Unibail - Rodamco Full year 2008 Result - RESILIENCE

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|                            RESILIENCE                             |
|-------------------------------------------------------------------|
| No 1 listed  |     ¤ 24.6 Billion      |                          |
| real estate  |   property portfolio    |      Recurring EPS       |
|   company    |                         |          ¤8.52           |
|  in Europe   |                         |         Up 8.4%          |
|----------------------------------------|                          |
|                                        |  Distribution per share  |
| "In a harsh economic climate, our      |          ¤7.50           |
| recurring EPS exceeds the 2008 growth  |         Up 7.1%          |
| target. We achieved this thanks to a   |                          |
| high quality asset base, conservative  |      Fully diluted       |
| financing and hard working             | liquidation NAV / share  |
| professionals. The unique              |         ¤151.20          |
| Unibail-Rodamco value proposition      |       Down -10.7%        |
| remains strong and enables us to face  |                          |
| the challenges and opportunities ahead |      Loan to Value       |
| of us. The Group also remains          |           30%            |
| committed to achieving high standards  |     Asset categories     |
| in sustainable development as we       |          (in %)          |
| deliver this growth."                  |   Shopping centres 74%   |
| Guillaume Poitrinal, CEO and Chairman  |         Offices          |
| of the Management Board                |                    18%   |
|                                        |  Convention&Exhibitions  |
| Growing recurring income               | 8%                       |
| The high footfall shopping centres, a  |                          |
| category of assets in which the Group  |                          |
| is the leader in continental Europe,   |                          |
| are proving to be the most resilient   |                          |
| in today's environment. The Group's    |                          |
| recurring earnings per share (EPS)     |                          |
| grew with 8.4% in 2008, thanks to      |                          |
| robust like-for-like rental growth     |                          |
| (8.5%) and contained cost of debt.     |                          |
| This allows a distribution per share   |                          |
| of ¤ 7.50 up by 7.1%.                  |                          |
|                                        |                          |
| Sound financial structure              |                          |
| Supported by a low debt level and an   |                          |
| "A/A3" credit rating, the Group has    |                          |
| secured or renewed ¤2.4 Billion of     |                          |
| medium to long term financing in 2008. |                          |
| In line with the real estate markets,  |                          |
| asset values have declined during the  |                          |
| year. Mitigating factors like the      |                          |
| healthy rental income growth and the   |                          |
| high quality of the assets limited     |                          |
| this fall to 9.1% like-for-like. Due   |                          |
| to IFRS mark-to-market accounting,     |                          |
| these valuation movements lead to a    |                          |
| net loss of - ¤ 1,116 Million. This    |                          |
| does not affect operational cash flows |                          |
| and the Group maintains its dividend   |                          |
| pay-out policy.                        |                          |
|                                        |                          |
| Positive outlook                       |                          |
| More than ever, the Group's focus is   |                          |
| on operational growth, with            |                          |
| flexibility on its project pipeline.   |                          |
| The Group will not start construction  |                          |
| on new projects until targeted returns |                          |
| are achievable. Key value drivers,     |                          |
| such as vacancies, debt collection and |                          |
| interest costs are managed closely.    |                          |
| Combined with the high quality         |                          |
| portfolio, the Group is confident to   |                          |
| set a 2009 recurring EPS growth        |                          |
| minimum target of 7% and a             |                          |
| commensurate increase in 2009          |                          |
| distribution.                          |                          |
|                                        |                          |
| Included in Dow Jones Sustainability   |                          |
| Index                                  |                          |
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|      Key       | 2008  | 2007(1)  |  Growth   |      Growth       |
|  consolidated  |       | Unibail+ |     %     |  % like-for-like  |
|   indicators   |       |    H2    |           |                   |
|   (in ¤ Mn)    |       | Rodamco  |           |                   |
|----------------+-------+----------+-----------+-------------------|
|                |       |          |           |                   |
| Shopping       |  888  |   529    |           |       7.7%        |
| centres        |  228  |   179    |           |       12.1%       |
| Offices        |  99   |    63    |           |       8.1%        |
| Convention &   | 1215  |   771    |           |       8.5%        |
| exhibition and | -1739 |   539    |           |                   |
| hotels         |       |          |           |                   |
| Net rental     | -1116 |   945    |           |                   |
| income         |  777  |   539    |           |                   |
| Valuation      | ¤8.52 |  ¤7.86   |   8.4%    |                   |
| movements and  | ¤7.50 |  ¤7.00   |   7.1%    |                   |
| gain on        |       |          |           |                   |
| disposals      |       |          |           |                   |
| Net profit     |       |          |           |                   |
| group share    |       |          |           |                   |
| of which net   |       |          |           |                   |
| recurring      |       |          |           |                   |
| profit         |       |          |           |                   |
| Recurring      |       |          |           |                   |
| earings per    |       |          |           |                   |
| share          |       |          |           |                   |
| Distribution   |       |          |           |                   |
| (2)            |       |          |           |                   |
|                |       |          |           |                   |
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(1) Combination between Unibail & Rodamco effective on June 30,2007 -
restated further to the completion of the Purchase Price Allocation
of Rodamco
(2) Subject to approval by AGM
 
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|                           | Dec 31, 2008 | Dec 31, 2007 |    %    |
|---------------------------+--------------+--------------+---------|
|                           |              |              |         |
| Fully diluted liquidation |   ¤151.20    |   ¤169.30    | - 10.7% |
| Net Asset Value per share |              |              |         |
|                           |              |              |         |
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Contact: Fabrice Mouchel + 33 (0) 1 53 43 73 03
All our results on www.unibail-rodamco.com
 
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Unibail-Rodamco
P.O. Box 75600 Schiphol Netherlands
 
ISIN: 
FR0000124711; 
Listed: Compartment A (Large Caps) in EURONEXT AMSTERDAM;