Citycon Oyj's Annual General Meeting (AGM) took place in Helsinki, Finland, today. The AGM adopted the consolidated financial statements and the parent company's financial statements for the financial year 2006 and discharged the members of the Board of Directors and the Chief Executive Officer from liability. The AGM decided on a dividend of EUR 0.14 per share for the financial year 2006. Record date for the dividend payment is 16 March 2007 and the dividend will be paid on 23 March 2007. In addition, the AGM authorised the Board to issue a maximum of 100 million new shares or special rights entitling to shares and approved the Board of Directors' proposal for partial amendments to the company's Articles of Association and the terms and conditions of the company's stock option plans. Board members and their remuneration The number of Board members remained at eight with Gideon Bolotowsky, Amir Gal, Raimo Korpinen, Tuomo Lähdesmäki, Carl G. Nordman, Claes Ottosson, Dor J. Segal and Thomas W. Wernink being re-elected to the Board for a one-year term. The AGM decided that the Chairman of the Board of Directors be paid an annual fee of EUR 150,000, the Deputy Chairman EUR 60,000 and ordinary members of the Board EUR 35,000. In addition, the AGM decided that the Chairman of the Board and the Chairmen of the Board's committees be paid a meeting fee of EUR 600 and the other Board and committee members EUR 400 per meeting. Auditor Ernst & Young Oy, a firm of authorised public accountants, were appointed the company's auditor for the financial year 2007 with Authorised Public Accountant Tuija Korpelainen as the chief auditor of the company. Proposals by the Board of Directors 1. Partial amendment of the Articles of Association The AGM approved the proposed amendments, mainly resulting from the new Finnish Companies Act, to the company's registered Articles of Association. The main content of the amendments is as follows: - Provisions on the minimum and maximum share capital and the nominal value of the share were deleted (3§). - Provision stating that the company's shares belong to the book-entry securities system remain while the other provisions of the article were deleted (4§). - Provision stating that the CEO of the company may not be the Chairman or the Deputy Chairman of the Board of Directors as well as the provision on convening the meeting of the Board of Directors, were deleted (5§, 2 Paragraph). - Provisions on representation of the company were amended to correspond to the terminology of the new Finnish Companies Act. In addition, a provision according to which also any member of the Board of Directors shall have the right to represent the company together with a person authorised to do so by the Board of Directors as well as any such two persons jointly who the Board of Directors has authorised to represent the company, was added to the article (7§). - The agenda of the annual general meeting of shareholders was amended to correspond to the contents of the new Finnish Companies Act (10§). - Provision on the shareholder's right to propose a certain matter for discussion at the general meeting of shareholders was amended to correspond to the contents of the new Finnish Companies Act (11§). 2. Authorisation for the Board to issue new shares and to grant special rights entitling to shares The AGM authorised the Board of Directors to decide on issuing new shares and conveying the company's own shares held by the company either through a share issue against payment or for free. New shares may be issued and the company's own shares may be conveyed to the company's shareholders in proportion to their current shareholdings in the company or waiving the shareholders' pre-emption right, through a directed share issue, if the company has a weighty financial reason to do so. The Board of Directors may also decide on a free share issue to the company itself. In addition, the Board of Directors was authorised to grant special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which carry the right to receive, against payment, new shares in the company or the company's own shares held by the company. The combined number of new shares to be issued and the company's own shares held by the company to be conveyed, including the shares received on the basis of the special rights, may not exceed 100,000,000 shares. The Board of Directors was authorised to decide on other terms and conditions related to the share issues and granting of the special rights. The authorisations are valid for five years. 3. Amendments to the terms and conditions of the stock option plans As proposed by the Board of Directors, the AGM decided to delete references to the nominal value of the share from the terms and conditions of the option plans 1999 and 2004. In addition, the AGM decided that the terms and conditions of the option plans be added a reference stating that the share subscription price shall always be at least EUR 1.35 and that the share subscription price will berecorded under the invested non-restricted equity fund. The amended terms and conditions of the stock option plans will be available on the company's website www.citycon.fi/Investors/Shares/Stock option rights as of 15 March 2007 at the latest. Helsinki, 13 March 2007 CITYCON OYJ Petri Olkinuora CEO For further information, please contact: Petri Olkinuora, CEO, tel. +358 9 6803 6738 or mobile +358 400 333 256 Eero Sihvonen, CFO, mobile +358 50 557 9137 Distribution: Helsinki Stock Exchange Major media www.citycon.fi