Citycon Oyj has repurchased its subordinated convertible capital
bonds issued on 2 August 2006 (the "Convertible Bonds") for an
aggregate consideration of EUR 6.4 million including accrued interest
through deals executed between 11 and 18 November 2008. The face
value repurchased by the company amounted to EUR 11.1 million
corresponding to 222 bonds with face value of EUR 50,000
corresponding to approximately 10 per cent of the aggregate amount of
the Convertible Bonds due 2013.

Including the buybacks Citycon concluded between 28 October and 4
November 2008, Citycon has repurchased a total principal amount of
EUR 21.1 million of the Convertible Bonds corresponding to
approximately 19 per cent of the aggregate amount of the Convertible
Bonds. The weighted average repurchase price was 54.8 per cent of the
Convertible 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, 18 November 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

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