Changes in Citycon's Organisation and Corporate Management Committee

Stock exchange releases - 23 October 2006


Changes in Citycon's Organisation and Corporate Management Committee

Due to Citycon's successful implementation of its strategy and the resulting
expansion Citycon has grown by over 50 per cent within the past year. Citycon
will reorganise its business operations to better meet the requirements set by
the company's growth and geographical expansion. The Group has significant
business operations in Finland and Sweden and emerging operations in two Baltic
countries - Estonia and Lithuania. Citycon will adopt the following country
organisations as of 1 November 2006: Finland, Sweden and the Baltic countries.

Ms Kaisa Vuorio, Head of Division, Shopping Centres, has been appointed Country
Director, Finland, and Mr Ulf Attebrant Country Director, Sweden, leaving his
duties as Vice President, Head of Real Estate Operations, in Atrium Fastigheter
AB early 2007. Mr Harri Holmström, Citycon's current Chief Investment Officer,
has been appointed Country Director, the Baltic countries. All country directors
will also be members of the Corporate Management Committee, with Mr Petri
Olkinuora, CEO, Mr Eero Sihvonen, CFO, and Ms Outi Raekivi, Head of Legal
Affairs, continuing to act as other members. Mr Jyrki Karjalainen, Head of
Division, Supermarkets and Shops, will assume a position of Property Development
Director under the country organisation Finland.

This reorganisation will also affect Citycon Group's financial reporting. The
Group will adopt segment reporting based on the country organisation as of the
annual financial statements for 2006.

Helsinki, 23 October 2006

CITYCON OYJ
Board of Directors

For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
mobile +358 400 333 256

Citycon is the Finnish market leader in the shopping centre property business. It
owns a total of 19 shopping centres in the Helsinki Metropolitan Area and other
regional centres of Finland, and twelve shopping centres and retail properties in
the Stockholm and Gothenburg regions in Sweden. In the Baltic countries, Citycon
owns the Rocca al Mare shopping centre in Tallinn, Estonia and the Mandarinas
shopping centre in Vilnius, Lithuania.

In addition to the shopping centres, Citycon owns 52 supermarket and retail
premises in Finland.

Distribution:
Helsinki Stock Exchange
Major media
www.citycon.fi