CITYCON OYJ                STOCK EXHANGE RELEASE   4 January 2005 at 9.30
a.m.

Citycon's shares subscribed based on share options in December
2004

A total of 92,000 new Citycon shares with a nominal value of EUR 1.35
per share
were subscribed in December, exercising the A/B/C stock options
based on the
company's stock option plan 1999. The corresponding share capital
increase, EUR
124,200 will be entered in the Trade Registry approximately on 3
February 2005.
The new shares are estimated to be traded on the Helsinki
Exchanges' Main List
together with the old shares as of 4 February
2005.

The 92,000 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 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 156,780,033.30 and the total amount
of shares will be
116,133,358.

The unexercised stock options based on
Citycon's stock option plan 1999 entitle
their holders to subscribe 5,144,500
new shares, corresponding to a further
capital increase of EUR 6,945,075. The
share subscription period will expire on
30 September 2007.

Helsinki, 4
January 2005

CITYCON OYJ

Petri Olkinuora
CEO

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