Citycon Oyj has repurchased its subordinated convertible capital
bonds issued on 2 August 2006 (the "Convertible Bonds") for an
aggregate consideration of EUR 2.6 million including accrued interest
through a deal executed on 10 December 2008. The face value
repurchased by the company amounted to EUR 5.0 million corresponding
to 100 bonds with face value of EUR 50,000 corresponding to
approximately five per cent of the aggregate amount of the
Convertible Bonds due 2013.

Including the buybacks Citycon concluded between 28 October and 2
December 2008, Citycon has repurchased a total principal amount of
EUR 27.1 million of the Convertible Bonds corresponding to
approximately 25 per cent of the aggregate amount of the Convertible
Bonds. The weighted average repurchase price was 53.5 per cent of the
bonds' face value. 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 repurchases of the bonds were 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 Bonds the company will cancel the repurchased bonds. The
repurchases were 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 repurchases enable the company to
strengthen its balance sheet and decrease its net financial expenses.

Helsinki, 10 December 2008

CITYCON OYJ
Petri Olkinuora
CEO

For further information, please contact:
Petri Olkinuora, CEO
Tel. +358 20 766 4401 or mobile +358 400 333 256
petri.olkinuora@citycon.fi

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