Citycon to Refurbish Trio Shopping Centre in Lahti

Stock exchange releases - 19 October 2006


Citycon to Refurbish Trio Shopping Centre in Lahti

Citycon has decided to refurbish the Trio shopping centre in Lahti. In addition
to modernisation, the shopping centre's service structure will be developed to
better meet customer needs. At the same time, Trio's leasable area will increase
by approximately 2,800 square metres. The project will be carried out in three
consecutive stages, each with an estimated duration of less than one year. The
project as a whole is expected to be completed during the spring of 2009. The
total value of the investment is around EUR 50.5 million.

'We want to make Trio a more modern but still cosy shopping centre in the heart
of Lahti that better meets customer requirements. Once completed, it will provide
a wider range of speciality shops for consumers throughout the Päijät-Häme
region. For our company, this investment and development project is one of the
most significant projects carried out in Finland,' states Petri Olkinuora,
Citycon Oyj's CEO.

Citycon holds 88.7 per cent of Kiinteistö Oy Lahden Trio shares. Constructed in
1977/1992 and located in the heart of Lahti. The gross leasable area of the
shopping-centre complex totals 46,800 square metres, of which Citycon owns 32,200
square metres. Following the investment and development project, Citycon's
leasable area will increase to around 35,000 square metres.

Located some one hundred kilometres north of Helsinki, Lahti is a growth centre
with a catchment area of around 223,000 inhabitants, a population which is
forecast to continue growing. A new, more direct railway line inaugurated in
September 2006 will also increase Lahti's attraction to commuters in the Helsinki
Metropolitan Area.

Helsinki, 19 October 2006

CITYCON OYJ
Board of Directors

For further information, please contact:
Kaisa Vuorio, Head of Shopping Centres Division
mobile +358 500 667 227

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