Citycon's share increase based on stock options

A total of 35,000 new Citycon shares with nominal value of EUR 1.35 per share
were subscribed in October, exercising A/B/C stock options based on the company's
stock option plan 1999. The corresponding share capital increase, EUR 47,250 was
entered in the Trade Register today. The new shares will be traded on the
Helsinki Exchanges' Main List together with the old shares as of Thursday, 28
October 2004.

The 35,000 shares were subscribed at a per share subscription price of EUR 1.54.
Each share entitles to one vote. The new shares entitle their holders to a
dividend for the financial year 2004. Other shareholder entitlements became
effective today.

As a result of increase, the company registered share capital amounts to EUR
156,347,358.30 and the number of shares to 115,812,858.

Helsinki, 27 October 2004

Petri Olkinuora, CEO

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