CITYCON OYJ Stock Exchange Release 8 Feb. 2007 at 15:10 Citycon to Extend the Rocca al Mare Shopping Centre in Tallinn, Estonia Citycon will start the extension of the Rocca al Mare shopping centre, originally acquired in the summer 2005. The project includes a construction of an extension and a refurbishment of the existing shopping centre. The cost of the first phase of the extension and refurbishment project totals approximately EUR 25 million and will expand the leasable area of the centre by approximately 16,000 square metres. The development project, which is planned to be carried out in phases, amounts to roughly EUR 68 million. Citycon acquired Rocca al Mare as a value enhancing opportunity. The first phase of the project will commence immediately and is expected for completion in the spring of 2008. This involves the relocation of the shopping centre's anchor tenant, hypermarket Prisma, to new, larger premises. Planning the second and third phases is underway. If the current plans materialise, a fully renovated Rocca al Mare is expected to be opened in spring 2010. The project will be carried out in an ecologically friendly manner. The goal of the construction project is to develop Rocca al Mare into an even more attractive shopping centre for the versatile clientele. The plans include increasing the number of diverse and modern stores as well as opening a premium quality food court. The share of trendy fashion will be increased. The renovation will also involve opening new children's clothing and toy stores. Rocca al Mare is situated in the Haabersti quarter approximately ten kilometres from downtown Tallinn. The Baltic region, one of Citycon's three business areas, forms a strategically significant growth area for the company. The refurbishment and extension project of Rocca al Mare will strengthen Citycon's market position in Estonia, forming one of the largest development investments in Citycon's history. Helsinki, 8 February 2007 CITYCON OYJ Board of Directors For further information, please contact: Harri Holmström, Vice President, Baltic operations (mobile) +358 40 845 5726 Petri Olkinuora, CEO, tel. +358 9 6803 6738 or (mobile) +358 400 333 256 Distribution: Helsinki Stock Exchange Major media www.citycon.fi