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Full Year Results Q1-Q4 Citycon Presentation 2015 Leading Owner, Manager, and Developer of Q1-Q4 Shopping Centres in the Nordics and Baltics 2015

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Full Year Results Q1-Q4 Citycon Presentation 2015 Leading Owner, Manager, and Developer of Q1-Q4 Shopping Centres in the Nordics and Baltics 2015 Q1-Q4 2015 Full Year Results Q1-Q4 Citycon presentation 2015 Leading owner, manager, and developer of Q1-Q4 shopping centres in the Nordics and Baltics 2015 Key figures 31 December 2015 . # of shopping centres1) 53 . # of managed assets 14 . Gross leasable area, sq.m. 1,240,440 . Total assets, EUR billion1) 4.7 Norway . Market cap, EUR billion 2 . Moody’s Baa1, S&P BBB Finland Total assets1) 20+ 20 Baltics & 14 Denmark 8% 3 Finland 9 Sweden 35% 29% Estonia Sweden 1 Number of shopping centres Norway 2 28% 1) Including Kista Galleria 100% Q1-Q4 Offering the best environment for success 2015 1 2 3 Clear focus Exceptional platform Strong capital base MISSION Pure retail player focused Leveraging the Sufficient and VISION on shopping centres in expertise at each stage attractively priced We offer the best the most attractive of the shopping centre financing secured in Citycon wants retail space and locations in the Nordics value chain in order to order to deliver the to be the everyday and Baltics deliver on our customer company’s strategy household name shopping promise: easy to visit, for Nordic and experience in Shopping centres lovely to stay Baltic shopping urban shopping at urban crosspoints in centres centres in the the heart of communities Nordics and catering to everyday Baltics need Responsible shopping centre management at the heart of our operations Sustainable and strong returns through the cycle Q1-Q4 True pan-Nordic leader 2015 Retail GLA (thousand sq.m.)1) 340 Finland 140 125 120 105 280 230 Sweden 225 225 200 #3 #1 1 275 Norway 400 305 200 95 #2 #1 110 Estonia 95 65 60 20 4 1) Source: Company reports, SEB analysis, as per May 2015. Includes only majority-owned shopping centres. Includes some assumptions on retail proportion out of total GLA, where retail data not available. Urban crosspoints driven by strong Q1-Q4 demographics 2015 Core assets: . Urban environments, located where people live and work . Strong population growth and natural footfall . Integrated with public transportation . Shared access to education, health care, culture, municipal services 5 Core portfolio of grocery-anchored Q1-Q4 shopping centres 2015 Rental income by category 2015 4% 2% 7% 25% Fashion 10% Groceries Leisure and home supplies Services and offices 10% Health and beauty Cafes and restaurants Other specialty stores 20% Department stores 21% 6 Q1-Q4 Citycon’s five core assets 2015 Sweden – Kista Galleria Finland – Iso Omena Sweden – Liljeholmstorget Galleria Finland – Koskikeskus Norway – Herkules GLA, Fair value, Net rental Economic Visitors, Sales, sq.m. EUR million yield, % occupancy, % millions EUR million Kista Galleria, Stockholm 95,300 631 5.2 99 19 216 Iso Omena, Helsinki 62,700 443 4.6 100 8 182 Liljeholmstorget Galleria, Stockholm 41,000 292 4.6 100 10 147 Koskikeskus, Tampere 33,000 185 5.9 95 6 109 Herkules, Skien 49,700 184 - 100 3 131 Figures are for 2015 7 Citycon’s portfolio is well positioned Q1-Q4 for the changing retail landscape 2015 Citycon’s response Urbanisation Growing urban population 90% of total portfolio in main cities Increased urban GDP per capita 65% in capital cities Convenience Aging population and increasing 100% of centres located <500 metres number of single households from public transportation stop Demand for proximity, services, Growing share of non-retail services and atmosphere More than a shopping destination: health care, municipal services, education Omnichannel Technological innovation Growing online Citycon community retail is influencing the way we shop in social media Online channels complementary Shopping centre apps, gift cards and to traditional retail tenant interaction build loyalty and personalisation Enriched customer data Extensive pick-up point network Social Providing a meeting place Citycon is part of the local community experience for the community Increased offer of cafés, restaurants, gyms, entertainment, culture, etc. Value and Well-informed consumers Focus on mainstream retail quality choose best quality at lowest price Relevant tenant mix for local community 8 Q1-Q4 2015 2015: ANOTHER YEAR OF ACTION CITYCON BECOMES A TRULY PAN NORDIC PLAYER AND THE LARGEST LISTED SHOPPING CENTRE SPECIALIST IN THE REGION 9 Q1-Q4 Highlights 2015 2015 . Successful acquisition and integration of Sektor SektorLargerSektor scale integrationintegration and improved fasterfaster country balance through . Integration has moved faster than planned thanthan expectedexpected . Fair value (by JLL) of Norwegian portfolio in line with acquisition price Sektor acquisition . Refinancing successfully completed at favorable terms Solid operating . Like-for-like NRI growth of 1.1% . Q3-Q4 performance of Norwegian operations in line with expectations performance . Occupancy increased y-o-y by 0.5%-points to 96.8% . Record high level of development activity in 2015 Improved portfolio quality . IsoKristiina completed, Iso Omena and Mölndal Galleria progressing according to plan with high tenant demand through capital recycling . EUR 148 million of divestments, 17 properties . Acquisition of minority stakes in Norway and Åkersberga Centrum . EUR 900 million refinanced Successful debt refinancing . Cost of debt reduced to 3.04% and maturity extended to 5.5 years . Credit rating upgraded to Baa1by Moody’s . EPRA EPS guidance was lifted in Q3 Solid Earnings and EPS . Full year EPRA EPS EUR 17.3 cents . Dividend proposal EUR 0.15 per share 10 Q1-Q4 2015 2015: SOLID OPERATING PERFORMANCE 11 Q1-Q4 Overall solid NRI growth and strong occupancy 2015 Like-for-like NRI growth Occupancy rate 8% 100% 98.6% 99.4% 6.4% 96.3% 96.8% 6% 96.2% 96% 94.8% 4% 92% 2% 1.1% 88% 0% -0.3% 84% -2% -2.2% -4% 80% Finland Sweden Baltics & Total 2014 2015 Finland Norway Sweden Baltics & Denmark Denmark . Operating results reflect the general performance of the main economies . Citycon’s strategy of day-to-day shopping centres has proven its resilience in Finland . Increased competition in Tallinn reflected in negative NRI growth for Baltics . Norway and Kista Galleria not included in the like-for-like portfolio 12 Positive sales development in Sweden and Q1-Q4 Norway, Finland still weak 2015 Sales in shopping centres Footfall in shopping centres like-for-like like-for-like 6% 5% 4% 3% 2% 2% 1% 0% 0% -1% -1% -1% -2% -1% -2% -2% -4% -3% -6% -5% -5% Finland Sweden Baltics & Total Finland Sweden Baltics & Total Denmark Denmark . Finland showing signs of recovery . Norway: sales +4% and footfall +1% . Kista Galleria: sales +1% and footfall +2% 13 Q1-Q4 Kista Galleria – strong performance continues 2015 . High occupancy of 99% NRI development . Fair value change since acquisition + EUR 79 million +12% . >19 million visitors in 2015 . Positive leasing spread, above the Swedish portfolio average . Extended H&M signed, flagship concept (4,000 sq.m.) . Increased offer of restaurants and daily services (33% of GRI) . Limited impact from opening of Mall of Scandinavia . November-December footfall declined 5-10%. January shows recovery towards normalised levels . Significant population growth 2012 2015 in primary catchment area (~ 20% by 2020) 14 Sustainable mind-set Q1-Q4 - Forerunner in the Nordics 2015 . 50% of Citycon’s shopping centres are BREEAM Key results 2015 In Use certified Energy consumption, kWh/sq.m. most retail certificates in the Nordics 80 -(target6% -2%) Recycling rate 60 95%(target >90%) 40 Within top 10% of reviewed companies: Certified % 20 Target % Among the top of the industry: 0 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017 Majority of the portfolio has an environmental certification by year 2017, with most of the key assets certified in 2015 15 Q1-Q4 2015 SEKTOR INTEGRATION MOVING FAST 16 Q1-Q4 Sektor integration faster than planned 2015 INITIAL TARGET STATUS . Savings in Sektor SG&A of Increased to ORGANIZATION ≥ EUR 1 million p.a. ≥10% ~ EUR 2 million p.a. Tenant, specialty leasing, LFL NRI growth of OPERATIONS marketing, digital optimisation On track 100 bps above CPI . Improved purchasing power . Extension / (re)development ≥ 150 bps over (RE)DEVELOPMENTS investments of approx. EUR required valuation On track 30-40 million p.a. yield . Lower average cost of debt, FINANCE ~ EUR 2-3 million Increased to decreased net financing p.a. RESTRUCTURING expenses ~ EUR 6 million p.a. 17 Q1-Q4 2015 NORDIC FUNDAMENTALS REMAIN STRONG 18 Nordic fundamentals remain strong, however, Q1-Q4 countries are on different courses (1/2) 2015 . Strong country ratings Retail sales growth in 2015 10% . Norway, Sweden and Denmark: AAA 8.0% 8% . Finland: AA+/AAA 5.7% 6% 4% 3.1% . Oslo, Stockholm, Copenhagen and Helsinki 2% 1.3% among the fastest growing cities in Europe 0% . 1-1.5% growth p.a. -2% -0.8% . 65% of Citycon’s portfolio in capital cities Finland Norway Sweden Estonia Denmark GDP growth Finland 4% 2015E 2016E . 3.6% GDP expected to shift to positive trend in 2016 3.2% . Government to implement some structural 3% reforms 2.1% 2.1% 2% 1.7% 1.5% . Household debt still at modest level (124%) 1.2% 1% 0.9% 0.5% 0.0% 0% Sweden Finland Norway Sweden Estonia Denmark . Robust GDP growth forecast Source: Statistics Finland/Norway/Sweden/Estonia/Denmark, . Inflation expected to rise European Commission, Nordea Economic Outlook, IHS, United Nations 19 Nordic fundamentals remain strong, however, Q1-Q4 countries are on different courses (2/2) 2015 Norway Norwegian unemployment . Effects of decline in oil industry mostly Trend last 12 months concentrated on the Norwegian west coast Lower unemployment Unchanged . Continued growth through private spending Higher unemployment and increased export TRONDHEIM 2.5% . Private consumption growth of ~1.5-2% p.a. Inflation to remain at high level (1.5-2.5% p.a.) 20% NRI 80% of Citycon’s NRI in regions that are not or BERGEN mildly affected by the decline in the oil industry 3.0% OSLO 3.1% 80% STAVANGER 4.4% NRI 20 Source: Pangea, Statistics Norway, Nordea Economic Outlook Q1-Q4 IMPROVED2015 PORTFOLIO QUALITY THROUGH CAPITAL RECYCLING 21 Q1-Q4 Successful execution of disposal programme 2015 MEUR 600 Target: 500 additional EUR 300 million Total divestments of EUR 260 + 60 million within 1-2 years 400 300 .
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