Citycon Oyj

Business and Financial Review • Jan 14, 2010

Disclosure 275129

Citycon Oyj - Company Announcement

Citycon redevelops Espoontori shopping centre

CITYCON OYJ Stock Exchange Release 14 January 2010 at 11.25 hrs Citycon Oyj is to begin the redevelopment of the Espoontori shopping centre, located in Espoo, Finland. The shopping centre's premises of 10,400 m² and its parking facilities will undergo a major refurbishment and modernisation in order to meet current customer needs. Based on the company's existing sources of financing, Citycon will invest EUR 18 million in this project. Construction work will begin immediately, the shopping centre premises being completed in phases. Once refurbished, the ground floor of the shopping centre and the Ruokakesko grocery store located there will be opened, at the end of May. The entire shopping centre will open at the beginning of December 2010. There are also plans to extend Espoontori, once the commercial prerequisites are in place."Espoontori has a prime location in Espoo's administrative centre, the home of the city's key public authorities. A large number of additional dwellings have been, and are being, built in the area. The shopping centre's offering and premises will fulfil the needs of present-day consumers. Through this redevelopment, we intend to enhance Espoontori's competitive position and commercial appeal. Citycon's strategy involves the improvement and extension of shopping centres under its ownership," affirms Jukka Posti, Vice President, Property Development. CITYCON OYJ For further information, please contact: Petri Olkinuora, CEO Tel. +358 20 766 4401 or mobile +358 400 333 256 petri.olkinuora@citycon.fi Distribution: NASDAQ OMX Helsinki Major media www.citycon.com [HUG#1373464]