The Unibail-Rodamco Supervisory Board convened on February 6, 2008, and reviewed the company's
consolidated accounts for the full year 2007.
Scope of consolidation: following the successful public exchange offer and subsequent open market purchases
of Rodamco Europe shares, Unibail-Rodamco now owns 98.5% of these shares. Consolidation of the Rodamco
Europe Balance Sheet occurred for the first time on June 30, 2007, while their results are consolidated effective
2nd half of 2007. This implies that the formal results of the company include a full year of Unibail's activities
and a half year of Rodamco's.

Business Performance: like-for-like(1) growth across the portfolio has been strong. The office division recorded
a 9.4% growth in net rental income, mainly due to France where strong demand for prime office space
resulted in increasing rental levels and vacancy levels reduced from 14% end 2006 to 8% end 2007. The
Shopping Centre division saw like-for-like net rental income growth of 7.9%, a growth of more than 400 bps
over inflation with particularly strong contributions from France, Spain and Central Europe. This performance
is underpinned by strong tenant's performance with a 5.3% growth in tenant's sales across the portfolio(2).
Recurring Earnings came to €539 mn, or €7.86 per share (2006: €6.81 per share), an increase with
15.4% per share.
Total net profit for the year amounts to €959.4 mn, after revaluation results (after tax, Group share) of €1,755 mn,
and after an impairment of €1,335 mn of goodwill recorded as a result of accounting rules applied to the
merger with Rodamco. This goodwill impairment is an accounting adjustment which does not impact the
2007 recurring profits nor the triple net asset value of the company, nor does it imply any change in the value
of and outlook for the Rodamco assets.

Triple Net Asset Value: the fair value(3) of the Company's asset base came to €25.2 bn as of December 31,
2007, with 73% in Shopping Centres, 21% in Offices and 6% in Convention and Exhibition Centres. The
average Net Initial Yield of the Shopping Centre assets per year-end 2007 is 4.8%, and 5.4% for the Offices.
Triple net asset value per share came to €169.30, an increase of 20.4% compared to year-end 2006 (ex-
Unibail only) and an increase of 6% compared to June 30, 2007 (consolidated Unibail-Rodamco). Growth in
the second half was mostly due to positive revaluation results, which in turn were mostly driven by rental growth.

Development and Outlook: following the merger, the combined Group built its first detailed asset by asset
5-year business plan. The benefits of the merger are incorporated in the plan, and the Group re-iterates
its outlook target of recurring earnings per share growth of at least 10% per annum on average for the
period 2007-2012. Given some one-off income elements in 2007 which positively supported the 15.4%
growth in recurring EPS, the 2008 recurring EPS growth target is 7% or higher. The Group's strategy remains
focused on superior cash flow growth, through investments in prime assets. The recently announced divestment
of €775 mn of mainly high street shops and smaller shopping centres in The Netherlands, and the planned
acquisition of the prestigious "Shopping City Süd" in Vienna provide evidence of this strategy in motion.
In January 2008, the Group has completed the merger of its Convention & Exhibition activities with Chamber
of Commerce and Industry of Paris' ones to create Viparis, the leading European operator in this sector.
Furthermore, the Group continues to work on its pipeline of retail (1.0 mn sqm) and office and other (0.4 mn
sqm) projects, across the countries where it is active.

Merger update: the new combined entity is fully on track with its integration plans. The first 5-year plan
has been built, the international operational headquarters are relocated to Schiphol Airport in The Netherlands,
and training of staff in all countries on the Group's operating best practices is underway. On 14 December,
2007, the Group filed a squeeze-out request for the remaining 1.5% shareholders of Rodamco Europe with the
Dutch Enterprise Chamber.

Dividend: in line with the dividend pay-out policy of 85-95% of recurring income, the Group will propose to
the Annual General Meeting of April 29, 2008, a full year dividend of €7.00 per share (2006: €5.00 per
share), equal to a 40% year-on-year increase. After three interim dividends of €1.70 per share, this results in
a final proposed dividend to be paid on July 15th, 2008, of €1.90 per share.

(1) Like-for-like: assuming activities on assets in operation in both 2006 and 2007, on a pro-forma consolidated basis
(2) Excluding the Netherlands. (3) Including transfer taxes.