CITYCON OYJ'S ANNUAL GENERAL MEETING

CITYCON OYJ STOCK EXCHANGE BULLETIN 15 MARCH 2004 at 2.50PM CITYCON OYJ'S ANNUAL GENERAL MEETING Citycon Oyj's Annual General Meeting took place in Helsinki on 15 March 2004. The Meeting adopted the parent company's and the consolidated financial statements for 2003 and discharged the members of the Board of Directors and the Chief Executive Officer from liability. In accordance with the proposal of the Board of Directors, the Meeting decided to approve a dividend payment of EUR 0.14 for the financial year ended 31 December 2003 on all shares outside the Company's ownership. The record date for the distribution of dividend is 18 March 2004 and the dividend will be paid on 25 March 2004. The Annual General Meeting decided to appoint Stig-Erik Bergström, Carl G. Nordman of the current Board of Directors as members of the Board of Directors and as new members of the Board of Directors Amir Gal, Executive Vice President, Timo Kankuri, Director, Real Estate; Managing Director Raimo Korpinen; Tuomo Lähdesmäki, Msc (Eng), MBA; and Claes Ottosson, CEO. Authorised public accountants Ari Ahti and Jaakko Nyman, with authorised public accountants KPMG Wideri Oy Ab as deputy auditor were re-appointed as the Company's auditors for a further term of office. The Meeting decided that the Chairman of the Board of Directors shall be paid an annual fee of EUR 26,000 and a fee of EUR 420 for each meeting, that the Deputy Chairman shall be paid an annual fee of EUR 16,000 and a fee of EUR 350 for each meeting and that ordinary members of the Board of Directors shall be paid an annual fee of EUR 13,000 and a fee of EUR 350 for each meeting. Payment of the annual fee is conditional on members of the Board of Directors signing an undertaking to use the net part of the fee to acquire Company's shares. The meeting fee shall be paid for the meetings of the Board of Directors as well as for the meetings of the committees of the Board of Directors. In addition, the members of the Board of Directors residing outside the Helsinki Metropolitan Area shall be reimbursed for the actual travelling and accommodation expenses resulting from attending the meetings. The Annual General Meeting authorised the Board of Directors to decide within one year of the Meeting whether to increase the Company's share capital by a maximum of EUR 28,464,893.10 through one or more new issues offering a maximum aggregate of 21,085,106 new shares having a nominal value of EUR 1.35. The authorisation includes the right to disapply the pre-emption rights of existing shareholders. The Annual General Meeting authorised the Board of Directors to decide within one year of the Meeting on the acquisition of the Company's own shares provided that the aggregate nominal value of the shares owned by the Company, including those already acquired, does not exceed five per cent (5 %) of the Company's share capital and votes after the acquisition. The Company's own shares may be acquired for use as consideration in any acquisitions of property, shares or any other assets important to the Company's business. The Annual General Meeting authorised the Board of Directors to decide within one year of the Meeting on the conveyance of the Company's own shares purchased by virtue of the authorisation given to the Board of Directors and of all own shares otherwise owned by the Company for use, for example, as consideration in any acquisitions of property, shares or other assets important to the Company's business. In accordance with the proposal of the Board of Directors, the Meeting decided on issuing share options to personnel of Citycon Oyj and of its subsidiaries and to a wholly owned subsidiary of Citycon Oyj. The existing shareholders' pre-emption rights may be waived as the share options are intended to be part of the group's personnel incentive and commitment system. The number of share options will be 3,900,000. Each option will confer the right to subscribe one (1) Citycon share. Citycon Oyj's share capital may, as a result of the share subscriptions from the 2004 share options, increase by a maximum of EUR 5,265,000 and the number of shares may rise by a maximum of 3,900,000 new shares. In accordance with the proposal of the Board of Directors, the Meeting decided to amend the sections 4 and 5 of the Articles of Association. The Company's Board of Directors shall have a minimum of five (5) and a maximum of eight (8) members. The Board of Directors' proposals approved by the Annual General Meeting appear in full in the Stock Exchange bulletin of 12 February 2004. CITYCON OYJ Petri Olkinuora CEO Further information is available from: Mr Petri Olkinuora, CEO, on +358 400 333 256 Distribution: Helsinki Exchanges and main media

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