CITYCON OYJ Stock Exchange Release 8 Feb. 2007 at 15:30 Citycon to Build a Shopping Centre in Liljeholmen, Stockholm Citycon will start a shopping centre project in Liljeholmen, Stockholm. This investment, totalling approximately EUR 110 million, in addition to EUR 60.6 million paid for the site, is Citycon's largest individual development project at present. Construction will begin in May 2007 after the required building permission is confirmed, and the new shopping centre is expected to open in October-November 2009. Citycon will pay special attention to ecological aspects throughout the planning and construction process. Citycon acquired the Liljeholmen property in August 2006. The property today is a mixed-use 20,000 square-metre office-commercial building with building rights for retail use. The project is located in downtown Stockholm next to a major train station. The existing building will undergo a considerable extension and renovation resulting in a new shopping centre totalling approximately 91,000 square metres, including an underground parking space. Retailers will account for approximately 27,000 square metres of the leasable area. The Liljeholmen centre will provide a wide variety of services for people in this growing district. Summary Total area, m² 91,000 Leasable area, m² 77,800 Retail premises, m² 27,000 Residences, m² 6,100 Office premises, m² 12,300 Parking facility, m² 32,400 Number of shops and restaurants ca 80 The Liljeholmen district in proximity to the city centre will see the construction of homes for 6,000-7,000 people in the next few years according to the City of Stockholm's estimates. New office buildings to be built in the area will also offer the same number of jobs. "The possibility to develop a shopping centre in a dynamic district close to downtown Stockholm presents a unique opportunity for Citycon. This new shopping centre will strengthen Citycon's market position further in Sweden, particularly in the Stockholm area, while the project supports the company's growth strategy and is a highly significant investment in the development of its operations. Citycon's strategy is to enhance value through proactive management, development and redevelopment of shopping centres", comments Petri Olkinuora, CEO of Citycon Oyj. Helsinki, 8 February 2007 CITYCON OYJ Board of Directors For further information, please contact: Ulf Attebrant, Vice President, Swedish operations, mobile +46 703 415 317 Petri Olkinuora, CEO mobile +358 400 333 256 Distribution: Helsinki Stock Exchange Major media www.citycon.fi