Unibail-Rodamco-Westfield SE · EURONEXT:URW

Unibail-Rodamco-Westfield — Unibail-Rodamco — H1 2014 Earnings Presentation

107 slides from Unibail-Rodamco-Westfield's earnings presentation, Jul 23, 2014

1. Slide 1: 2014 Half-Year Results

   2014 HALF-YEAR RESULTS Expanding and outperforming, yet again!

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 Financial Supervision Act and

3. Slide 3: Table of Contents

   TABLE OF CONTENTS  2014 Half-Year Financial Results and Valuation  Strong Operating Performance Delivering Results  Unparalleled Skillset Drives Results  €7.3 Bn Pipeline Drives Future Growth  Focusing on Prime Assets  Valuation  Robust Balance Sheet  Outlook

4. Slide 4: 2014 Half-Year Financial Results and Valuation

   2014 HALF-YEAR FINANCIAL RESULTS AND VALUATION Confluence, Lyon 2014 HALF-YEAR RESULTS

5. Slide 5: 2014 Half-Year Results and Valuation

   2014 HALF-YEAR RESULTS AND VALUATION % Like-for-like in € Mn HY-2014 HY-2013 % Growth Growth(1) Shopping centres 590 532 +11.0% +2.6% Offices 83 80 +4.0% +4.0% Convention & Exhibition 46 46 -0.5% -0.5% Net Rental Income 719 657 +9.4% +2.5% Recurring Net Result (Group share) 539 499 +8.0% Recurring E

6. Slide 6: Recurring EPS increased by +6.0% to €5.52 in H1-2014

   Recurring Earnings per Share(2) (recurring EPS) increased by +6.0% to €5.52 in H1-2014, up from €5.21 in H1-2013. Recurring net result of the Group increased by +8.0% from H1-2013 driven by:  Good like-for-like rental growth of shopping centres and offices;  The continued impact of deliveries in

7. Slide 7: Strong Operating Performance Delivering Results

   STRONG OPERATING PERFORMANCE DELIVERING RESULTS So Ouest, Paris Region 2014 HALF-YEAR RESULTS

8. Slide 8: Solid Rental Income Growth in Shopping Centres

   SOLID RENTAL INCOME GROWTH IN SHOPPING CENTRES Net Rental Income % Like-for-like in € Mn HY-2014 HY-2013 % Growth Growth(1) France 319 271 +17.8% +2.1% Spain 72 71 +1.4% +3.0% Central Europe 61 54 +12.2% +8.1% Austria 54 53 +1.8% +0.6% Nordics 48 46 +4.4% -0.9% The Netherlands 36 36 -0.3% +4.0% Tota

9. Slide 9: NRI amounted to €590.3 Mn, up +11.0%

   The NRI amounted to €590.3 Mn, up +11.0% compared to H1-2013 due to:  +€27.7 Mn from change of consolidation method in the Parly 2 shopping centre consolidated under the equity method in H1-2013 and under full consolidation method in H1-2014 and acquisition of additional units in the Villabé shopp

10. Slide 10: Continuous Growth Above Indexation

    CONTINUOUS GROWTH ABOVE INDEXATION Like-for-like increase in NRI(1) of shopping centres +4.7% +4.6% +4.2% +3.9% 1.1% 2.6% 2.0% +2.6% 3.6% +1.4% 1.7% 2.8% 0.8% 2.2% 2.1% 1.0% 0.9% 0.6% 2009 2010 2011 2012 2013 H1-2014 Like-for-like growth over indexation Indexation Like-for-like NRI in large malls up

11. Slide 11: Like-for-like NRI increased by +€12.0 Mn

    The like-for-like NRI(1) increased by +€12.0 Mn, up +2.6% from H1-2013, 170 bps above indexation driven by the +3.7% growth in the Group’s large shopping centres. The 2.6% like-for-like NRI growth reflects the impact of:  Low indexation of +0.9% (vs 2.1% for H1-2013);  Lower other income of 0.5%

12. Slide 12: MGR Uplift Shows Good Fundamentals

    MGR UPLIFT SHOWS GOOD FUNDAMENTALS 24% MGR uplift 23.1% 22% 21.4% 21.0% 20% 19.4% 19.1% 18.3% 18% 16% 15.3% 14% 12% 2009 2010 2011 2012 2013 H1-2014 MGR uplift Average 2009-2013 MGR Uplift is highest in last 5 years, comfortably ahead of the 5-year average of 19.1% 6

13. Slide 13: MGR uplift of 23.1% highest in five years

    The MGR uplift of 23.1% is the highest uplift achieved during the last five years and is well ahead of the 19.1% average uplift over such period.

14. Slide 14: Tenant Sales Growth Accelerating

    TENANT SALES GROWTH ACCELERATING Tenant sales(1) growth in Unibail-Rodamco’s shopping centres vs national indices(2) since 2006 (rebased to 100) 120 +3.6% 115 year-to-date to May 2014(1) 110 105 100 +0.7% year-to-date to May 2014(2) 95 90 85 2006 2007 2008 2009 2010 2011 2012 H1-2013 2013 H1-2014 Te

15. Slide 15: Tenant sales grew +3.6% in first five months of 2014

    During the first five months of 2014, tenant sales in the Group’s shopping centres grew by +3.6% outperforming the national sales index by +290 bps. The average outperformance of national sales index since 2007 is +200 bps. Tenant sales in the Group’s shopping centres grew by +2.8%(1) during the

16. Slide 16: Large Malls Driving Growth

    LARGE MALLS DRIVING GROWTH Robust MGR Uplift(1) Strong Tenant Sales(3) Large(2) +26.7% Large(2) +3.9% Group +23.1% Group +3.6% Rotation rate(5) Low vacancy(4) Large(2) 6.6% Large(2) +1.9% Group 6.3% Group +2.5% 8

17. Slide 17: H1-2014 performance demonstrates strength of business model

    Unibail-Rodamco’s performance during H1-2014 demonstrates the strength of its business model: large shopping centres located in the wealthy and densely populated catchment areas of major European cities, which drive 6 Mn visits per year and above and which offer visitors a unique experience thanks

18. Slide 18: European Growth Prospects Are Looking Up

    EUROPEAN GROWTH PROSPECTS ARE LOOKING UP GDP Growth GDP Growth GDP Growth GDP Growth 2013(1) 2014-2020(2) 2013(1) 2014-2020(2) GERMANY SWEDEN 0.4% 1.3% 1.5% 3.0% NETHERLANDS POLAND -0.8% 2.4% 1.6% 2.8% FRANCE CZECH REPUBLIC 0.2% 2.2% -0.9% 3.4% SPAIN AUSTRIA -1.2% 1.8% 0.4% 2.2% EURO ZONE -0.4% 1.8%

19. Slide 19: Improving outlook supports retailer expansion

    The improving outlook is expected to support retailers’ plans to target European countries for expansion and store openings. Current forecasts call for moderate GDP growth in 2014 and 2015 of +1.6% and +2.0% respectively(3). 2014 GDP growth estimates(3) for Spain, The Netherlands and the Czech Re

20. Slide 20: Europe Is Priority Target for Retailer Expansion

    EUROPE IS PRIORITY TARGET FOR RETAILER EXPANSION Target destination m² of SC GLA(2) for retailers per 1,000 Household saving Countries (# Worldwide ranking)(1) inhabitants rate in %(3) Germany 1 197 10.30 France 2 242 11.70 Austria 4 330 7.40 Spain 8 336 4.40 Czech Republic 10 242 5.90 Sweden 10 670

21. Slide 21: Low GLA per inhabitant makes Europe attractive

    Supported by the generally and relatively low number of m² of GLA per 1,000 inhabitants, especially compared to the USA, and an average high savings rates, most countries in continental Europe are attractive destinations for retailers. Eight of the countries in which the Group operates are listed a

22. Slide 22: Robust Tenant Sales Growth

    ROBUST TENANT SALES GROWTH Tenant sales in France Large malls outperforming(3) 4.1% 3.4% Tenant sales(1)(3) 3.0% +3.6% 2.2% MGR uplift(4) 1.0% +36.1% 0.4% 0.4% -0.3% LfL NRI growth(5) -1.0% +3.2% -1.1% -2.2% -2.2% Vacancy(6) 2009 2010 2011 2012 2013 H1-2014 1.9% Group tenant sales in France(1) Frenc

23. Slide 23: €627 Mn investment in French development projects

    The Group will invest a further €627 Mn in shopping centre development projects in France to be delivered in the next 18 months, of which €245 Mn has aready been spent, and the Group’s focus on large shopping centres is clearly paying off. Tenant sales(1) across the French portfolio have continuou

24. Slide 24: A Recovery in Spain?

    A RECOVERY IN SPAIN? Tenant sales(1) evolution since 2010 Like-for-Like NRI Growth(3) 3.0% 2.3% 2.0% 4.9% 3.5% 0.6% 0.7% 0.2% -0.6% -1.6% -1.3% -4.3% -4.9% -1.9% -6.9% 2010 2011 2012 2013 H1-2014 2010 2011 2012 2013 H1-2014 Group tenant sales(1) National Sales Index(2) 12

25. Slide 25: Spanish shopping centres show strong tenant sales increase

    Spanish shopping centres showed a strong increase with a +4.9% tenant sales(1) growth for the first 5 months of 2014, outperforming the national sales index(2) by +420 bps. Collectively, the Group’s six largest shopping centres in Spain(4) saw tenant sales(1) increase by +7.6%. In La Maquinista (

26. Slide 26: Large Malls Drive Performance in Spain

    LARGE MALLS DRIVE PERFORMANCE IN SPAIN Large malls(1) Large malls outperforming Tenant sales(3): +7.6% Vacancy(4): 0.6% vs +4.9% in region vs 1.8% MGR uplift(5): +16.3% LfL NRI(6): +8.1% vs +9.9% vs +3.0% OCR(7): 12.4% Rotation rate(8): 7.7% vs 12.9% vs 7.1% 13

27. Slide 27: Large shopping centres outperform the region with limited vacancy

    Large shopping centres continued to outperform the region with a limited vacancy(4) at 0.6%, strong MGR uplift(5) of 16.3%, like-for-like NRI growth(6) of +8.1%, and an OCR(7) of 12.4% below the Group average at 13.9%. The Group continued to actively rotate tenants in order to renew the retail off

28. Slide 28: Strong Pick-up of Paris Office Market and Solid Leasing

    STRONG PICK-UP OF PARIS OFFICE MARKET AND SOLID LEASING Total take-up greater Paris Region market(1) Total take-up Unibail-Rodamco French office assets 1,128,813 m2 50,000 16.9% 18% 1,022,682 m2 16% 908,103 m2 40,000 14% 10.4% 12% 10.5% 30,000 9.1% 10% 16,123 m2 8% 20,000 44,884 m2 3,281 m2 4.7% 6%

29. Slide 29: Take-up in the Paris Region improved in H1-2014

    Take-up in the Paris Region improved in H1-2014 with 1.1 Mn m2(1) rented, an increase of +24% vs the same period in 2013. Forecasts for take-up in 2014 for the Paris Region exceed 2 Mn m2(1) rented at year end vs an actual take-up of 1.8 Mn m2 in 2013. The take-up in the overall office market in

30. Slide 30: Convention & Exhibition

    CONVENTION & EXHIBITION % Growth % Growth in € Mn HY-2014 HY-2013 2014/2013 HY-2012(1) 2014/2012 Venues and Hotels Net Rental Income 46 46 -0.5% 47 -2.1% On site property services 18 19 -1.0% 17 +10.7% + share of the profit of associates Venues recurring Net Operating Income 64 65 -0.7% 64 +1.2% Dep

31. Slide 31: 469 events held in Viparis venues

    In total, 469 events were held in Viparis venues, of which 155 shows, 65 congresses and 249 corporate events. Despite the global economic crisis, 14 new exhibitions were launched in the first half of 2014 in Viparis venues. The first half of 2014 was characterized by the following shows:  The In

32. Slide 32: Porte de Versailles Works Launched

    PORTE DE VERSAILLES WORKS LAUNCHED 7 1 1 4 pavillions new congress hall new hotel world famous architects PORTE DE VERSAILLES, PARIS REGION TIC(1): €500 Mn GLA: 216,000 m2

33. Slide 33: Viparis designated to operate Porte de Versailles

    On July 9, 2013, Viparis was designated by the Paris City Council as the selected bidder to operate the Porte de Versailles, following the launch of a call for tender in 2012 with a view to modernise the site and increase its appeal. Viparis’ long-term lease contract was signed on December 9, 2013

34. Slide 34: Unparalleled Skillset Drives Results

    UNPARALLELED SKILLSET DRIVES RESULTS La Maquinista, Barcelona 2014 HALF-YEAR RESULTS

35. Slide 35: International Premium Retailers Upping Portfolio Quality

    INTERNATIONAL PREMIUM RETAILERS UPPING PORTFOLIO QUALITY Number of deals signed with international premium retailers(1) 83  11.4% of new leases signed 78 in H1-2014(2) +6.4%  5.9% of total Group GLA  Latest shopping centre openings: 29% 17% of GLA of GLA H1-2013 H1-2014 International premium reta

36. Slide 36: 83 leases signed with international premium retailers

    With a strong focus on differentiating and exclusive retail concepts, generating traffic and customer preference, 83 leases were signed with international premium retailers(1) in H1-2014, compared to 78 for H1-2013. The Group continued the development of differentiating retailers:  Nespresso in t

37. Slide 37: International Premium Retailers Drive Differentiation

    INTERNATIONAL PREMIUM RETAILERS DRIVE DIFFERENTIATION Signing international premium retailers is key to differentiating the retail offer 19

38. Slide 38: International leasing team sources premium retailers

    The Group’s international leasing team is in charge of identifying and sourcing international premium retailers(1). (1) Retailer that has strong and international brand recognition, with a differentiating store design and product approach, which may increase the appeal of the shopping centres

39. Slide 39: Pan-European First in Täby Centrum

    PAN-EUROPEAN FIRST IN TÄBY CENTRUM 1st store in a shopping centre in continental Europe Tesla TÄBY CENTRUM, STOCKHOLM Opened June 20, 2014 39

40. Slide 40: First Tesla Motors store in a continental European shopping centre

    Unibail-Rodamco teams signed a number of aspirational brands, including the 1st Tesla Motors store in a shopping centre in Continental Europe in Täby Centrum (Stockholm). Following a very successful pop-up store which opened last December at Täby Centrum, the Californian electric car company chose

41. Slide 41: 1st Stores Signed in Shopping Centres in France

    1ST STORES SIGNED IN SHOPPING CENTRES IN FRANCE 1st store in a shopping centre in France Le Pain Quotidien FORUM DES HALLES, PARIS REGION - POLYGONE RIVIERA, NICE REGION

42. Slide 42: First Le Pain Quotidien stores in French shopping centres

    The Group signed the 1st two “Le Pain Quotidien” stores in a shopping centre in France in Forum des Halles (Paris Region) and Polygone Riviera (Cagnes-sur-Mer). This addition to the Group’s brand collection will contribute to enhancing the dining offer in both shopping centres. Le Pain Quotidien’s

43. Slide 43: 1st Opening in France

    1ST OPENING IN FRANCE 1st store in France Rituals FORUM DES HALLES, PARIS REGION

44. Slide 44: Rituals to open first French flagship store

    The Dutch brand Rituals, specialized since 2000 in home and body cosmetics, will open its first French flagship store in 2015 under the Canopy of Le Forum des Halles. Spanning 143 m2 GLA, it will offer a unique City Spa concept developed by Rituals and is the 22nd store signed across the Group's p

45. Slide 45: Partnering with Brands: Accelerating Growth Perspectives

    PARTNERING WITH BRANDS: ACCELERATING GROWTH PERSPECTIVES 19 countries 69 stores including the US 53% market share for Unibail-Rodamco(1) 1st store with Unibail-Rodamco Jury prize at the “Grand Prix des Jeunes Créateurs Concept created, 2014 du Commerce” corners opened with FNAC 2009 2007 2006 23

46. Slide 46: Grand Prix des Jeunes Créateurs du Commerce

    The Group created in 2007 the “Grand Prix des Jeunes Créateurs du Commerce”, an award which supports every year the 3 best retail concepts which entered the competition. The total value of prizes is €1.35 Mn including a 1 year rent free period in one of Unibail-Rodamco’s shopping centres. Yellow K

47. Slide 47: Deepening Customer Engagement

    DEEPENING CUSTOMER ENGAGEMENT Apps(1) Facebook(1) Loyalty cards(1) Websites(2) +17% +50% +60% +43% 21.2 Mn 18.2 Mn 4.9 Mn 3.3 Mn 3.0 Mn 1.9 Mn 1.3 Mn 0.9 Mn H1-2013 H1-2014 H1-2013 H1-2014 H1-2013 H1-2014 H1-2013 H1-2014 App “push” messages generate 7.2%(3) footfall increase 24

48. Slide 48: Digital tools: apps, Facebook, loyalty cards

    The Group continued in H1-2014 to actively promote and refine it’s digital tools. Year-on-year evolution remained strong with:  +60% increase in iPhone and Android app downloads (to 3.0 Mn);  +50% Facebook fans of the Group’s shopping centres with 4.9 Mn fans at the end of the first half, compar

49. Slide 49: Exclusive Partnership with Google's Niantic Labs on Ingress

    EXCLUSIVE PARTNERSHIP WITH GOOGLE’S NIANTIC LABS ON INGRESS Deployed in 18 shopping centres, 24,292 Game Actions in 6 countries during the first month  Ingress:  Alternate reality mobile game  4 Mn downloads worldwide since 2012  200+ countries

50. Slide 50: Exclusive partnership with Niantic Labs

    The Group signed an exclusive partnership with Niantic Labs, a division of Google(1). This initiative enables “Ingress” gamers (Google’s near-real time augmented reality game) to expand their playground to shopping centres for the first time in Continental Europe. In addition, the Group expanded it

51. Slide 51: Innovation: "Unexpected Shopping" Campaign

    INNOVATION: “UNEXPECTED SHOPPING” CAMPAIGN Premium retailers IPR Exclusive event services Dining Experience Design Destination shopping centres 24 6 Shopping centres Countries 26

52. Slide 52: Unexpected Shopping campaign launched across Europe

    The “Unexpected Shopping” campaign was officially launched across Europe in April in 24 shopping centres. Original and ground-breaking, this unique advertising campaign is a world-premiere for shopping centres. It unites the communication strategies of all of the Group’s shopping centres under one

53. Slide 53: Campaign Launched with Spectacular Impact

    CAMPAIGN LAUNCHED WITH SPECTACULAR IMPACT Les Quatre Temps, La Défense, Paris Region Parquesur, Madrid Splau, Barcelona 27

54. Slide 54: Powerful media plan across Europe

    The campaign was backed by a powerful media plan across Europe with more than 2,500 billboards and 70 press inserts. It was launched with innovative and original media:  A full spread in the Prague tramway;  The full covering of Plaça Catalunya metro station in Barcelona;  All of the 430 billbo

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58. Slide 58: Unexpected Show

    UNEXPECTED SHOW PARQUESUR.COM

59. Slide 59: Partnering with Brands: Introducing "Fresh!"

    PARTNERING WITH BRANDS: INTRODUCING “FRESH!”  Taking the food offer to the next level… Glòries, Barcelona  Part of the full development of Glòries  Introduce local fresh food champions and awarded craftsmen, change the food offer according to the season  Offer both raw products and cooked meals

60. Slide 60: Fresh! latest UR Lab innovation

    “Fresh!”, the latest “UR Lab” innovation will further strengthen the food offer across the Group’s shopping centres. Inspired by the best of downtown markets, it aims to create an exceptional food hall for the most demanding gourmets encompassing a high quality, diversified and regularly renewed o

61. Slide 61: Highly Profitable Asset Redevelopment

    HIGHLY PROFITABLE ASSET REDEVELOPMENT Facebook fans(1) +27% Loyalty cards(1) +159% Footfall(2) +39% Sales(2)(3) +34% Best score worldwide TOISON D’OR, DIJON TIC: €88 Mn GLA: 78,000 m2 (incl. 12,267 m2 of extension) Delivery on October 30, 2013

62. Slide 62: Toison d'Or extension opened October 2013

    In October 2013, the Group opened the new 12,267 m2 extension of Toison d’Or (Dijon). Visitors can now enjoy a seamless experience between the existing shopping centre and its extension, walking through Toison d’Or’s central patios, curved alleys and enjoying natural luminosity thanks to the mall’

63. Slide 63: €7.3 Bn Pipeline Drives Future Growth

    €7.3 BN PIPELINE DRIVES FUTURE GROWTH Glòries, Barcelona 2014 HALF-YEAR RESULTS

64. Slide 64: €7.3 Bn Development Pipeline: A Strong Foundation

    €7.3 BN DEVELOPMENT PIPELINE: A STRONG FOUNDATION TO BUILD UPON Unibail-Rodamco’s development portfolio Committed(4) developments by category Total €6.9 Bn €7.3 Bn(1) Investment Secured Secured Exclusivity(2) Cost in € Bn Exclusivity(2) 0.7 1.0 Office & Others €0.7 Bn Controlled(3) Controlled(3) 29%

65. Slide 65: Development pipeline grew to €7.3 Bn

    Unibail-Rodamco’s consolidated development project pipeline grew to €7.3 Bn as at June 30, 2014, corresponding to a total of 1.4 Mn m2 Gross Lettable Area (GLA), to be re-developed or added to the standing assets portfolio. The Group retains significant flexibility on its consolidated development p

66. Slide 66: Majunga Delivered in July 2014

    MAJUNGA DELIVERED IN JULY 2014 “The new art of workingTM” MAJUNGA, PARIS REGION TIC(1): €398 Mn GLA: 65,737 m2 Delivered on July 7, 2014

67. Slide 67: Majunga delivered for €398 Mn

    Majunga, La Défense (Paris Region, 65,737 m2 GLA) was delivered on July 7, 2014 for a total investment cost of €398 Mn. The tower features Unibail-Rodamco’s “New Art of Working” inspired by the 4 Star label that aims at enhancing the user experience and providing a collection of premium services.

68. Slide 68: Completing So Ouest District

    COMPLETING SO OUEST DISTRICT SO OUEST PLAZA, PARIS REGION TIC(1): €188 Mn GLA: 41,167 m2 Delivery H1-2015

69. Slide 69: So Ouest Plaza to be delivered in H1-2015

    In H1-2015, So Ouest Plaza, the third component of the redevelopment of the So Ouest district, will be delivered. This 41,167 m2 office tower, together with the So Ouest tower delivered in 2013 and the So Ouest shopping centre delivered in 2012, will contribute to the total renewal of this district

70. Slide 70: Major Deliveries in 2015: Mall of Scandinavia

    MAJOR DELIVERIES IN 2015 MALL OF SCANDINAVIA, STOCKHOLM TIC(1): €608 Mn GLA: 101,363 m2 Delivery H2-2015

71. Slide 71: Mall of Scandinavia breakthrough Nordic shopping centre

    Mall of Scandinavia, Stockholm, will be the breakthrough innovative shopping centre of the Nordics. Largest of its kind, the mall will feature a collection of new and exciting brands such as a number of the Inditex brands, Superdry, Rituals, Michael Kors, Hugo Boss or Vapiano. The 101,363 m2 brown

72. Slide 72: Major Deliveries in 2015: Polygone Riviera

    MAJOR DELIVERIES IN 2015 POLYGONE RIVIERA, NICE REGION TIC(1): €409 Mn GLA: 73,949 m2 Delivery H2-2015

73. Slide 73: Polygone Riviera expected H2-2015

    Polygone Riviera, Cagnes-sur-Mer, is expected to be delivered in H2-2015. This open-air lifestyle mall on the French Riviera is a 73,949 m2 brownfield project jointly developed by Unibail-Rodamco and SOCRI Group for a TIC(2) of €409 Mn. The mall will feature the Group’s latest innovations such as

74. Slide 74: Major Deliveries in 2015: Forum des Halles

    MAJOR DELIVERIES IN 2015 FORUM DES HALLES, PARIS TIC(1): €151 Mn GLA: +15,049 m2 Delivery: H2-2015

75. Slide 75: Forum des Halles restructuring and renovation

    Forum des Halles, Paris, is undergoing a major restructuring and renovation project. The €151 Mn project(2), expected to be delivered in H2-2015, will add 15,049 m2 of exclusive retail to the shopping centre at the heart of Paris. The project targets 3 main objectives:  Building a new contemporar

76. Slide 76: Mall of Europe: NEO 1 Tender Awarded

    MALL OF EUROPE: NEO 1 TENDER AWARDED IN APRIL 2014 MALL OF EUROPE, BRUSSELS TIC(1): €548 Mn GLA: 114,000 m2 Delivery: Post 2019

77. Slide 77: City of Brussels confirms NEO 1 award

    On July 10, 2014 the City of Brussels confirmed the award to Unibail-Rodamco and its partners BESIX and CFE of the NEO 1 project, a redevelopment of the Heysel Plateau in Brussels, including 114,000 m2 dedicated to leisure, restaurants and retail. “Mall of Europe” will be developed by Unibail-Rodam

78. Slide 78: Focusing on Prime Assets

    FOCUSING ON PRIME ASSETS CentrO, Oberhausen 2014 HALF-YEAR RESULTS

79. Slide 79: Expanding in Germany

    EXPANDING IN GERMANY CENTRO, OBERHAUSEN Price/m2: €7,800/m2 NIY(1): 4.4% GLA(2): 232,000 m2

80. Slide 80: CentrO, Oberhausen

    Located in Oberhausen, Germany, in the heart of the densely populated Ruhr Region, CentrO is one of Europe’s best shopping centres. Opened in 1996 and extended in 2012, CentrO features 232,000(2) m2 of retail and leisure offer, including a two-storey 117,000 m2 shopping centre, 39 restaurants, a 9

81. Slide 81: Partnership on Germany's Best Shopping Centre

    PARTNERSHIP ON GERMANY’S BEST SHOPPING CENTRE  Stake acquired from Stadium Group  Total equity investment up to €535 Mn(1)  €471 Mn paid upon closing  Net initial yield 4.4%(2) // €7,800/m2  Partnership with CPPIB  Consolidated under equity method  Accretive from day 1  Unique opportunity to

82. Slide 82: Up to €535 Mn payment for CentrO stake

    Unibail-Rodamco will pay up to €535 Mn(1) of which €471 Mn was paid upon closing. This represents a net initial yield(2) of 4.4% and an average price of €7,800/m2. The asset offers significant growth potential through the introduction of the Group’s latest operating initiatives (e.g. The Dining Ex

83. Slide 83: Improving and Consolidating German Operations

    IMPROVING AND CONSOLIDATING GERMAN OPERATIONS  88,035 m2 to be delivered in next 18 months LfL NRI(1) # Leases signed(2) +6.3% 74 MGR uplift(3) +12.6% PALAIS VEST, RECKLINGHAUSEN GLA: 42,659 m2 Delivery: H2-2014

84. Slide 84: mfi like-for-like NRI growth +6.3%

    In Germany, like-for-like NRI growth(1) of mfi’s fully consolidated assets was +6.3%. The Group signed 74 leases(2), generating an MGR uplift of +12.6%(3). The 42,659 m2 GLA shopping centre Palais Vest, in Recklinghausen (Germany) is due to be delivered in H2-2014. Minto, a 42,249 m2 GLA shopping

85. Slide 85: Acquisition of Partner's Share in mfi

    ACQUISITION OF PARTNER’S SHARE IN MFI  Partner exercised put option  TAC €317 Mn(2) Hamburg Schönhauser Allee Harburg Arcaden  UR to own 91.15% indirect stake in mfi(1) Die Mitte Kaufpark Bremen Spandau Arcaden Eiche Havel Park  German owned portfolio profile Hanover Wilmersdorfer Arcaden Berlin

86. Slide 86: PWREF exercised put on mfi interest

    On July 1, 2014, Perella Weinberg Real Estate Fund I (PWREF) exercised its put on Unibail-Rodamco for its remaining interest in mfi. Unibail-Rodamco will pay PWREF €317 Mn(1), and bring its total ownership in mfi to 91.15%. The Group will own (or partially own) and operate 7 assets in Germany tota

87. Slide 87: Asset Disposals Resume

    ASSET DISPOSALS RESUME Retail Vier Meren, Hoofddorp 23 Courcelles, Paris GLA: 31,700 m2 GLA: 12,900 m2 Total NDP(1) Retail total NDP(1): €183 Mn €384 Mn Vier Meren, Hoofddorp Office 9.3% Premium over unaffected 34-36 Louvre, Paris Oude Boteringestraat, Groningen appraisal(2) GLA: 4,000 m2 GLA: 7,300

88. Slide 88: H1-2014 disposals raised €384 Mn

    During H1-2014, the Group disposed of two assets in its shopping centre segment, Vier Meren in The Netherlands and 23 Courcelles in France, for total net proceeds of €183 Mn reflecting a premium of 9.1% over the last unaffected appraisal. In the office segment, the Group divested the building 34-3

89. Slide 89: Valuation

    VALUATION Shopping City Süd, Vienna 2014 HALF-YEAR RESULTS

90. Slide 90: NAV Evolution in Euro per Share

    NAV EVOLUTION IN EURO PER SHARE 10.06 9.48 9.73 “VALUE CREATION” 5.12 4.27 4.21 Revaluation of assets and other(1) Recurring results 4.94 5.21 5.52 - H1-2012 H1-2013 H1-2014 “DISTRIBUTION” -8.00 -8.40 -8.90 Dividend payment - 2.12 “EXTERNAL FACTORS” -2.16 -3.33 Mark to market of the debt and financi

91. Slide 91: Value creation more than offset by mark to market of debt

    While the Group is showing good fundamentals and increasing distribution, the value creation in H1-2014 is more than offset by the mark to market of the debt and financial instruments. Recurring Earnings per Share(2) (recurring EPS) increased by +6.0% to €5.52 in H1-2014, up from €5.21 in H1-2013.

92. Slide 92: NAV: €9.73 per Share Value Creation

    NAV: €9.73 PER SHARE VALUE CREATION* EPRA Going Concern Net Asset Value(1) in € per share Recurring +€5.52 EPS €159.60 (€8.90) €157.10 Non like-for-like (€3.33) +€9.73 +€2.26 revaluation and €147.37 intangible assets(2) Asset +€3.78 revaluation +€0.94 Rental effect(3) +€0.43 Other(4) +€0.58 Yield ef

93. Slide 93: EPRA NNNAV of €143.30 per share

    Unibail-Rodamco’s EPRA triple Net Asset Value (NNNAV) amounted to €143.30 per share as of June 30, 2014, a decrease of -2.0% or -€2.90 from €146.20 at December 31, 2013. The going concern NAV (GMV based), measuring the fair value on a long term, on-going basis, came to €157.10 per share as at June

94. Slide 94: Recovering Fundamentals: Focus Areas

    RECOVERING FUNDAMENTALS: FOCUS AREAS Spain French Offices like-for-like revaluation like-for-like revaluation +0.5% 1,0% 1,0% -0.3% 0,0% 0,0% -1,0% -1,0% -2.5% -2.5% -2,0% -2,0% -3.3% -3,0% -3,0% -6.4% -4,0% -4,0% -5,0% -5,0% -6,0% -6,0% -7,0% -7,0% 2012 2013 H1-2014 2012 2013 H1-2014  Group portfo

95. Slide 95: Portfolio grew +€250 Mn like-for-like

    In H1-2014, the Group’s portfolio grew by +€250 Mn (+1.0%) on a like-for-like basis (vs 0.9% in H1-2013) of which:  +€242 Mn (+1.2%) for Shopping centres;  -€19 Mn (-0.6%) for Offices;  +€26 Mn (+1.6%) for Convention-Exhibitions centres. In Spain, the Group’s portfolio value grew by +0.5% on a

96. Slide 96: Risk Premium at Historical Highs

    RISK PREMIUM AT HISTORICAL HIGHS French Unibail-Rodamco’s shopping centre portfolio net initial yield(1) vs long-term interest rates(2) 6% 4.3% 4.7% 4% 4.2% 380 bps risk premium 2.1% 2% 0.9% 0% -0.5% -2% 2007 2008 2009 2010 2011 2012 2013 H1-2014 French Unibail-Rodamco shopping centre net initial yi

97. Slide 97: French net initial yield stable at 4.7%

    The French shopping centre portfolio’s net initial yield(1) as at June 30, 2014 remained stable at 4.7%, while the Group’s shopping centre portfolio’s net initial yield(1) as at June 30, 2014 decreased to 5.0% vs 5.1% at year-end 2013. A change of +25 bps in net initial yield would result in a dow

98. Slide 98: Robust Balance Sheet

    ROBUST BALANCE SHEET Hofe am Brühl, Leipzig 2014 HALF-YEAR RESULTS

99. Slide 99: Diversifying Funding Sources

    DIVERSIFYING FUNDING SOURCES for a real estate in the EURO market Debt sources as at June 30, 2014 1st 10-year – €750 Mn – 2.5% Green Bond February 2014 Convertible bond 9% Short term paper 5% 1st for a non-domestic corporate in the SEK market Bank loans SEK Green 5-year – SEK1,500 Mn – Stibor 3M+78

100. Slide 100: Further diversified funding sources in H1-2014

     In H1-2014, the Group further diversified its sources of funding at attractive conditions:  1st Green bond issued by a real-estate company in the Euro market;  1st Green bond issued by a foreign corporate in the SEK market;  1st ORNANE with a 0% coupon for a real-estate company in the Euro marke

101. Slide 101: Extending Maturities at Ever Lower Cost of Debt

     EXTENDING MATURITIES AT EVER LOWER COST OF DEBT Decreasing average cost of debt (in %) Average debt maturity (in years) 4.0% 6.0 3.9% 5.7 3.6% 5.5 5.4 3.5% 3.4% 5.0 4.9 3.0% 2.9% 4.5 4.5 2.7% 4.3 2.5% 4.0 2010 2011 2012 2013 H1-2014 2010 2011 2012 2013 H1-2014  Undrawn credit lines: €4.8 Bn  Inter

102. Slide 102: Average cost of debt decreased to 2.7%

     Unibail-Rodamco’s average cost of debt in H1-2014 decreased to 2.7% compared to 2.9% for 2013. This record low average cost of debt results from low coupon levels the Group achieved during the last 2 years on its fixed rate debt, the level of margins on existing borrowings, the Group’s hedging inst

103. Slide 103: Strong Rating and Financial Ratios

     STRONG RATING AND 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% 40% 3 40% 37% 2.5 2.0(3) 25% 2 20% 1 0 0%  “A” rating by S&P and Fitch (stable outlook) confirmed, one of the highest rated companies in the real estate industry 52

104. Slide 104: Financial ratios at healthy levels

     The financial ratios stand at healthy levels:  The Interest Coverage Ratio (ICR) improved and stands at 4.2x (vs 4.0x in 2013);  The Loan to Value (LTV) ratio increased and stands at 40% (vs 38% as at December 31, 2013). The increase in financial debt is due mainly to the payment of the dividend

105. Slide 105: Outlook

     OUTLOOK Forum des Halles, Paris 2014 HALF-YEAR RESULTS

106. Slide 106: Outlook: recurring EPS growth target of at least 5.5%

     OUTLOOK  Strong operating fundamentals  Contribution of the acquisition of a stake in CentrO  Successful deliveries of extensions and brownfield projects in 2013  Cost of debt secured at low level Group confirms recurring EPS growth target of at least 5.5% for 2014 54

107. Slide 107: Unibail-Rodamco

     unibail-rodamco

Unibail-Rodamco — H1 2014 Earnings Presentation on 6ix