MAIN EVENTS IN Q1 2024

February 8, 2024

The Educational Quarter Reached Its Full Height

On February 8, a rafter party was held in the Educational Quarter, built in the heart of the campus, where the International School of Tallinn and the Ülemiste Community Building will begin operating next year.

The new building will be opened with accompanying play, sports and recreation areas and is planned to be handed over to the International School of Tallinn and the community of Ülemiste City in the first quarter of next year.

The contractor is NOBE, and the total investment is approximately 17.5 million euros. 3+1 Arhitektid is the author of the architectural solution for the Ülemiste Educational Quarter project, and TajuRuum landscape architects designed the outdoor space. The project is financed by OP Corporate Bank.

February 9, 2024

Mainor Ülemiste Bought All Shares of Technopolis Ülemiste and Became the Sole Developer of Ülemiste City

Mainor Ülemiste signed an agreement to purchase Technopolis Ülemiste's shares and became once again the sole developer of Ülemiste City and the Estonian commercial real estate market leader.

The last time, the largest business campus in the Baltics, predominantly belonged Estonian companies led by Ülo Pärnits 15 years ago. In 2010, Mainor Ülemiste and the Finnish stock exchange company Technopolis Plc created a joint venture, Technopolis Ülemiste, of which Estonians owned 49% and Technopolis 51%.

Guido Pärnits, the Chairman of the Supervisory Board of Mainor Ülemiste and the primary owner of Ülemiste City, highly appreciates the opportunity to buy a company that will enable the effective development of Ülemiste City as a unique gem of smart business. "My father sold a significant part of his business in a difficult year, and we are making a long-planned buyback transaction in an economically difficult time, which may seem like a somewhat unexpected step. In any case, he would be happy for us. Difficulties are there to become stronger and wiser by overcoming them."

February 23, 2024

The Best Smart City Cooperation Partner 2023 is Nordea Estonia

For the first time in Ülemiste City, an award was given to the best smart city cooperation partner. This year, Nordea Eesti, which is not only a tenant of the campus, but a substantial partner, with whom it has been a pleasure to create a smart city, received the recognition. The Nordea team has actively contributed to the community and is involved in developments in order to make the urban and work environment even more attractive and functional. Nordea representatives take part in Ülemiste City events and kindly share their knowledge with the community.

Ülemiste City Key Figures (as of 31.03.2024)

Leasable space                         191,000 square meters

Incl. leasable office space         164,000 square meters

Occupancy rate                          91 %

Incl. office's occupancy rate       90 %

FINANCIAL PERFORMANCE

1Q 2024 - Net profit EUR 31,261 thousand

Net Sales and Net Profit

• Net sales amounted to EUR 6,104 th in the 1^st quarter, increase of 33.4% compared to the 1^st quarter of 2023
• Operating profit amounted to EUR 3,056 th in the 1^st quarter, decrease of 2.4% compared to the 1^st quarter of 2023
• Net profit amounted to EUR 31,261 th, including financial income of EUR 30,133 th related to the purchase of 51% of AS Technopolis Ülemiste.

Expenses

• Operating expenses increased from EUR 2,620 th (1^st quarter 2023) to EUR 3,968 th in the 1^st quarter of 2024
• Interest expense on loans and issued bonds decreased from EUR 1,734 th (1^st quarter 2023) to EUR 1,928 th.

Interest-bearing liabilities

• Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 219,858 th. The Company's large creditors at the end of period were SEB Pank AS, Luminor Bank AS, OP Corporate Bank Plc, LHV Pank AS and COOP Pank AS.
• At the end of the reporting period, Mainor Ülemiste AS had EUR 21,361 th in untapped credit facilities.

Statement of the management board

The financial and other additional information published in the Interim Report January-March 2024 is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operation and cash flows of the group.
Consolidated financial statements in the report for the period January-March 2024 are not audited.

Ursel Velve
CEO
Tallinn, 30.04.2024

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                                                In thousands Euros

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                            In thousands Euros

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                                                                                                In thousands of Euros

CONSOLIDATED CASH FLOW STATEMENT

                                                                                                                 In thousands Euros