CITYCON OYJ Stock Exchange Release 3 October 2007 at 17.50 hrs NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Citycon Oyj's rights issue of approximately EUR 99 million was completed successfully today. A total of 27,594,782 shares were offered for subscription in accordance with shareholders' pre-emptive subscription rights, and approximately 99 per cent of the offered shares were subscribed for in the primary subscription. The secondary subscription was over-subscribed."I am very pleased with the confidence and trust that Citycon's shareholders have shown in the company. The outcome of the share offering was excellent. As we have earlier announced, the proceeds of the offering are intended to be used to partially finance the acquisition of the shopping centre Iso Omena. The company's shareholders have evidenced their support for the continuance of the company's growth strategy through their participation in the offering," said Citycon's CEO Petri Olkinuora. Trading of the interim shares, representing the shares subscribed for in the primary subscription, will commence on the OMX Nordic Exchange Helsinki tomorrow, 4 October 2007. In accordance with the terms and conditions of the offering, in case of over-subscription by virtue of secondary subscription rights, the subscriptions made by the company's shareholders will be approved in proportion to their holdings on the record date, but not more than up to the maximum number of the subscription undertaking. All shares subscribed for in the rights issue will be registered with the Finnish Trade Register on or about 10 October 2007 when also the interim shares will be combined with Citycon's existing class of shares. The new shares will be subject to public trading on the OMX Nordic Exchange Helsinki together with the other Citycon shares starting on or about 11 October 2007. Citycon will announce the final result of the rights issue on 8 October 2007, following the approval of the primary and secondary subscriptions by the Board of Directors. Helsinki, 3 October 2007 CITYCON OYJ Petri Olkinuora CEO For further information, please contact: Petri Olkinuora, CEO, tel. +358 9 6803 6738 or mobile +358 400 333 256 Eero Sihvonen, CFO, mobile +358 50 557 9137 Distribution: OMX Nordic Exchange Helsinki Major media www.citycon.fi This release is not an offer of securities for sale in the United States. The securities referred to herein may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements. The issuer does not intend to conduct a public offering in the United States or register any part of the offering in the United States. Copies of this release are not being made and may not be distributed or sent into the United States, Canada, Japan or Australia.