Citycon Oyj has between 28 October 2008 and 4 November 2008
repurchased its subordinated convertible bonds issued on 2 August
2006 (the "Convertible Bonds") for an aggregate consideration of EUR
5.5 million including accrued interest. The weighted average
repurchase price was 53.5 per cent of the Convertible Bonds' face
value. The face value repurchased by the company amounted to EUR 10
million corresponding to 200 bonds with face value of EUR 50,000
corresponding to approximately 9 per cent of the aggregate amount of
the Convertible Bonds due 2013. The principal amount of the
Convertible Bonds listed on 22 August 2006 amounts to EUR 110 million
and the Convertible Bonds carry an interest at the rate of 4.50 per
cent p.a. The Convertible Bonds were issued to international
institutional investors in deviation from the pre-emptive rights of
shareholders based on the authorization of the company's Annual
General Meeting held on 14 March 2006.

The repurchase of the bonds was executed in the open market in
accordance with section 7 (f) of the terms and conditions of the
Convertible Bonds. In accordance with the terms and conditions of the
Convertible Bond the company will cancel the repurchased bonds. The
repurchase was carried out because the market situation has enabled
the company to repurchase the bonds at a price clearly below their
face value and because the repurchase enables the company to
strengthen its balance sheet and decrease its net financial expenses.

Helsinki, 4 November 2008

CITYCON OYJ
Petri Olkinuora
CEO

For further information, please contact:
Eero Sihvonen, CFO
Tel. +358 20 766 4459 or mobile +358 50 557 9137
eero.sihvonen@citycon.fi

Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com