Citycon Oyj considers expanding the geog

CITYCON OYJ STOCK EXCHANGE RELEASE 26 May 2004 at 3 p.m. Citycon Oyj considers expanding the geographical scope of its strategy 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 0.14. 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). CITYCON OYJ Board of Directors Further information is available from: Mr Petri Olkinuora, CEO, Tel. +358 400 333 256 Distribution: Helsinki Exchanges and main media

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