CITYCON OYJ          STOCK EXCHANGE RELEASE     21 July 2005 at 9:00
a.m.

Citycon's share capital increase based on stock options

A total of
464,330 new Citycon shares with a nominal value of EUR 1.35 per share
were
subscribed in July exercising the A/B/C options based on the company's
stock
option plan 1999. The corresponding share capital increase, EUR
626,845.50 was
entered in the Trade register today. The new shares will be
traded on the
Helsinki Exchange's Main list together with the old shares as of
22 July 2005.

The 464,330 shares were subscribed at a per-share subscription
price of EUR 1.40.
Each share entitles to one vote. The new shares entitle
their holders to a
dividend for the financial year 2005. Other shareholder
entitlements became
effective today.

After the increase the registered
share capital of Citycon Oyj is EUR
152,226,928.80 and the total amount of
shares is 112,760,688.

The unexercised stock options based on Citycon's
stock option plan 1999 entitle
their holders to subscribe 4,643,170 new
shares, corresponding to a further
capital increase of EUR 6,268,279.50. The
share subscription period will expire
on 30 September 2007.

Helsinki, 21
July 2005

CITYCON OYJ

Petri Olkinuora
CEO

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

Distribution:
Helsinki Exchanges
Main Media

www.citycon.fi