Citycon Oyj

Earnings Release • Dec 21, 2010

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Citycon Oyj - Company Announcement

Citycon Lowers its Outlook for 2010 Direct Operating Profit

CITYCON OYJ Stock Exchange Release 21 December 2010 at 09:05 hrs Citycon lowers its estimate for direct operating profit for 2010 published in the interim report in October. The company estimated earlier the direct operating profit to grow by approximately 1-4 per cent compared with the previous year, based on the existing portfolio. According to the updated estimate, the direct operating profit will decrease compared with the previous year. Lowering of direct operating profit guidance is due mainly to unforeseen expenses related to changes in the company's management and organisation decided and started during the fourth quarter in 2010 as well as snowy and cold winter, which will lower the last quarter's and the whole year's operating profit. In addition, leasing of some (re)development projects to be completed in Finland and the stabilisation of the largest (re)development projects completed in 2009, has been somewhat slower than expected. In 2010, Citycon's turnover is still expected to grow by approximately 3-7 per cent and its direct result to be moderately lower than in the previous year. In addition to the actual figures for the period 1 January-30 September, the estimate is based on redevelopment projects completed during the last quarter, the prevailing low inflation and interest rate level as well as on lower current taxes than in the previous quarter. In addition, properties taken offline for planned and ongoing (re)development projects have reduced net rental income during the year. Helsinki, 21 December 2010 CITYCON OYJ Board of Directors For further information, please contact: Eero Sihvonen, Executive Vice President and CFO Tel +358 20 766 4459 or +358 50 557 9137 eero.sihvonen@citycon.fi Distribution: NASDAQ OMX Helsinki Major media www.citycon.com [HUG#1474307]