Unibail-Rodamco-Westfield SE · EURONEXT:URW

Unibail-Rodamco-Westfield — Unibail-Rodamco — FY2014 Earnings Presentation

78 slides from Unibail-Rodamco-Westfield's earnings presentation, Jan 28, 2015

1. Slide 1: 2014 Full-Year Results: Exceeding, Reshaping, Innovating

   2014 FULL-YEAR RESULTS Exceeding, Reshaping, Innovating

2. Slide 2: Disclaimer

   DISCLAIMER Unibail-Rodamco S.E., a Société Européenne à Directoire et Conseil de Surveillance incorporated under French law, is a listed closed end property investment company. Unibail-Rodamco is registered with the French Authority Financial Markets (AMF) and the Dutch Authority Financial Markets (

3. Slide 3: Table of Contents

   TABLE OF CONTENTS  2014 achievements “Working Harder, Delivering Faster”  2014 Full-Year financial results and valuation  Exceeding expectations in operating performance  Reshaping and leading  Innovating to offer a unique customer experience  Capital recycling… Building the future  Valuation

4. Slide 4: 2014 Achievements: Working Harder, Delivering Faster

   2014 ACHIEVEMENTS “WORKING HARDER, DELIVERING FASTER” Majunga, La Défense 2014 FULL-YEAR RESULTS 1

5. Slide 5: 2014, A Year of Exceptional Achievements

   2014, A YEAR OF EXCEPTIONAL ACHIEVEMENTS 1 February 13, 2014 Partnership with Canada Pension Plan Investment Board on CentrO (Oberhausen, Germany) 2 February 14, 2014 Launch of UR Experience: the 6 Pillars of UR Management 3 February 19, 2014 1st Green bond for a Real Estate company in EURO market 4

6. Slide 6: 2014, A Year of Exceptional Achievements

   2014, A YEAR OF EXCEPTIONAL ACHIEVEMENTS 10 July 30, 2014 Announcement disposal of 6 French shopping centres to Carmila 11 September 18, 2014 Launch of Fresh! 12 October 7, 2014 Lease agreement with AXA IM for 49% of Majunga 13 October 8-14, 2014 Tender offer of €1.0 Bn of existing bonds and issuanc

7. Slide 7: Strong Values Drive Outstanding Performance

   STRONG VALUES DRIVE OUTSTANDING PERFORMANCE Launching UR experience We work harder, We deliver Completed €2.4 Bn We turn individual strengths Recurring EPS +6.8% faster of disposals in one year into collective power Selected by the We never compromise Among the world’s most We only play to win City

8. Slide 8: 2014 Full-Year Financial Results and Valuation

   2014 FULL-YEAR FINANCIAL RESULTS AND VALUATION Täby Centrum, Stockholm 2014 FULL-YEAR RESULTS 4

9. Slide 9: 2014 Full-Year Results and Valuation

   2014 FULL-YEAR RESULTS AND VALUATION % Like-for-like in € Mn FY-2014 FY-2013 % Growth Growth(1) Shopping centres 1,192 1,097 +8.7% +3.8% Offices 172 160 +8.0% +4.2% Convention & Exhibition 100 96 +4.9% +4.9% Net Rental Income 1,465 1,352 +8.4% +3.9% Recurring Net Result (Group share) 1,068 986 +8.3%

10. Slide 10: Exceeding Expectations in Operating Performance

    EXCEEDING EXPECTATIONS IN OPERATING PERFORMANCE Arkadia, Warsaw 2014 FULL-YEAR RESULTS 6

11. Slide 11: Strong Rental Income Growth in Shopping Centres

    STRONG RENTAL INCOME GROWTH IN SHOPPING CENTRES... Net Rental Income % Like-for-like in € Mn FY-2014 FY-2013 % Growth Growth(1) France 629 569 10.6% +4.2% Spain 146 143 2.1% +4.1% Central Europe 142 113 25.9% +6.7% Austria 107 105 2.0% +1.1% Nordics 97 94 3.2% +0.4% The Netherlands 72 74 -2.3% +3.6%

12. Slide 12: Despite Low Indexation

    ... DESPITE LOW INDEXATION Like-for-like increase in NRI(1) of shopping centres +4.7% +4.6% +4.2% +3.8% 2.6% 2.0% 3.6% 5-year average 3.0% Like-for-like growth above indexation +1.4% +240 bps 0.8% 2.2% 2.1% 1.0% 0.8% 0.6% 2010 2011 2012 2013 2014 Like-for-like growth above indexation Indexation +300

13. Slide 13: Exceptional Leasing to Drive Rental Growth

    EXCEPTIONAL LEASING TO DRIVE RENTAL GROWTH 22% 21.4% 20% 19.4% 19.6% 18.3% 18.8% 18% # Leases signed(1) 16% 1,458 15.3% 14% 12% 10% 2010 2011 2012 2013 2014 Rotation rate(3) 12.5% MGR uplift Average 2010-2014 Tenant rotation and record leasing(4) drive strong MGR uplift 9

14. Slide 14: Tenant Sales Continue to Outperform

    TENANT SALES CONTINUE TO OUTPERFORM… AGAIN Tenant sales(1) growth in Unibail-Rodamco’s shopping centres vs national indices(2) since 2006 (rebased to 100) 117 +2.4% year-to-date to Nov. 2014(1) 112 107 102 +0.5% year-to-date 97 to Nov. 2014(2) 92 2006 2007 2008 2009 2010 2011 2012 2013 2014 Tenant’s

15. Slide 15: Offices: Exceptional 2014 Leasing Activity

    OFFICES: EXCEPTIONAL 2014 LEASING ACTIVITY Net Rental Income % Like-for-like in € Mn FY-2014 FY-2013 % Growth growth(1) France 148 134 +10.8% +5.2% Other 24 26 -7.0% -2.9% Total 172 160 +8.0% +4.2% 49% 80% let prelet Nouvel Air - 12,000 m² let Majunga So Ouest Plaza CNIT - 9,500 m² let 30,077 m² let

16. Slide 16: Developing the Right Product at the Right Time Ensures Success

    DEVELOPING THE RIGHT PRODUCT AT THE RIGHT TIME ENSURES SUCCESS Immediate supply in the Paris Region(1) Total take-up Unibail-Rodamco France 93,217 m2 +16% 2 4.0 4.0 4,10 80,123 m2 1,8 3,90 3.7 1,6 3.7 3.6 3,70 3.5 1,4 +155% 3,50 1,2 3,30 26.9% 1 24.7% 23.3% 31,375 m2 3,10 0,8 19.3% 18.2% 17.5% 2,90

17. Slide 17: Convention & Exhibition on Track

    CONVENTION & EXHIBITION ON TRACK % Growth % Growth in € Mn FY-2014 FY-2013 2014/2013 FY-2012 2014/2012 Venues and Hotels Net Rental Income 100 96 +4.9% 100 +0.2% On site property services 50 40 +25.9% 47 +6.7% + share of the profit of associates Venues recurring Net Operating Income 150 135 +11.1% 1

18. Slide 18: Reshaping and Leading

    RESHAPING AND LEADING Aéroville, Paris Region 2014 FULL-YEAR RESULTS 14

19. Slide 19: Streamlining the Retail Portfolio

    STREAMLINING THE RETAIL PORTFOLIO €2.1 Bn(1) Disposals(1) €2.6 Bn €4.7 Bn 2009-2013 2014 Total since 2009 €16.5 Bn 147 77% 2009 2013 €25.6 Bn 103 90% 2014 €27.3 Bn 90 95% GMV(2) RETAIL ASSETS LARGE MALLS(3)(4) 15

20. Slide 20: Pan-European Super Prime and Homogenous Portfolio

    PAN-EUROPEAN SUPER PRIME AND HOMOGENOUS PORTFOLIO Average profile of a Unibail-Rodamco shopping centre 2009 €172 Mn 49,200 m² 6.1% 7.9 Mn 11.7% 2009 2013 €322 Mn 61,700 m² 5.1% 10.0 Mn 13.7% 2013 2014 €395 Mn 66,000 m² 4.8% 10.8 Mn 14.2% 2014 GMV(1) GLA(1) NIY(2) FOOTFALL(1) OCR(3) Significant portf

21. Slide 21: Retailers Focus on Largest and Most Dynamic Cities in Europe

    RETAILERS FOCUS ON LARGEST AND MOST DYNAMIC CITIES IN EUROPE The Group is present in Major cities continue to demonstrate impressive London Amsterdam Hamburg 12 resilience to cyclical Brussels #9 #10 OF TOP 15 and structural change... #1 #7 Berlin EUROPEAN CITIES(1) #14 Warsaw #12 #14 Düsseldorf Par

22. Slide 22: Best Shopping Centre Portfolio in France

    BEST SHOPPING CENTRE PORTFOLIO IN FRANCE Les 4 Temps Aéroville Euralille So Ouest 2013 Refurbishment 2015 2012 Parly 2 Villeneuve 2 PORTFOLIO 25 Refurbishment 2011 SHOPPING CENTRES O/W Rennes-Alma Extension 2013 Rosny 2 €13 Bn PIPELINE 11 Toison d’Or >10 MN VISITS Extension 2013 €2.4 Bn (1) Forum de

23. Slide 23: Growing Quickly in Germany

    GROWING QUICKLY IN GERMANY... H1-2015 Opening of Minto September 2014 Opening of Palais Vest May 2014 Acquisition of stake in CentrO September 2012 Delivery of Höfe am Brühl H2-2015 August 2012 December 2014 Opening of Ruhr Park Acquisition redevelopment of stake July 2014 Announcement of in mfi AG

24. Slide 24: Building an Outstanding Footprint

    … BUILDING AN OUTSTANDING FOOTPRINT Überseequartier 8 >2019 SHOPPING CENTRES (1) Osnabrück 2018 18 Palais Vest SHOPPING CENTRES ALL MANAGED FOR THIRD PARTIES >6 MN VISITS Hamburg Berlin Ruhr Park Gropius Passagen PORTFOLIO(2) GLA €4.3 Bn Paunsdorf Center vs €1.8 Bn in 2012 (3) CentrO Dusseldorf 748k

25. Slide 25: Group's Strategy in Germany Drives Results

    GROUP’S STRATEGY IN GERMANY DRIVES RESULTS (1) CentrO, Oberhausen Palais Vest, Recklinghausen Pasing Arcaden, Munich # Leases signed Lfl NRI MGR uplift Vacancy 209 (vs 94 in 2013) +8.9% +14.9% 3.3% (vs 6.7% in 2013) 21

26. Slide 26: Innovating to Offer a Unique Customer Experience

    INNOVATING TO OFFER A UNIQUE CUSTOMER EXPERIENCE Les 4 Temps, Paris Region 2014 FULL-YEAR RESULTS 22

27. Slide 27: Continuously Refreshing the Retail Offer

    CONTINUOUSLY REFRESHING THE RETAIL OFFER Number of deals(1) signed with international premium retailers(2) CAGR 2010-2014 + 40% 182 165 139 104 48 2010 2011 2012 2013 2014 +10% international premium retailer(2) signings year-on-year in 2014 23

28. Slide 28: A Unique and Key Platform for International Premium Retailers

    A UNIQUE AND KEY PLATFORM FOR INTERNATIONAL PREMIUM RETAILERS 1st in countries 1st in shopping centres Sweden Sweden France France Germany Germany Slovakia Austria Spain Netherlands Czech Republic & Poland & Poland The unique quality of our shopping centres attracts international prime retailers(1)

29. Slide 29: Leveraging International Premium Retailers

    LEVERAGING INTERNATIONAL PREMIUM RETAILERS Group France Central Europe 32.7% 24.3% 19.6% 13.1% 11.1% 12.4% Average % of IPR stores 2014 MGR uplift Critical mass of IPRs(1) in a shopping centre generates value 25

30. Slide 30: Successful Execution of the Leasing Strategy

    SUCCESSFUL EXECUTION OF THE LEASING STRATEGY Growth in number of deals 2014 vs 2013(1) Renewals +68% Proactive leasing New concepts strategy leads at renewal Parly 2, Paris Region 4 Iconic La Maquinista, Barcelona to accelerated refreshing of the +57% assets customer experience Relettings +33% Rotat

31. Slide 31: Upgrading the Customer Experience

    - UPGRADING THE CUSTOMER EXPERIENCE Developing a new concept: assets certified New quality services “focus on the individual” introduced Rest area Car and bicycle adjacent to the toilets pump facilities - point referential - point referential externally audited externally audited Smart parking Virtu

32. Slide 32: Retail Is Detail!

    RETAIL IS DETAIL!  Evolution of the Toilet design Lounge  Theatrical entrance  High quality design  Comfortable waiting area Fisketorvet, Copenhagen The “Boudoir”  Make-up counter for women only  Integrated hypoallergenic lotion and facial cream Euralille, Lille Lighting  Cosy atmosphere - wa

33. Slide 33: Retail Is Detail!

    RETAIL IS DETAIL!  Improvement of Rest Area Custom-designed furniture to match the needs of our customers

34. Slide 34: Retail Is Detail!

    RETAIL IS DETAIL! Quality Service Commitments  Panels for quality commitments… … placed in key areas along the customer’s journey 29

35. Slide 35: World-Class Advertising Campaign

    WORLD-CLASS ADVERTISING CAMPAIGN… A powerful media plan launched on April 8, 2014… More than media faces countries billboards in Paris Region cities press inserts in Europe shopping centres exceptional advertising events ... A new way to communicate 30

36. Slide 36: Proved Successful!

    … PROVED SUCCESSFUL!  “Unexpected Shopping″ test results(1) Recall #1 Top of mind among LEADERSHIP mall operators Recognition SKILLSET Above the benchmark Approval DIFFERENTIATION Arouses curiosity Production costs DISCIPLINE -17% Advertising campaign, Shopping City Süd 31

37. Slide 37: Enhancing In-Store Shopping Through Digital

    ENHANCING IN-STORE SHOPPING THROUGH DIGITAL Apps(1) Loyalty cards(1) Facebook(1) Websites(2) +18% +30% 46.8 Mn +42% 39.5 Mn 5.6 Mn +33% 4.3 Mn 3.4 Mn 2.4 Mn 1.6 Mn 1.2 Mn 2013 2014 2013 2014 2013 2014 2013 2014 Increasing our digital footprint 32

38. Slide 38: Introducing Meet Me in Spring 2015 in Les 4 Temps

    INTRODUCING “MEET ME” IN SPRING 2015 IN LES 4 TEMPS Invite your See where Join them friends they are easily 33

39. Slide 39: Successful Launch of UR Lab's Latest Innovations

    SUCCESSFUL LAUNCH OF UR LAB’S LATEST INNOVATIONS Introduction September 2014 Refined food offer local and crafted concepts Common store guidelines visits per week 100% connected Marketing tools events since September 2014 34

40. Slide 40: Successful Launch of UR Lab's Latest Innovations: Pitch & Deal

    SUCCESSFUL LAUNCH OF UR LAB’S LATEST INNOVATIONS Pitch & Deal Launched in June 2014 Screened start-ups Met start-ups Winners to develop their concept in 2015 RETAIL BOX MEERO Concept: creating a Concept: social network personalized pop-up store of photographers 35

41. Slide 41: Sustainability Leadership

    SU SUSTAINABILITY LEADERSHIP Standing Assets: BREEAM In-Use Breakdown of “BREEAM In-Use” by rating(1) Outstanding Very Good 35% 27% 1st Outstanding 1st Outstanding 1st Outstanding 1st Excellent 1st Excellent Poland Spain Czech Rep Slovakia Sweden Best score across of the Portfolio Unibail-Rodamco ra

42. Slide 42: Sustainability Leadership

    SUSTAINABILITY LEADERSHIP  ISO 20121: ensures event sustainability Viparis certified ISO 20121: A world 1st ISO Certification Significant and distinctive competitive advantage 37

43. Slide 43: Capital Recycling... Building the Future

    CAPITAL RECYCLING …BUILDING THE FUTURE CentrO, Oberhausen 2014 FULL-YEAR RESULTS 38

44. Slide 44: Divesting Non-Core Retail Assets

    DIVESTING NON-CORE RETAIL ASSETS… Carmila Wereldhave TAC(1) €931 Mn €7,280/m² TAC(1) €850 Mn €4,200/m² NIY 5.5% NIY 5.5% Average value per shopping centre sold(1) Allianz(2) Others(3) TAC(1) €312.5 Mn TAC(1) €348 Mn NIY 5.0% NIY 5.8% Returns drive decisions, not just footfall 39

45. Slide 45: Generates Superior Returns

    … GENERATES SUPERIOR RETURNS… Net proceeds(1) Premium over last Asset (€ Mn) NIY unaffected appraisals(2) Retail 1,830 5.4%(3) Office & Other 280(4) 6.9% 2014 booked disposals Total 2,110 5.5% 6.1% Under contract or sold by Q1-2015 466 (5) 5.3% 1.6% Total 2,576 5.5% 5.2%  Disposals of non-core asse

46. Slide 46: As Do Targeted Acquisitions in 2014

    … AS DO TARGETED ACQUISITIONS IN 2014 Total Acquisition Cost(1) Acquisitions (in € Mn)  Bolt-on acquisitions of plots Shopping centres 177 and small units to strengthen standing assets Offices 3 mfi 317  Put exercised by partner Total 497 Net investment Partnerships (in € Mn)  Long-term value cre

47. Slide 47: 54 Large Malls in Europe

    54 LARGE MALLS IN EUROPE Stadshart Citymall Almere Fisketorvet Täby Centrum Euralille Amstelveen 10 Mn 8 Mn 13 Mn Solna Centrum 7 Mn Villeneuve 2 13 Mn 10 Mn Jumbo 11 Mn 10 Mn CentrO Aéroville >15 Mn 7 Mn Stockholm Ruhr-Park Helsinki 12 Mn Les 4 Temps 46 Mn Gropius Passagen Parly 2 12 Mn 12 Mn Copen

48. Slide 48: Valuation

    VALUATION La Maquinista, Barcelona 2014 FULL-YEAR RESULTS 43

49. Slide 49: NAV Value Creation: €23.98 per Share

    NAV VALUE CREATION: €23.98 PER SHARE* EPRA Going Concern Net Asset Value(1) (in € per share) Recurring +€10.92 EPS €166.30 €159.60 (€8.90) Non like-for-like +€4.45 revaluation and (€8.38) +€23.98 intangible assets(2) €142.32 Asset +€1.38 Rental effect(3) +€11.87 revaluation +€6.04 Yield effect(3) Ot

50. Slide 50: NAV Evolution in Euros per Share

    NAV EVOLUTION IN EUROS PER SHARE +21.92 +23.98 “VALUE CREATION” +15.95 12.32 13.06 Revaluation of assets and other (1) 5.72 Recurring results 9.60 10.22 10.92 - 2012 2013 2014 “DISTRIBUTION” -8.00 -8.40 -8.90 Dividend payment - 0.95 “EXTERNAL FACTORS” Mark-to-market of the debt -5.92 -8.38 and finan

51. Slide 51: Portfolio Upgrade and Recovering Markets

    PORTFOLIO UPGRADE AND RECOVERING MARKETS Spain like-for-like revaluation Group like-for-like revaluation +10.2% -2.5% -2.5% 2012 2013 2014 +4.8% +4.9% French Offices like-for-like revaluation +1.6% 2012 2013 2014 +1.3% -3.3% -6.4% 2012 2013 2014 Group portfolio +€1,160 Mn (+4.9%) of like-for-like re

52. Slide 52: Risk Premium at Historical Highs

    RISK PREMIUM AT HISTORICAL HIGHS French Unibail-Rodamco’s shopping centre portfolio net initial yield(1) spreads(2) 4.3% 4.4% 4.2% 380 bps 2.1% risk premium 0.6% -0.6% 2007 2008 2009 2010 2011 2012 2013 2014 French Unibail-Rodamco shopping centre net initial yield 5-year French OAT rate 5-year Frenc

53. Slide 53: Unprecedented Conditions in the Financial Markets

    UNPRECEDENTED CONDITIONS IN THE FINANCIAL MARKETS Forum des Halles, Paris 2014 FULL-YEAR RESULTS 48

54. Slide 54: Innovated and Diversified Funding Sources

    INNOVATED AND DIVERSIFIED FUNDING SOURCES Debt sources as at December 31, 2014 For a Real Estate company in EURO market 1st 10-year – €750 Mn – 2.5% Green bond February 2014 Convertible bonds 9% Short term paper 2% 1st For a non-Swedish corporate in SEK market Bank loans SEK Green 5-year – SEK1,500

55. Slide 55: More Innovation: Successful Tender Offer

    MORE INNOVATION: SUCCESSFUL TENDER OFFER  Tender offer for a total amount of €3.1 Bn of 5 outstanding bonds:  Maturities: April 2016 - March 2019 1st  Hit ratio: 34% ALM exercise for the Group  Tendered: €1 Bn €1 Bn  Manages debt maturity profile and extends average debt maturity:  Average rem

56. Slide 56: Record Low Cost of Debt

    RECORD LOW COST OF DEBT Decreasing average cost of debt (in %) Average debt maturity (in years) 4.0% 3.9% 6.0 5.9 3.6% 5.5 5.4 3.5% 3.4% 5.0 4.9 3.0% 2.9% 4.5 4.5 2.6% 4.3 2.5% 4.0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014  The debt the Group expects to raise over the next 3 years is almost

57. Slide 57: Strong Financial Ratios

    STRONG FINANCIAL RATIOS Strong ICR(1) (in x) Contained LTV(2) (in %) 6 80% 5 4.6 60%(3) 4.2 60% 4.0 4 3.5 41% 41% 3 40% 37% 37% 2.5 2.0(3) 25% 2 20% 1 0 0%  “A” rating by S&P and Fitch (stable outlook) confirmed, best rated company in the real estate industry 52

58. Slide 58: Refueling the Largest European Pipeline Powers Future Growth

    REFUELING THE LARGEST EUROPEAN PIPELINE POWERS FUTURE GROWTH Überseequartier, Hamburg 2014 FULL-YEAR RESULTS 53

59. Slide 59: Active Refueling of the Pipeline

    ACTIVE REFUELING OF THE PIPELINE Unibail-Rodamco’s Development Portfolio(1) Total Investment Cost (€ Bn) New Projects €8.0 Bn +€2.5 Bn €6.9 Bn -€1.5 Bn Secured exclusivity(2) Secured New Projects 1.5 exclusivity(2) Deliveries and others(5) 1.0 Removed Neo Überseequartier Projects delivered Controlle

60. Slide 60: Active Refueling of the Pipeline - NEO

    ACTIVE REFUELING OF THE PIPELINE - NEO NEO, BRUSSELS TIC(1): €547 Mn GLA: 120,098 m2 Delivered post-2019 55

61. Slide 61: Active Refueling of the Pipeline - Überseequartier

    ACTIVE REFUELING OF THE PIPELINE - ÜBERSEEQUARTIER Hamburg City Centre Überseequartier ÜBERSEEQUARTIER, HAMBURG TIC(1): €860 Mn GLA: 184,362 m2 Delivered post-2019 56

62. Slide 62: Active Refueling of the Pipeline - Überseequartier

    ACTIVE REFUELING OF THE PIPELINE - ÜBERSEEQUARTIER ÜBERSEEQUARTIER, HAMBURG TIC: €860 Mn GLA: 184,362 m2 Delivered post-2019 57

63. Slide 63: Active Refueling of the Pipeline - Überseequartier

    ACTIVE REFUELING OF THE PIPELINE - ÜBERSEEQUARTIER ÜBERSEEQUARTIER, HAMBURG TIC(1): €860 Mn GLA: 184,362 m2 Delivered post-2019 57

64. Slide 64: A Unique Pipeline in the Industry

    A UNIQUE PIPELINE IN THE INDUSTRY €9.4 Bn €8.0 Bn €3.4 Bn €7.3 Bn €2.4 Bn €2.3 Bn €5.2 Bn €2.8 Bn €1.8 Bn €1.6 Bn Unibail-Rodamco Westfield (1) Klepierre/Corio (2)(3) Simon Properties (1) Hammerson(2) Total Pipeline Pipeline Group Share €7.3 Bn Pipeline (Group share) provides long-term earnings grow

65. Slide 65: Exciting Deliveries in 2015 - Euralille

    EXCITING DELIVERIES IN 2015 - EXTENSIONS/RENOVATIONS - EURALILLE EURALILLE, LILLE TIC: €67 Mn GLA at completion: 42,300 m2 Delivered in H1-2015 59

66. Slide 66: Exciting Deliveries in 2015 - Forum des Halles

    EXCITING DELIVERIES IN 2015 - EXTENSIONS/RENOVATIONS - FORUM DES HALLES FORUM DES HALLES, PARIS TIC: €143 Mn Additional GLA: +15,049 m2 Delivered in H2-2015 59

67. Slide 67: Exciting Deliveries in 2015 - Ruhr Park

    EXCITING DELIVERIES IN 2015 - EXTENSIONS/RENOVATIONS - RUHR PARK RUHR PARK, BOCHUM TIC: €66 Mn GLA at completion: 108,300 m2 Delivered in H2-2015 59

68. Slide 68: Exciting Deliveries in 2015 - Minto

    EXCITING DELIVERIES IN 2015 - NEW ASSETS - MINTO MINTO, MÖNCHENGLADBACH TIC: €206 Mn GLA: 41,931 m2 Delivered in H1-2015 59

69. Slide 69: Exciting Deliveries in 2015 - So Ouest Plaza

    EXCITING DELIVERIES IN 2015 - NEW ASSETS - SO OUEST PLAZA SO OUEST PLAZA, PARIS REGION TIC: €220 Mn GLA : 40,798 m2 Delivered in H1-2015 59

70. Slide 70: Exciting Deliveries in 2015 - Polygone Riviera

    EXCITING DELIVERIES IN 2015 - NEW ASSETS - POLYGONE RIVIERA POLYGONE RIVIERA, NICE REGION TIC: €443 Mn GLA: 71,015 m2 Delivered in H2-2015 59

71. Slide 71: Exciting Deliveries in 2015 - Mall of Scandinavia

    EXCITING DELIVERIES IN 2015 - NEW ASSETS - MALL OF SCANDINAVIA MALL OF SCANDINAVIA, STOCKHOLM TIC: €607 Mn GLA : 101,506 m2 Delivered in H2-2015 59

72. Slide 72: Exciting Deliveries in 2015

    EXCITING DELIVERIES IN 2015 GLA: +26,940 m2 TIC(1): €320 Mn GLA: 42,300 m2 TIC(1): €67 Mn GLA: +15,049 m2 TIC(1): €143 Mn GLA: 108,300 m2 TIC(1): €66 Mn Täby Centrum Euralille Forum des Halles Ruhr Park Extensions-Renovations H1-2015 H2-2015 New Assets Minto So Ouest Plaza Polygone Riviera Mall of S

73. Slide 73: 2015-2019: On the Move

    2015-2019: ON THE MOVE Stadshart Citymall Almere Fisketorvet Täby Centrum Euralille Amstelveen 10 Mn 8 Mn Extension/renovation Solna Centrum Renovation 2015 7 Mn Villeneuve 2 2015 10 Mn Jumbo 11 Mn 10 Mn CentrO Aéroville >15 Mn 7 Mn Stockholm Helsinki Ruhr-Park Les 4 Temps Osnabrück Extension/renova

74. Slide 74: Outlook & Distribution

    OUTLOOK & DISTRIBUTION Ruhr Park, Bochum 2014 FULL-YEAR RESULTS 61

75. Slide 75: Outlook – 2015

    OUTLOOK – 2015 Evolution of 2015 Recurring EPS (€ per share) 2014 disposals(1) -10.5% €10.92 €10.35 - 2015 expected +6 to +8% €10.15 -2 to -3% disposals €9.77 -10.5% -2 to -3% Underlying +6 to +8% growth 2014 2014 2014 Rebased 2015 Expected Underlying 2015 Recurring EPS Disposals Recurring EPS Dispo

76. Slide 76: Outlook - Medium Term +6% to +8%

    OUTLOOK - MEDIUM TERM Key inputs CAGR  Indexation From +5% to +7%  Disposals  Timely delivery of projects  Rental uplifts  Taxation to +6% to +8%  Cost of debt  No acquisitions assumed 63

77. Slide 77: Dividend per Share

    DIVIDEND PER SHARE  For 2014 fiscal year  Dividend at €9.60 (+7.9%) – 88% pay-out ratio  To be paid in cash:  Interim dividend €4.80 on March 26, 2015  Final dividend €4.80 on July 6, 2015(1)  2015 and beyond: the Group intends to maintain a dividend of at least €9.60 per share Dividend distri

78. Slide 78: www.unibail-rodamco.com

    unibail-rodamco www. unibail-rodamco.com

Unibail-Rodamco — FY2014 Earnings Presentation on 6ix