Below are the details of Unibail-Rodamco's share buy back program

On 24 July and 30 August 2007, Unibail-Rodamco announced that it may buy back shares in Unibail-Rodamco, within the existing authorization granted by the Combined General Meeting of shareholders held on 21 May 2007. Number of securities and proportion of the capital held by Unibail-Rodamco: on the date hereof, the Company does not hold any Unibail-Rodamco security, whether directly or indirectly. Distribution of equity securities held, according to objectives: on the date hereof, the Company does not hold any Unibail-Rodamco security, whether directly or indirectly. Objectives of the share buyback programme: the objectives of the share buyback programme are as follows: 1. to cancel all or part of the securities thus bought back, under the conditions provided in Article L. 225-209 paragraph 2 of the French Commercial Code; 2. to have shares available for distribution to directors and employees and to those of associated companies, in the context of stock option schemes, the allocation of existing shares free of charge or company or inter-company savings schemes; 3. to have shares available to enable the distribution of shares upon the exercise of rights attached to negotiable securities giving access to the share capital by means of reimbursement, conversion, swap, presentation of a coupon or in any other way; 4. to have shares available to be retained and subsequently distributed by way of swap or payment in the context of external growth transactions (including acquisitions or accumulations of investments) without exceeding the limit set by Article L 225-209 of the French Commercial Code in the context of a merger, split or asset transfer transaction; 5. to stimulate the market in the shares or their liquidity using an investment service provider within the framework of a liquidity agreement; 6. to implement any new market practice that might be accepted by the French Financial Markets Authority, and, more generally, to carry out any transaction in accordance with current regulations. Characteristics of the securities concerned: the securities concerned by the share buyback programme are the ordinary shares of Unibail-Rodamco admitted to trading on compartment A of the Eurolist by Euronext Paris (ISIN Code: FR0000124711) and Amsterdam. Maximum proportion and maximum number of securities capable of being acquired: the maximum proportion of the capital of Unibail-Rodamco capable of being acquired by the company as approved by the AGM of 21 May 2007 is 10%, on the understanding that this percentage will apply to the capital as adjusted to take account of transactions affecting it after the Combined General Meeting of shareholders on 21 May 2007, and that the number of shares that the company Unibail-Rodamco may hold at any time may at no time exceed 10% of the shares comprising the capital. Maximum authorised price per share: the purchase price per share may not exceed ¤275 (excluding transaction costs). Minimum authorised price per share: the minimum sale price may not be less than ¤150 (excluding transaction costs). Duration of the share buyback programme: the share buyback programme may be implemented for a period of 18 months with effect from the date of the Combined General Meeting of shareholders dated 21 May 2007, namely until 20 November 2008. Implementation of the share buyback programme: at its meeting on 26 June 2007, the Management Board granted its Chairman the power to implement the aforementioned objectives 1 to 5 of the share buyback programme of Unibail-Rodamco authorised by the Combined General Meeting dated 21 May 2007, and to sub-delegate the said power. In accordance with the said Meeting, the maximum global amount allocated to objectives 1 to 5 is ¤ 2 billion. Operations carried out in the context of the previous share buyback programme (from 27 April 2007 to 20 May 2007): Nil Pursuant to this buyback programme, Unibail-Rodamco has not made any acquisition of securities depending on market situations or cancelled any treasury shares. It is noted that the buyback programme adopted by the Combined General Meeting of 27 April 2006 has never been implemented. --- End of Message --- Rodamco Europe P.O. Box 1233 Rotterdam Netherlands ISIN: NL0000289320; Listed: Compartment A (Large Caps) in EURONEXT AMSTERDAM;