Amendments to the terms and conditions of Citycon s stock options<br />2004 and convertible capital bonds due to the rights issue

Stock exchange releases - 10 September 2007


As announced by Citycon earlier today, the Company's Board of
Directors has decided on a rights issue of a maximum of 27,594,782
new shares in accordance with the shareholders' pre-emptive
subscription right. In order to ensure equal treatment of the
Company's stock option and convertible capital bond holders as well
as the shareholders, the Board of Directors of Citycon has today
decided upon amendments to the terms and conditions of the stock
options and the convertible capital bonds as a result of the rights
issue.

In accordance with the terms and conditions of the 2004 stock
options, the share subscription prices and the number of shares to be
subscribed for pursuant to the stock options has been amended so that
all 2004 stock options entitle to subscribe for 1.2127 shares and the
per-share subscription price with the 2004A stock options is EUR
2.3432, with the 2004B stock options EUR 2.7308 and with the 2004C
stock options EUR 4.4313, respectively. Half of future per-share
dividends, if any, will be deducted from the subscription prices.

In connection with a share subscription, the total number of shares
subscribed by a stock option holder will be rounded downwards to full
shares. The total subscription price will be calculated based on the
rounded number of shares and rounded to the nearest euro cent.

The amendments regarding the stock options described above will take
effect on 10 October 2007 provided that the share offering will be
executed according to plan. Since the Company's stock option scheme
1999 expires on 30 September 2007, the share offering has no effect
on the terms and conditions of the said stock option scheme.

In addition to the above mentioned amendments, the Board of Directors
of Citycon decided to adjust the conversion price of the convertible
capital bonds listed on 22 August 2006, in accordance with Condition
6(b)(iv) of the convertible bonds from EUR 4.3432 to EUR 4.20. The
amendment of the conversion price will take effect on 4 October 2007
provided that the share offering will be executed according to plan.

Helsinki, 10 September 2007

CITYCON OYJ
Petri Olkinuora
CEO

For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
mobile +358 400 333 256

Eero Sihvonen, CFO, mobile +358 50 557 9137

Distribution:
Helsinki Stock Exchange
Major media
www.citycon.fi

This press release has not been prepared for the purpose of an offer
of, solicitation of an offer, or any similar acts to buy or subscribe
for, securities of the issuer, and, in particular, does not
constitute an offer or a solicitation of an offer for securities of
the issuer in or to residents of the United States, Canada, Japan, or
Australia.
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