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Tecnotree Corporation’s Auditor’s Report

Tecnotree Corporation
Stock Exchange Release
13 April, 2016 at 8.33 a.m. EEST

This is the Auditor’s report for the year ended 31 December 2015 to the Annual General Meeting of Tecnotree Corporation:

This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding.

AUDITOR’S REPORT

To the Annual General Meeting of Tecnotree Corporation

We were engaged to audit the accounting records, the financial statements, the report of the Board of Directors and the administration of Tecnotree Corporation for the period 1 January – 31 December 2015. The financial statements comprise the consolidated statement of financial position, income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows, and notes to the consolidated financial statements, as well as the parent company’s balance sheet, income statement, cash flow statement and notes to the financial statements.

Responsibility of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as for the preparation of financial statements and the report of the Board of Directors that give a true and fair view in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company’s accounts and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide basis for an audit opinion.

Basis for Disclaimer of Opinion

As described in the report of the Board of Directors in section Risks and uncertainty factors and subsections Carrying out customer projects, profitability and forecasting and Risks relating to international operations, receivables and developing markets and disclosed in Note 18. Trade and other current receivables to the consolidated financial statements, a project accounting receivable totaling EUR 14.1 million is included in the customer and project accounting receivables. The project accounting receivable is also included in the parent company’s project accounting receivables on the balance sheet. We were not able to obtain sufficient audit evidence upon the project accounting receivable.

Disclaimer of Opinion

Due to the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the financial statements or the report of the Board of Directors.

Interim Report for the period from 1 January to 30 June 2015

We refer to the Securities Market Act, Chapter 7 section 8 subsection 2 and state that the matters described above are to be considered when assessing the compliance of the consolidated interim report for the period from 1 January to 30 June 2015 with the related rules and regulations.

Helsinki, 13 April 2016

KPMG OY AB

(signed)
Toni Aaltonen
Authorised Public Accountant

TECNOTREE CORPORATION

DISTRIBUTION
NASDAQ Helsinki Ltd
Main Media
www.tecnotree.com

About Tecnotree
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With around 1000 telecom experts, Tecnotree serves around 90 service providers in around 70 countries. Tecnotree is listed on the main list of Nasdaq Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com.