CITYCON DEVELOPS ITS PROPERTY ASSETS ? I

Citycon Oyj Stock exchange bulletin 27 February 2003 at 13.00pm CITYCON DEVELOPS ITS PROPERTY ASSETS – ISOKARHU SHOPPING CENTRE TO UNDERGO A €10M EXTENSION Meeting today, Citycon Oyj's Board of Directors approved a plan to extend the Isokarhu Shopping Centre in Pori. The investment is worth EUR 10 million. The proposed extension will increase the lettable surface area at the shopping centre by almost 40 per cent. Construction work will start in April this year and the extension is expected to be completed by August 2004. The required amendment to the town plan has already been ratified. The extension aims at consolidating Isokarhu's market position, to increase the number of shopping centre visitors and annual sales and to raise Citycon's net rental returns. The Pori-based Isokarhu Shopping Centre is fully owned by Citycon. Sales at Isokarhu in 2002 amounted to EUR 25 million. Citycon expects the extension project to further boost annual sales at the shopping centre by EUR 8 million. Subsequent to the extension, the total lettable area at the shopping centre will be 12,930 square metres. The extension will further consolidate IsoKarhu's market position in centre of Pori. The investment will be funded using the loan facility signed in 2002. Most of the new retail premises in the extension are already let to tenants representing various sectors of the retail trade. Major tenants in the extension are Intersport, KappAhl, Top Sport, Tiimari and Veromoda. "The Isokarhu extension project is an excellent example of Citycon's customer-driven approach to enhance its property assets. As a company specialising in retail premises, we have strong market insight and expertise. We want to offer our clients developable retail premises solutions and to act as their long- term partner," notes Citycon CEO Petri Olkinuora. Citycon Oyj Further information from: CEO Petri Olkinuora, tel. +358 (0)400 333 256, head of Citycon's Shopping Centres Division Antti Uski, tel. +358 (0)400 445 290 Distribution: Helsinki Exchanges and main media

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