CITYCON'S SHARES SUBSCRIBED BASED ON SHARE OPTIONS IN NOVEMBER

CITYCON OYJ STOCK EXHANGE RELEASE 1 December 2004 at 9.30 a.m. CITYCON'S SHARES SUBSCRIBED BASED ON SHARE OPTIONS IN NOVEMBER A total of 228,500 new Citycon shares with a nominal value of EUR 1.35 per share were subscribed in November, exercising the A/B/C stock options based on the company's stock option plan 1999. The corresponding share capital increase, EUR 308,475, will be entered in the Trade Registry approximately on 16 December 2004. The new shares are estimated to be traded on the Helsinki Exchanges' Main List together with the old shares as of 17 December 2004. The 228,500 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 will become effective as of the registration day of the share capital. After the registration of the share capital increase the registered share capital of Citycon Oyj will be EUR 156,655,833.30 and the total amount of shares will be 116,041,358. The unexercised stock options based on Citycon's stock option plan 1999 entitle their holders to subscribe 5,236,500 new shares, corresponding to a further capital increase of EUR 7,069,275. The share subscription period will expire on 30 September 2007. Helsinki, 1 December 2004 CITYCON OYJ Petri Olkinuora CEO For further information, please contact: Petri Olkinuora, CEO, tel. +358 9 6803 6738 or +358 400 333 256

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