operating exp. Repairs Property City GLA date maturity (31-Jul-2019) GLA €/m2 PV of CF's PV of Residual CF Yield Terminal yield (NOI I) rents (€/year) rents (€/year) (€/m2/mth) (€/m2/mth) Ratina SC VPV Tampere 53,018.0 31/07/2019 DCF 10 years 178,000,000 3,357 80,067,206 97,743,964 7.50% 7.50% 9.42% 0 20,977,580 6.53 0.12 Tikkurila Office VPV Vantaa 9,514.0 31/07/2019 DCF 10 years 24,700,000 2,596 9,370,937 14,471,381 7.15% 7.15% 7.84% 0 2,775,895 4.18 0.13

TOTAL 62,532.0 - 202,700,000 80,067,206 97,743,964 - 20,977,580 As If Complete Value Value € Value Value Reversionary yield Passing Market Operating exp. Repairs Property City GLA date (31-Jul-2019) GLA €/m2 PV of CF's PV of Residual Equivalent Yield Terminal yield (NOI I) rents (€/year) rents (€/year) (€/m2/mth) (€/m2/mth) Ratina Office Development Tampere 13,400.0 31/07/2019 Income Cap 10 years 45,554,215 3,400 6.50% N/A N/A 3,079,823 3,701,280 4.62 0.00

Indicative Reinstatement Cost Value Model Value € Property City GLA Site Area date maturity (31-Jul-2019) GLA €/m2 Ratina SC Tampere 53,390.0 31/07/2019 222,900,000 4,175 Ratina Office Tampere 13,400.0 31/07/2019 27,800,000 2,075 Tikkurila Office Vantaa 9,514.0 31/07/2019 31,100,000 3,269 TOTAL 76,304.0 - 281,800,000

APPENDICES

REINSTATEMENT COST

APPENDICES

MARKET VALUE

CASH FLOW 31/07/2019 Vuolteenkatu 1

CASH FLOWS - EUR 1 2 3 4 5 6 7 8 9 10 Terminal Value EUR/m2/mth Current (kk-vvvv) 08-2019 08-2020 08-2021 08-2022 08-2023 08-2024 08-2025 08-2026 08-2027 08-2028 08-2029 07-2020 07-2021 07-2022 07-2023 07-2024 07-2025 07-2026 07-2027 07-2028 07-2029 07-2030 MARKET RENTAL VALUE 32.97 20,977,580 20,977,580 21,300,984 21,595,648 21,867,393 22,138,913 22,426,719 22,699,577 22,949,273 23,192,152 23,424,074 23,658,315 Over (+) / sub (-) rents - (311,495) (415,268) +23,172 (28,265) (94,798) (400,556) (448,418) (428,379) (440,516) (445,583) (496,968) - Occupancy based on current leases (%) 83% 72% 65% 58% 47% 28% 25% 21% 20% 18% 14% POTENTIAL RENTAL INCOME 32.48 20,666,084 20,562,312 21,324,156 21,567,382 21,772,594 21,738,357 21,978,301 22,271,199 22,508,757 22,746,569 22,927,106 23,658,315 Void period, months - - (4,358,567) (375,057) (241,222) (1,355,980) (175,815) (343,100) (3,459) (46,899) (299,622) - - Rent-free periods - - (5,281) ------Credit losses ------Long term vacancy reduction - (3,582,722) (99,215) (528,524) (656,744) (759,827) (1,163,829) (1,211,594) (1,322,634) (1,338,618) (1,371,893) (1,470,263) (1,182,916) Vacancy rate (%) - 17.3 % 0.5 % 2.5 % 3.0 % 3.5 % 5.4 % 5.5 % 5.9 % 5.9 % 6.0 % 6.4 % 5.0 % EFFECTIVE RENTAL INCOME 26.85 17,083,362 16,099,250 20,420,576 20,669,417 19,656,788 20,398,712 20,423,606 20,945,105 21,123,239 21,075,054 21,456,843 22,475,399 Operating expenses (6.53) (4,136,000) (4,136,000) (4,199,763) (4,257,860) (4,311,438) (4,364,972) (4,421,716) (4,475,514) (4,524,745) (4,572,632) (4,618,358) (4,664,541) Repairs (0.12) (73,782) (73,782) (74,920) (75,956) (76,912) (77,867) (78,879) (79,839) (80,717) (81,571) (82,387) (179,380) Tenant improvements (0.10) - (673,600) ------Other costs ------NET OPERATING INCOME (NOI II) 20.23 12,873,580 11,215,867 16,145,893 16,335,601 15,268,438 15,955,873 15,923,010 16,389,752 16,517,778 16,420,851 16,756,098 17,631,478 Capex investments ------NET CASH FLOW (NOI III) 20.23 12,873,580 11,215,867 16,145,893 16,335,601 15,268,438 15,955,873 15,923,010 16,389,752 16,517,778 16,420,851 16,756,098 17,631,478 Present value of Net Cash Flow - 10,828,498 14,530,084 13,702,881 11,938,289 11,628,904 10,817,181 10,378,438 9,749,491 9,034,346 8,592,997

TERMINAL VALUE RETURNS ASSUMPTIONS Net operating income, year 11 17,631,478 Current initial yield (NOI II) 5.01 % Yield 6.00% Capitalisation rate 6.00% Current initial yield (NOI III) 5.01 % Discount rate 7.28% Capitalised Terminal Value, year 11 293,857,967 1st year initial yield (NOI II) 4.36 % Capitalisation rate for Terminal Value 6.00% Present value of Terminal Value 145,493,827 Reversionary yield (NOI II) 6.26 % Vacancy rate for Terminal Value 5.0 %

DIVISION OF MARKET VALUE 10 y average Present value of 10 year cash flows 111,201,107 (43 %) KEY FIGURES* Inflation 1.21% Present value of Terminal Value 145,493,827 (57 %) Average economic vacancy rate 4.5 % Market rent change 1.21% Other value (unused building rights etc.) - (0 %) Total lettable area, m2 53,018 Cost change 1.21% TOTAL 256,694,934 (100 %) Average lease maturity, y 6.1

Rounding (+/-) +305,066 *Average during 10 years MARKET VALUE (EUR) 257,000,000 Market value EUR/m2 4,847 Accuracy +/- 10 % Value range (EUR) 231300 000 - 282700 000 CASH FLOW 31/07/2019 Väritehtaankatu 8

CASH FLOWS - EUR 1 2 3 4 5 6 7 8 9 10 Terminal Value EUR/m2/mth Current (07-2019) 08-2019 08-2020 08-2021 08-2022 08-2023 08-2024 08-2025 08-2026 08-2027 08-2028 08-2029 07-2020 07-2021 07-2022 07-2023 07-2024 07-2025 07-2026 07-2027 07-2028 07-2029 07-2030 MARKET RENTAL VALUE 24.31 2,775,895 2,775,895 2,818,690 2,857,682 2,893,641 2,929,571 2,967,655 3,003,762 3,036,803 3,068,943 3,099,632 3,130,628 Over (+) / sub (-) rents - +104,236 +98,326 +98,477 +99,839 +85,877 +58,077 +28,096 - - - - - Occupancy based on current leases (%) 74% 71% 71% 71% 67% 62% 37% 0% 0% 0% 0% POTENTIAL RENTAL INCOME 25.23 2,880,132 2,874,221 2,917,167 2,957,522 2,979,519 2,987,647 2,995,752 3,003,762 3,036,803 3,068,943 3,099,632 3,130,628 Void period, months - - (772,369) - - (49,696) (59,196) (405,908) - - - - - Rent-free periods - - (13,996) ------Credit losses ------Long term vacancy reduction - (749,119) (2,700) (42,755) (43,347) (46,725) (54,500) (74,782) (150,188) (151,840) (153,447) (154,982) (234,797) Vacancy rate (%) - 26.0 % 0.1 % 1.5 % 1.5 % 1.6 % 1.8 % 2.5 % 5.0 % 5.0 % 5.0 % 5.0 % 7.5 % EFFECTIVE RENTAL INCOME 18.67 2,131,012 2,085,156 2,874,412 2,914,175 2,883,098 2,873,952 2,515,061 2,853,574 2,884,963 2,915,495 2,944,650 2,895,831 Operating expenses (4.18) (475,000) (475,000) (482,323) (488,995) (495,148) (501,296) (507,813) (513,992) (519,645) (525,145) (530,397) (535,700) Repairs (0.13) (14,500) (14,500) (14,724) (14,927) (15,115) (15,303) (15,502) (15,690) (15,863) (16,031) (16,191) (32,189) Tenant improvements (0.46) - (554,300) ------Other costs (0.29) - (350,000) ------NET OPERATING INCOME (NOI II) 14.38 1,641,512 691,356 2,377,366 2,410,253 2,372,834 2,357,353 1,991,747 2,323,892 2,349,455 2,374,320 2,398,063 2,327,941 Capex investments ------NET CASH FLOW (NOI III) 14.38 1,641,512 691,356 2,377,366 2,410,253 2,372,834 2,357,353 1,991,747 2,323,892 2,349,455 2,374,320 2,398,063 2,327,941 Present value of Net Cash Flow - 667,006 2,134,917 2,014,671 1,846,143 1,707,179 1,342,596 1,458,088 1,372,118 1,290,684 1,213,383

TERMINAL VALUE RETURNS ASSUMPTIONS Net operating income, year 11 2,327,941 Current initial yield (NOI II) 4.77 % Yield 6.15% Capitalisation rate 6.15% Current initial yield (NOI III) 4.77 % Discount rate 7.43% Capitalised Terminal Value, year 11 37,852,704 1st year initial yield (NOI II) 2.01 % Capitalisation rate for Terminal Value 6.15% Present value of Terminal Value 18,478,328 Reversionary yield (NOI II) 4.02 % Vacancy rate for Terminal Value 7.5 %

DIVISION OF MARKET VALUE 10 y average Present value of 10 year cash flows 15,046,785 (44 %) KEY FIGURES* Inflation 1.21% Present value of Terminal Value 18,478,328 (54 %) Average economic vacancy rate 2.9 % Market rent change 1.21% Other value (unused building rights etc.) 885,500 (3 %) Total lettable area, m2 9,514 Cost change 1.21% TOTAL 34,410,614 (100 %) Average lease maturity, y 5.1

Rounding (+/-) -10,614 *Average during 10 years MARKET VALUE (EUR) 34,400,000 Market value EUR/m2 3,616 Accuracy +/- 10 % Value range (EUR) 30960 000 - 37840 000

APPENDICES

VACANT POSSESSION VALUE

CASH FLOW 31/07/2019 Vuolteenkatu 1

CASH FLOWS - EUR 1 2 3 4 5 6 7 8 9 10 Terminal Value EUR/m2/mth Current (07-2019) 08-2019 08-2020 08-2021 08-2022 08-2023 08-2024 08-2025 08-2026 08-2027 08-2028 08-2029 07-2020 07-2021 07-2022 07-2023 07-2024 07-2025 07-2026 07-2027 07-2028 07-2029 07-2030 MARKET RENTAL VALUE 32.97 20,977,580 20,977,580 21,300,984 21,595,648 21,867,393 22,138,913 22,426,719 22,699,577 22,949,273 23,192,152 23,424,074 23,658,315 Over (+) / sub (-) rents ------Occupancy based on current leases (%) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% POTENTIAL RENTAL INCOME 32.97 20,977,580 20,977,580 21,300,984 21,595,648 21,867,393 22,138,913 22,426,719 22,699,577 22,949,273 23,192,152 23,424,074 23,658,315 Void period, months - - (20,977,580) (10,650,492) ------Rent-free periods ------Credit losses ------Long term vacancy reduction - (20,977,580) - (798,787) (1,619,674) (1,640,054) (1,660,418) (1,682,004) (1,702,468) (1,721,195) (1,739,411) (1,756,806) (1,774,374) Vacancy rate (%) - 100.0 % 0.0 % 3.8 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % EFFECTIVE RENTAL INCOME -- - 9,851,705 19,975,974 20,227,338 20,478,495 20,744,715 20,997,109 21,228,077 21,452,741 21,667,268 21,883,941 Operating expenses (6.53) (4,136,000) (4,136,000) (4,199,763) (4,257,860) (4,311,438) (4,364,972) (4,421,716) (4,475,514) (4,524,745) (4,572,632) (4,618,358) (4,664,541) Repairs (0.12) (73,782) (73,782) (74,920) (75,956) (76,912) (77,867) (78,879) (79,839) (80,717) (81,571) (82,387) (179,380) Tenant improvements (0.10) - - (683,985) ------Other costs ------NET OPERATING INCOME (NOI II) (6.62) (4,209,782) (4,209,782) 4,893,037 15,642,158 15,838,988 16,035,656 16,244,119 16,441,756 16,622,615 16,798,538 16,966,523 17,040,020 Capex investments ------NET CASH FLOW (NOI III) (6.62) (4,209,782) (4,209,782) 4,893,037 15,642,158 15,838,988 16,035,656 16,244,119 16,441,756 16,622,615 16,798,538 16,966,523 17,040,020 Present value of Net Cash Flow - (4,035,931) 4,311,523 12,668,259 11,790,055 10,970,924 10,214,586 9,502,567 8,829,990 8,201,635 7,613,598

TERMINAL VALUE RETURNS ASSUMPTIONS Net operating income, year 11 17,040,020 Current initial yield (NOI II) -2.37 % Yield 7.50% Capitalisation rate 7.50% Current initial yield (NOI III) -2.37 % Discount rate 8.80% Capitalised Terminal Value, year 11 227,200,268 1st year initial yield (NOI II) -2.37 % Capitalisation rate for Terminal Value 7.50% Present value of Terminal Value 97,743,964 Reversionary yield (NOI II) 9.42 % Vacancy rate for Terminal Value 7.5 %

DIVISION OF MARKET VALUE 10 y average Present value of 10 year cash flows 80,067,206 (45 %) KEY FIGURES* Inflation 1.21% Present value of Terminal Value 97,743,964 (55 %) Average economic vacancy rate 6.4 % Market rent change 1.21% Other value (unused building rights etc.) - (0 %) Total lettable area, m2 53,018 Cost change 1.21% TOTAL 177,811,170 (100 %) Average lease maturity, y 0.0

Rounding (+/-) +188,830 *Average during 10 years MARKET VALUE (EUR) 178,000,000 Market value EUR/m2 3,357 Accuracy +/- 10 % Value range (EUR) 160200 000 - 195800 000 CASH FLOW 31/07/2019 Väritehtaankatu 8

CASH FLOWS - EUR 1 2 3 4 5 6 7 8 9 10 Terminal Value EUR/m2/mth Current (07-2019) 08-2019 08-2020 08-2021 08-2022 08-2023 08-2024 08-2025 08-2026 08-2027 08-2028 08-2029 07-2020 07-2021 07-2022 07-2023 07-2024 07-2025 07-2026 07-2027 07-2028 07-2029 07-2030 MARKET RENTAL VALUE 24.31 2,775,895 2,775,895 2,818,690 2,857,682 2,893,641 2,929,571 2,967,655 3,003,762 3,036,803 3,068,943 3,099,632 3,130,628 Over (+) / sub (-) rents ------Occupancy based on current leases (%) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% POTENTIAL RENTAL INCOME 24.31 2,775,895 2,775,895 2,818,690 2,857,682 2,893,641 2,929,571 2,967,655 3,003,762 3,036,803 3,068,943 3,099,632 3,130,628 Void period, months - - (2,775,895) (2,818,690) ------Rent-free periods ------Credit losses ------Long term vacancy reduction - (2,775,895) - - (214,326) (217,023) (219,718) (222,574) (225,282) (227,760) (230,171) (232,472) (234,797) Vacancy rate (%) - 100.0 % 0.0 % 0.0 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 % EFFECTIVE RENTAL INCOME -- - - 2,643,356 2,676,618 2,709,853 2,745,081 2,778,480 2,809,043 2,838,772 2,867,160 2,895,831 Operating expenses (4.18) (475,000) (475,000) (482,323) (488,995) (495,148) (501,296) (507,813) (513,992) (519,645) (525,145) (530,397) (535,700) Repairs (0.13) (14,500) (14,500) (14,724) (14,927) (15,115) (15,303) (15,502) (15,690) (15,863) (16,031) (16,191) (32,189) Tenant improvements (0.47) - - (562,845) ------Other costs (0.29) - (350,000) ------NET OPERATING INCOME (NOI II) (4.29) (489,500) (839,500) (1,059,892) 2,139,434 2,166,355 2,193,254 2,221,766 2,248,798 2,273,535 2,297,596 2,320,572 2,327,941 Capex investments ------NET CASH FLOW (NOI III) (4.29) (489,500) (839,500) (1,059,892) 2,139,434 2,166,355 2,193,254 2,221,766 2,248,798 2,273,535 2,297,596 2,320,572 2,327,941 Present value of Net Cash Flow - (806,145) (938,508) 1,746,867 1,631,079 1,522,715 1,422,370 1,327,544 1,237,612 1,153,297 1,074,105

TERMINAL VALUE RETURNS ASSUMPTIONS Net operating income, year 11 2,327,941 Current initial yield (NOI II) -1.98 % Yield 7.15% Capitalisation rate 7.15% Current initial yield (NOI III) -1.98 % Discount rate 8.45% Capitalised Terminal Value, year 11 32,558,620 1st year initial yield (NOI II) -3.40 % Capitalisation rate for Terminal Value 7.15% Present value of Terminal Value 14,471,381 Reversionary yield (NOI II) 7.84 % Vacancy rate for Terminal Value 7.50%

DIVISION OF MARKET VALUE 10 y average Present value of 10 year cash flows 9,370,937 (38 %) KEY FIGURES* Inflation 1.21% Present value of Terminal Value 14,471,381 (59 %) Average economic vacancy rate 6.0 % Market rent change 1.21% Other value (unused building rights etc.) 885,500 (4 %) Total lettable area, m2 9,514 Cost change 1.21% TOTAL 24,727,818 (100 %) Average lease maturity, y 0.0

Rounding (+/-) -27,818 *Average during 10 years MARKET VALUE (EUR) 24,700,000 Market value EUR/m2 2,596 Accuracy +/- 10 % Value range (EUR) 22 230 000 - 27 170 000

APPENDICES

APPRAISAL SUMMARY

APPRAISAL SUMMARY LICENSED COPY Project Polar Ratina Office Development

Summary Appraisal for Phase 1

REVENUE

Rental Area Summary Initial Net Rent Units m² Rate m² MRV/Unit at Sale Office 1 13,400.00 €276.21 €3,701,280 2,961,024

Investment Valuation Office Current Rent 2,961,024 YP @ 6.5000% 15.3846 45,554,215

NET REALISATION 45,554,215

OUTLAY

ACQUISITION COSTS Residualised Price 14,479,600 14,479,600 CONSTRUCTION COSTS Construction m² Rate m² Cost Office 13,400.00 €1,691.95 22,672,156 22,672,156

Contingency 5.00% 1,133,608 1,133,608

PROFESSIONAL FEES Planning and Design 1,257,270 Finance and Other 950,000 2,207,270

Additional Costs TOTAL COSTS 40,492,634

PROFIT 5,061,581

Performance Measures Profit on Cost% 12.50% Profit on GDV% 11.11% Profit on NDV% 11.11% Development Yield% (on Rent) 7.31% Equivalent Yield% (Nominal) 6.50% Equivalent Yield% (True) 6.77%

IRR 12.79%

Rent Cover 1 yr 9 mths Profit Erosion (finance rate 0.000%) N/A

File: S:\GP\NEW S Drive\INTERNATIONAL TEAM\Client Files\2019\BAML\Polar Pool D\6.Values\Ratina Office Development July.wcfx ARGUS Developer Version: 5.00.005 Date: 30/07/2019 APPRAISAL SUMMARY LICENSED COPY Project Polar Ratina Office Development

Initial Net MRV MRV at Sale 3,701,280 2,961,024

File: S:\GP\NEW S Drive\INTERNATIONAL TEAM\Client Files\2019\BAML\Polar Pool D\6.Values\Ratina Office Development July.wcfx ARGUS Developer Version: 5.00.005 Date: 30/07/2019