<PAGE>
NOTICE OF GUARANTEED DELIVERY
FOR
TENDER OF SHARES OF COMMON STOCK, UNIT VOTING COMMON STOCK,
SERIES A CUMULATIVE CONVERTIBLE REDEEMABLE PREFERRED STOCK AND
SERIES B CUMULATIVE CONVERTIBLE REDEEMABLE PREFERRED STOCK
OF
URBAN SHOPPING CENTERS, INC.
(NOT TO BE USED FOR SIGNATURE GUARANTEES)
This Notice of Guaranteed Delivery (or one substantially in the form hereof)
must be used to accept the Offer (as defined below) if (a) certificates ("Share
Certificates") representing (i) shares of common stock, par value $.01 per share
(the "Public Common Shares"), including the associated preferred share purchase
rights (the "Rights") issued pursuant to the Rights Agreement, dated May 5,
1999, as amended, between Urban Shopping Centers, Inc., a Maryland corporation
("Urban"), and First Chicago Trust Company of New York, as Rights Agent,
(ii) shares of unit voting common stock, par value $.01 per share (the "Unit
Voting Shares" and, together with the Public Common Shares, the "Common
Shares"), including the associated Rights, (iii) shares of Series A Cumulative
Convertible Redeemable Preferred Stock, par value $.01 per share (the "Series A
Preferred Shares"), or (iv) shares of Series B Cumulative Convertible Redeemable
Preferred Stock, par value $.01 per share (the "Series B Preferred Shares" and,
together with the Series A Preferred Shares, the "Preferred Shares"; the
Preferred Shares and the Common Shares, together, the "Shares") of Urban are not
immediately available; (b) time will not permit all required documents to reach
ChaseMellon Shareholder Services, L.L.C., which is acting as depositary (the
"Depositary"), on or before the Expiration Date (as defined in Section 1 of the
Offer to Purchase described below); or (c) the procedures for book-entry
transfer, as set forth in the Offer to Purchase, cannot be completed on time.
This Notice of Guaranteed Delivery may be delivered by hand or mail or
transmitted by facsimile transmission to the Depositary. See Section 3 of the
Offer to Purchase.
THE DEPOSITARY FOR THE OFFER IS:
[LOGO]
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BY MAIL: BY HAND: BY OVERNIGHT:
Reorganization Department Reorganization Department Reorganization Department
P.O. Box 3301 120 Broadway 85 Challenger Road
South Hackensack, NJ 13th Floor Mail Stop - Reorg
07606 New York, NY 10271 Ridgefield Park, NJ 07660
FACSIMILE FOR ELIGIBLE INSTITUTIONS:
(201) 296-4293
CONFIRM FACSIMILE BY TELEPHONE:
(201) 296-4860
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------------------------
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE, OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE TO A NUMBER OTHER
THAN AS LISTED ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.
THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE
SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED TO BE
GUARANTEED BY AN "ELIGIBLE INSTITUTION" UNDER THE INSTRUCTIONS THERETO, SUCH
SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE
SIGNATURE BOX IN THE LETTER OF TRANSMITTAL.
THE GUARANTEE ON THE REVERSE SIDE MUST BE COMPLETED
<PAGE>
Ladies and Gentlemen:
The undersigned hereby tenders to Head Acquisition, L.P., a Delaware limited
partnership (the "Purchaser"), upon the terms and subject to the conditions set
forth in the Purchaser's Offer to Purchase dated October 2, 2000 (the "Offer to
Purchase") and the related Letter of Transmittal (which, as amended or
supplemented from time to time, together constitute the "Offer"), receipt of
each of which is hereby acknowledged, the number of Public Common Shares, Unit
Voting Shares, Series A Preferred Shares and Series B Preferred Shares indicated
below pursuant to the guaranteed delivery procedures set forth in Section 3 of
the Offer to Purchase:
-------------------------------------------
Number of Public Common Shares: ______________________________________________
Share Certificate Numbers (if available):
______________________________________________________________________________
______________________________________________________________________________
Please check if Public Common Shares will be delivered by book-entry transfer:
/ /
Account No.: _________________________________________________________________
Number of Unit Voting Shares: ________________________________________________
Share Certificate Numbers (if available):
______________________________________________________________________________
______________________________________________________________________________
Please check if Unit Voting Shares will be delivered by book-entry transfer:
/ /
Account No.: _________________________________________________________________
Number of Series A Preferred Shares: _________________________________________
Share Certificate Numbers (if available):
______________________________________________________________________________
______________________________________________________________________________
Please check if Series A Preferred Shares will be delivered by book-entry
transfer: / /
Account No.: _________________________________________________________________
Number of Series B Preferred Shares:
_____________________________________________________________________________
Share Certificate Numbers (if available):
______________________________________________________________________________
______________________________________________________________________________
Please check if Series B Preferred Shares will be delivered by book-entry
transfer: / /
Account No.: _________________________________________________________________
------------------------------------------
-------------------------------------------
Name(s) of Record Holder(s):
______________________________________________________________________________
PLEASE TYPE OR PRINT
______________________________________________________________________________
ADDRESS
______________________________________________________________________________
______________________________________________________________________________
ZIP CODE
______________________________________________________________________________
AREA CODE AND TELEPHONE NUMBER
______________________________________________________________________________
______________________________________________________________________________
SIGNATURE(S) OF HOLDER(S)
Dated: _________________________________________________________________, 2000
------------------------------------------
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<PAGE>
GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEES)
The undersigned, a bank, broker, dealer, credit union, savings association
or other entity that is a member in good standing of the Securities Transfer
Agents Medallion Program (an "Eligible Institution"), hereby (a) represents that
the above named person(s) "own(s)" the Shares tendered hereby within the meaning
of Rule 14e-4 of the Securities Exchange Act of 1934, as amended
("Rule 14e-4"), (b) represents that such tender of Shares complies with
Rule 14e-4 and (c) guarantees delivery to the Depositary, at one of its
addresses set forth above, of either the Share Certificates evidencing all
Shares tendered hereby in proper form for transfer, or confirmation of the
book-entry transfer of Shares into the Depositary's account at The Depository
Trust Company, in either case together with delivery of a properly completed and
duly executed Letter of Transmittal (or facsimile thereof) with any required
signature guarantee, or an Agent's Message (as defined in the Offer to Purchase)
in connection with a book-entry delivery, and any other documents required by
the Letter of Transmittal, within three New York Stock Exchange trading days
after the date of execution of this Notice of Guaranteed Delivery.
The Eligible Institution that completes this form must communicate the
guarantee to the Depositary and must deliver the Letter of Transmittal and Share
Certificates to the Depositary within the time period indicated herein. Failure
to do so may result in financial loss to such Eligible Institution.
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-------------------------------------------- ---------------------------------------------
NAME OF FIRM AUTHORIZED SIGNATURE
--------------------------------------------- ---------------------------------------------
ADDRESS TITLE
NAME: ---------------------------------------
PLEASE TYPE OR PRINT
---------------------------------------------
---------------------------------------------
ZIP CODE DATED: -------------------------------, 2000
--------------------------------------------
AREA CODE AND TELEPHONE NUMBER
</TABLE>
NOTE: DO NOT SEND SHARE CERTIFICATES WITH THIS NOTICE. SHARE CERTIFICATES SHOULD
BE SENT WITH YOUR LETTER OF TRANSMITTAL.
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