Citycon's Board approved the subscriptions related to its subordinated convertible bonds offering; o

Stock exchange releases - 31 July 2006


NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

Citycon's Board approved the subscriptions related to its subordinated
convertible bonds offering; over-allotment option fully exercised

The Joint Lead Managers of Citycon Oyj's subordinated convertible bonds offering,
Dresdner Klein-wort and Kempen & Co, have fully exercised the over-allotment
option granted to them by Citycon. The EUR 10 million of additional bonds will
solely be used to cover over-allotments.

The Board of Directors of Citycon has approved in its meeting of 31 July 2006 the
subscriptions made for EUR 110 million subordinated convertible bonds issued in
connection with Citycon's subordinated convertible bonds offering. The Board of
Directors decided to register the bonds in the Trade Register and to apply for
admission to public trading of the bonds on the Helsinki Stock Exchange.

Helsinki, 31 July 2006

CITYCON OYJ
Board of Directors

For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
+358 400 333 256

Eero Sihvonen, CFO, tel. +358 9 6803 6730 or
+358 50 557 9137

Distribution:
Helsinki Stock Exchange
Main news media
www.citycon.fi

Dresdner Kleinwort Wasserstein Limited, which is authorised and regulated by the
Financial Services Authority, is acting for Citycon Oyj and for no-one else in
connection with the contents of this docu-ment and will not be responsible to
anyone other than Citycon Oyj for providing the protections af-forded to
customers of Dresdner Kleinwort Wasserstein Limited, or for affording advice in
relation to the contents of this document or any matters referred to herein.

Kempen & Co N.V., which is authorised and regulated by the Netherlands Authority
for the Financial Markets, is acting for Citycon Oyj and for no-one else in
connection with the contents of this document and will not be responsible to
anyone other than Citycon Oyj for providing the protections afforded to customers
of Kempen & Co N.V., or for affording advice in relation to the contents of this
document or any matters referred to herein.

Dresdner Kleinwort and Kempen & Co are not responsible for the contents of this
document. Dresdner Kleinwort and Kempen & Co have given and not withdrawn their
written consent to the issue of this document with the inclusion of the reference
to their name in the form and context in which it is included.

References to "Dresdner Kleinwort" in this document means Dresdner Kleinwort
Wasserstein Limited and references to "Kempen & Co" in this document means Kempen
& Co N.V.
Dresdner Kleinwort Wasserstein Limited, which is authorised and regulated by the
Financial Services Authority in the United Kingdom, and Kempen & Co N.V., which
is authorised and regulated by the Netherlands Authority for the Financial
Markets, are acting for Citycon Oyj and for no-one else in connection with the
contents of this document and will not be responsible to anyone other than
Citycon Oyj for providing the protections afforded to customers of Dresdner
Kleinwort Wasserstein Limited and Kempen & Co N.V. respectively, or for affording
advice in relation to the contents of this document or any matters referred to
herein. Dresdner Kleinwort Wasserstein Limited and Kempen & Co N.V. are not
responsible for the contents of this document. Dresdner Kleinwort Wasserstein
Limited and Kempen & Co N.V., have given and not withdrawn their written consent
to the issue of this document with the inclusion of the reference to their name
in the form and context in which it is included.