Citycon Oyj considers expanding the geographical scope of its

The Board of Directors of Citycon Oyj has today decided to start a
process to assess business opportunities in the Scandinavian and
Baltic countries in addition to continuing expanding the company's
core business in Finland. Based on the outcome of the study the
Board will later consider amending the geographical scope of the
strategy. Citycon will remain according to its strategy focused on
retail premises in Finland, namely in the Helsinki Metropolitan
area and the biggest regional centres.

Citycon is a property investment company specialising in retail
premises. The company is listed on the Helsinki Exchanges.
Citycon plays an active role in owning, letting, management and
development of its property portfolio.

The book value of Citycon's property portfolio is MEUR 731
including 16 shopping centres and 133 supermarkets and shops in
Finland. Citycon is the market leader for shopping centre business
in Finland.

In 2003 Citycon's turnover was EUR 78.1 million, profit before
extraordinary items and taxes EUR 19.1 and earnings per share were

During first quarter 2004 Citycon's profit before extraordinary
items and taxes rose to EUR 5.7 million (EUR 4.8 million).
Turnover increased to EUR 21.9 million (EUR 19.4 million).
Earnings per share were EUR 0.04 (EUR 0.03).

Board of Directors

Further information is available from: Mr Petri Olkinuora, CEO,
Tel. +358 400 333 256

Distribution: Helsinki Exchanges and main media