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Citycon Treasury B.V. (incorporated with limited liability in The Netherlands) unconditionally and irrevocably guaranteed by Citycon Oyj (incorporated with limited liability in Finland) €200,000,000 2.500 per cent. Guaranteed Notes due 2024 (to be consolidated with and form a single series with the €350,000,000 2.500 per cent. Guaranteed Notes due 2024 issued on 1 October 2014) Issue price: 92.310 per cent. plus 253 days’ accrued interest (in respect of the period from and including 1 October 2019 to but excluding 10 June 2020) Citycon Treasury B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands (the Issuer) is offering €200,000,000 aggregate principal amount of its 2.500 per cent Guaranteed Notes due 2024 (the Additional Notes). The Additional Notes will be guaranteed unconditionally and irrevocably by Citycon Oyj, a public limited company incorporated in Finland (the Guarantor). On 1 October 2014, the Issuer issued €350,000,000 2.500 per cent. Guaranteed Notes due 2024 (the Existing Notes and together with the Additional Notes, the Notes), which were constituted by a trust deed dated 1 October 2014 (supplemented as described below, the Notes Trust Deed). The Existing Notes and the Additional Notes will, upon exchange of the temporary global note initially representing the Additional Notes on issue for the permanent global note then to represent the Existing Notes, be consolidated and form a single series and be treated as one single class for all purposes under the Notes Trust Deed. THE ISSUER MAY, AT ITS OPTION, REDEEM ALL, BUT NOT SOME ONLY, OF THE ADDITIONAL NOTES AT ANY TIME (I) AT THEIR PRINCIPAL AMOUNT PLUS ACCRUED INTEREST, IN THE EVENT OF CERTAIN TAX CHANGES AS DESCRIBED UNDER “CONDITIONS OF THE NOTES—REDEMPTION AND PURCHASE”; AND (II) AT THE EARLY REDEMPTION AMOUNT (AS DEFINED AND DESCRIBED FURTHER UNDER “CONDITIONS OF THE NOTES— REDEMPTION AND PURCHASE—REDEMPTION AT THE OPTION OF THE ISSUER”). IN ADDITION, UPON THE OCCURRENCE OF A CHANGE OF CONTROL OF THE GUARANTOR, FOLLOWED BY A DOWNGRADE OF A CREDIT RATING ASSIGNED TO THE ADDITIONAL NOTES AS DESCRIBED UNDER “CONDITIONS OF THE NOTES— REDEMPTION AND PURCHASE—REDEMPTION AT THE OPTION OF THE NOTEHOLDERS UPON A CHANGE OF CONTROL PUT EVENT”, HOLDERS OF THE ADDITIONAL NOTES MAY REQUIRE THE ISSUER TO REDEEM OR, AT THE OPTION OF THE ISSUER, PURCHASE (OR PROCURE THE PURCHASE OF) THE ADDITIONAL NOTES AT THEIR PRINCIPAL AMOUNT PLUS ACCRUED INTEREST. THE ADDITIONAL NOTES MATURE ON 1 OCTOBER 2024. The Additional Notes and the Guarantee (defined under “Conditions of the Notes—Guarantee”) have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act) or with any securities regulatory authority of any state or other jurisdiction of the United States. The Additional Notes are being offered and sold outside the United States in accordance with Regulation S under the Securities Act (Regulation S), and may not be offered and sold or delivered within the United States or to, for the account or benefit of, U.S. persons (as defined in Regulation S), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This prospectus (Prospectus) has been approved by the Central Bank of Ireland, as competent authority under Regulation (EU) 2017/1129 (the Prospectus Regulation). The Central Bank of Ireland only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer or the Guarantor or the quality of the Additional Notes that are subject of this Prospectus. Investors should make their own assessment as to the suitability of investing in the Additional Notes. The Existing Notes have been admitted to the Official List of the Irish Stock Exchange plc trading as Euronext Dublin (Euronext Dublin) and to trading on its regulated market (the Regulated Market). Application has been made to the Euronext Dublin for the Additional Notes to be admitted to the Official List and to trading on the Regulated Market. Such approval relates only to the Additional Notes. References in this Prospectus to the Additional Notes and the Existing Notes (together, the Notes) being listed (and all related references) shall mean that the Notes have been admitted to the Official List and have been admitted to trading on the Regulated Market. The Regulated Market is a regulated market for the purposes of Directive 2014/65/EU (as amended, MiFID II). This Prospectus will be valid until the date of admission of the Additional Notes to trading on the Regulated Market. The obligation to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies will not apply when the Prospectus is no longer valid. The Guarantor has been rated Baa3 by Moody’s Investors Service Ltd (Moody’s), BBB- by Fitch Ratings Ltd. (Fitch) and BBB- by Standard & Poor’s Credit Market Services France SAS (S&P). The Existing Notes and the Additional Notes are rated Baa3 by Moody’s, BBB- by Fitch and BBB- by S&P. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Moody’s and Fitch are established in the United Kingdom (UK), and S&P is established in the European Union (EU). Each of Moody’s, Fitch and S&P is registered under the Regulation (EC) No. 1060/2009 (as amended) (the CRA Regulation). As such, each of Moody’s, Fitch and S&P is included in the list of credit rating agencies published by the European Securities and Markets Authority (ESMA) on its website (at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. The Additional Notes will initially be represented by a temporary global note (the Temporary Global Note), without interest coupons, which will be deposited on or about 10 June 2020 (the Closing Date) with a common safekeeper for Euroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking S.A. (Clearstream, Luxembourg). Interests in the Temporary Global Note will be exchangeable for interests in a permanent global note representing the Additional Notes (the Permanent Global Note and, together with the Temporary Global Note, the Global Notes), without interest coupons, on or after 20 July 2020 (the Exchange Date), upon certification as to non-U.S. beneficial ownership. Interests in the Permanent Global Note will be exchangeable for definitive Notes only in certain limited circumstances. See “Summary of Provisions relating to the Additional Notes while represented by the Global Notes”. An investment in the Additional Notes involves certain risks. Prospective investors should have regard to the factors described under the heading “Risk Factors” on page 1. Global Coordinators and Joint Lead Managers DANSKE BANK DEUTSCHE BANK Active Bookrunners and Joint Lead Managers NORDEA OP CORPORATE BANK SEB SWEDBANK The date of this Prospectus is 9 June 2020 This Prospectus comprises a prospectus for the purposes of Article 6(3) of the Prospectus Regulation. When used in this Prospectus, Prospectus Regulation means Regulation (EU) 2017/1129. Each of the Issuer and the Guarantor accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer and the Guarantor, the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. References to the Company or Citycon are to Citycon Oyj. References to the Group are to Citycon Oyj and its Subsidiaries (as defined under “Conditions of the Notes—Covenants—Interpretation”). Each of the Issuer and the Guarantor, having made all reasonable enquiries, confirms that this Prospectus contains all material information with respect to the Issuer, the Guarantor and the Additional Notes (including all information which, according to the particular nature of the Issuer, the Guarantor and of the Additional Notes, is necessary information which is material to an investor for making an informed assessment of the assets and liabilities, financial position, profits and losses and prospects of the Issuer and the Guarantor, the rights attaching to the Additional Notes, the Guarantee and the reasons for their issuance and its impact on the Issuer and the Guarantor), that the information contained or incorporated in this Prospectus is true and accurate in all material respects and is not misleading, that the opinions and intentions expressed in this Prospectus are honestly held and that there are no other facts the omission of which would make this Prospectus or any of such information or the expression of any such opinions or intentions misleading. This Prospectus contains certain market, historical and forward looking economic and industry data, including information in “Risk Factors”, “Description of the Issuer” and “Description of the Guarantor” which have been obtained from publicly available information, independent industry publications and reports prepared by industry consultants. The Issuer and the Guarantor have relied on the accuracy of such information without an independent verification thereof, however, the Issuer and the Guarantor believe the information to be reliable. Where information in this Prospectus has been sourced from a third party, this information has been accurately reproduced and, so far as the Issuer and the Guarantor are aware and are able to ascertain from information published by such third party, no facts have been omitted which would render the reproduced information inaccurate or misleading. Such information, data and statistics may be approximations or estimates or use rounded numbers.

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