26 August 2004 at 1.15 p.m.


Citycon Oyj applies for listing of all 1999C-warrants on the
Helsinki Exchanges Main List so that the listing commences
approximately on 1 September 2004. Before listing the 1999C-
warrants will be merged in the listed 1999 A/B-warrants.

The total number of C-warrants is 1,900,000. Each C-warrant
entitles its holder to subscribe for one Citycon Oyj share. In
the aggregate, the C-warrants entitle holders to subscribe for
1,900,000 shares in Citycon Oyj. The present share subscription
price with A/B- and C-warrants is EUR 1.54/share. The dividends
payable annually shall be deducted from the share subscription

The shares can be subscribed with the C-warrants during 1
September 2004 – 30 September 2007.

Petri Olkinuora

Further information is available from:
Mr Petri Olkinuora, CEO, on +358 400 333 256

Helsinki Exchanges and main media

Terms and Conditions of the Warrants 1999


At its meeting on 4 November 1999 the Extraordinary General
Meeting of Shareholders of Citycon Oyj has resolved to issue
warrants to the personnel of the Citycon Group on the following
terms and conditions. The warrant terms have been amended to
correspond to euro denomination by the resolution of the Annual
General Meeting of Shareholders on 26 March 2002.


1. Number of warrants

The number of warrants issued will be 5,500,000, which entitle
to subscribe for 5,500,000 shares in Citycon Oyj.

2. Warrants

Of the warrants 1,800,000 will be marked with the letter A,
1,800,000 with the letter B and 1,900,000 with the letter C.

The persons to whom warrants will be issued will be notified in
writing by the Company about the offer of warrants. The warrants
will be delivered to the recipient when he or she has accepted
the offer of the Company. Warrant certificates shall, upon
request, be delivered to the warrant holder at the start of the
relevant share subscription period unless the warrants have been
transferred to the book-entry system.

3. Right to warrants

The warrants shall, with deviation from the shareholders' pre-
emptive right to subscription, be issued to the personnel of the
Citycon Group and to Veniamo-Invest Oy. It is proposed that the
shareholders' pre-emptive right to subscription be disapplied,
since the warrants are intended to form part of the Group's
incentive program for the personnel.

4. Distribution of warrants

The Board of Directors decides upon the distribution of the
warrants. Warrants shall be issued to Veniamo Invest Oy to the
extent that these are not distributed to the personnel of the
Citycon Group. The Board of Directors of Citycon Oyj will
decide, at a later date, upon the distribution of the warrants
granted to the subsidiary to the employed personnel of the
Citycon Group.

5. Transfer of warrants and obligation to offer warrants

The warrants are freely transferable when the relevant share
subscription period has begun. The Board of Directors may, as an
exception to the above, permit the transfer of a warrant also at
an earlier date.

Should a subscriber cease to be employed by or in the service of
the Citycon Group before 1 September 2004 for any other reason
than retirement or death then such person shall without delay
offer to the Company, free of charge, those warrants for which
the share subscription period in accordance with Section II.2
had not begun at the last day of such person's employment or


1. Right to subscribe new shares

Each warrant entitles its holder to subscribe for one (1) share
in Citycon Oyj with a nominal value of one euro and thirty-five
cents (EUR 1.35). As a result of the subscriptions the share
capital of Citycon Oyj may be increased by a maximum of
5,500,000 new shares, i.e., by a maximum of EUR 7,425,000.

2. Share subscription and payment

The subscription period shall begin:

for warrant A on 1 September 2000
for warrant B on 1 September 2002
for warrant C on 1 September 2004.

The share subscription period shall end on 30 September 2007 for
all warrants.

The share subscription shall take place at the head office of
Citycon Oyj and possibly at another location to be determined
later. Payment of shares subscribed shall be effected on

3. Share subscription price

The share subscription price shall be two euro (EUR 2). From the
share subscription price shall, as per the dividend record date,
be deducted the amount of dividend distributed after 4 November
1999 but before the date of share subscription. The share
subscription price shall, nevertheless, always amount to at
least the nominal value of the share.

4. Registration of shares

Shares subscribed for and fully paid shall be registered in the
book-entry account of the subscriber.

5. Shareholder rights

Shares shall entitle to dividend for the financial year in which
the share subscription takes place. Other shareholder rights
shall commence when the increase of the share capital has been
entered into the Trade Register.

6. Share issues, convertible bonds and warrants before share

Should the Company, before the subscription for shares, raise
its share capital through an issue of new shares, or issue
convertible bonds or warrants relating to shareholding in
Citycon Oyj, a warrant holder shall have the same right as or an
equal right to that of a shareholder. Equality is reached in the
manner determined by the Board of Directors by adjusting the
number of shares available for subscription, the subscription
price or both of these.

Should the Company, before the subscription for shares, increase
its share capital by way of a bonus issue, the subscription
ratio shall be amended so that the ratio to the share capital of
shares to be subscribed for by virtue of warrants remains
unchanged. If the number of shares that can be subscribed for by
virtue of one warrant should be a fraction, the fractional part
shall be taken into account by reducing the subscription price.

7. Rights in certain cases

If the Company reduces its share capital before the subscription
of shares, the subscription right accorded by the terms of the
warrant shall be adjusted accordingly, as specified in the
resolution to reduce the share capital.

If the Company is placed in liquidation before the subscription
of shares, the warrant owner shall be given an opportunity to
exercise his/her subscription right before the liquidation
begins, within a period of time determined by the Board of

If the Company resolves to merge in another company as the
company being acquired or in a company to be formed in a
combination merger or if the Company resolves to be divided, the
warrant owner shall, before the merger or division, be given the
right to subscribe for the shares within the period of time
determined by the Board of Directors. After such date no
subscription right shall exist.

If the Company resolves to acquire its own shares after the
share subscription period has begun by an offer made to all
shareholders, the warrant owner shall be made an equivalent
offer. In other cases the acquisition of the Company's own
shares does not require the Company to take any action in
relation to the warrant. If according to the Companies Act a
redemption right is created for a shareholder to the shares of
the other shareholders, the warrant owner shall be given a right
equal to that of the shareholders to sell his warrants to the
shareholder with the redemption right.

If the nominal value of the share is changed while the share
capital remains unchanged, the subscription terms shall be
amended so that the total nominal value of the shares available
for subscription and the total subscription price remain the

Converting the Company from a public company into a private
company will not affect the terms and conditions of the

8. Dispute resolution
Disputes arising in relation to the warrants shall be settled by
arbitration in accordance with the Arbitration Rules of the
Central Chamber of Commerce.

9. Other matters

The Board of Directors may decide on the transfer of the
warrants to the book-entry system at a later date and on the
resulting technical amendments to the terms and conditions.
Other matters related to the warrants are decided on by the
Board of Directors. The warrant documentation is kept available
for inspection at the head office of Citycon Oyj in Helsinki.

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