Citycon Oyj - Company Announcement

Changes in Corporate Management Committee and further cost reductions at Citycon

CITYCON OYJ            Stock Exchange Release	      18 December 2012 at 16.20
hrs 

On 12 December 2012 Citycon Oyj announced its plans to reorganize its business
operations. Following such announcement collaboration negotiations have
commenced in the Finnish business operations. In addition, the company is also
streamlining its decision-making process in the Corporate Management Committee
and implementing other cost cutting measures. 

Harri Holmström, Senior Vice President, Group Leasing and Baltic Countries and
New Businesses, has been appointed as Chief Operating Officer (COO) of Citycon.
In his new role he will report to the CEO Marcel Kokkeel. Holmström will be
responsible for managing and streamlining the company's investment portfolio
and driving the net operating income and asset value growth. Holmström has an
eight year career with Citycon. 

Following Holmström's appointment, Mati Pops, Commercial Director, Baltic
Operations, will continue to oversee Citycon's Baltic and Danish operations.
Marko Juhokas Senior Vice President, Finnish Operations will continue in his
position but no longer continue as a member of the Corporate Management
Committee following the restructuring of the Committee. 

Members of Citycon Corporate Management Committee after 19 December 2012 will
be: 

- Chief Executive Officer Marcel Kokkeel
- Executive Vice President and Chief Financial Officer Eero Sihvonen
- General Counsel Anu Tuomola
- Chief Operating Officer Harri Holmström
- Chief Investment Officer Nils Styf

“The introduction of a Chief Operating Officer and the change of the assembly
of the Corporate Management Committee is part of our plan to improve the
customer-centric operating model, build one Citycon and increase efficiency,
gain synergies and further reduce the company's cost base by other means. The
cost savings target relating to administrative expenses for 2013 is up to 5
million EUR compared to 2012 level“ says Marcel Kokkeel, CEO of Citycon Oyj. 

Helsinki, 18 December 2012

CITYCON OYJ
Board of Directors

For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.fi

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