CITYCON OYJ          Stock Exchange Announcement   20 Dec. 2005 at 9:05
a.m.

Citycon's share capital increase based on stock options 1999

A total
of 189,330 new Citycon shares with a nominal value of EUR 1.35 per share
were
subscribed in November exercising the A/B/C options based on the
company's
stock option plan 1999. The corresponding share capital increase,
EUR 255,595.50
was entered in the Trade Register today. The new shares will be
traded on the
Helsinki Stock Exchange's main list together with the other
Citycon shares as of
21 December 2005.

The 189,330 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 amounts to
EUR
184,115,724.30 and the total number of shares to 136,382,018.

The
unexercised stock options based on Citycon's stock option plan 1999
entitle
their holders to subscribe for 4,221,840 new shares, corresponding to
a further
share capital increase of EUR 5,699,484.00. The share subscription
period will
expire on 30 September 2007.

Helsinki, 20 December
2005

CITYCON OYJ

Petri Olkinuora
CEO

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

Distribution:
Helsinki Stock Exchange
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www.citycon.fi