CITYCON OYJ         STOCK EXCHANGE RELEASE     27 OCTOBER 2004  AT 9.30
A.M.

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

CITYCON OYJ
Petri
Olkinuora, CEO

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