CITYCON BOUGHT THE JYVÄSKYLÄN FORUM SHOP

Citycon Oyj Stock Exchange Bulletin 30.10.2003, 1.00 p.m. CITYCON BOUGHT THE JYVÄSKYLÄN FORUM SHOPPING CENTRE Citycon Oyj, a specialist in retailing premises, bought the Jyväskylän Forum shopping centre from If P&C Insurance Ltd. citycon underpin its position in the Finnish commercial property market. The purchasing price of the property was EUR 28.3 million. The deal will be financed with a syndicated loan arrangement and with sales of company-held Citycon shares. The main arranger of the syndicated loan is Nordea Bank Finland Plc and other parties to it are Svenska Handelsbanken AB, Eurohypo AG and HSH Nordbank AG. The Jyväskylän Forum shopping centre is in the centre of Jyväskylä and occupies the best business location on a busy pedestrian street. It was visited by more than 8 million customers in 2002 and its total sales were estimated at EUR 45 million. The leasable retail space amounts to approximately 15,000 square metres. At the time of the purchase, the property gives a net yield of 8.3 per cent on the purchase price. Jyväskylän Forum's strong market position affords excellent prospects for developing the property. The deal will make the 35 tenants currently in the shopping centre customers of Citycon. The shopping centre's biggest tenant is Kesko Corporation, which accounts for roughly a half of the shopping centre's rental income. The rental occupancy rate of the commercial facilities in the shopping centre is over 99 per cent. "Shopping centres are the core of Citycon's business and the acquisition of Jyväskylän Forum is part of the development of business and the property portfolio in line our strategy. By owning a number of shopping centres, we are able efficiently to develop their business activities and to strengthen their position on the market," says Citycon's CEO Petri Olkinuora. Citycon is the market leader for shopping centre business in Finland. After the acquisition of Jyväskylän Forum, the company owns 14 shopping centres in the Helsinki Metropolitan Area and other regional centres in Finland. Citycon owns also a part of Shopping Centre Jyväskeskus in Jyväskylä. In addition to shopping centres, Citycon also owns 133 supermarkets and shops. The company's property portfolio will be EUR 672,7 million after the transaction, of which shopping centres account for 54.9 per cent and supermarkets and shops for 45.1 per cent. Citycon Oyj Board of Directors Further information: CEO Petri Olkinuora Tel. +358 9 680 36 738 or 0400 333 256 Shopping Centre Director Kaisa Vuorio Tel. +358 9 680 36 711 or 0500 667 227 www.citycon.fi Distribution: Helsinki Exchanges and main media

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