Unibail-Rodamco http://www.alacrastore.com/company-snapshot/Unibail_Rodamco-1019977 Friday, July 25, 2008 6:28:01 PM 1019977 Unibail-Rodamco en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PBC_109189moodys/PBC_109189pdf...Unibail-Rodamco, rated A#, was formed via the acquisition of Rodamco Europe N.V. by Unibail Holding S.A. in a shar e exchange that was launched in May ####. Unibail-Rodamco currently owns ##.#% of Rodamco Europe and an application for a squeeze-out of the remaining #.#% Rodamco shares was made in December ####. Prior to the acquisition, Unibail Holding S.A. was and remains incorporated as a listed French SIIC (soci t d investissement immobiliers cot es) or REIT, ... 5/30/2008 12:18:47 PMpdfUnibail-RodamcoUnibail-Rodamco600012961300.0000AnalysisAnalysisPBC_109189Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/629953spcred/629953normThe latest Summary from S&P2/8/2008 1:29:15 PMSummary175globalstructured629953FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on France-based real estate group Unibail-Rodamco reflect its position as Europe's largest real estate company, with a strong focus on prime retail assets, as well as its intermediate financial profile. These strengths are partially offset by an active development and opportunistic asset rotation strategy, and some exposure to higher-risk exhibition and convention activity. Unibail-Rodamco is Europe's largest real estate company, with a property portfolio valued at about €25.2 billion, predominantly in prime retail assets (about 73% of the portfolio) across Europe, but also in prime office assets (21%), and convention/exhibition centers (6%) in Paris. The combined entity benefits from an enlarged property portfolio of quality assets in attractive locations. These assets, particularly the retail assets, have very favorableFRAF95094F9415T40402060 404020 4040 40Unibail-Rodamco128151EUROMIDAFRUL@FPSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600012961moodys/COP_600012961htmlCredit Opinion1/3/2008 7:54:50 PMGlobal Credit Research Credit Opinion ## APR #### Credit Opinion: Unibail-Rodamco Unibail Holding S.A. France Ratings Category Moody's Rating Outlook Stable Issuer Rating A# Senior Unsecured -Dom Curr A# Contacts Analyst Phone Paul...Unibail-Rodamco600012961150.0000NewshtmlUnibail-RodamcoCOP_600012961Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/595463spcred/595463normThe latest Full Report from S&P8/9/2007 10:41:00 AMFull Report400globalstructured595463FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportFocus on holdings of prime retail real estate assets, which provide very stable cash flows Strong position in dominant shopping centers Good geographic, portfolio, and tenant diversity High quality management Large development program and some exposure to non pre-let developments Cyclicality of the office market Weaker risk profile of nonrental activities Intermediate financial profile The ratings on France-based real estate group Unibail-Rodamco (formerly UNIBAIL HOLDING) reflect its position as Europe's largest real estate company, with a strong focus on prime retail assets, as well as its intermediate financial profile. These strengths are partially offset by an active development and opportunistic asset rotation strategy, and some exposure to higher-risk exhibition and convention activity. Unibail-Rodamco is the combination of Unibail Holding andFRAF95094F9415T40402010 404020 4040 40Unibail-Rodamco128151EUROMIDAFRUL@FPFULLNLD40402060 404020 4040 40Rodamco Europe N.V.370223EUROMIDAFRRCEA@NAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/595466spcred/595466normThe latest Summary from S&P8/9/2007 10:41:00 AMSummary175globalstructured595466FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on France-based real estate group Unibail-Rodamco (formerly UNIBAIL HOLDING) reflect its position as Europe's largest real estate company, with a strong focus on prime retail assets, as well as its intermediate financial profile. These strengths are partially offset by an active development and opportunistic asset rotation strategy, and some exposure to higher-risk exhibition and convention activity. Unibail-Rodamco is the combination of Unibail Holding and Rodamco Europe N.V., which announced their merger in July 2007 following the successful exchange offer launched in April 2007 (95.7% acceptance). This created Europe's largest real estate company, with a property portfolio valued at about €21.7 billion, predominantly in prime retail assets (about 73% of the portfolio) across Europe, but also in prime officeFRAF95094F9415T40402010 404020 4040 40Unibail-Rodamco128151EUROMIDAFRUL@FPSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research