Citycon Oyj - Company Announcement

Share Subscription Prices and Market Values of Citycon's Stock Options 2011

CITYCON OYJ     Stock Exchange Announcement         11 November 2011 at 14.00
hrs 

On 3 May 2011, Citycon Oyj's Board of Directors decided to issue a maximum of
7,250,000 stock options to the key personnel of the Citycon Group by virtue of
the authorisation granted by the company's Annual General Meeting held on 13
March 2007. The company announces the share subscription prices and theoretical
market values of these stock options. The number of outstanding stock options
totals 6,320,000. 

For stock options 2011A(I), 2011B(I), 2011C(I) and 2011D(I), the share
subscription price is EUR 3.17 per share. The theoretical market value of the
2,250,000 outstanding stock options 2011A-D(I) is EUR 0.78 per stock option, or
EUR 1,755,000 in total. The theoretical market value of one stock option has
been calculated by using the following input factors: share price EUR 3.20,
risk free interest rate 3.18 per cent, dividend 4.4 per cent, validity of stock
options approximately 7 years and volatility 35 per cent. 

For stock options 2011A(II), 2011B(II), 2011C(II) and 2011D(II), the share
subscription price is EUR 3.31 per share. The theoretical market value of the
2,350,000 outstanding stock options 2011A-D(II) is EUR 0.73 per stock option,
or EUR 1,715,500 in total. The theoretical market value of one stock option has
been calculated by using the following input factors: share price EUR 3.34,
risk free interest rate 2.87 per cent, dividend 4.4 per cent, validity of stock
options approximately 7 years and volatility 33 per cent. 

For stock options 2011A(III), 2011B(III), 2011C(III) and 2011D(III), the share
subscription price is EUR 2.63 per share. The theoretical market value of the
1,720,000 outstanding stock options 2011A-D(III) is EUR 0.46 per stock option,
or EUR 791,200 in total. The theoretical market value of one stock option has
been calculated by using the following input factors: share price EUR 2.54,
risk free interest rate 1.73 per cent, dividend 5.5 per cent, validity of stock
options approximately 6.4 years and volatility 35 per cent. 

The share subscription prices are based on the trade volume weighted average
quotation of the company´s share on NASDAQ OMX Helsinki Ltd. during twenty
trading days following the release dates of the company's Full Year 2010
Results, Interim Report Q1/2011 and Interim Report Q1-Q3/2011. The theoretical
market values have been calculated by using the Black & Scholes stock option
pricing model. 

Further information on Citycon's Stock Option Plan 2011 is available in the
stock exchange release issued by the company on 4 May 2011 and on the corporate
website www.citycon.com/options. 

Helsinki 11 November 2011

CITYCON OYJ
Marcel Kokkeel
CEO

For further information, please contact:
Eero Sihvonen, Executive VP and CFO
Tel +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.fi

Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com