Citycon Oyj's Interim Report for 1 January - 31 March 2009

Stock exchange releases - 23 April 2009


Summary of the First Quarter of 2009 Compared with the Previous
Quarter

- Turnover grew by 1.5 per cent to EUR 45.9 million (Q4/2008:
EUR 45.2 million).
- Net rental income increased by 0.5 per cent to EUR 30.3 million
(EUR 30.2 million) mainly due to annual consumer price index
increases in rents. If the impact of the weakened Swedish krona is
excluded, net rental income increased by 1.4 per cent.
- Net cash from operating activities per share was EUR 0.10 (EUR
0.07). Lower interest rates and stable net rental income supported
the cash flow, while most of the increase was due to one-off items,
timing differences and exchange rate changes.
- Earnings per share were EUR -0.08 (EUR -0.14).
- Direct result per share (diluted) was EUR 0.05 (EUR 0.05).
- The fair value change of investment properties was EUR -31.6
million (EUR -59.3 million). The fair market value of the investment
properties decreased to EUR 2,097.3 million (EUR 2,111.6 million).
- The average net yield requirement for investment properties rose
and was 6.5 per cent (6.4%) at the end of the period, according to an
external appraiser. The increase in the net yield requirement was due
to general market conditions.
- Net financial expenses decreased to EUR 12.2 million (EUR 13.0
million) as a result of lower interest rates, exchange rate changes
and the buybacks of the convertible bonds.
- Citycon's interest cover ratio covenant was 2.0x (2.0x) and equity
ratio as defined in the loan agreements was 43.2 per cent (45.1%).
- During the period, the company signed a committed three-year
agreement for a EUR 75 million unsecured revolving credit facility
with a group of three Nordic banks. The agreement will further
strengthen the company's liquidity and support the implementation of
strategic investments.

Summary of the First Quarter of 2009 Compared with the Corresponding
Quarter of Last Year

- Turnover grew by 3.6 per cent to EUR 45.9 million (2008:
EUR 44.3 million), due mainly to the growth in gross leasable area
and active development of retail properties. Turnover growth was also
impacted by slightly higher vacancy.
- Profit/loss before taxes was EUR -18.1 million (EUR 11.3 million),
including a EUR -31.6 million (EUR 0.5 million) change in the fair
value of investment properties.
- Net rental income increased by 2.2 per cent to EUR 30.3 million
(EUR 29.7 million). Without the weakening of the Swedish krona, net
rental income would have increased by 5.1 per cent.
- Net rental income from like-for-like properties rose by
0.9 per cent. Higher heating, electricity and maintenance costs than
during the reference period lowered the growth of like-for-like net
rental income.
- The company's direct result rose to EUR 11.6 million
(EUR 10.4 million).
- The direct result per share (diluted) was EUR 0.05 (EUR 0.05).
- Earnings per share were EUR -0.08 (EUR 0.04). This decrease
resulted mainly from the fair value changes of the investment
properties.
- The occupancy rate was 95.3 per cent (96.0%). The decrease resulted
from a slight increase in vacancy across the portfolio in all of
Citycon's operating countries.
- Net cash from operating activities per share increased also
compared to the reference period in 2008 and was EUR 0.10 (EUR 0.06).
- The equity ratio was 36.4 per cent (43.0%). This decrease resulted
mainly from the fair value changes of the investment properties and
dividend payout.
- The company's financial position remained good during the period.
Total liquidity at the end of the reporting period was
EUR 290.4 million, including unutilised committed debt facilities
amounting to EUR 276.7 million and EUR 13.7 million in cash. The
available liquidity will cover the authorised investments and
scheduled debt interest and repayments until at least the end of
2010, without the need for additional financing sources.

Key figures

Q1/2009 Q1/2008 Change-% 1) Q4/2008 2008
Turnover, EUR million 45.9 44.3 3.6% 45.2 178.3
Net rental income, EUR
million 30.3 29.7 2.2% 30.2 121.8
Operating loss/profit,
EUR million -5.8 26.4 - -27.9 -105.0
% of turnover - 59.7% - - -
Loss/profit before taxes,
EUR million -18.1 11.3 - -40.9 -162.3
Loss/profit attributable
to parent
company shareholders, EUR
million -16.8 9.1 - -30.7 -124.1

Direct operating profit,
EUR million 25.7 25.9 -0.7% 25.6 105.3
% of turnover 56.1% 58.5% - 56.7% 59.1%
Direct result, EUR
million 11.6 10.4 11.3% 11.8 43.8
Indirect result, EUR
million -28.4 -1.3 - -42.5 -167.9

Earnings per share
(basic), EUR -0.08 0.04 - -0.14 -0.56
Earnings per share
(diluted), EUR -0.08 0.04 - -0.14 -0.56
Direct result per share
(diluted),
(diluted EPRA EPS), EUR 0.05 0.05 10.2% 0.05 0.20
Net cash from operating
activities per share, EUR 0.10 0.06 70.3% 0.07 0.21

Fair value of investment
properties, EUR million
2) 2,097.3 2,282.1 -8.1% 2,111.6

Equity per share, EUR 3.37 4.33 -22.1% 3.62
Net asset value (EPRA
NAV) per share, EUR 3.62 4.70 -23.1% 3.88
EPRA NNNAV per share, EUR 3.55 4.31 -17.5% 3.80
Equity ratio, % 36.4 43.0 - 38.5
Gearing, % 151.2 111.8 - 141.3
Net interest-bearing debt
(fair value), EUR million 1,191.3 1,149.4 3.6% 1,194.6
Net rental yield, % 5.9 5.5 - 5.8
Net rental yield,
like-for-like properties,
% 6.4 6.0 - 6.2
Occupancy rate, % 95.3 96.0 - 96.0
Personnel (at the end of
the period) 113 104 8.7% 113

1) Change-% is calculated from exact figures and refers to the change
between 2009 and 2008.
2) Due to the adoption of amended IAS 40 Investment property
-standard, the fair value of investment properties also includes
development properties.

CEO Petri Olkinuora's Comments on the First Quarter:

Citycon continued its solid financial performance during the first
quarter of 2009. The direct result improved, net rental income and
the net rents of like-for-like properties increased. Demand for
rental premises remained good in Finland and Sweden, but turned
weaker in the Baltic countries.

Sales in Citycon's shopping centres grew in the retail environment
that continued to be challenging.

Citycon's financing situation remained good and was supported further
by the new EUR 75 million revolving credit facility with a group of
three Nordic banks signed at the end of March.

In addition, Citycon continued to buy back the 2006 convertible bonds
during the period. The company has bought back convertible bonds at a
total face value of EUR 33.5 million, of which EUR 6.4 million was
bought back during the first quarter. The drop in interest rates and
the successful buybacks of convertible bonds reduced our financial
expenses during the quarter.

Business Environment

The economic environment continued to deteriorate during the
reporting period. The economic trend also began to affect sales in
the retail sector. The quickest to react were home appliances,
hardware and vehicles, whose sales are in decline in the company'soperating countries. Grocery sales, on the other hand, remained
relatively stable. In Finland, retail sales fell by 5.8 per cent in
February, although one of the reasons for this was the fact that the
comparative period was longer in 2008, which was a leap year (source:
Statistics Finland). In Sweden, the corresponding figure was -4.0 per
cent, and in Estonia -18.0 per cent (Statistics Sweden, Statistics
Estonia).

In Finland, the grocery retail sales of the Finnish Grocery Trade
Association's member companies grew 1.0 per cent on the previous year
in February, and the sales of hypermarkets and department stores grew
by 2.3 per cent. The cumulative growth of grocery sales in
January-February grew by 5.6 per cent, although there was one trading
day less this year than in the leap year 2008. The prices of food
products and non-alcoholic beverages have increased by about 7 per
cent since a year ago, impacting the growth in the value of sales
(the Finnish Grocery Trade Association). In Sweden, respectively,
cumulative grocery sales in January-February fell by 1.0 per cent
(Statistics Sweden).

Consumer and corporate confidence in the economic trend has clearly
weakened in Citycon's operating countries. Inflation and market
interest rates also continued to decline (Nordea).

Volatility in the global financial markets has reduced the
availability of debt and clearly raised the margins on new loans. At
the same time, long-term relationship with banks has become a key
factor in financing decisions.

Property transactions remained at a near standstill at the start of
the year, which was evidenced by the lack of transactions in the
shopping centre sector. Construction costs continued to decline
during the early part of the year. (Catella)

Business and Property Portfolio Summary

Citycon is an active owner and long-term developer of shopping
centres, laying the foundation for a successful retail business. The
company aims to increase its net yield from shopping centres over the
long term through active retail property management and redevelopment
efforts. Citycon's retail properties serve both consumers and
retailers.

Citycon is the market leader in the Finnish shopping centre business
and holds a strong position in Sweden and a firm foothold in the
Baltic countries. It assumes responsibility for the business
operations and administration of its investment properties.

Citycon is involved in the day-to-day operations of its shopping
centres and, in co-operation with its tenants, aims to increase the
attractiveness, footfall, sales and profits of its shopping centres
on a continuous basis. Citycon is a pioneer in the Nordic shopping
centre market, as it aims to factor environmental considerations into
its shopping centre management as well as its redevelopment and
development projects. The company has three sustainable development
pilot projects, and the redevelopment of the Trio shopping centre was
the first one to be completed at the end of 2008.

Citycon operates in Finland, Sweden and the Baltic countries. Thanks
to careful market research and good local knowledge, Citycon has been
able to acquire shopping centres in major growth centres in the
countries in which it operates. Citycon's investments are focused on
areas with expected population and purchasing power growth.

At the end of the period under review, Citycon owned 33 (33) shopping
centres and 51 (52) other properties. Of the shopping centres, 22
(22) were located in Finland, eight (8) in Sweden and three (3) in
the Baltic countries.

At the end of March, the market value of the company's property
portfolio totalled EUR 2,097.3 million (EUR 2,282.1 million) with
Finnish properties accounting for 70.0 per cent (70.1%), Swedish
properties for 22.8 per cent (24.1%) and Baltic properties for
7.2 per cent (5.7%). The gross leasable area at the end of March
totalled 932,750 square metres.

Changes in the Fair Value of Investment Properties

Citycon measures its investment properties at fair value, under the
IAS 40 standard, according to which changes in the fair value of
investment properties are recognised through profit or loss.
Furthermore, due to the amendment to IAS 40 standard (effective from
1 January 2009) Citycon measures also its development properties at
fair value instead of at cost and presents no longer development
properties separately from investment properties on the statement of
financial position. In accordance with the International Accounting
Standards (IAS) and the International Valuation Standards (IVS), an
external professional appraiser conducts a valuation of Citycon's
property portfolio on a property-by-property basis at least once a
year. However, in 2009, Citycon will have its properties valued by an
external appraiser on a quarterly basis, due to increased market
volatility.

Citycon's property portfolio is valued by Realia Management Oy, part
of the Realia Group. Realia Management Oy works in association with
the leading provider of real estate services, the international
company CB Richard Ellis. A summary of Realia Management Oy's
Property Valuation Statement at the end of March 2009 can be found at
www.citycon.com/valuation. The valuation statement includes a
description of the valuation process and the factors contributing to
the valuation, as well as the results of the valuation, and a
sensitivity analysis.

During the period under review, the fair value of Citycon's property
portfolio decreased. This decrease was due to changes in the general
conditions in the property and financial market and to higher yield
requirements resulting from the general economic recession. The
period saw a total value increase of EUR 8.2 million and a total
value decrease of EUR 39.8 million. The net effect of these changes
on the company's profit was EUR -31.6 million (EUR 0.5 million).

On 31 March 2009, the average net yield requirement defined by Realia
Management Oy for Citycon's property portfolio came to 6.5 per cent
(Q1/2008: 5.7% and 31 December 2008: 6.4%).

Lease Portfolio and Occupancy Rate

At the end of the period under review, Citycon had a total of 4,080
(3,665) leases. The average remaining length of the lease agreements
was 3.1 (3.0) years. Citycon's property portfolio's net rental yield
was 5.9 per cent (5.5%) and the occupancy rate was 95.3 per cent
(96.0%). The decrease in occupancy rate was a result of slight
increase in vacancy across the portfolio in all of Citycon's
operating countries due to toughened market conditions.

Citycon's net rental income grew by 2.2 per cent to EUR 30.3 million
during the period under review. The leasable area rose by
1.0 per cent to 932,750 square metres. Net rental income from
like-for-like properties grew by 0.9 per cent when excluding the
impact of the weakened Swedish krona.

Like-for-like properties are properties held by Citycon throughout
the 24-month reference period, excluding properties under
refurbishment and redevelopment as well as undeveloped lots. 74.3 per
cent of like-for-like properties are located in Finland. The
calculation method for net yield and standing (like-for-like)
investments is based on guidelines issued by the KTI Institute for
Real Estate Economics and the Investment Property Databank (IPD).

During the last 12 months, the rolling twelve-month occupancy cost
ratio for like-for-like properties was 8.7 per cent (8.7%). The
occupancy cost ratio is calculated as the share of net rent and
potential service charges paid by a tenant to Citycon, of the
tenant's sales, excluding VAT. The VAT percentage is an estimate.

Lease Portfolio Summary

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Number of leases started
during the period 128 124 3.2 255 572
Total area of leases
started, sq.m. 16,066 24,240 -33.7 69,730 124,960
Occupancy rate at end of the
period, % 95.3 96.0 -0.7 96.0
Average remaining length of
lease portfolio
at the end of the period,
year 3.1 3.0 3.3 3.11)

1) Interpretation of the remaining length of a lease agreement has
been revised.

Acquisitions and Divestments

Citycon continues to focus on the development and redevelopment of
the company's shopping centres, and follows developments in the
shopping centre market across its operating regions. No new shopping
centres were acquired during the period under review.

At the end of January, Citycon divested all the shares in its
subsidiary MREC Kiinteistö Oy Keijutie 15. The debt-free selling
price of this non-core property in Lahti amounted to approximately
EUR 3 million and the company booked a sales profit of EUR 0.1
million. The company's strategy is to continue the sale of non-core
properties.

Development Projects

Citycon currently has two major development projects in progress,
Rocca al Mare in Tallinn and Liljeholmstorget in Stockholm. The
purpose of the company's development activities is to keep its
shopping centres competitive for both customers and tenants. Citycon
is pursuing a long-term increase in the footfall and cash flow, as
well as in the efficiency and return of its retail properties.

In the short term, redevelopment projects may weaken returns from
some properties, as some retail premises may have to be temporarily
vacated for refurbishment, which affects rental income. Citycon aims
to carry out any redevelopment projects phase by phase so that the
whole shopping centre does not have to be closed during the works in
question, thus ensuring continuous cash flow.

Sustainable Construction and Management

In its development projects, Citycon is paying increasing attention
to environmental management methods and solutions. The company has
three pilot projects, aimed at identifying the best practices to be
implemented in the sustainable construction and management of
shopping centres. These pilot projects include building a new
shopping centre at Liljeholmen in Stockholm, Sweden, and the
redevelopment and extension of the Rocca al Mare shopping centre in
Tallinn, Estonia, and the already completed redevelopment of the Trio
shopping centre in Lahti, Finland.

The assessment applied in the pilot projects comprises a total of
over 60 points, reviewing various factors such as the energy
efficiency of the property, indoor air quality, the choice of
materials, the utilisation of public transport and minimising the
environmental impacts of construction work. On the basis of this
assessment, practical development measures will be introduced in
order to establish systematic, sustainable construction practices.

The Trio shopping centre is also the first shopping centre in Finland
for which an international LEED (Leadership in Energy and
Environmental Design) environmental certification is being sought.
The objective is to obtain this certification for other pilot
projects as well. Citycon remains confident that, in the long term, a
responsible approach to its business operations will enhance its
reputation as a responsible player in the shopping centre markets and
its attraction as an international investment.

(Re)development Projects in Progress

The table below lists the most significant development and
redevelopment projects in progress, as approved by the Board of
Directors. More information on planned projects can be found on the
corporate website at www.citycon.com, in executive presentations and
the Annual Report 2008, which was published in February.

Capital expenditure during the report period on all development
projects amounted to EUR 3.1 million in Finland, EUR 14.4 million in
Sweden and EUR 5.3 million in the Baltic countries.

(Re)development Projects in Progress

Estimated Actual gross Estimated
total expenditure final
cost (EUR by 31 March 2009 year of
Location million) (EUR million) completion
Stockholm,
Liljeholmstorget Sweden 130 84.3 2009
Tallinn,
Rocca al Mare Estonia 64.3 41.9 2009
Lahti,
Trio Finland 60 58.31) Completed
Seinäjoki,
Torikeskus Finland 4 2.6 2009

1) Current expenditure before the final project report.

The company's largest development project, which is also its main
sustainable construction project, involves the construction of a new
shopping centre in Liljeholmen, Stockholm. This project has advanced
within the planned budget and schedule. The shopping centre's anchor
tenants include among others the ICA-Kvantum grocery retailer, Hennes& Mauritz, MQ-fashion chain and Systembolaget. With the new shopping
centre being expected to open in October 2009, the leasing of its
retail premises is proceeding as planned.

The first stage of the redevelopment of the Rocca al Mare shopping
centre in Tallinn was completed, with new premises opening in October
2008. The next stage of the redevelopment project, a fashion world to
be opened in May, will encompass more than 60 fashion stores. Two
major European fashion brands, New Yorker and Marks & Spencer, are
among the companies opening stores in Rocca al Mare. The New Yorker
outlet will be the chain's largest in Estonia, while Marks & Spencer
will open its first store in the country. All the new premises have
already been let. In completely renovated form, Rocca al Mare is
expected to open in the autumn of 2009.

The totally refurbished Trio shopping centre in downtown Lahti was
completed in November 2008, in time for the Christmas season. Thanks
to this redevelopment project, Trio regained its position as the
leading shopping centre in Lahti and the entire Päijät-Häme region.

Citycon's Board of Directors has also approved a redevelopment
project involving the Torikeskus in Seinäjoki. No other projects have
been approved by the company's Board of Directors, as new development
projects will be started only once financing and lease agreements
have been adequately secured.

Business Units

Citycon's business operations are divided into three business units:
Finland, Sweden and the Baltic Countries. These are sub-divided into
two business areas: Retail Properties and Property Development. The
Finnish business unit also includes a Commercial Development
function, responsible for the commercial development of Citycon's
Finnish shopping centres and the development of new commercial
concepts.

Finland

Citycon is the market leader in the Finnish shopping centre business.
Citycon's market share was 24 per cent of the Finnish shopping centre
market last year (source: Entrecon). The company's net rental income
from Finnish operations during the period under review was EUR 23.1
million (EUR 22.3 million). The business unit accounted for
76.1 per cent of Citycon's total net rental income.

The key figures of the Finnish property portfolio are presented
below. Ongoing development projects have been covered previously in
this document.

Lease Portfolio Summary, Finland

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Number of leases started
during the period 66 100 -34.0 193 452
Total area of leases started,
sq.m. 9,190 21,800 -57.8 31,930 79,130
Occupancy rate at end of the
period, % 94.9 95.7 -0.8 95.7
Average remaining length of
lease portfolio
at the end of the period,
year 3.0 3.2 -5.0 3.1

Financial Performance, Finland

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Gross rental income, EUR
million 32.3 30.4 6.2 30.8 122.5
Turnover, EUR million 33.5 31.4 6.6 32.0 126.8
Net rental income, EUR
million 23.1 22.3 3.3 22.6 90.9
Net fair value losses/gains
on
investment property, EUR
million -25.5 -2.1 - -48.6 -154.3
Operating loss/profit, EUR
million -4.0 19.0 - -21.7 -62.9
Capital expenditure, EUR
million 3.2 22.8 -86.0 10.6 69.2

Fair market value of
investment
properties, EUR million (1 1,468.9 1,600.5 -8.2 1,494.0
Net rental yield, % (2 6.2 5.8 6.0
Net rental yield,
like-for-like properties, % 6.7 6.3 6.5

1) Due to the adoption of amended IAS 40 Investment property
-standard, the fair value of investment properties also includes
development properties.
2) Includes the lots for development projects.

Sweden

Citycon has achieved a substantial position in the Swedish shopping
centre market and has eight shopping centres and seven other retail
properties in Sweden, located in the Greater Stockholm and Greater
Gothenburg areas and in Umeå. The company's net rental income from
Swedish operations decreased by 9.9 per cent and totalled EUR 5.2
million (EUR 5.8 million). If the impact of the weakened Swedish
krona is excluded, net rental income from Swedish operations
increased by 4.9 per cent in comparison with the previous year. This
business unit accounted for 17.1 per cent of Citycon's total net
rental income.

The key figures for the Swedish property portfolio are presented
below. Ongoing development projects have been covered previously in
this document.

Lease Portfolio Summary, Sweden

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Number of leases started
during the period 61 8 - 19 58
Total area of leases started,
sq.m. 6,873 840 - 9,060 15,340
Occupancy rate at end of the
period, % 95.5 96.1 -0.7 96.0
Average remaining length of
lease portfolio
at the end of the period,
year 2.3 2.3 1.7 2.4

Financial Performance, Sweden

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Gross rental income, EUR
million 9.0 9.2 -1.6 9.9 41.1
Turnover, EUR million 9.3 10.7 -12.9 10.1 41.9
Net rental income, EUR million 5.2 5.8 -9.9 5.3 24.1
Net fair value gains/losses on
investment property, EUR
million 3.4 1.7 103.7 -21.4 -70.1
Operating profit/loss, EUR
million 7.8 6.7 16.3 -16.9 -49.1
Capital expenditure, EUR
million 14.4 8.2 75.9 23.0 65.6

Fair market value of
investment
properties, EUR million (1 477.2 550.4 -13.3 462.4
Net rental yield, % (2 5.1 4.6 5.0
Net rental yield,
like-for-like properties, % 5.7 5.1 5.4

1) Due to the adoption of amended IAS 40 Investment property
-standard, the fair value of investment properties also includes
development properties.
2) Includes the lots for development projects.

Baltic Countries

At the end of the period under review, Citycon owned three shopping
centres in the Baltic countries: Rocca al Mare and Magistral in
Tallinn, Estonia, and Mandarinas in Vilnius, Lithuania. The more
difficult economical situation in the Baltic countries has affected
the sales and footfall of Citycon's shopping centres, although the
vacancy has not increased remarkably. Net rental income from Baltic
operations amounted to EUR 2.1 million (EUR 1.6 million). The
business unit accounted for 6.8 per cent of Citycon's total net
rental income.

The key figures for the Baltic property portfolio are presented
below. Ongoing development projects have been covered previously in
this document.

Lease Portfolio Summary, Baltic Countries

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Number of leases started
during the period 1 16 -93.8 43 62
Total area of leases started,
sq.m. 3 1,600 -99.8 28,740 30,490
Occupancy rate at end of the
period, % 99.5 100 -0.5 99.8
Average remaining length of
lease portfolio
at the end of the period,
year 5.4 2.6 107.7 5.4

1) Interpretation of the remaining length of a lease agreement has
been revised.

Financial Performance, Baltic Countries

Q1/2009 Q1/2008 Change-% Q4/2008 2008
Gross rental income, EUR
million 3.0 2.2 38.1 3.0 9.3
Turnover, EUR million 3.1 2.2 39.2 3.1 9.6
Net rental income, EUR million 2.1 1.6 31.7 2.2 6.8
Net fair value losses/gains on
investment property, EUR
million -9.6 0.9 - 10.6 8.3
Operating loss/profit, EUR
million -7.7 2.3 - 12.6 14.4
Capital expenditure, EUR
million 5.3 5.7 -7.2 6.7 22.7

Fair market value of
investment
properties, EUR million (1 151.1 131.2 15.2 155.3
Net rental yield, % (2 6.1 6.0 6.2
Net rental yield,
like-for-like properties, % 7.2 6.9 7.2

1) Due to the adoption of amended IAS 40 Investment property
-standard, the fair value of investment properties also includes
development properties.
2) Includes the lots for development projects.

Turnover and Profit

Turnover for the first quarter of the financial year came to EUR 45.9
million (EUR 44.3 million), principally derived from the rental
income generated by Citycon's retail premises. Gross rental income
accounted for 96.6 per cent (94.2%) of turnover.

Operating profit came to EUR -5.8 million (EUR 26.4 million). Profit
before taxes was EUR -18.1 million (EUR 11.3 million) and profit
after taxes attributable to the parent company's shareholders EUR
-16.8 million (EUR 9.1 million). The decrease in operating profit was
mainly due to the fair value loss of the property portfolio. On the
other hand, as a result of the completed redevelopment projects, the
operating profit rose due to net rental income generated by increased
and refurbished premises.

The effect of changes in the fair value of the property portfolio, of
gains on sales and of other indirect items on the profit attributable
to the parent company's shareholders, was EUR -28.4 million (EUR -1.3
million), tax effects included. Taking this into account, the direct
result after taxes was EUR 1.2 million above the reference period
level (cf. Note "Reconciliation between direct and indirect result").
The growth in the direct result came mainly from increased net rental
income as well as exchange rate changes and decreased interest rates
resulting in lower financial expenses. In addition, a gain of EUR 0.4
million, including tax effects, for the buybacks of convertible bonds
was recognised under the direct result.

Current taxes on the direct result were higher during the reporting
period than during the reference period, due to growth in the direct
result and the buybacks of convertible bonds.

Earnings per share were EUR -0.08 (EUR 0.04). Direct result per
share, diluted, (diluted EPRA EPS) was EUR 0.05 (EUR 0.05). Net cash
flow from operating activities per share amounted to EUR 0.10 (EUR
0.06).

Human Resources and Administrative Expenses

At the end of the report period, Citycon Group employed a total of
113 (104) persons, of whom 75 were employed in Finland, 30 in Sweden
and eight in the Baltic countries. Administrative expenses increased
to EUR 4.6 million (EUR 3.9 million), including EUR 0.1 million
(EUR 0.1 million) in calculated non-cash expenses related to employee
stock options and the company's share-based incentive scheme. The
higher expenses when compared to the reference period were due to
organisation growth.

Capital Expenditure and Divestments

Citycon's reported gross capital expenditure during the reporting
period totalled EUR 23.1 million (EUR 37.9 million). Of this,
property acquisitions accounted for EUR 0.0 million
(EUR 7.3 million), property development EUR 22.9 million
(EUR 30.3 million) and other investments EUR 0.2 million
(EUR 0.3 million). These investments were financed through cash flow
from operations and existing financing arrangements.

At the end of January, Citycon divested all the shares in its
subsidiary MREC Kiinteistö Oy Keijutie 15. The debt-free selling
price of this non-core property in Lahti amounted to approximately
EUR 3 million.

Statement of Financial Position and Financing

The total assets at the end of the reporting period stood at EUR
2,147.8 million (EUR 2,357.0 million). Liabilities totalled
EUR 1,366.8 million (EUR 1,343.9 million), with short-term
liabilities accounting for EUR 105.7 million (EUR 159.2 million). The
Group's financial position remained good. At the end of the period
under review, Citycon's liquidity was EUR 290.4 million, of which EUR
276.7 million consisted of undrawn, committed credit facilities and
EUR 13.7 million of cash and cash equivalents. At the end of the
period, Citycon's liquidity, short-term credit limits and commercial
papers excluded, stood at EUR 270.4 million (Q4/2008: EUR 158.7
million).

For the purpose of short-term liquidity management, the company uses
a EUR 100 million non-committed Finnish commercial paper programme
and a non-committed Swedish commercial paper programme worth SEK one
billion. By the end of the period under review, Citycon had issued
commercial papers to the value of EUR 5.0 million. Citycon's
financing is mainly arranged on a long-term basis, with short-term
interest-bearing debt constituting approximately 2.0 per cent of the
Group's total interest-bearing debt at the end of the report period.

From the reference period, interest-bearing debt increased by EUR
11.2 million to EUR 1,194.4 million (EUR 1,183.2 million). The fair
value of the Group's interest-bearing debt stood at EUR 1,204.9
million (EUR 1,200.1 million).

The Group's cash and cash equivalents totalled EUR 13.7 million
(EUR 50.7 million). The fair value of the Group's interest-bearing
net debt stood at EUR 1,191.3 million (EUR 1,149.4 million).

The year-to-date weighted average interest rate decreased compared to
the previous year and was 4.46 per cent (4.93% during reference
period). The average loan maturity, weighted according to the
principal amount of the loans, stood at 4.5 years (5.1 years). The
average interest-rate fixing period was 3.2 years (3.1 years).

Citycon's interest cover ratio covenant improved slightly due to
lower interest costs and came to 2.0x (Q4/2008: 2.0x). The company's
equity ratio as defined in the loan agreements decreased due to
dividend and equity return payout as well as the fair value change of
the property portfolio, and was 43.2 per cent (Q4/2008: 45.1%).

The weighted interest rate, interest-rate swaps included, averaged
4.36 per cent on 31 March 2009.

At the end of the reporting period the Group's equity ratio was 36.4
per cent (43.0%). Gearing stood at 151.2 per cent (111.8%).

Of Citycon's interest-bearing debt at the end of the period under
review, 76.3 per cent (73.2%) was in floating-rate loans, of which
66.2 per cent (71.2%) had been converted into fixed-rate loans by
means of interest-rate swaps. Fixed-rate debt accounted for
74.2 per cent (78.8%) of the Group's year-end interest-bearing debt,
interest-rate swaps included. The loan portfolio's hedging ratio is
in line with the Group's financing policy.

Citycon applies hedge accounting, whereby changes in the fair value
of interest-rate swaps subject to hedge accounting are recognised
under other comprehensive income. The period-end nominal amount of
interest-rate swaps totalled EUR 638.6 million (EUR 675.2 million),
with hedge accounting applied to interest-rate swaps whose nominal
amount totalled EUR 615.8 million (EUR 598.6 million).

On 31 March 2009, the nominal amount of all of the Group's derivative
contracts totalled EUR 655.7 million (EUR 783.0 million), and their
fair value was EUR -19.3 million (EUR 2.0 million). The decline of
market interest rates at the beginning of the year decreased the fair
value of Citycon's interest rate derivatives. Hedge accounting is
applied for the majority of interest rate derivatives, meaning that
any changes in their fair value will be recognised under other
comprehensive income. Thereby, the fair value loss for these
derivatives does not affect the profit for the period or earnings per
share but the total comprehensive income. On 31 March 2009, the fair
value loss recognised under other comprehensive income, taking
account of the tax effect, totalled EUR -7.9 million (31
December 2008: EUR -4.4 million).

Net financial expenses totalled EUR 12.2 million (EUR 15.1 million).
This decrease was attributable to lower interest rates at the start
of the year and the buybacks of convertible bonds.

Net financial expenses in the statement of comprehensive income
include EUR -0.3 million in non-cash expenses related to derivative
valuation, but also non-recurring income worth EUR 0.6 million for
the buyback of the convertible bonds was recorded in net financial
expenses. In addition, net financial expenses in the statement of
comprehensive income include EUR 0.4 million (EUR 0.5 million) in
non-cash expenses related to the option component on convertible
bonds.

Loan Market Transactions

At the end of the period under review, Citycon signed an agreement
for a EUR 75 million unsecured revolving credit facility with a group
of three Nordic banks. The agreement is valid for three years.

The new syndicated loan will further strengthen the company's
available liquidity and will provide the means of financing Citycon's
growth on a committed basis. The proceeds from the credit facility
will be used to finance strategic investments such as shopping centre
redevelopment projects. The credit margins of the loan are subject to
a pricing grid based on Citycon's interest cover ratio covenant, as
has been the case with the company's previous loan agreements.

Buybacks of Subordinated Convertible Capital Bonds Issued in 2006

In July 2006, Citycon's Board of Directors decided to issue
subordinated capital convertible bonds, to the amount of EUR 110
million, directed to international institutional investors. The issue
of the convertible bonds, waiving the shareholders' pre-emptive
subscription rights, was based on the authorisation given at
Citycon's Annual General Meeting on 14 March 2006. These convertible
bonds have been listed on the NASDAQ OMX Helsinki exchange since 22
August 2006. The maturity of the bonds is 7 years and they will pay a
coupon of 4.5 per cent annually in arrears. Furthermore, the
conversion period is from 12 September 2006 to 27 July 2013 and the
maturity date is 2 August 2013. The current conversion price is
EUR 4.20.

In autumn 2008, Citycon began the repurchases of the convertible
bonds, since the market situation enabled the company to repurchase
the bonds at a price clearly below their face value and because the
repurchases enabled the company to strengthen its statement of
financial position and decrease its net financial expenses. In
November-December 2008, Citycon repurchased a total of 542 bonds,
each with a face value of EUR 50,000, which the company's Board of
Directors decided to cancel on 9 December 2008 and 11 February 2009,
in accordance with the terms and conditions of the convertible bonds.

Citycon continued the buybacks of the 2006 convertible bonds during
the period under review by repurchasing a total of 128 bonds for EUR
3.6 million (including interest accrued), on 27 February 2009 and 10
March 2009. The repurchased bonds were cancelled on 18 March 2009.
After this cancellation, the number of bonds issued under the
convertible bonds is 1,530 and the maximum number of shares to be
subscribed for with bonds is 18,214,285. As a result of the
cancellation, the maximum increase in Citycon's share capital on the
basis of the convertible bonds decreased from EUR 26,646,428.25 to
EUR 24,589,284.75. The amendments to Citycon's convertible bonds were
registered in the Trade Register on 2 April 2009.

By the end of March, Citycon had repurchased a total principal amount
of EUR 33.5 million of the 2006 convertible bonds, corresponding to
approximately 30.5 per cent of the aggregate amount of the
convertible bonds. The weighted average repurchase price was 53.5 per
cent of the face value of the bonds.

Short-term Risks and Uncertainties

For risk management purposes, Citycon has a holistic Enterprise Risk
Management (ERM) programme in place. Citycon's risk management aims
to ensure that the company can meet its strategic and operational
goals, while the ERM's purpose is to generate up-to-date and
consistent information for the company's senior executives and Board
of Directors on any risks threatening the targets set in strategic
and annual plans.

Citycon's Board of Directors estimates that major short-term risks
and uncertainties are associated with economic developments in the
company's operating regions, the availability of financing as well as
changes in the fair value of investment properties and interest
rates. Redevelopment and construction of the company's own properties
means that the risks associated with project management and with the
leasing of new premises will also increase.

A number of factors contribute to the value of retail properties,
such as general and local economic development, investment demand,
and interest rates. At present, investment property values are
subject to abnormally high uncertainty due to the global financial
crisis and the dramatically weaker economic outlook in the company's
operating regions.

As a result of the credit crisis, property prices have fallen, and
Citycon has also recorded fair value losses for the period under
review from the lower values of investment properties. During the
period under review, trading activity on the property markets has
been slow. Furthermore, the weakening economic conditions make the
future development of properties' fair value even more uncertain.
While changes in the investment properties' fair value have an effect
on the company's profit for the period, they do not have an immediate
impact on cash flow.

Economic fluctuations and developments materially affect demand for
rental premises and rental rates. These represent one of the
company's key short-term risks. All of the company's operating
regions experienced a marked slow-down in economic growth compared
with the same period last year. Several economists forecast markedly
negative economic growth for all of the company's operating regions
for the rest of the year. These economic conditions could reduce
demand for retail premises, weaken tenants' ability to pay rent and
raise the vacancy rate in the company's properties, which might have
a negative impact on the company's business and financial
performance.

Citycon's growth relies on the refurbishment and redevelopment of
retail properties. Implementation of this strategy requires both
equity and debt financing. Difficulties in the banking sector have
made banks more reluctant to lend money to enterprises. Furthermore,
due to falling share prices and investors' reluctance to invest in
shares, it is more difficult for listed companies to acquire equity
through share issues. Citycon's financial position is strong,
enabling it to finance its ongoing projects in full as planned. The
company will need new financing for future new investments and growth
efforts, and the terms of such arrangements will naturally be
affected by the financial situation at that time.

In addition to the availability of financing, Citycon's main
financial risk is the interest-rate risk of the company's loan
portfolio. During the period under review, the six-month interest
rate in the euro area fell by 1.3 percentage points, while in Sweden
the equivalent interest rate dropped 1.3 percentage points. During
this period, Citycon's average interest rate decreased by
0.39 percentage points due to the clear decline in market rates.

The short-term risks involved in (re)development projects are
associated with the leasing of new premises and the implementation of
construction projects. Leasing risks in projects are minimised by
securing the allocation of sufficient resources to the leasing
operations of new properties, investing in the marketing of new
shopping centres and concluding agreements with anchor tenants prior
to a project's commencement or at its initial stage. Project
implementation risks are managed using sufficient resources.
Responsibility for projects is borne by experienced in-house project
managers.

More details on the company's risk management are available on the
company's website at www.citycon.com/riskmanagement and on pages
32-34 of the Financial Statements 2008.

Environmental Responsibility

Citycon seeks to lead the way in responsible shopping centre business
and to promote sustainable development within the business. The
location of Citycon's shopping centres in city centres, local centres
or generally adjacent to major traffic flows, combined with excellent
public transport connections, makes them well positioned to face the
demands of sustainable development.

To further develop its operations, Citycon surveyed its tenants'
views in 2008 on measures that promote sustainable development and
has assembled a list of tangible proposals for improvement. The
survey covered 350 tenants and store managers in Finland and Sweden,
and another 13 persons responsible for environmental affairs in major
retail companies were also interviewed.

The survey indicated that, up to the present day, environmental
affairs have not been a key priority in sales activities conducted in
shopping centres, but in this respect the retail sector may well put
pressure on shopping centre operators in the future. Forerunners in
the retail sector are already placing demands on partners such as
shopping centres.

Citycon has initiated a Green Shopping Centre Management programme to
foster sustainable development in all shopping centres owned by the
company. The programme, to be implemented in 2009, aims to promote
energy efficiency, recycling and other operations that support
sustainable development.

Citycon is currently engaged in sustainable construction through
three pilot projects, for which the company is seeking the
international LEED (Leadership in Energy and Design) certification.
These projects form an essential element of Citycon's efforts towards
sustainable development and include the already completed
redevelopment of the Trio shopping centre in Lahti, the redevelopment
and extension of the Rocca al Mare shopping centre in Tallinn, and
the construction of the Liljeholmstorget shopping centre in
Stockholm.

Resolutions of the 2009 Annual General Meeting

Citycon Oyj's Annual General Meeting (AGM) took place in Helsinki,
Finland, on 18 March 2009. The AGM adopted the consolidated financial
statements and the parent company's financial statements for the
financial year 2008 and discharged the members of the Board of
Directors and the Chief Executive Officer from liability. The AGM
decided on a dividend of EUR 0.04 per share for the financial year
2008 and, in addition, on an equity return of EUR 0.10 per share from
the invested unrestricted equity fund. The record date for the
dividend payout and equity return was 23 March 2009, and the dividend
and equity return were paid on 3 April 2009.

Board Members and Their Remuneration

The number of Board members was increased from eight to nine, with
Amir Bernstein, Gideon Bolotowsky, Raimo Korpinen, Tuomo Lähdesmäki,
Claes Ottosson, Dor J. Segal, Thomas W. Wernink and Per-Håkan Westin
being re-elected to the Board for a one-year-term. Israeli citizen
Ariella Zochovitzky, B.A., MBA and CPA, born in 1957, was elected as
a new member to the Board. Thom Wernink was elected as Board Chairman
and Tuomo Lähdesmäki as Deputy Chairman at the Board's organisation
meeting, which was held after the Annual General Meeting.

The AGM decided that Board members' fees would remain unchanged, with
the Chairman of the Board of Directors being paid an annual fee of
EUR 160,000, the Deputy Chairman EUR 60,000 and ordinary members of
the Board EUR 40,000. In addition, the AGM decided that the Chairman
of the Board and the Chairmen of the Board's committees be paid a
meeting fee of EUR 700 and the other Board and committee members EUR
500 per meeting. Furthermore, it was decided that Board members
residing outside the Greater Helsinki area would be compensated for
actual travel and accommodation expenses and any other expenses
resulting from their work on the Board.

Board Committees

In its meeting following the AGM, the Board also elected the members
of the Board Committees. The members of the Committees are listed in
the table below.

Audit Committee Remuneration Investment Nomination
Committee Committee Committee
Raimo Korpinen Tuomo Lähdesmäki Thom Wernink Tuomo Lähdesmäki
(Ch.) (Ch.) (Ch.) (Ch.)
Gideon Bolotowsky Gideon Bolotowsky Amir Bernstein Claes Ottosson
Per-Håkan Westin Thom Wernink Raimo Korpinen Thom Wernink
Thom Wernink Dor J. Segal
Ariella Per-Håkan
Zochovitzky Westin

Independence of the Members of the Board of Directors

In the view of the Board of Directors, all Board members are
independent of the company as non-executive directors and Gideon
Bolotowsky, Raimo Korpinen, Tuomo Lähdesmäki, Thom Wernink and
Per-Håkan Westin are independent of major shareholders.

Auditor

Ernst & Young Oy, a firm of authorised public accountants, continues
as the company auditor with Authorised Public Accountant Tuija
Korpelainen as the chief auditor.

Partial Amendments to the Articles of Association

In accordance with the proposal by the Board of Directors, the AGM
decided to amend Article 4 of the company's Articles of Association
in respect of the maximum number of members on the Board of Directors
so that the maximum number of members is ten. The AGM also decided to
amend Article 11 in respect of the publication of the notice to a
general meeting so that the notice shall also be published on the
company's website no later than 21 days before the meeting. The
amendments to the Articles of Association were entered in the Trade
Register on 2 April 2009.

Authorising the Board of Directors to Decide on the Acquisition of
the Company's Own Shares

The AGM authorised the Board to decide on an acquisition of a maximum
of 20 million of the company's own shares by using unrestricted
equity through public trading on the NASDAQ OMX Helsinki Ltd at the
market price prevailing at the time of the acquisition. The shares
shall be acquired to improve the company's capital structure or to be
used in the financing or implementation of potential acquisitions or
other corporate transactions. The company may hold, convey or cancel
the shares for the aforementioned purposes. The Board was authorised
to decide on other terms and conditions related to the acquisition of
the company's own shares. This acquisition authorisation will be
valid until the next Annual General Meeting.

Shareholders, Share Capital and Shares

Citycon shares have been listed on the Helsinki exchange since 1988.
Citycon is a Mid Cap company in the Financials sector, sub-industry
Real Estate Operating Companies. Its trading code is CTY1S and shares
are traded in euros. The ISIN code used in international securities
clearing is FI0009002471.

Trading and Share Performance

During January-March, the number of Citycon shares traded on the
NASDAQ OMX Helsinki totalled 54.8 million (41.6 million) at a total
value of EUR 82.0 million (EUR 153.7 million). The highest quotation
during the period was EUR 2.02 (EUR 4.28) and the lowest EUR 1.30
(EUR 3.13). The reported trade-weighted average price was EUR 1.50
(EUR 3.69), and the share closed at EUR 1.46 (EUR 3.88). The
company's market capitalisation at the end of March totalled
EUR 322.7 million (EUR 857.4 million).

Shareholders

At the end of March, Citycon had a total of 2,869 (1,984) registered
shareholders, of which ten were account managers of
nominee-registered shares. Nominee-registered and other international
shareholders held 202.8 million (211.8 million) shares, or 91.8 per
cent (95.8%) of shares and voting rights in the company.

Notifications of Changes in Shareholdings

During the January-March, Citycon received one notification regarding
changes in shareholdings:

Perennial Investment Partners Limited notified the company in March
that its holdings in Citycon Oyj had fallen below the five per cent
threshold. According to the notification, Perennial Investment
Partners Limited held a total of 7,770,418 Citycon shares on 12 March
2009, equivalent to 3.52 per cent of the company's share capital and
voting rights.

Share Capital

At the end of March 2009, the company's registered share capital
totalled EUR 259,570,510.20 and the number of shares 220,998,989.
There were no changes in the company's share capital or the number of
shares during the period. The company has a single series of shares,
with each share entitling to one vote at general meetings of
shareholders. The shares have no nominal value.

Board Authorisations

The AGM for 2007 authorised the Board of Directors to decide on
issuing new shares and disposing of treasury shares through paid or
free share issues. New shares can be issued and treasury shares can
be transferred to shareholders in proportion to their existing
shareholding or through a directed share issue waiving the
pre-emptive rights of shareholders, if a weighty financial reason
exists for doing so. The Board can also decide on a free share issue
to the company itself. In addition, the Board was authorised to grant
the special rights referred to in Section 1 of Chapter 10 of the
Finnish Limited Liability Companies Act, entitling their holders to
receive, against payment, new shares in the company or treasury
shares. The combined number of new shares to be issued and treasury
shares to be transferred, including the shares granted on the basis
of the special rights, may not exceed 100 million. At the end of
March, the number of shares that can be issued or disposed of on the
basis of the authorisation totalled 72,398,178. This authorisation is
valid until 13 March 2012.

The AGM for 2009 authorised the Board of Directors to decide on the
acquisition of 20 million of the company's own shares. The
acquisition authorisation will be valid until the next Annual General
Meeting.

At the end of the period under review, the Board had no other
authorisations.

Stock Options 2004

The Annual General Meeting held on 15 March 2004 authorised the issue
of a maximum of 3,900,000 stock options to the personnel of the
Citycon Group. The stock options are listed on the NASDAQ OMX
Helsinki exchange.

The subscription period for Citycon's stock options 2004 A expired at
the end of March. The number of unexercised stock options 2004 A
totalled 694,925 (excluding the stock options held by Veniamo-Invest
Oy), which would have entitled their holders to subscribe for a
maximum of 842,735 shares. These stock options have been deleted as
worthless from their holders' book-entry accounts.

The table below includes information on the number of stock options
2004 and their subscription ratios and subscription prices. The full
terms and conditions of the stock option plan are available on the
company's website at www.citycon.com/options.

Basic Information on Stock Options 2004 as at 1 April 2009

2004 A 2004 B 2004 C
No. of options granted 1,040,000 1,090,000 1,050,000
No. held by Veniamo-Invest 260,000 210,000 250,000
Oy ¹)
Subscription ratio, - 1:1.2127 1:1.2127
option/shares
Subscription price per - 2.5908 4.2913
share, EUR ²)
Subscription period began 1 Sept. 2006 1 Sept. 2007 1 Sept. 2008
Subscription period 31 March 2009 31 March 2010 31 March 2011
ended/ends
No. of options exercised 345,075 - -
No. of shares subscribed 386,448 - -
with options
No. of options available - 1,090,000 1,050,000
for share subscription
No. of shares that can be - 1,321,843 1,273,335
subscribed

¹) Veniamo-Invest Oy, a wholly-owned subsidiary of Citycon Oyj,
cannot subscribe for its parent company's shares.
²) Following the dividend payment and equity return in 2009. The
share subscription prices are reduced by half of the per-share
dividends paid and per-share equity returned. However, the share
subscription price is always at least EUR 1.35.

No shares were subscribed based on the stock options 2004 during the
period under review. The maximum number of shares that can be further
subscribed for exercising the outstanding stock options 2004 B/C
amounts to 2,595,178 new shares.

Outlook

Citycon continues to focus on increasing its cash flow and operating
profit (excluding fair value changes). In order to implement this
strategy, the company will focus on value-added activities while
cautiously monitoring the market for potential acquisitions.

Due to market changes and tight financing conditions, all planned
projects will be re-evaluated before their launch. Citycon intends to
continue the divestment of its non-core properties to improve the
property portfolio and strengthen the company's statement of
financial position. The company is also considering alternative
property financing sources.

The fact that the grocery sales sector accounts for a major share of
the company's lease portfolio cushions the impact on net rental
income. The company expects its net rental income to increase
moderately in 2009 from the previous year's level, resulting from
redevelopment projects coming online and active shopping centre
management.

Helsinki, 22 April 2009

Citycon Oyj
Board of Directors

UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
1 January - 31 March 2009

Condensed Consolidated Statement of Comprehensive Income, IFRS

EUR million Note Q1/2009 Q1/2008 Change-% 2008

Gross rental income 44.3 41.7 6.1% 173.0
Service charge income 1.6 2.6 -38.4% 5.3
Turnover 3 45.9 44.3 3.6% 178.3
Property operating expenses 15.3 14.6 5.4% 56.3
Other expenses from leasing
operations 0.2 0.1 249.0% 0.2
Net rental income 30.3 29.7 2.2% 121.8
Administrative expenses 4.6 3.9 15.7% 16.9
Other operating income and
expenses 0.0 0.2 -103.5% 6.1
Net fair value losses/gains on
investment property -31.6 0.5 - -216.1
Net gains/losses on sale of
investment property 0.1 0.1 -46.5% 0.1

Operating loss/profit -5.8 26.4 - -105.0

Net financial income and
expenses 12.2 15.1 -19.1% 57.3
Loss/profit before taxes -18.1 11.3 - -162.3
Current taxes -1.7 -2.3 -22.8% -6.6
Change in deferred taxes 1.5 2.3 -33.9% 30.0
Loss/profit for the period -18.3 11.3 - -138.9

Other comprehensive
income/expenses
Net losses/gains on cash flow
hedges -10.7 -5.9 82.2% -30.5
Income taxes relating to cash
flow hedges 2.8 1.5 82.2% 7.9
Exchange losses/gains on
translating foreign operations -0.2 0.4 - -13.0
Other comprehensive
expenses/income for the period,
net of tax -8.2 -4.0 106.2% -35.6
Total comprehensive loss/profit
for the period -26.5 7.3 - -174.6

Loss/profit attributable to
Parent company shareholders -16.8 9.1 - -124.1
Minority interest -1.5 2.2 - -14.8

Total comprehensive loss/profit
attributable to
Parent company shareholders -24.9 5.0 - -156.8
Minority interest -1.6 2.3 - -17.8

Earnings per share (basic), EUR 5 -0.08 0.04 - -0.56
Earnings per share (diluted),
EUR 5 -0.08 0.04 - -0.56

Direct result 4 11.6 10.4 11.3% 43.8
Indirect result 4 -28.4 -1.3 - -167.9
Loss/profit for the period
attributable
to parent company shareholders -16.8 9.1 - -124.1

Condensed Consolidated Statement of Financial Position, IFRS

31 March 31 March 31 Dec.
EUR million Note 2009 2008 2008
Assets

Non-current assets
Investment properties 6 2,097.3 2,282.1 2,111.6
Intangible assets and property, plant
and equipment 1.6 1.6 1.7
Deferred tax assets 9.6 - 6.8
Derivative financial instruments and
other non-current assets 8 0.0 5.4 6.0
Total non-current assets 2,108.6 2,289.1 2,126.1

Current assets
Derivative financial instruments 8 9.4 1.4 13.9
Trade and other receivables 16.1 15.8 21.7
Cash and cash equivalents 7 13.7 50.7 16.7
Total current assets 39.2 67.9 52.4

Total assets 2,147.8 2,357.0 2,178.5

Liabilities and Shareholders' Equity

Equity attributable to parent company
shareholders
Share capital 259.6 259.6 259.6
Share premium fund and other
restricted reserves 131.1 131.1 131.1
Fair value reserve 8 -25.6 0.6 -17.7
Invested unrestricted equity fund 9 155.2 177.2 177.3
Retained earnings 9 224.2 387.6 248.8
Total equity attributable to parent
company shareholders 744.4 956.1 799.1
Minority interest 36.6 57.0 38.2
Total shareholders' equity 781.0 1,013.1 837.3

Liabilities
Long-term interest-bearing debt 10 1,169.1 1,094.9 1,149.2
Derivative financial instruments and
other non-interest bearing liabilities 8 36.4 5.5 25.5
Deferred tax liabilities 55.6 84.3 57.1
Total long-term liabilities 1,261.1 1,184.7 1,231.7

Short-term interest-bearing debt 10 25.3 88.4 50.3
Derivate financial instruments 8 1.4 - 4.9
Trade and other payables 79.0 70.8 54.3
Total short-term liabilities 105.7 159.2 109.5

Total liabilities 1,366.8 1,343.9 1,341.2

Total liabilities and shareholders'
equity 2,147.8 2,357.0 2,178.5

Condensed Consolidated Cash Flow Statement, IFRS

EUR million Note Q1/2009 Q1/2008 2008

Cash flow from operating activities
Loss/profit before taxes -18.1 11.3 -162.3
Adjustments 44.0 14.8 268.1
Cash flow before change in working
capital 25.9 26.1 105.8
Change in working capital -0.5 -3.7 -2.1

Cash generated from operations 25.4 22.4 103.7

Paid interest and other financial charges -16.0 -14.0 -63.1
Interest income, exchange rate gains and
other financial income received 13.1 0.8 6.3
Taxes paid/received -0.5 3.8 0.2

Net cash from operating activities 22.1 13.0 47.2

Cash flow from investing activities
Acquisition of subsidiaries, less cash
acquired 6 - -14.4 -24.0
Acquisition of investment properties 6 - - -
Capital expenditure on investment
properties
as well as on intangible assets and PP&E 6 -25.4 -32.0 -127.0
Sale of investment properties 6 3.1 7.7 7.0
Net cash used in investing activities -22.4 -38.7 -144.1

Cash flow from financing activities
Equity contribution from minority
shareholder - 25.7 25.9
Proceeds from short-term loans 10 11.5 165.1 72.1
Repayments of short-term loans 10 -36.6 -181.5 -125.8
Proceeds from long-term loans 10 84.0 229.0 623.3
Repayments of long-term loans 10 -60.8 -186.0 -473.6
Dividends paid 9 - - -30.9
Net cash used in/from financing
activities -1.8 52.2 90.9

Net change in cash and cash equivalents -2.1 26.5 -6.1
Cash and cash equivalents at period-start 7 16.7 24.2 24.2
Effects of exchange rate changes 0.9 0.1 -1.4
Cash and cash equivalents at period-end 7 13.7 50.7 16.7

Condensed Consolidated Statement of Changes in Shareholders' Equity,
IFRS
EUR million

Equity attributable to parent company shareholders
Share
premium
fund and Fair Invested
Share other value unrestricted Translation Retained
capital reserves reserve equity fund reserve earnings

Balance at 1
Jan. 2008 259.6 131.1 4.9 199.3 -0.3 387.3
Total
comprehensive
loss/profit
for the
period -4.4 0.3 9.1
Dividends and
return from
the invested
unrestricted
equity fund
(Note 9) -22.1 -8.8
Share-based
payments 0.1
Acquisition
of minority
interests
Balance at 31
March 2008 259.6 131.1 0.6 177.2 0.0 387.6

Balance at 1
Jan. 2009 259.6 131.1 -17.7 177.3 -10.3 259.1
Total
comprehensive
loss/profit
for the
period -7.9 -0.1 -16.8
Recognized
gain in the
equity
arising from
convertible
bond buybacks 1.1
Dividends and
return from
the invested
unrestricted
equity fund
(Note 9) -22.1 -8.8
Share-based
payments 0.0
Balance at 31
March 2009 259.6 131.1 -25.6 155.2 -10.4 234.6

Equity Share
attributable to holders'
parent company Minority equity,
shareholders interest total

Balance at 1 Jan. 2008 982.0 28.9 1,010.9
Total comprehensive
loss/profit for the period 5.0 2.3 7.3
Dividends and return from the
invested unrestricted equity fund
(Note 9) -30.9 -30.9
Share-based payments 0.1 0.1
Acquisition of minority interests - 25.7 25.7
Balance at 31 March 2008 956.1 57.0 1,013.1

Balance at 1 Jan. 2009 799.1 38.2 837.3
Total comprehensive
loss/profit for the period -24.9 -1.6 -26.5
Recognized gain in the equity
arising
from convertible bond buybacks 1.1 1.1
Dividends and return from the
invested unrestricted equity fund
(Note 9) -30.9 -30.9
Share-based payments 0.0 0.0
Balance at 31 March 2009 744.4 36.6 781.0

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basic Company Data
Citycon is a real estate company investing in retail premises.
Citycon operates mainly in Finland, Sweden and the Baltic countries.
Citycon is a Finnish public limited liability company established
under Finnish law and domiciled in Helsinki. The Board of Directors
has approved the interim financial statements on 22 April 2009.

2. Basis of Preparation and Accounting Policies
Citycon prepares its consolidated financial statements in accordance
with the International Financial Reporting Standards (IFRS). The
interim condensed consolidated financial statements for the period 1
January-31 March 2009 have been prepared in accordance with IAS 34
Interim Financial Reporting. The following new standards as well as
amendments and interpretations to the existing standards have been
adopted in the interim financial statements: IFRS 8 (new standard)
Operating Segments, IAS 1 (revised) Presentation of Financial
Statements and IAS 40 (amendment) Investment Property and
consequential amendments to IAS 16 Property, Plant and Equipment. The
adoption of IFRS 8 Operating Segments and IAS 1 Presentation of
Financial Statements amended the presentation of financial statements
and the adoption of IAS 40 Investment Property changed the
measurement of development properties. The adoption of IFRS 8
Operating Segments did not change the number or the content of the
reported segments. The corporate management follows the segments'
direct operating profit. Therefore, direct operating profit for each
segment is presented due to the adoption of IFRS 8. The adoption of
IAS 1 Presentation of Financial Statements changed the income
statement format and the format of statement of changes in the
shareholders' equity. Due to the adoption of IAS 40 Investment
Property, Citycon measures its development properties in fair value
instead of at cost. Since the development properties are now measured
at fair value just like the operative investment properties, Citycon
no longer presents development properties separately from investment
properties on the statement of financial position. In the Notes to
the Financial Statements, Citycon divides its investment properties
into two groups: operative investment properties and
development/redevelopment properties. The fair value gains arising
from the development properties amounted to EUR 11.4 million during
the period. Additional information on the new standards as well as on
the amendments and interpretations to the existing standards are
available in Citycon's Financial Statements 2008, in Chapter 3"Changes in IFRS and accounting policies" under the Notes to the
Consolidated Financial Statements (see pages 18-19 in the Financial
Statements).

Otherwise, same accounting principles and policies are applied in the
interim financial statements as in the annual financial statements
for the year 2008. The interim financial statements do not include
all the disclosures required to be disclosed in the annual financial
statements. Therefore, they should be read in conjunction with
Citycon's annual financial statements for the year 2008.
3. Segment Information
Citycon's business consists of the regional business units Finland,
Sweden and the Baltic Countries.

EUR million Q1/2009 Q1/2008 Change-% 2008
Turnover
Finland 33.5 31.4 6.6% 126.8
Sweden 9.3 10.7 -12.9% 41.9
Baltic Countries 3.1 2.2 39.2% 9.6
Total 45.9 44.3 3.6% 178.3

Net rental income
Finland 23.1 22.3 3.3% 90.9
Sweden 5.2 5.8 -9.9% 24.1
Baltic Countries 2.1 1.6 31.7% 6.8
Other 0.0 0.0 - 0.0
Total 30.3 29.7 2.2% 121.8

Direct operating
profit/loss
Finland 21.5 21.1 1.9% 85.4
Sweden 4.4 5.0 -13.0% 21.0
Baltic Countries 1.9 1.5 32.4% 6.2
Other -2.0 -1.6 24.5% -7.2
Total 25.7 25.9 -0.7% 105.3

Operating loss/profit
Finland -4.0 19.0 - -62.9
Sweden 7.8 6.7 16.3% -49.1
Baltic Countries -7.7 2.3 - 14.4
Other -2.0 -1.6 23.4% -7.4
Total -5.8 26.4 - -105.0

EUR million
31 March
Assets 31 March 2009 2008 Change-% 31 Dec. 2008
Finland 1,479.5 1,605.2 -7.8% 1,504.2
Sweden 480.8 556.4 -13.6% 466.9
Baltic Countries 152.3 132.4 15.1% 156.3
Other 35.2 63.0 -44.1% 51.1
Total 2,147.8 2,357.0 -8.9% 2,178.5

The change in segment assets was due to the fair value losses in
investment properties, weakened Swedish krona and capital
expenditure.

4. Reconciliation between Direct and Indirect Result
Due to the nature of Citycon's business and the obligation to apply
IFRS, the consolidated statement of comprehensive income includes
several items related to non-operating activities. In addition to the
consolidated statement of comprehensive income under IFRS, Citycon
also presents its profit/loss attributable to parent company
shareholders with direct result and indirect result separately
specified, in an attempt to enhance the transparency of its
operations and to facilitate comparability of reporting periods.
Direct result describes the profitability of the Group's operations
during the reporting period disregarding the effects of fair value
changes, gains or losses on sales, other extraordinary items and
other comprehensive income items. Earnings per share calculated based
on direct result corresponds to the earnings per share definition
recommended by EPRA.
Direct result excludes the changes in fair value of financial
instruments that are recognized in the statement of comprehensive
income under net financial income and expenses. In order to hedge
against interest rate risk, Citycon has entered into, in accordance
with its interest rate risk management policy, interest rate and
inflation derivatives which do not qualify under hedge accounting
treatment under IFRS. Changes in fair value of such derivatives are
recognized in the statement of comprehensive income under net
financial income and expenses. These derivatives hedge the group
against interest rate risk and in accordance with the terms of the
derivatives Citycon receives floating money market interest rate
which has a matching interest rate determination procedure with
group's floating rate debt. The interest rate which Citycon pays
under these derivatives does not depend on the money market interest
rate which means that these derivatives hedge Citycon against rising
floating interest rates. The aim is to ensure effectiveness of the
hedges by matching the interest rate fixing procedure between the
derivatives recognized in the statement of comprehensive income under
net financial income and expenses and floating rate debt of Citycon.

EUR million Q1/2009 Q1/2008 Change- % 2008

Direct result
Net rental income 30.3 29.7 2.2% 121.8
Direct administrative expenses -4.6 -3.8 21.1% -16.5
Direct other operating income and
expenses 0.0 0.0 -120.8% 0.1
Direct operating profit 25.7 25.9 -0.7% 105.3
Direct net financial income and
expenses -12.0 -13.8 -12.9% -54.2
Direct current taxes -1.4 -1.2 21.7% -4.8
Direct change in deferred taxes 0.0 -0.1 - 0.2
Direct minority interest -0.7 -0.4 59.3% -2.8
Total direct result 11.6 10.4 11.3% 43.8

Direct result per share (diluted),
(diluted EPRA EPS), EUR 1) 0.05 0.05 10.2% 0.20

Indirect result
Net fair value losses/gains on
investment property -31.6 0.5 - -216.1
Profit/loss on disposal of
investment property 0.1 0.1 -46.5% 0.1
Indirect administrative expenses - -0.2 - -0.4
Indirect other operating income and
expenses - 0.1 - 6.0
Movement in fair value of financial
instruments -0.3 -1.4 -81.3% -3.1
Indirect current taxes -0.3 -1.1 -72.6% -1.8
Change in indirect deferred taxes 1.5 2.4 -36.6% 29.7
Indirect minority interest 2.2 -1.8 - 17.6
Total indirect result -28.4 -1.3 - -167.9

Indirect result per share, diluted -0.13 -0.01 - -0.76

Loss/profit for the period
attributable
to parent company shareholders -16.8 9.1 - -124.1

¹) The calculation of the direct result per share is presented in the
Note 5 "Earnings per share".

5. Earnings per Share

A) Earnings per share calculated from the profit/loss for the
period
Q1/2009 Q1/2008 2008
Earnings per share, basic
Loss/profit attributable to parent company
shareholders, EUR million -16.8 9.1 -124.1
Issue-adjusted average number of shares,
Million 221.0 221.0 221.0
Earnings per share (basic), EUR -0.08 0.04 -0.56

Earnings per share, diluted
Loss/profit attributable to parent company
shareholders, EUR million -16.8 9.1 -124.1
Expenses from convertible capital loan, the
tax
effect deducted, EUR million - 1.4 -
Loss/profit used in the calculation of diluted
earnings
per share, EUR million -16.8 10.5 -124.1
Issue-adjusted average number of shares,
Million 221.0 221.0 221.0
Convertible capital loan impact, Million - 26.2 -
Adjustment for stock options, Million - 1.0 -
Issue-adjusted average number of shares used
in the
calculation of diluted earnings per share,
Million 221.0 248.1 221.0
Earnings per share (diluted), EUR -0.08 0.04 -0.56

The incremental shares from assumed conversions or any income or cost
related to dilutive potential shares are not included in calculating
Q1/2009 and 2008 diluted per-share figures because the profit
attributable to parent company shareholders was negative.

B) Earnings per share calculated from the direct result for the
period

Direct result per share (diluted), (diluted EPRA EPS)
Q1/2009 Q1/2008 2008
Direct result, EUR million (Note 4) 11.6 10.4 43.8
Expenses arising from convertible capital loan,
adjusted with the tax effect deduction, EUR
million 1.1 1.4 5.6
Profit used in the calculation of direct result
per share, EUR million 12.7 11.9 49.4
Issue-adjusted average number of shares used in
the
calculation of diluted earnings per share,
Million 240.3 248.1 247.2
Direct result per share (diluted), (diluted
EPRA EPS), EUR 0.05 0.05 0.20

6. Investment Property
Citycon divides its investment properties into two categories:
properties under redevelopment and operative investment properties.
Due to the adoption of amended IAS 40 Investment property -standard,
Citycon presents the development properties under the investment
properties. Therefore, previously presented properties under
redevelopment -category is extended to include also development
properties and is called development/redevelopment properties. During
the period, development/redevelopment properties included the
projects in the following shopping centres: Liljeholmstorget, Rocca
al Mare, Lippulaiva, Åkersberga Centrum, Jakobsbergs Centrum,
Stenungs Torg and Porin Isolinnankatu 18.

EUR million 31 March 2009
Development/ Operative Investment
redevelopment investment properties
properties properties total
At period-start 271.8 1,839.9 2,111.6
Acquisitions - - -
Investments 19.0 1.8 20.8
Disposals - -2.7 -2.7
Capitalized
interest 1.8 0.3 2.1
Fair value gains
on
investment
property 7.4 0.8 8.2
Fair value losses
on
investment
property -10.0 -29.8 -39.8
Exchange
differences -1.5 -1.4 -3.0
Transfers between
items 226.4 -226.4 0.0
At period-end 514.9 1,582.4 2,097.3

EUR million 31 March 2008
Development/ Operative Investment
redevelopment investment properties
properties properties total
At period-start 544.5 1,704.4 2,248.9
Acquisitions 7.1 0.2 7.3
Investments 25.2 3.3 28.5
Disposals - -7.6 -7.6
Capitalized
interest 1.0 0.9 2.0
Fair value gains
on
investment
property 2.2 16.2 18.4
Fair value losses
on
investment
property -8.3 -9.7 -17.9
Exchange
differences 1.0 1.5 2.5
Transfers between
items -69.9 69.9 0.0
At period-end 502.9 1,779.2 2,282.1

EUR million 31 Dec. 2008
Development/ Operative Investment
redevelopment investment properties
properties properties total
At period-start 544.5 1,704.4 2,248.9
Acquisitions 6.8 10.6 17.4
Investments 120.9 12.0 132.9
Disposals 0.0 -7.6 -7.6
Capitalized
interest 6.8 0.0 6.8
Fair value gains
on
investment
property 4.8 10.5 15.3
Fair value losses
on
investment
property -44.5 -186.9 -231.4
Exchange
differences -28.8 -41.6 -70.4
Transfers between
items -338.7 338.5 -0.2
At period-end 271.8 1,839.9 2,111.6

An external professional appraiser has conducted the valuation of the
company's investment properties with a net rental income based cash
flow analysis. Market rents, occupancy rate, operating expenses and
yield requirement form the key variables used in the cash flow
analysis. The segments' yield requirements and market rents used by
the external appraiser in the cash flow analysis were as follows:

Yield requirement (%) Market rents (€/m²)
31 March 31 March 31 Dec. 31 March 31 March 31 Dec.
2009 2008 2008 2009 2008 2008
Finland 6.5 5.7 6.4 22.1 21.1 21.9
Sweden 1) 6.5 5.4 6.4 18.0 13.5 12.3
Baltic
Countries 7.6 6.6 7.4 20.1 19.5 20.2
Average 6.5 5.7 6.4 21.0 19.2 19.9

1) Numbers of Sweden on 31 March 2009 include the development project
of Liljeholmstorget shopping centre.

7. Cash and Cash Equivalents

EUR million 31 March 2009 31 March 2008 31 Dec. 2008
Cash in hand and at bank 9.9 13.9 16.7
Short-term deposits 3.8 36.8 -
Total 13.7 50.7 16.7

8. Derivative Financial Instruments

EUR million 31 March 2009 31 March 2008 31 Dec. 2008
Nominal Fair Nominal Fair Nominal Fair
amount value amount value amount value
Interest rate derivatives
Interest rate swaps
Maturity:
less than 1 year 86.0 1.5 40.0 0.1 86.0 1.4
1-2 years 45.7 -1.9 112.6 -1.2 46.0 -1.5
2-3 years 110.0 0.7 83.0 -1.7 70.0 3.5
3-4 years 50.0 -1.7 110.0 1.2 41.8 -1.9
4-5 years 228.4 -15.7 20.0 -0.2 228.8 -10.1
over 5 years 118.6 -11.0 309.6 3.0 119.0 -8.9
Subtotal 638.6 -28.1 675.2 1.2 591.7 -17.5

Foreign exchange
derivatives
Forward agreements
Maturity:
less than 1 year 17.1 8.8 107.7 0.8 23.1 7.6
Total 655.7 -19.3 783.0 2.0 614.8 -9.8

The fair value of derivative financial instruments represents the
market value of the instrument with prices prevailing at the end of
the period. Derivative financial instruments are used in hedging the
interest rate risk of the interest bearing liabilities and foreign
currency risk.
The fair values include foreign exchange gain of EUR 9.4 million (EUR
1.3 million) which is recognized in the statement of comprehensive
income under net financial income and expenses.
Hedge accounting is applied for interest rates swaps which have
nominal amount of EUR 615.8 million (EUR 598.6 million). The fair
value loss recognized under other comprehensive income taking into
account the tax effect totals EUR -7.9 million (EUR -4.4 million).

9. Dividends and Return from the Invested Unrestricted Equity Fund
In accordance with the proposal by the Board of Directors and the
decision by the Annual General Meeting held on 18 March 2009,
dividend for the financial year 2008 amounted to EUR 0.04 per share
(EUR 0.04 for the financial year 2007) and EUR 0.10 per share was
decided to be returned from the invested unrestricted equity fund
(EUR 0.10 for the financial year 2007). Dividend and equity return of
EUR 30.9 million for the financial year 2008 (EUR 30.9 million for
the financial year 2007) were paid on 3 April 2009.

10. Interest-bearing Liabilities
During the period, Citycon has agreed on a new revolving credit
facility in the amount of EUR 75 million in order to finance future
strategic investments. The loan bears a floating interest rate and is
due within 3 years. During the period, repayments of other bank loans
amounting to EUR 0.8 million were made in line with previously
disclosed repayment terms.
Other proceeds and repayments from/of long-term loans in the
cash-flow statement arose from the use of revolving credit
facilities.

11. Contingent Liabilities

EUR million 31 March 2009 31 March 2008 31 Dec. 2008
Mortgages on land and
buildings 40.3 46.7 40.6
Bank guarantees 45.6 49.0 45.6
Capital commitments 12.8 34.8 13.0

On 31 March 2009, Citycon had capital commitments of EUR 12.8 million
(EUR 34.8 million) relating mainly to development and redevelopment
projects.

12. Related Party Transactions
There were no significant transactions with the related parties
during the period.

13. Key Figures

Q1/2009 Q1/2008 Change-% 2008
Earnings per share (basic), EUR -0.08 0.04 - -0.56
Earnings per share (diluted), EUR -0.08 0.04 - -0.56
Equity per share, EUR 3.37 4.33 -22.1% 3.62
Net asset value (EPRA NAV) per share,
EUR 3.62 4.70 -23.1% 3.88
Equity ratio, % 36.4 43.0 - 38.5

The formulas for key figures can be found from the 2008 annual
financial statements.

Financial reports in 2009

In 2009, Citycon will publish two more interim reports as follows:

January-June 2009, on Friday, 17 July 2009, at approximately 9:00 am
and
January-September 2009, on Thursday, 15 October 2009, at
approximately 9:00 am.

For further information for investors, please visit Citycon's
website, www.citycon.com.

For further information, please contact:
Petri Olkinuora, CEO
Tel +358 20 766 4401 or +358 400 333 256
petri.olkinuora@citycon.fi

Eero Sihvonen, CFO
Tel +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.fi

Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com

Report on the Review of Citycon Oyj's Interim Financial Information
for the period January 1 - March 31, 2009

To the Board of Directors of Citycon Oyj

Introduction

We have reviewed the accompanying statement of financial position of
Citycon Oyj as of March 31, 2009 and the related statements of
comprehensive income, changes in equity and cash flows for the
three-month period then ended, and explanatory notes prepared in
accordance with International Financial Reporting Standards as
adopted by the EU. The Board of Directors and the Managing Director
are responsible for the preparation and fair presentation of this
interim financial information in accordance with the Securities
Market Act, chapter 2, paragraph 5 a. Based on our interim review we
express at the request of the Board of Directors a report in
accordance with the Securities Market Act, chapter 2, paragraph 5 a,
sub-paragraph 7.

Scope of Review

We conducted our review in accordance with International Standard on
Review Engagements 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity." A review of
interim financial information consists of making inquiries, primarily
of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.

Opinion

Based on our review, nothing has come to our attention that causes us
to believe that the accompanying interim financial information,
prepared in accordance with International Financial Reporting
Standards as adopted by the EU, does not give a true and fair view of
the financial position of the entity as at March 31, 2009, and of its
financial performance and its cash flows for the three-month period
then ended in accordance with the Securities Market Act.

Helsinki, April 22, 2009

Ernst & Young Oy
Authorized Public Accountants

Tuija Korpelainen, Authorized Public Accountant
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