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Main events during 2013

In 2013, Sponda's operative targets were to keep economic occupancy rate stable, sell non-strategic properties and refinance loans.

In September 2013, the Board of Directors of Sponda Plc confirmed the company's new strategy and strategic goals. The strategy is described in the next chapter of this report.

In July 2013, Sponda sold the Business Center NRC and Inform Future office buildings, located in St Petersburg, to Russian asset management for a total of EUR 9.9 million. Nearly all of their leasable area has been leased out.

At the end of 2013 Sponda sold two office properties and one logistics property for a total price of EUR 13.7 million. Sponda recorded a sales profit of approximately EUR 500,000 from these transactions. The selling price of all properties sold was equal to or higher than their fair value on Sponda's balance sheet.

In October 2013, Sponda and Sweco signed a preliminary agreement on a three-building office complex to be constructed in Ilmala, Helsinki for use by Sweco. The construction of the property will start in spring 2014, and the project is estimated to be completed in December 2015. The investment amounts to approximately EUR 57 million. The office complex is 83% pre-let. The office building complex has a floor area of approximately 15,000 square metres and two parking floors will be built under the six-floor office building with parking spaces for some 277 cars for the entire project. Sponda also has an opportunity to expand the office complex with two more office buildings.

In May, Sponda redeemed all of the outstanding capital securities at the principal amount EUR 92.8 million of the original a EUR 130 million hybrid bond . The hybrid bond was issued on 27 June 2008.

In October 2013, Sponda issued a EUR 150 million senior unsecured bond. The five-year bond matures on 9 October 2018 and carries fixed annual coupon at the rate of 3.375 per cent. The bond is listed on NASDAQ OMX Helsinki.

In December 2013, Sponda signed credit agreement extensions totaling EUR 250 million. Sponda signed an agreement with Nordea Bank Finland for a four-year unsecured loan of EUR 150 million. Sponda also signed an agreement with Danske Bank A/S, Helsinki branch, for an unsecured five-year credit limit of EUR 100 million. The key covenants of the credit limit (equity ratio and interest cover ratio) are the same as those of Sponda’s other loans.