CITYCON OYJ   STOCK EXCHANGE RELEASE   26 May 2004 at 3 p.m.

Citycon Oyj
considers expanding the geographical scope of its 
strategy

The Board of
Directors of Citycon Oyj has today decided to start a 
process to assess
business opportunities in the Scandinavian and 
Baltic countries in addition
to continuing expanding the company's 
core business in Finland. Based on the
outcome of the study the 
Board will later consider amending the geographical
scope of the 
strategy. Citycon will remain according to its strategy focused
on 
retail premises in Finland, namely in the Helsinki Metropolitan 
area and
the biggest regional centres.

Citycon is a property investment company
specialising in retail 
premises. The company is listed on the Helsinki
Exchanges.
Citycon plays an active role in owning, letting, management and

development of its property portfolio. 

The book value of Citycon's
property portfolio is MEUR 731 
including 16 shopping centres and 133
supermarkets and shops in 
Finland. Citycon is the market leader for shopping
centre business 
in Finland.

In 2003 Citycon's turnover was EUR 78.1
million, profit before 
extraordinary items and taxes EUR 19.1 and earnings
per share were 
0.14.
   
During first quarter 2004 Citycon's profit before
extraordinary 
items and taxes rose to EUR 5.7 million (EUR 4.8 million). 

Turnover increased to EUR 21.9 million (EUR 19.4 million).
Earnings per
share were EUR 0.04 (EUR 0.03).   

CITYCON OYJ
Board of
Directors

Further information is available from: Mr Petri Olkinuora, CEO,

Tel. +358 400 333 256

Distribution: Helsinki Exchanges and main
media