Financial information as of March 31, 2012
1. Consolidated turnover
The turnover of Unibail-Rodamco for the first 3 months of 2012 amounted to €431.0 Mn (+0.7% compared to the same period in 2011):

Turnover
in € Mn, excluding VAT 2012-Q1
Year to date 2011-Q1
Year to date
Shopping centres (1) 279.3 273.5
Offices 44.9 54.2
Convention Exhibition and Hotels 94.3 86.9
Rental income 59.0 56.1
Services 35.3 30.8
Other 12.5 13.3
Total 431.0 427.9



2. Gross rental income as of March 31, 2012 breaks down into:

Gross Rental Income
in € Mn 2012-Q1 Year to date 2011-Q1 Year to date
Shopping centres 279.3 273.5
France (1) 142.8 137.0
Spain 36.2 33.8
Central Europe 27.8 25.1
Nordics 27.1 33.1
Austria 26.5 22.1
Netherlands 19.0 22.4
Offices 44.9 54.2
France 36.9 43.7
Other regions 8.0 10.5
Convention Exhibition (France) 59.0 56.1
Total 383.2 383.8

Note: (1) Property management fees invoiced in 2012 to tenants in France are now classified under Gross Rental Income, without impacting Net Rental Income. 2011-Q1 figures were restated accordingly.

3. Major events
a. Tenants' sales increasing

Tenants' sales in Unibail-Rodamco's shopping centres grew by +3.3%(1) in the first three months of 2012 compared to the same period in 2011.

Note: (1) Tenants' sales performance in Unibail-Rodamco's shopping centres (excluding the Netherlands) as of March 31, 2012 (year-on-year evolution). Tenants' sales on portfolio of shopping centres in operation including extensions of existing assets and excluding deliveries of new brownfield projects, and assets under heavy refurbishment. Apple sales estimated on the basis of available public information of Apple Inc. (2011 10-K published October 26, 2011, pages 20 and 30; 10-Q published January 25, 2012, pages 25 and 27).

b. Gross Rental Income as of March 31, 2012

Gross Rental Income (GRI) of the shopping centre division amounted to €279.3 Mn for the first three months of 2012, increasing by 2.1% vs. 2011. Despite the number of disposals completed in the last 12 months, the GRI notably increased thanks to the Group's letting activity and the acquisitions of Splau (Spain) and of the remaining 50% of both Galeria Mokotow (Poland) and Aupark (Slovakia), all completed in the second half of 2011.

Assets divested in the last 12 months include:
In France : shopping centres Bonneveine, Boisseuil and Croix Dampierre ;
In Sweden : shopping centres Haninge, Väsby, Bålsta, Eurostop Jönköping as well as a hypermarket unit let to ICA Maxi in Helsingborg;
In the Netherlands notably Piazza Center, Buitenmere, Oude Marktpassage as well as several high street units;
In Central Europe shopping centre Allee-Center in Germany (50%);
In Austria the 50% stake in shopping centre Südpark.

In the office sector the GRI decreased by -17.2% to €44.9 Mn due to divestments and assets under renovation. Assets disposed in the period include the 3-5 Malesherbes office in France and assets in the Netherlands and Sweden. The 34-36 Louvre office building is being renovated since the beginning of 2012. The parts of the 70-80 Wilson and Issy-Guynemer office buildings, which were the subject of renovations, were delivered in the first three months of 2012.

GRI of the Convention-Exhibition sector increased by 5.1% vs. the same period in 2011, to €59.0 Mn.

c. Other events
On 27 March 2012, the Group unveiled its new 4-Star policy to the media and retailers. The 4-Star label is a new initiative to increase the customer comfort and ensure consistency of quality and services in the Group's shopping centres. Based on a 571-point referential, each Shopping Centre Manager will be responsible for implementing quality controls introduced by the 4-Star label. In order to standardise the initiative and guarantee its credibility, the Group has selected SGS, a world leader in certification, in order to audit the malls and validate the 4-Star label for each mall. Carré Sénart, a 105,000 m² GLA shopping centre located in the Paris region, was granted the first 4-Star label of the Group on 27 March. Unibail-Rodamco has the ambition to label 20 shopping centres in 2012 and its entire portfolio by 2014.

Lyon Confluence shopping centre was successfully opened on 4 April 2012 by CEO Guillaume Poitrinal, the Mayor of Lyon Gerard Collomb and Architect Jean-Paul Viguier. Located in the newly developed Confluence area, the mall offers approx. 53,000 m² GLA of leisure and shopping, including 102 shops and a UGC 14-screen cinema. Opened 7 days a week, its main tenants include Apple, Hollister, Monoprix, Muji, Aldo, Kiko, Fossil, Starbucks, Swarowski, A Loja de Gato Preto and Blanco. In the first three weeks of operation, this new generation shopping centre attracted approx. 730,000 visits, generating significant media coverage and visitors' interest. The mall is 4-Star labelled and benefits from a "BREEAM Very Good" certification.

On 15 March 2012, the Group successfully issued a 7-year bond maturing
22 March 2019 for a total amount of €750 Mn. The bond offers a coupon of 3.00%, the lowest ever offered by the Group on one of its bonds. The issuance was close to 5 times oversubscribed, the order book reaching over €3.5 Bn.

d. Results of the combined Ordinary and Extraordinary General Meeting

The Shareholder's combined Ordinary and Extraordinary General Meeting took place today at the CNIT in La Défense (France). With 63.85% of the voting rights present, represented or having voted by post, all 18 resolutions submitted to shareholders' votes were successfully adopted. Following this combined General Meeting, Robert ter Haar is the new Chairman of the Supervisory Board and Chairman of the Governance, Nomination and Remuneration Committee, succeeding Robert van Oordt.