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's activity report 2022

Rocca al Mare Shopping Centre AS is an Estonian company established in 1995, whose main activity is real estate development and management.

The 100% owner of Rocca al Mare Shopping Centre AS is the Dutch company Montalbas B.V., which in turn belongs to the Finnish stock exchange company

Citycon OYj.

CITYCON

Citycon OYj is a leading owner, manager and developer of multi-purpose centres in the Nordic countries, with assets totalling approximately 4.5 billion euros. Since 1988, Citycon OYj has been listed on the Helsinki Stock Exchange. Citycon's credit rating has been confirmed by Moody's at

Baa3 and Standard & Poor's at BBB-.

Citycon OYj's strategy is to create sustainable and renewable energy-using multifunctional urban environments that combine shopping centres with office, service and residential spaces to form a single entity.

Citycon owns a total of 33 shopping centres and one other commercial real estate object. It operates in Finland, Estonia, Norway, Sweden and Denmark.

In Finland, Citycon OYj holds a market leader position in the shopping centre sector. The Estonian portfolio consists of Kristiine Centre and Rocca al Mare

Shopping Centre.

ROCCA AL MARE SHOPPING CENTRE

The total leasable area of Rocca al Mare Shopping Centre is 57,800 square metres. The centre is part of the Rocca al Mare leisure area, which includes Tallinn Zoo, Saku Suurhall, Estonian Open Air Museum and several sports facilities. Therefore, Rocca al Mare

Shopping Centre operates as the centre of Haabersti district, but also has a wider impact in Tallinn city. In the future, the centre aims to become even more diverse and urban heart of Haabersti.

The centre's visitor numbers increased by 4% in 2022 compared to 2021, which meant about 170,000 more visitors. At the same time, the total turnover of tenants also increased by 10% compared to the previous year. This was due to the reduced impact of the COVID-19 pandemic on retail. Accordingly, the centre's rental income also increased by 2%.

The largest investment in changes related to tenants was the expansion of shoe area stores and the opening of a new concept I.L.U. store. Also changes in the main atrium tenant composition, which included the addition of an Apple representative store iDeal.

Rocca al Mare Centre pays great attention to sustainability and energy saving measures. In 2022, the entire centre's general lighting was switched to LED technology. The centre also encourages tenants to update their lighting, which many tenants have done during their concept updates. In 2022, in cooperation with R8 Technologies, the centre's ventilation and heating management was transferred to AI-managed software, which adjusts system settings in real time according to outdoor temperature, number of people, electricity price and other parameters.

This cooperation has already resulted in significant energy savings and reduced CO2 emissions. The goal of the Citycon Group is to achieve carbon neutrality by 2030. Today, Rocca al Mare Centre purchases all consumed electricity as green energy.

The future plans of Rocca al Mare Shopping Centre AS include updating the exterior and interior of the centre and diversifying the tenant mix, increasing the share of daily goods, catering and various services in the coming years. The aim of the centre's renovation is to strengthen its market position as the most important daily shopping place in West Tallinn and at the same time increase visitor numbers also during the week. These changes will be made within the existing building.

In addition, the centre is also preparing for future development, which requires the establishment of a detailed plan. The future development plans to add new buildings and develop new functions, which could be offices, apartments, leisure services, etc. The current parking lot in front of the centre is planned to be partially built up and cars placed in a parking garage.

Rocca al Mare Shopping Centre AS's board has two members - Helen Metsvaht and Claes Patrik Johannes Molander.

The council has three members – Henrica Ginström, Bret McLeod and Sanna Yliniemi.

The average number of employees of Rocca al Mare Shopping Centre AS was 10 during the reporting year. The wage cost with social taxes was 386.4 thousand euros (389.1 thousand euros in 2021) and the management fee with social taxes was 136.8 thousand euros (136.6 thousand euros in 2021).

The following presents the main financial ratios for the 2022 reporting year and the preceding financial year.