Comments from Citycon Oyj’s Chief Executive Officer Marcel Kokkeel on the beginning of the year 2012
(31 March 2012):

”The beginning of 2012 was positive: we were able to increase our like-for-like net rental income.

During the period, we continued to focus on our internal improvement and cost efficiency programme not forgetting the customer focus. We are seeing signs from improved and faster leasing processes and additional income generation by specialty leasing and internal extensions as well as cost management. These positive signs were reflected in higher income which in turn resulted in positive revaluation in our shopping centres; EUR 8.9 million for the quarter. We also succeeded in clearly decreasing the energy consumption in our shopping centres through our active measures. Unfortunately, due to increased energy taxes and prices the energy saving was not fully reflected in our figures. We will continue pursuing this viable alliance between sustainability and economical results.

We are pleased with the clear improvement in both shopping centre sales and net rental income in all the shopping centres that we have redeveloped or refurbished recently.

The management will maintain its focus on income enhancement and solid cash flows going forward. Refinancing and finding alternative funding sources will also remain the top priority.”