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