APPROVAL OF SHARE SUBSCRIPTIONS RELATED

CITYCON OYJ STOCK EXHANGE RELEASE 23 September 2004 at 8.00 a.m. APPROVAL OF SHARE SUBSCRIPTIONS RELATED TO THE SHARE OFFERING AND APPLICATION FOR ADMISSION OF THE NEW SHARES TO THE MAIN LIST OF HELSINKI EXCHANGES The Board of Directors of Citycon Oyj ("the Company") has approved in its meeting on 22 September 2004 the share subscriptions made for the 10,000,000 shares issued in connection with the Company's directed share offering. The Board of Directors decided to register the share capital increase in the Trade Register and to apply with the Helsinki Exchanges for admission of the new shares for public trading on the main list of the Helsinki Exchanges along with the other shares of the Company in the same share class. The new shares are estimated to be in public trading on 27 September 2004. Helsinki, 23 September 2004 CITYCON OYJ BOARD OF DIRECTORS For further information, please contact: Petri Olkinuora, CEO, tel. +358 9 6803 6738 or +358 400 333 256

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