#1Investor Presentation *** Citycon Citycon P& BABY LOUNGE Citycon Investor Presentation 1#21. Citycon 2. Citycon Result Update and Outlook 3. Management Track Record of Unlocking Value **⚫ Citycon Citycon Investor Presentation 2#31. Citycon **⚫ Citycon Citycon Investor Presentation 3#4CITYCON IS AT THE FOREFRONT OF THE EUROPEAN RETAIL MARKET Strong Performance Through Pandemic 95% retail occupancy* ~97% rental collection rate YTD 2022 Seven continuous quarters of like-for-like asset value increases through Q3 2022 Focus on Prime Retail Assets Inherent Margin Protection 43% of rental income derived from necessity-based tenants - the strongest-performing retail subsector and best credit tenants All centres are located in main population centres with good access to public transport 92% of income is inflation-linked and less than 5% of rent is derived from turnover rental structure 95% of consolidated debt is fixed rate; no significant maturities until end of 2024 Prudent electricity hedging policy for 12-24 months ahead; significant onsite production of renewable energy from solar, geothermal and hydrothermal plants Innovative Diversification Efforts Undertaking customized development efforts to increase and differentiate rental income stream Growing within and on top of existing footprint through use of building rights to deliver accretive development returns Solid Financial Position Active Capital Recycling to Strengthen Balance Sheet Sustainability Leadership **⚫ Citycon Reduced leverage levels since 2020 Over 500 MEUR of available liquidity as of 30 Sep 2022 Investment grade rating from Moody's and S&P YTD, Citycon has sold two assets for 145 MEUR and has two assets in 'held for sale' worth approximately 125 MEUR In total, Citycon has sold 6 non-core centres for 400 MEUR since 2021 at or above NAV YTD, repurchased 108.3 MEUR notional of outstanding bonds at an average yield of 4.9% Targeting carbon neutrality by 2030 100% green energy usage with all assets also producing renewable or recoverable energy for own use Encouraging travel and access to centres via public transport *Excluding Lippulaiva and Kista Galleria Citycon Investor Presentation 4#5LEADING OWNER, MANAGER AND DEVELOPER OF URBAN COMMUNITY HUBS IN THE NORDICS Key Information Top-10 Tenants (% of GRI, Q3/2022) Net Rental Income* (MEUR) Number of Assets* S Group 5.0% 202.3 Kesko Group 4.8% In total 25.6% of GRI and 50% of top-10 are Varner Group 3.6% grocery tenants 35 Norgesgruppen 2.4% ICA Group 1.9% Centers Connected to Public Transportation 100% Clas Ohlson 1.7% H&M 1.7% Visitors per year (million)* 120 Coop 1.6% GLA (million sqm)* 1.1 Stockmann Group KappAhl 1.5% 16 1.4% centres Portfolio Value (BEUR)** 4.5 Weighted Average Yield 5.3% Requirement*** Public sector and healthcare tenants represent ~11% of GLA, giving us excellent credit tenants WAULT (years)*** centres 3.4 Retail Occupancy Rate** 94.9% LTV (IFRS)*** 41.7% Resilient business model which outperformed during the pandemic inflation protection with indexation of rents Pan-Nordic reach with leading positions in Finland, Sweden, Norway, Denmark and Estonia Investment Grade Credit BBB- & Ratings* *** Baa3 **⚫ Citycon *As of 31 December 2021 **Including Kista Galleria ***As of 30 September 2022 9 centres 6 centres 2 centres 2 Citycon Investor Presentation 5#6CITYCON'S STRATEGY CREATING CITIES FULL OF LIFE ASSETS IN NORDIC PRIME LOCATIONS + NECESSITY BASED TENANT MIX ☐ Top 2 cities in each country with strong urbanization ■ Connection to public transportation Grocery anchored centers, a large share of necessity tenants ■ Mixed-use hubs with growing share of municipalities **⚫ Citycon + ☐ ☐ ויוי PROVEN ASSET MANAGEMENT + ACTIVE CAPITAL RECYCLING + I INHERENT BUILDING RIGHTS Long lasting relationship with municipalities Continued dialogue with surrounding communities Sustainability embedded in the operating model ■ Over the next 24 months target 500 MEUR in asset sales ■ Proceeds used to repay ☐ debt Strengthen investment grade balance sheet ■ 300+ MEUR of identified building rights Mainly residential, which will enhance value of underlying center ■ Minimal capex required to get zoning Multiple value extraction paths via sale, JV or build A STABLE CORE BUSINESS WITH ATTRACTIVE OPPORTUNITIES FOR VALUE CREATION Citycon Investor Presentation 6#72. Citycon Result Update and Outlook **⚫ Citycon Citycon Investor Presentation 7#8OPERATIONAL RESULTS AND OUTLOOK RESULTS ABOVE 2019 LEVELS (PRE-COVID) 2022 vs. 2021 +5.2% Like-for-like NRI increase (Q1-Q3) Q3/2022 like-for-like NRI increase +3.4% +7.0% Like-for-like tenant sales (Q1-Q3) Q3/2022 like-for-like tenant sales increase +0.1% 2022 vs. 2019 +7.2% Like-for-like tenant sales increase (Q1-Q3/2022 vs Q1-Q3/2019) +0.8 € Average rent per sq.m. increase (Q3/2022 vs Q3/2019) +12.1% Like-for-like footfall (Q1-Q3) Q3/2022 like-for-like footfall increase +4.3% 96% Rent collection in Q3 Q2/2022 improved to 97% from 95% Reflects the stability of Citycon's grocery- and municipal-anchored centres that are connected to transportation hubs **⚫ Citycon *Estimated inflation per country (2022) Positive Outlook in 2023 as 92% of Leases Have Some Indexation Benefit 4.7% 7.2% 6.5%** 7.2% 21.0%* Citycon Investor Presentation 8#9FINANCIALS Q3/2022 Financials Q1-Q3/2022 Financials MEUR Standing Standing A Q3/2022 Q3/2021 Actual Q3/2022 Actual Q3/2021 MEUR Δ Standing Standing Q1-Q3/2022 Q1-Q3/2021 A - - L Net Rental 50.6 48.1 5.3% 50.6 51.3 -1.3% Income Net Rental Income 151.1 140.3 7.8% Actual Actual Q1-Q3/2022 Q1-Q3/2021 Δ 152.4 152.5 -0.1% Direct Operating 43.6 41.5 5.1% | 43.7 44.7 -2.4% profit Direct Operating profit 128.8 121.9 5.7% 130.1 133.7 -2.7% EPRA Earnings 29.8 29.3 1.7% 29.8 32.5 -8.3% EPRA Earnings 88.9 84.9 4.6% 90.1 96.8 -6.9% Adjusted EPRA 22.1 21.8 1.7% 22.1 24.9 -11.3% Earnings Adjusted EPRA Earnings 66.0 68.3 -3.3% 67.3 80.1 -16.0% EPRA EPS 0.177 0.165 7.7% 0.177 0.183 -2.8% EPRA EPS 0.529 0.477 10.8% I 0.536 0.544 -1.4% (basic), EUR (basic), EUR Adjusted EPRA 0.132 0.122 7.7% 0.132 0.140 -6.0% Adjusted EPRA 0.393 0.384 2.5% 0.400 0.450 -11.0% EPS, EUR EPS, EUR EPRA NRV per 11.68 11.58 0.8% 11.68 11.58 0.8% EPRA NRV per I 11.68 11.58 0.8% 11.68 11.58 0.8% Share, EUR Share, EUR **⚫ Citycon Citycon Investor Presentation 9#10CITYCON IS WELL POSITIONED FOR THE NEW INFLATIONARY ENVIRONMENT AS 92% OF RENTS ARE TIED TO INDEXATION... Citycon's Business Model Provides Stability in An Inflationary Environment Citycon A Stable and Resilient Business 92% of rents tied to indexation Indexation once a year, typically in October-November. 43% of our tenants are necessity based. Compared to peers Citycon has a substantially higher share of long-term, stable grocery tenants in its top 10 tenancies as well as a substantially lower share of fashion tenants, which are impacted more in an inflationary environment. Groceries in Top 10 Tenancies (% of GRI)* Peer 4 0.0% Peer 3 1.7% Peer Group Avg. 3.4% Peer 2 4.0% 7.8% Citycon 14.2% Citycon will be the beneficiary of an inflationary environment and is the most resilient against a consumer dealing with inflation Peer 1 Necessity Based Tenants Represents ~43% of the Tenant Portfolio (% of GRI) Proportion of Fashion (% of GRI)** Groceries 2% 1% 18% Cosmetics and Pharmacies Services and Healthcare Citycon Peer 1 21% Cafés and Restaurants Peer 2 43% Residential and Hotels Peer 3 10% 4% Home and Sporting Goods Wellness Peer Group Avg. Fashion Peer 4 15% 19% 1% 10% Specialty Stores Peer 5 Leisure Peer 6 22% 30% 31% 38% 39% 40% 41% 52% Necessity Based Tenants **⚫ Citycon *Peer group: DES, Eurocommercial, Atrium, Wereldhave **Peer group: DES, Klepierre, Mercialys, Atrium, Wereldhave, Hammerson Source: Company filings Citycon Investor Presentation 10#11... AND WITH THE CONTINUED STRONG SALES AND FOOTFALL COMBINED WITH LOW OCR'S THERE IS SUPPORT FOR AN INCREASED RENT ABSORPTION BY THE TENANTS Increasing Tenant Sales and an Industry Low OCR Group LFL tenant sales in Q3/22 above pre-Covid levels, Q3/22 vs. Q3/19 7.9% increase. LFL tenant sales growth in all business units for YTD 2022 vs. 2021 with a total LFL growth of 7.0%. Even though divestments are included in total sales, the YTD total sales has increased by 1.1%. Low OCR of 9.1% on Group level, indicating a healthy operating environment for the tenants. Occupancy Cost Ratio by Business Unit and Group in Q3/2022 10.2% 9.1% 8.3% 8.4% With the continuous increase in tenant sales and with an industry low OCR there is head room to increase the rents for our tenants. Tenant Sales Development, Q1-Q3/2022 vs. Q1-Q3/2021 12.2% 11.6% 9.0% LFL Sales Finland & Estonia **Citycon -2.4% Total Sales* Sweden & Denmark 7.0% 2.9% -6.1% Norway Finland & Estonia Norway Sweden & Denmark Total Tenant Footfall Development, Q1-Q3/2022 vs. Q1-Q3/2021 19.2% 17.2% 8.6% 3.4% 9.7% 2.4% 1.1% Finland & Estonia Sweden & Denmark Norway LFL Footfall Total Footfall* Total *Total sales and total footfall is including impact of divested assets 12.1% 9.1% Total Citycon Investor Presentation 11#12STRONG, LIQUID BALANCE SHEET WITH NO MATURITIES UNTIL LATE 2024 Improved Credit Profile and a Stronger, More Flexible Balance Sheet No material maturities thru 2024 3.3 years weighted avg maturities 2.38% weighted avg interest rate 40% 43% Bonds 16% ☐☐ RCF Bonds CP Well Laddered Maturities (MEUR)* 500 498 ୮ 99 76 Hybrid Bonds Equity 350 350 247 217 2022 2023 2024 2025 2026 2027 2028 Total available liquidity 537 MEUR Unencumbered assets ** 100%* Investment grade S&P-BBB- (Stable) Moody's - Baa3 (Negative) ** Citycon *In September, Citycon continued to repurchase bonds in the open market, still at a discount. A total of 2 MEUR was repurchased of the 2024 notes and 26.95 MEUR of the 2027 notes. 25.95 MEUR was executed during the end of Q3/2022 and 3.0 MEUR during the beginning of Q4/2022. Citycon Investor Presentation 12 **Excluding 250 MEUR undrawn RCF and Kista 1.22 BNSEK JV debt.#13STABLE CREDIT RATINGS Loan to Value (IFRS) 48.7 % 4.2x 46.9 % 3.8x 42.4 % 41.7 %* 40.3 % 2018 2019 11.2x 9.2x 2020 Net Debt/ EBITDA 11.1x 2018 2019 2020 **Citycon *128 MEUR effect from FX, without FX 40.9% 2021 Q3/2022 2018 2019 Interest Coverage Ratio 4.1x 2020 4.2x 4.1x 2021 Q3/2022 Weighted Average Interest Rate 2.35% 10.3x 2.29% 10.0x 2.39% 2021 Q3/2022 2018 2019 2020 2.47% 2.38% 2021 Q3/2022 Citycon Investor Presentation 13#14ALTOGETHER THIS RESULTS IN A STABLE ASSET PORTFOLIO THAT HAS SEEN VALUATION UPLIFTS IN 7 CONSECUTIVE QUARTERS LFL Valuation for Operating Properties* 3,436 3,336 2019 2020 +80.8 Value Creation via Building Rights (MEUR) Cumulative BR Value 3,517 Annual BR Value Realized 3,440 2021 Occupancy Rate and Average Rent Increasing Average Rent Retail occupancy rate 93.7% 22.7€ 94.2% 22.6€ 16 Q3/2022 2022 101 81 2023 2024 13 73 2025 WAULT Increasing & Leasing Spread Improving Leasing Spread 94.9% WAULT 3.4 3.2 3.1 23.6€ +1.0 Q3/2021 Q4/2021 Q3/2022 **⚫ Citycon *Excluding Lippulaiva and Kista Galleria 307 34 2026 1.7% Q3/2021 Q4/2021 Q3/2022 -1.3% Q3/2021 -1.6% Q4/2021 Q3/2022 Citycon Investor Presentation 14#153. Management Track Record of Unlocking Value **⚫ Citycon Citycon Investor Presentation 15#16EXPERIENCED LEADERSHIP TEAM F. SCOTT BALL CHIEF EXECUTIVE OFFICER BRET MCLEOD CHIEF FINANCIAL OFFICER **⚫ Citycon HENRICA GINSTRÖM CHIEF OPERATING OFFICER KIRSI SIMOLA-LAAKSONEN CHIEF INFORMATION OFFICER ERIK LENNHAMMAR CHIEF DEVELOPMENT OFFICER Around 100 years of real estate experience Citycon Investor Presentation 16#17LIPPULAIVA – NEW DEVELOPMENT IN ESPOO FINLAND - METRO OPENING DECEMBER 2022 70% NECESSITY-BASED TENANTS 44% GROCERY TENANTS ~94% RETAIL OCCUPANCY ~29.5 EUR AVERAGE RENT PER SQM 2 ~ 9 MEUR NRI CONTRIBUTION FOR PARTIAL-YEAR 2022 ATTACHED TO METRO BEGIN TO OPERATE BY YEAR END 2022 BUILDING RIGHTS BUILDING RIGHT FOR TWO TOWERS SOLD TO HAUSIA 560 APARTMENTS COMING ONLINE IN 2022-2024 21 MEUR STABILIZED ANNUAL NRI IMPACT LIPPULAIVA HAS SOME OF THE MOST ADVANCED ENERGY SOLUTIONS GEOENERGY 171 WELLS SOLAR PANELS 2,400 SQ.M. GREEN ROOFS **⚫ Citycon $3,500 SQ.M WORLD'S FIRST RETAIL PROPERTY TO BE AWARDED SMART BUILDING'S GOLD CERTIFICATE LIPPULAIVA Citycon Investor Presentation 17#18CASE COLUMBUS A SHOWCASE OF CITYCON'S VALUE CREATION CAPABILITY Active leasing & asset management Tenant mix optimized Targeted and cost-efficient refurbishment 4MEUR value realised from divestment of adjacent plot in 2019 Transformation into a fully necessity-based center reflected in asset value increase Divested in Q3/2021 for a gross price of 106.2 mEUR, 10 mEUR above the Q4/2020 valuation Groceries Fashion Share of GLA 2017 Share of GLA 2021 50% 7% 65% 6% Validates demand and valuations of high-quality necessity-based Nordic real estate assets **Citycon MARKET Supermarket APTEEKKI APOTEK JYSK LADL TOKMAN' SMARKET MustiMirri HESBURGER Salturingdess CCOLUMBUS LINDEX Citycon Investor Presentation 18#19SPECIALTY LEASING What Does It Add? Great concepts impact overall atmosphere and footfall of the center Creates variation in the offer Offers retailers flexibility Easy start-up and less investments Additional income during void times Specialty Leasing Income Development % of NRI Specialty leasing income (MEUR) +50% 4.4 2.9 1.8% 2.9% centre Maneladi Q1-Q3/2019 Q1-Q3/2022 Iso Omena, Christmas Market **⚫ Citycon Citycon Investor Presentation 19#20MEANINGFUL DEVELOPMENT PIPELINE Company* GAV (MEUR)*** Communicated Pipeline at Cost (MEUR)*** % GAV Category Project Name Citycon 4,278 2,000 46.8% Peer 1 1,935 494 25.5% Peer 2 5,842 1,000 17.1% Large-scale development projects under construction Lippulaiva Liljeholmen Status Under construction CapEx Ongoing zoning Oasen Ongoing zoning ~700 MEUR Trekanten Ongoing zoning Peer 3 6,214 550 8.9% Peer 4 18,729 1,457 7.8% Peer 5 48,284 3,200 6.6% Peer 6 1,907 92 4.8% Residential + condos under planning Kista IsoMyyri Stenungstorg Kongssentret Ongoing zoning Ongoing zoning Existing building rights+zoning Planning, pre-zoning ~1,000 MEUR Down Town Planning, pre-zoning Peer 7 6,320 73 1.2% Peer 8 3,764 6 0.2% Kista Oasen Planning phase Ongoing zoning Peer 9 2,140 3 0.1% Rocca al Mare Early stage of zoning Peer 10 3,394 Peer 11 1,424 Earlier stage developments Average (excl. Citycon)** Median (excl. Citycon)** 11.9% 7.2% Linderud Magasinet Kristiine Åkersberga Heikintori Early stage of zoning Early stage of zoning ~300 MEUR Early stage of zoning Early stage of zoning Early stage of zoning Citycon *Peer group: Carmila, Deutsche Euroshop, Eurocommercial, Hammerson, IGD, Klepierre, Lar Espana, Mercialys, Nepi Rockastle, URW, Wereldhave, **Excludes non-zero values ***As communicated by companies as of latest 2022-06-22. Source: Citycon capital markets day, Company filings Citycon Investor Presentation 20 20