English
Published: 2004-09-15 12:45:00 CEST
Citycon Oyj
Company Announcement
DECISION ON THE SHARE OFFERING AND THE O
CITYCON OYJ  Stock Exchange Release   15 September 2004 at 2.45
p.m.

DECISION ON THE SHARE OFFERING AND THE OFFER PRICE 

The Board of
Directors ("Board") of Citycon Oyj ("Citycon" or "the 
Company") has resolved
in its meeting of 15 September 2004, in 
accordance with the authorization of
the Annual General Meeting of 
Citycon of 15 March 2004, to increase the
Company's share capital by 
EUR 13,500,000 and by issuing 10,000,000 new
shares in a directed 
share offering to a limited number, being less than one
hundred, of 
selected Finnish and international institutional investors. The

purpose of the directed share offering is to expand the shareholder 
base in
order to support the future growth of the Company and to 
improve liquidity of
the shares.  

The decision of the Board to increase the share capital by
10,000,000 
new shares is based on the bids that have been received between 13

September 2004 and 14 September 2004 through a bookbuilding process. 
The
lead manager will inform the investors who have submitted their 
bids of the
amount of new shares they have been allocated with. 

The subscription period
will commence on 15 September 2004 at 2.00 
p.m. (Finnish time) and end on 21
September 2004 at 4.00 p.m. (Finnish 
time). The shares will be subscribed by
paying the subscription price. 
The Board of Directors of the Company decided
that the subscription 
price per share is EUR 2.03 taking into account the
offers made and 
the market price of the share during the two week period
prior to the 
announcement of the preparations for the offering. The terms of
the 
share offering are enclosed to this release.

The new shares will
correspond to approximately 9.45 percent of the 
Company's share capital and
voting rights prior to the share offering 
and approximately 8.64 percent
after the offering provided the share 
offering is fully subscribed. Bids
received in the offering constitute 
an oversubscription of approximately 2.4
times the maximum number of 
shares offered. Bids for the offered shares have
been made by 26 
institutions. Of the shares offered 91 percent will be
allocated to 
international investors and 9 percent to Finnish
investors.

After the payment for the shares has been received the Board will
make 
a decision with respect to the approval of the subscriptions. A

confirmation of approved subscriptions will be sent to the investors 
on or
about 23 September 2004 by the lead manager. Trading in the 
offered shares on
the main list of the Helsinki Exchanges is expected 
to commence on or about
27 September 2004. The Financial Supervision 
Authority has on 13 September
2004 granted an exemption from 
publishing listing particulars in connection
with this share issue.

After the publication of the interim report on 11
August 2004 there 
have not been any events having a material effect on the
position of 
the Company. The Board decided in its meeting of 11 August 2004
to 
dispose all 3,874,000 of the Company's own shares currently held by 
the
company in public trading on the Helsinki Exchanges. In connection 
with its
decision taken on 10 September to start preparations for an 
issue the Board
decided to propose to the next Annual General Meeting 
to be held in spring
2005 to invalidate the said own shares. 

The lead manager of the share
offering is Kempen & Co N.V., a Dutch 
investment bank, based in
Amsterdam.

Helsinki, 15 September 2004

CITYCON OYJ
BOARD OF
DIRECTORS

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


APPENDIX

CITYCON OYJ'S SHARE
OFFERING 2004
TERMS OF THE OFFERING

The Board of Directors ("Board") of
Citycon Oyj ("Citycon" or "the 
Company") has in its meeting of 15 September
2004 resolved, in 
accordance with the authorization of the Annual General
Meeting of 
Citycon of 15 March 2004, to increase the Company's share capital
by 
EUR 13,500,000 as follows:

1. Share subscription and bids

The share
capital will be increased by EUR 13,500,000 by issuing ten 
million
(10,000,000) shares (the "Shares", each a "Share") of the 
Company with a
nominal value of EUR 1.35. All the Shares will be 
offered in deviation from
the pre-emptive subscription rights of 
shareholders for subscription by
Kempen & Co N.V. and/or institutional 
investors named by Kempen & Company
N.V. and who have given their 
bids. 

2. Subscription price

The
subscription price for the Shares amounts to EUR 2.03 per Share. 

3. Time
and place of receipt of subscriptions

The subscription of Shares will be
conducted in accordance with the 
Finnish Companies Act Chapter 3a Section 17
by paying the subscription 
price in full to the bank account indicated by the
Company.

4. Terms of payment

The payment for the subscription price of
the Shares shall be made on 
21 September 2004 at 4.00 p.m. (Finnish time) at
the latest. The 
Company's Board of Directors may decide to extend the period
for the 
payment.

5. Dividend rights and other rights

The Shares
subscribed as a result of the share offering will be 
entitled to the full
dividend payment for the financial year commenced 
1 January 2004, provided
that the Company's Annual General Meeting 
will decide to distribute dividend.
The other rights attached to the 
Shares will take effect after the share
capital increase has been 
registered.

The Shares will be issued in the
book-entry system.

6. Reasons for deviating from the shareholders'
pre-emptive 
subscription rights

The Company wishes to expand its
shareholder base in order to support 
the future growth of the Company and to
improve liquidity of the 
shares. The Board has decided that facilitating
future growth and 
expansion of the shareholder base are sufficiently weighty
financial 
reasons to deviate from the shareholders´ pre-emption rights.

7.
Undersubscription

In the event of undersubscription, the Company's Board of
Directors 
may decide who shall have the right, and by what procedure, to

subscribe for those Shares that have not been subscribed. The said 
Shares
shall not be offered to any party outside the scope of the 
originally
selected investors and to a related party as defined in 
chapter 1, sections 3
and 4 of the Finnish Companies Act. 

8. Other matters

The Board of
Directors of the Company shall decide on the approval of 
the subscriptions
for the Shares in its meeting of 22 September 2004. 
The Board of Directors of
the Company shall be entitled to approve the 
subscriptions for the Shares in
full or in part, or to reject such 
subscriptions.

The Company's Board of
Directors will also decide on other factors 
related to the share offering and
the share capital increase and the 
practical measures arising there
from.

Distribution:
Helsinki Exchanges
Main news
media
www.citycon.fi