4.7.2018

CITYCON INVESTOR PRESENTATION 30 SEPTEMBER 2018 4.7.2018

CITYCON – URBAN CONVENIENCE IN THE HEART OF COMMUNITIES WE ARE THE LEADING OWNER, MANAGER AND DEVELOPER OF SHOPPING CENTRES IN THE NORDICS

CITYCON KEY FIGURES PORTFOLIO VALUE

− Market capitalisation of EUR 1.6 BN − Net rental income in 2017 MEUR 225 − 250 employees & Denmark1) − Loan to value 48.2% 32% & − Solid credit ratings BBB/Baa2 38% − 43 Shopping centres1) 4.5 − 12 Managed/rented assets EUR billion 13 − GLA 1.2 million sq.m. 2 15 8 − 165 million visitors p.a.

Norway 29%

2 3 Key figures 30 September 2018 1) Including Kista Galleria Number of shopping centres WE HAVE BEST LOCATIONS MANAGED BY GREAT PEOPLE

OUR MISSION OUR VISION Offering the best retail Household name for space and everyday shopping Nordic shopping centres experience in urban shopping centres in the Nordics

OUR STRATEGIC FOCUS AREAS RIGHT ASSETS RETAIL EXPERTS STRONG CAPITAL BASE

OUR SUSTAINABILITY Convenient, energy-efficient, accessible and safe PROMISE shopping centres for our customers and tenants

OUR VALUES Passionate Solution- Together One Oriented 4 WE HAVE FOUR STRATEGIC FOCUS AREAS

FURTHER CAPITAL RECYCLING WELL-DEFINED ASSET CLASS − Divest EUR 200-400 million in the coming few years STRATEGY − Proceeds to be used for reducing leverage and for − Necessity-based centres in growing urban areas (re)development of core assets with retail as a basis − Selective acquisitions should interesting − Sustainable premises for retailers and communities opportunities arise − Target of 80–90% of portfolio in prime assets in − Geographical spread to be reviewed reducing the capital or major cities weight of Finland while increasing Sweden − Re-tenanting actions aimed to increase online resilience OPERATIONAL EXCELLENCE LOAN TO VALUE TARGET 40–45% − Approx. 96% occupancy − Current level: 47.0% − Proactive leasing activity to maintain and improve − Strengthen balance sheet with proceeds from high occupancy rates and to increase urban divestments community appeal − Average loan maturity > 5 years − Maintain strict cost management 5 − EPRA cost ratio decreased from 26.2% in 2012 to 18.7% in 2017 WE ARE A TRUE PAN-NORDIC PLAYER

270 132 110 92 63 FINLAND SPONDA KEVA IDEAPARK ELO

265 241 228 210 207 #1 SWEDEN*

OLAV THON ATRIUM UNIBAIL- LJUNGBERG RODAMCO STEEN &STROM 1213 #2 #2 #2 342 287 214

OLAV THON STEEN & STROM SCALA RETAIL 178 PROPERTY 100 80 ESTONIA ASTRI LINSTOW

Retail GLA (thousand sq.m.) Source: Company reports, Pangea Property Partners analysis, as per June 2018 and Finnish Shopping Centres 2018. Includes only majority-owned 6 shopping centres. Includes some assumptions on retail proportion out of total GLA, where retail data not available. *Citycon GLA including Mölndal Galleria (24,000 sq.m.) and Globen shopping 100% (~21,000 sq.m.); expected to be closed during second half of 2018. IN THE CONTINENTAL EUROPEAN CONTEXT WE ARE A MID-SIZED PLAYER

TOTAL ASSETS, EUR billion SHAREHOLDER STRUCTURE 30 SEPTEMBER 2018

Gazit-Globe Ltd. 43.1 47.7%

Free float 37.3% 23.7

4.6 4.5 3.8 3.7 2.6 CPP Investment Board European Holdings 15.0% − Share listed on Nasdaq Helsinki since 1988 − Ticker CTY1S − 17,096 shareholders in total 7 Source: company reports WE HAVE ALMOST 30 YEARS OF RETAIL EXPERIENCE

AND NORDIC EXPANSION Q3/2018 PORTFOLIO VALUE − Portfolio value 2014 EUR 4.5 billion 5 − CPPIB becomes strategic shareholder, 15% ownership 4 2011 − New 2015 2005 management − Acquisition of 1988 1998 − International and redefined Norwegian Sektor 3 expansion starts: strategy Gruppen for EUR − Founded by Sampo − Focus shifted to Pension Ltd, first acquisitions in 1.5 billion retail properties Sweden and Estonia Imatran Voima Oy, 2003 2013 Rakennustoimisto 1999 − Strategy to include also 2 − Acquisition of Kista A. Puolimatka Oy and − Finland's leading (re)development Galleria in Stockholm Postipankki of assets in JV with CPPIB listed property 2007 − Listed on Helsinki Stock investment company − Ownership base − Investment-grade − Acquisition of Iso Exchange specialising internationalised credit ratings by S&P 1 Omena in the and Moody’s − Office assets in retail premises greater Helsinki area

0 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 8 Note: Portfolio values between 1990-2004 are based on book value. Portfolio values 2005 and after are fair values. OUR INVESTMENT PROPOSITION

1 STABLE BUSINESS MODEL ENABLING A HIGH DIVIDEND YIELD − Steady and resilient cash flows across the cycle − Solid financial position − High and sustainable dividend yield

2 WELL-BALANCED URBAN PROPERTY PORTFOLIO − Diversified Pan-Nordic portfolio bringing stability as well as scale − Actions in place to shift the current property portfolio more towards larger and higher quality urban assets

3 FOCUSED STRATEGY IN A CHANGING MARKET ENVIRONMENT − Focus on larger multi-functional shopping centres in growing urban areas − Necessity-based tenant mix with grocery-anchored tenants

9 − Clear actions to increase the online-resilience of the portfolio 4.7.2018

STABLE OPERATING ENVIRONMENT NORDICS: A SAFE HAVEN IN AN UNSTABLE WORLD

KEY ECONOMIC INDICATORS IN OUR OPERATING COUNTRIES

Finland Norway Sweden Estonia

Credit ratings AA+ AAA AAA AAA AA- 5.5M GDP growth forecast 2018 3.1 1.4 2.9 1.5 3.4 (%) 1.3M 10M Unemployment rate 5.3M ESTONIA 7.6 4.0 6.6 4.9 5.3 8/2018 (%)

Inflation 8/2018 (%) 1.3 3.4 2.0 1.0 3.6 5.8M Retail sales growth 3.1 2.5 2.9 1.0 2.0 1-8/2018 (%)

11 Sources: SEB Nordic Outlook, Nordea Economic Outlook, European Commission, Eurostat, Population Statistics Finland/Norway/Sweden/Estonia/Denmark. Some figures are based on estimates. THE NORDIC SHOPPING CENTRE INDUSTRY IS IMPACTED BY GLOBAL MEGATRENDS

URBANISATION DEMOGRAPHIC CHANGES DIGITALISATION CLIMATE CHANGE AND RESOURCE SCARCITY − Continued growth of cities − Higher level of education, − Growth of digital services and migration to urban rising income levels and ecommerce, high- − Environmental and areas impact & disruptive sustainability awareness − Increasing life expectancy, technologies, automation → 85% of Nordic citizens ageing population, smaller → All Nordic capital cities lived in urban areas in 2014 households → 62% of Nordic citizens aged aim to be carbon neutral by 18–79 made online purchases 2035 → Life expectancy of women in 2016 83.8 years and men 79.7 years in the Nordic region

12 FASTEST GROWING CITIES IN EUROPE

PERCENTAGE OF POPULATION IN URBAN AREAS POPULATION GROWTH 2015–2035 100% Sweden 93% 95% Denmark 92% 90% Norway 85% and Finland TAMPERE 90% 12% 80% HELSINKI Estonia 15% 77% 75% OSLO STOCKHOLM TALLINN 29% 25% 10% 70% GOTHEN- BURG 65% 22% 1980 2018 2030 2050 COPEN- Finland Norway Sweden Denmark Estonia HAGEN 16% Population growth 13 Source: UN World Urbanization Prospects 2018 THE NORDIC COUNTRIES HAVE A STRONG PURCHASING POWER

The Nordic region’s residents are among the wealthiest in the world and concentrated in a relatively small geographic area within the country GDP PER CAPITA GDP OF THE NORDICS EUR Estonia 1.8% 65,000 Finland Denmark 16.7% 21.3%

49,000 46,100 Equivalent 40,000 Euro area average to Canada 35,500 1.5 approx. EU average EUR trillion 31,800 17,200 Norway Sweden 25.6% 34.6%

Finland Norway Sweden Denmark Estonia

14 Source: IMF ONLINE RETAIL ACCOUNTS FOR APPROX. 10% OF TOTAL RETAIL SALES IN THE NORDICS (IN LINE WITH EU AVERAGE)

E-COMMERCE IN NORDICS TOP 3 PRODUCT CATEGORIES OF NORDIC ONLINE SHOPPERS

Denmark 5.6 Finland 4.2 36% 37% 34% 35%

28% approx. 27% 26% 26% 27% 20 24% 24% 23% EUR billion

Norway 3.9 Sweden 5.9 Clothing & Footwear Media Home electronics

Finland Sweden Norway Denmark

15 Source: Postnord 2018, Nordea: Nordea On Your Mind 27 November 2017 4.7.2018

WE HAVE A SOLID BUSINESS MODEL CLEAR POSITIONING URBAN CONVENIENCE IN THE HEART OF COMMUNITIES WHAT DOES OUR TYPICAL SHOPPING CENTRE LOOK LIKE?

− Located at the heart of communities with access to public transport − ~25,000 sq.m. of Gross leasable area − ~4,000,000 annual visitors − Average fair value MEUR 115 − Average catchment area − ~480,000 people with above EU average purchasing power of EUR 26,200 within 20 minutes of driving − ~65% linked to rail transportation

− ~90%18 located in capital or major cities ONLINE RESILIENT PORTFOLIO DRIVEN BY DAILY CONVENIENCE & ENTERTAINMENT

GROCERIES

SERVICES AND OFFICES

17% CAFÉS AND RESTAURANTS

COSMETICS AND PHARMACIES GROSS

WELLNESS RENTAL INCOME T 44% 14% N LEISURE

E I RESIDENTIALS AND HOTELS L 258MEUR I 9% S SPECIALTY STORES E 7% R MORE EXPOSED TO ONLINE RETAIL 4% E (INCLUDING FASHION, HOME GOODS IN & DEPARTMENT STORES) 1% 2% 3% L ON 2017: 55%

AS PER 31 DECEMBER 2017 1) INCLUDING KISTA GALLERIA (50%) MORE THAN RETAIL ONLY: SHARE OF NON-RETAIL REVENUE IS SIGNIFICANT WITH AN AIM TO INCREASE FURTHER

SHARE OF NON-RETAIL REVENUE FOR THE GROUP SHARE OF NON-RETAIL REVENUE FOR ISO OMENA

Non-Retail Non-Retail income income 29.0% Non-Retail income: Offices, Services, Food & 37.0% Beverage, Leisure, Gyms

Retail income 63.0% Retail income Future example of a 71.0% relevant benchmark

20 WE HAVE A DIVERSIFIED TENANT PORTFOLIO REDUCING CONCENTRATION RISK

TOP 5 TENANTS OCCUPANCY COST RATIO*

PROPORTION OF 2017 Higher share of RENTAL INCOME, % 15.1% groceries with lower OCR Kesko 5.3 12.2%

Varner-Group 4.5 9.0% 8.5% S Group 4.1

H&M 2.2

Coop 2.2

Top 5, total 18.2 Unibail Klepierre Citycon Eurocommercial 2015 2016 2017

21 1) Including Kista Galleria (50%) *Indicates the share of rent out of tenants’ revenues WE HAVE A STABLE AND HIGH OCCUPANCY RATE

OCCUPANCY RATE1) − 4,497 lease agreements with an average length of 3.4 years − Clear majority of tenants pay fixed market rent. Only a small portion of tenants pay turnover-based rent 96.5% 96.9% − Majority of tenants pay service charge covering the running 96.0% 96.3% 96.0% 96.1% 95.5% 95.7% costs of the property, such as heating, electricity, water and marketing − Majority of rent agreements are tied to CPI indices

OCCUPANCY RATE BY COUNTRY Q3/20181)

97.9% 95.8% 96.1% 94.9%

2011 2012 2013 2014 2015 2016 2017 Q3/2018 Finland & Estonia Norway Sweden & Denmark Total

22 1) Including Kista Galleria (50%) FORERUNNER IN SUSTAINABILITY KEY INITIATIVES 2018

− Energy consumption, kWh/sq.m. -10% since 2014 Largest shopping centre portfolio with BREEAM In-Use certification (target -10% by 2020) in the Nordic countries − Citycon’s Buskerud unique in using CO2 instead of freon as a refigrerant, 100% cooling the entire shopping centre 100% − Finland's first pop-up shopping centre, 80% Pikkulaiva, built from recyclable 80% modules − Iso Omena to have the largest solar 60% power plant realised in a Finnish retail 49% property − Jakobsbergs Centrum shifted to 40% geothermal heating & cooling reducing the overall energy consumption by up to 65% 20% 0% 0% 2014 2015 2017 Target 2020

23 OUR SUSTAINABILITY STRATEGY

CARBON NEUTRAL ACCESSIBLE CONVENIENT AND SAFE − Citycon is carbon neutral by 2030 − 100% of assets are connected to public − Tenant satisfaction stays consistently above transportation, encouraging green 90% in areas of safety, security, hospitality and ways to visit our centres service-mindedness.

Citycon puts best sustainability practices into effect by following a clear roadmap and monitoring success EXCELLENCE IN ACTION

24 LEADER IN SUSTAINABILITY

ENERGY CONSUMPTION CARBON FOOTPRINT: (KWH/ SQ.M SINCE 2014) (KG CO2e SINCE 2014) -10% -42%

NORWAY SWEDEN FINLAND BUSKERUD STORCENTER: JAKOBSBERG: FINLAND’S FIRST INNOVATIVE HEATING AND COOLING COMBINING GEOTHERMAL ENERGY WITH USING CO2: -27% ENERGY CONSUMPTION SOLAR POWER: -65% PRIMARY ENERGY POP-UP SHOPPING USED / 132 T CO2 REDUCED PER YEAR CENTRE, BUILT FROM RECYCLABLE MODULES -27% -65% 4.7.2018

WE ARE ON A TRANSFORMATION JOURNEY 4.7.2018 WE HAVE GROWN FROM A FINNISH TO A PAN-NORDIC COMPANY

2011 Q3/2018

Sweden & Denmark1) Baltics 32% 11% Finland & Estonia Finland 38% 61%

Sweden 2.5 4.5 28% EUR billion EUR billion

Norway 29% 27 1) Including Kista Galleria WE PLAN TO DIVEST 5–10% (~EUR 200–300M) IN THE COMING FEW YEARS TO IMPROVE THE QUALITY OF OUR PORTFOLIO

2011 Q3/2018 GOAL 2022

# OF SHOPPING # OF SHOPPING 30 78 CENTRES 41 CENTRES

32 AVERAGE SIZE, MEUR 115 AVERAGE SIZE, MEUR 160

– Today the TOP 7 assets already accounts for 50% of the total portfolio 28 WE FOCUS ON MULTI-FUNCTIONAL SHOPPING CENTRES IN GROWING URBAN AREAS

KEY CRITERIA FOR A CITYCON ASSET WE HAVE SOLD EUR 750 MILLION SINCE 2011 TEUR − Urban locations in capital or major cities 400 000 € − Strong population growth and natural footfall to the asset − Connected to public transportation 200 000 € − More than retail only: health care and municipal services 0 € − Necessity-based and dominant in the asset’s catchment area − Value creation potential in the future -200 000 € − Size > ~20,000 sq.m.

-400 000 € 2011 2012 2013 2014 2015 2016 2017 H1/2018

Capex Disposals Acquisitions Total Net Investments

29 90% OF CITYCON’S SHOPPING CENTRES ARE LOCATED IN CAPITAL OR SECONDARY CITIES

ISO OMENA, KISTA GALLERIA, LILJEHOLMSTORGET KOSKIKESKUS, OASEN, HELSINKI AREA STOCKHOLM1) GALLERIA, STOCKHOLM TAMPERE BERGEN

GLA, sq.m. 100,900 92,500 40,600 33,100 57,000 Visitors, million 11.5 18.4 9.8 5.5 4.4 Sales, MEUR 317 220 186 132 117

Note: Figures are for 2017 30 1) Kista Galleria (100%) OUR FLAGSHIP ASSET ISO OMENA IS A GREAT EXAMPLE OF OUR FUTURE ASSET QUALITY

RENTAL INCOME BY CATEGORY FOR ISO OMENA PUBLIC SERVICE SQUARE

4% 2% 3% 6% 23%

12% Groceries Fashion and Accessories Services and Offices 30 Home and Sporting Goods EUR million Cafes and Restaurants GRI in 2017 Cosmetics and Pharmacies Leisure Wellness 13% 19% Specialty Stores 1,500,000 ANNUAL VISITORS 18% 31 ISO OMENA: GREAT CASE STUDY OF AN URBAN MULTI-FUNCTIONAL SHOPPING CENTRE

FOOTFALL DOUBLED TENANT SALES SAME STORE SALES +96% +30% +11%

H1/2017 H1/2018 H1/2017 H1/2018 H1/2017 H1/2018

32 MORE QUALITY URBAN ASSETS UNDER DEVELOPMENT

ONGOING PROJECTS Expected Cumulative Area before/ Yield on cost1), Pre-leasing, Completion City investment, investment, after, sq.m. % % target MEUR MEUR

Completed: 1 Mölndal Galleria Gothenburg - /26,000 114.62) 114.6 6.0–6.5 - Q3/2018

Helsinki 2 Lippulaiva metropolitan 19,200/44,300 215.0 69.1 6.25-6.75 55-60 2021 area

1) Expected stabilised yield (3rd year after completion). Calculated on total development costs, also including financing and Citycon internal costs. 2) Original expected investment was EUR 120 million.

1 2

33 LIPPULAIVA (RE)DEVELOPMENT: FROM SHOPPING MALL TO COMMUNITY SHOPPING CENTRE

− Demolition of current shopping centre and rebuilding a completely new, modern and urban shopping centre. Target opening 2021 − Temporary 10,000 m2 pop-up shopping centre fully leased − Daily shopping concept with strong grocery focus (>35%) − New metro line to be integrated in the centre. Residential units planned around the centre. − Wealthy catchment population with strong population growth (+18% in 10 yrs)

34 WE SUCCESFULLY OPENED MÖLNDAL GALLERIA ON SEPTEMBER 27

- GLA of 26,000 sq.m. - 65 tenants - 14% of tenants food & beverage - ~90% leased before opening - ~6 million expected annual visitors* - Featuring the Museum of Mölndal ”Mölndal Galleria is a true testimony to Citycon’s - Non-retail neighbours: library and strategy to recycle and healthcare completing the area deploy capital to high - Excellent connections to public quality irreplaceable assets transportation in growing urban areas”

*after stabilization

35 MÖLNDAL GALLERIA –IN THE HEART OF A GROWING COMMUNITY IN GREATER GOTHENBURG

MÖLNDAL IS A GROWING AND VIBRANT COMMUNITY LOCATED JUST SOUTH OF GOTHENBURG CITY CENTRE

~1 million inhabitants in greater Gothenburg

~60,000 inhabitans in the municipality of Mölndal

15 min from Gothenburg city centre

>6,000 new homes in the area under zoning

>340,000 sqm new workspace under zoning

36 OPPORTUNITIES FOR FURTHER PORTFOLIO IMPROVEMENT

Expected Area before/after, Target City investment, sq.m. completion – After completion of Mölndal MEUR Galleria, development investments expected to be PLANNED (UNCOMMITTED) approx. MEUR 100 p.a. for Kista Galleria Stockholm 92,600/105,000 801) 2023 the coming few years sourced through capital Oasen Bergen 57,000/68,800 100 2022 recycling

Liljeholmstorget Galleria Stockholm 40,600/64,500 100 2023

Trekanten Oslo 23,900/45,000 135 2022

1) Citycon’s share MEUR 40 (50%)

37 OPPORTUNITIES FOR FURTHER PORTFOLIO IMPROVEMENT

Expected Area before/after, Target City investment, sq.m. completion – After completion of Mölndal MEUR Galleria, development investments expected to be PLANNED (UNCOMMITTED) approx. MEUR 100 p.a. for Kista Galleria Stockholm 92,600/105,000 801) 2023 the coming few years sourced through capital Oasen Bergen 57,000/68,800 100 2022 recycling

Liljeholmstorget Galleria Stockholm 40,600/64,500 100 2023

Trekanten Oslo 23,900/45,000 135 2022

1) Citycon’s share MEUR 40 (50%)

38 SHORT-TERM PRESSURE ON EARNINGS, QUALITY OF INCOME IMPROVING

INCOME LOSS FROM DISPOSALS OUTWEIGHS NEW INCOME FROM DEVELOPMENT PROJECTS IN THE SHORT-TERM DEVELOPMENT PROJECTS − Development projects coming online will increase income DEVELOP HIGH QUALITY URBAN CENTRES − Investments into higher quality SELLING NON-CORE urban centres NON-URBAN ASSETS − Lower yield, lower risk − Mölndal Galleria opened in Q3/2018 − Lippulaiva to be opened in 2021

− Additional income from DIVESTMENTS development projects − Divestments will lower income − MEUR ~330 − Aim to divest non-urban assets − ~5.5-6.5% Yield on cost − Plan to divest 5-10% of the property in non-growing areas portfolio in terms of fair value − Divestment aim EUR 200–500M − ~6-8% Yield within the next few years − Higher yield, but also clearly higher risk

39 4.7.2018

KEY FINANCIALS WE HAVE THREE LONG-TERM FINANCIAL TARGETS

FINANCIAL TARGET 2017 STRATEGIC ACTIONS 2018 ONWARDS

Like-for-like net rental income 1.0%1) − Investments in development projects (89 BPS BELOW CPI) − Redevelopment of core assets and disposals of non-core assets growth of 100 bps above CPI - − Proactive leasing activity

Loan to value (LTV) of 40–45% − Continued disposals of non-core assets to strengthen - 46.8% balance sheet

Dividend/equity return − Maintain solid operative performance to ensure sustainable payout ratio* of > 50% of 76%2) cash flow generation the result for the period ✓ − Continued focus on cost management

41 *excluding fair value changes on property 1) Including Kista Galleria 50% 2) Calculated from EPRA Earnings per share ABSOLUTE EARNINGS HAVE INCREASED SIGNIFICANTLY: EPS IMPACTED BY PORTFOLIO IMPROVEMENT

DIRECT OPERATING PROFIT EPRA EARNINGS EPRA EPS (BASIC)

186.5- 140.3- 200.5 198.5 195.5 151.1 152.3 149.3

175.4 130.8 0.178 0.155- 0.170 0.173 0.171 0.165 0 0 0 149.8 0 99.7

2014 2015 2016 2017 2018E 2014 2015 2016 2017 2018E 2014 2015 2016 2017 2018E 42 WE HAVE STEADY CASH AND EARNINGS GENERATION

EPRA EPS NET CASH FROM OPERATING ACTIVITIES PER SHARE EUR

0.26 0.23 0.18 0.18 0.17 0.17 0.17 0.17 0.16 0.17 0.15 0.15 0.13 0.12

2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017

43 WE HAVE A STRONG AND SUSTAINABLE DIVIDEND DIVIDEND/EQUITY REPAYMENT AND DIVIDEND/EPRA EPS YIELD

Dividend was cut to 13 cents duet to portfolio 87% improvement 84% 79% 77% 0.15 0.15 0.15 76%

0.13 0.13

6.8% Target 6.3% payout ratio 5.9% 5.8% >50% 5.6%

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

44 WE HAVE INVESTED SIGNIFICANTLY IN DEVELOPMENT PROJECTS IN RECENT YEARS

CAPITAL EXPENDITURE MEUR

109% 95% 88%

70% 315 51% 299

226 207

125

2013 2014 2015 2016 2017 Acquisitions+ JVs Development projects Tenant Incentives Maintenance capex Other investments Capex Total/Revenue, %

45 MAIN FINANCING TARGETS – Loan to Value 40-45% - 48.2% – Average maturity of loan portfolio > 5 yrs ✓ 5.2 – Debt portfolio's hedge ratio 70-90% ✓ 92.1% – Strong investment-grade credit ratings ✓ BBB/Baa2 – Financing mainly unsecured ✓ 95% – Substantial liquidity buffer ✓ MEUR 557

Stable business model matched by conservative financing targets

46 WE HAVE STRENGTHENED OUR BALANCE SHEET

INTEREST COVER RATIO LOAN TO VALUE (LTV) Years 3.8x 3.8x 3.8x 3.8x 58% 3.1x 55% 49% 48% 2.4x 46% 47% 47% 2.0x 2.1x 39%

2011 2012 2013 2014 2015 2016 2017 Q3/2018 2011 2012 2013 2014 2015 2016 2017 Q3/2018

AVERAGE LOAN MATURITY WEIGHTED AVERAGE INTEREST RATE Years

4.03% 4.25% 4.12% 5.9 5.5 5.6 5.1 5.3 3.28% 4.1 3.04% 2.86% 2.78% 2.36% 2.9 3.2

2011 2012 2013 2014 2015 2016 2017 Q3/2018 2011 2012 2013 2014 2015 2016 2017 Q3/2018 47 95% OF DEBT FIXED RATE WITH BALANCED MATURITY PROFILE

DEBT BREAKDOWN BY TYPE DEBT MATURITIES Bank loans CP 5% 8% MEUR 500 500 2,171.1 450 Bonds EUR million 400 87% 350 350 350 300 300 300 238 243 250 219

DEBT BREAKDOWN BY CURRENCY 200 167 132 SEK 150 20% 106 100 EUR 32 50 5 58% 2,171.1 0 EUR million 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Loans Floating to fixed swaps Undrawn loan facilities NOK Part of EUR debt has 22% been converted to SEK Bonds Commercial Paper and NOK using cross- 48 currency swaps MAJORITY OF FINANCING THROUGH CAPITAL MARKETS

MEUR 2500

2000 Baa2

1500

1000

500

BBB 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 2013 2014 2015 2016 2017 2018

49 Bonds Bank loans CP Other CITYCON KEY FIGURES TABLE 2011-2017

MEUR 2017 2016 2015 2014 2013 2012 2011

Gross rental income 257.4 251.4 223.9 189.4 192.6 185.5 169.1

Net rental income 228.5 224.9 199.6 169.4 168.9 162.0 144.3

Direct operating profit 200.5 198.5 175.4 149.8 149.1 135.7 117.4

EPRA Earnings 152.3 151.1 130.8 99.7 86.7 63.9 53.3

Loan to Value (LTV) 46.7 46.6 45.7 38.6 49.3 54.5 57.5

SHARE BASED KEY FIGURES

EPS, basic 0.10 0.18 0.14 0.15 0.19 0.17 0.03

EPRA EPS, basic 0.17 0.17 0.17 0.18 0.18 0.17 0.16

EPRA NAV, per share 2.71 2.82 2.74 3.01 2.89 3.25 3.37

50 WHERE TO FIND MORE INFORMATION?

Mikko Pohjala Head of Investor Relations Tel. +358 40 838 07 09 [email protected]

Topi Pasila Result Annual Report, IR analyst presentation Tel. +358 40 187 50 90 Sustainability Report and [email protected] Financial Statements

Capital Markets Day Interim Report presentations

More information can be found on Citycon’s website at www.citycon.com/investors

51 ANALYST COVERAGE

ABG Sundal Collier Tobias Kaj +46 8 566 286 21 ABN Amro Niko Levikari +31 6 2260 6678 Erik Granström Carnegie Investment Bank AB, Finland Branch - Fredric Cyon Markets Ari Järvinen +358 10 236 4760

DnB NOR Simen Mortensen +47 2416 9209 Evli Bank Plc Markku Järvinen +3589 4766 9635 Goldman Sachs International Jonathan Kownator +44 20 7051 2974 Green Street Advisors Peter Papadakos +44 20 7290 6540 Handelsbanken David Flemmich + 46 8 701 1354

Inderes Oy, Inders Equity Research Jesse Kinnunen +358 50 373 8027 J.P. Morgan Neil Green +44 20 7134 4478 Kempen & Co Robert Woerdeman +31 20 348 8458

Nordea Bank Plc Harri Paakkola +358 40 566 0422

OP Corporate Bank Plc Matias Rautionmaa +358 10 252 4408 SEB Enskilda Equities Svante Krokfors +358 9 6162 8726 Swedbank Marek Randma +372 888 1563

52 citycon.com

THANK YOU. 4.7.2018

APPENDX FINLAND

KEY FIGURES 2017 Fair value of properties 1,653 MEUR Gross Leasable Area 354,490 sq.m. Retail GLA 277,500 sq.m. Economic occupancy rate 93.0% Average yield requirement 5.3% Average market rent 31.2 EUR / sq.m.

RENTAL INCOME BY CATEGORY

Groceries Fashion and Accessories Services and Offices Home and Sporting Goods Cafés and Restaurants Cosmetics and Pharmacies Wellness Department Stores Leisure Specialty stores Residentials and hotels

55 NORWAY

In addition to our KEY FIGURES 2017 own shopping centres, we Fair value of properties 1,347 MEUR manage 13 Gross Leasable Area 432,6000 sq.m. shopping centres in Norway. Retail GLA 341,700 sq.m. Economic occupancy rate 98.4% Average yield requirement 5.4% Average market rent 22.0 EUR / sq.m.

RENTAL INCOME BY CATEGORY

Home and Sporting Goods Fashion and Accessories Services and Offices Groceries Cosmetics and Pharmacies Cafés and Restaurants Wellness Specialty stores

56 SWEDEN & DENMARK

KEY FIGURES 2017 Fair value of properties 877.9 MEUR Gross Leasable Area 295,450 sq.m. Retail GLA 196,300 sq.m. Economic occupancy rate 96.3% Average yield requirement 5.2% Average market rent 25.9 EUR / sq.m.

RENTAL INCOME BY CATEGORY

Fashion and Accessories Services and Offices Groceries Cafés and Restaurants Home and Sporting Goods Cosmetics and Pharmacies Wellness Residentials and hotels Specialty stores Leisure Department Stores

57 ESTONIA

KEY FIGURES 2017 Fair value of properties 306.0 MEUR Gross Leasable Area 101,600 sq.m. Retail GLA 100,200 sq.m. Economic occupancy rate 97.6% Average yield requirement 6.5% Average market rent 20.7 EUR / sq.m

RENTAL INCOME BY CATEGORY

Fashion and Accessories Home and Sporting Goods Groceries Cosmetics and Pharmacies Cafés and Restaurants Services and Offices Specialty stores Department Stores Wellness Leisure Residentials and hotels

58