Exceeding, Reshaping, Innovating 2014 FULL-YEAR RESULTS

Exceeding, Reshaping, Innovating 2014 FULL-YEAR RESULTS

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 (AFM). The value of your investment may fluctuate. Past performance is no guarantee for the future. The information in this presentation has been included in good faith but is for general informational purposes only. All reasonable care has been taken to ensure that the information contained herein is not untrue or misleading. It should not be relied on for any specific purpose and no representation or warranty is given as regards its accuracy or completeness. Certain of the statements contained in this release are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The outlook is based on the current property portfolio and disregards the potential effects of acquisitions and divestments, or significant changes in exchange and interest rates. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in Unibail-Rodamco's core markets, (ii) performance of financial markets, (iii) interest rate levels, (iv) currency exchange rates, (v) changes in laws and regulations, and (vi) changes in the policies of governments and/or regulatory authorities. Unibail-Rodamco assumes no obligation to update any forward-looking information contained in this document. Any opinions expressed in this presentation are subject to change without notice. The presentation should not be regarded by recipients as a substitute for the exercise of their own judgment. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this presentation and should understand that statements regarding future prospects may not be realised. Neither Unibail-Rodamco nor any affiliates nor their or their affiliates officers or employees shall be liable for any loss, damage or expense arising out of any access to or use of this presentation, including, without limitation, any loss of profit, indirect, incidental or consequential loss. No reproduction of any part of the presentation may be sold or distributed for commercial gain nor shall it be modified or incorporated in any other work, publication or site, whether in hard copy or electronic format.

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 Unprecedented conditions in the financial markets Refueling the largest European pipeline powers future growth Outlook & Distribution

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

2 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 1 st Green bond for a Real Estate company in EURO market 4 April 8, 2014 Launch of Unexpected Shopping advertising campaign 5 April 24, 2014 Unibail-Rodamco selected to develop and operate the mixed-use project NEO in Brussels 6 May 30, 2014 So Ouest Office fully let 7 June 17, 2014 1 st ORNANE with a 0% coupon for a Real Estate company in EURO market 8 July 7, 2014 Delivery of Majunga 9 July 25, 2014 Acquisition of partner s remaining interest in MFI

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 issuance of a 8-year 750 Mn bond 14 October 16, 2014 Announcement disposal of 6 French shopping centres to Wereldhave 15 November 9, 2014 Announcement disposal of Nicétoile to a JV Allianz / Hammerson 16 December 12, 2014 Agreement with the City of Hamburg to develop Überseequartier 17 December 17, 2014 Lease agreement with L Oréal SA for 80% of So Ouest Plaza

3 STRONG VALUES DRIVE OUTSTANDING PERFORMANCE Launching UR experience We work harder, We deliver faster Completed 2.4 Bn of disposals in one year We turn individual strengths into collective power Recurring EPS +6.8% We never compromise on ethics Among the world s most ethical companies (Ethisphere) We only play to win Selected by the City of Brussels for the NEO project We create unique opportunities Launch of the 1 st Green bond in the Real Estate sector We trust our people We empower them to dare Innovating with FRESH! concept

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

5 2014 FULL-YEAR RESULTS AND VALUATION in Mn FY-2014 FY-2013 % Growth % Like-for-like 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% Recurring EPS (2) 10.92 10.22 +6.8% Net Result (Group share) 1,670 1,291 +29.4% per share data ( ) Dec. 31, 2014 Dec. 31, 2013 Going Concern NAV (3) 166.30 159.60 4.2% EPRA NNNAV (4) 151.20 146.20 3.4% 10.92 EPS growing by +6.8% above full-year guidance for 2014 driven by: Strong like-for-like rental growth of shopping centres and offices CentrO acquisition in May 2014 Full-year impact of 2013 deliveries Decrease in the average cost of debt (5)

10 Recurring Earnings per Share (2) (recurring EPS) increased by +6.8% to 10.92 in 2014, up from 10.22 in 2013. Recurring net result of the Group increased by +8.3% from 2013 driven by: Strong like-for-like rental growth of shopping centres and offices; CentrO acquisition in May 2014; Full year impact of 2013 deliveries; A decreasing average cost of debt (5) to 2.6%. The Going Concern NAV (3) increased by 6.70 per share, up 4.2% reflecting: Positive value creation of + 23.98 per share; offset by The payment of a - 8.90 dividend per share in May 2014; and The negative mark-to-market of the debt and derivatives of - 8.38 per share. (1) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields) and currency exchange rate differences in the periods analysed (2) Average number of shares used for recurring EPS calculation: 97,824,119 for 2014; 96,468,709 for 2013 (3) The Going Concern NAV per share corresponds to the amount of equity needed to replicate the Group s portfolio with its current financial structure - on the basis of 100,177,029 fully diluted number of shares as at December 31, 2014 including outstanding ORAs and stock options in the money as at December 31, 2014 (vs 100,116,416 as at December 31, 2013) (4) The EPRA NNNAV (triple net asset value) per share corresponds to the Going Concern NAV per share less the estimated transfer taxes and capital gain taxes - on the basis of 100,177,029 fully diluted number of shares as at December 31, 2014 (vs 100,116,416 as at December 31, 2013) (5) Average cost of debt of 2.6% for FY-2014 vs 2.9% for FY-2013 Figures may not add up due to rounding

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

7 STRONG RENTAL INCOME GROWTH IN SHOPPING CENTRES... Net Rental Income in Mn FY-2014 FY-2013 % Growth % Like-for-like 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% Total 1,192 1,097 +8.7% +3.8% Like-for-like NRI up +3.8%

13 Total consolidated Net Rental Income (NRI) of the shopping centre portfolio amounted to 1,192.4 Mn in 2014, up 8.7% from 2013. The total net growth in NRI amounted to + 95.6 Mn compared to 2013 due to: + 51.8 Mn from changes in consolidation and acquisitions: In France, the joint venture with the Abu Dhabi Investment Authority (ADIA) in the Parly 2 shopping centre (Paris Region) was consolidated under the equity method in H1-2013 and has been fully consolidated since July 2013; In Germany, mfi has been fully consolidated since July 25, 2014 following the acquisition of an additional stake and the related change of control; Acquisition of additional units in the Villabé shopping centre in France. + 24.5 Mn from delivery of shopping centres, mainly in France with the Aéroville (Paris Region) opening and the Alma (Rennes) and Toison d Or (Dijon) extensions, which all opened in October 2013, and in the Czech Republic with the March 2013 opening of the extension of Centrum Černý Most (Prague) and smaller projects in France, Spain, Austria, Poland and The Netherlands. + 11.8 Mn due to assets in the pipeline, mainly in the Nordics with Täby Centrum (Stockholm), in France with Forum des Halles and Galerie Gaité (Paris) and in The Netherlands with Leidsenhage. - 21.4 Mn due to disposals of non-strategic assets: - 12.1 Mn in France, mainly due to the disposal of 11 shopping centres (2) in November and December 2014; - 7.2 Mn in The Netherlands further to the divestment of Vier Meren in January 2014 and of several other assets; - 2.1 Mn in Spain due to the disposals of Albacenter (Albacete) and Habaneras (Alicante). - 2.7 Mn from other minor effects, including negative currency translation effect with SEK. The like-for-like NRI growth amounted to + 31.6 Mn, up +3.8%, 300 bps above indexation which in 2014 was +0.8% compared to +2.1% in 2013. (1) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields) and currency exchange rate differences in the periods analysed (2) Not including Cité Europe which was consolidated only under the equity method Figures may not add up due to rounding

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

15 The like-for-like NRI (1) increased by + 31.6 Mn, up +3.8% from 2013, 300 bps above indexation driven by the +4.2% growth in the Group s large shopping centres (2). The 3.8% like-for-like NRI growth reflects the impact of: Low indexation of +0.8% (vs 2.1% for 2013); Lower other income of 1.1% (vs 1.2% for 2013); and The performance of smaller malls. The year-on-year like-for-like NRI performance of the large malls in most regions was strong, up by +4.7% in France and +5.2% in Spain (3). (1) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields) and currency exchange rate differences in the periods analysed (2) Standing shopping centres with more than 6 million visits per annum (3) In assets above 6 Mn visits per annum located in Spain s three largest cities: Madrid, Barcelona and Valencia

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

Leasing activity was strong in 2014 with 1,458 (1) leases signed with a Minimum Guaranteed Rent uplift (2) of +19.6% on renewals and re-lettings. The Group s rotation rate (3) was 12.5% in 2014, well above its objective to rotate at least 10% of its tenants each year and was driven primarily by tenant rotation in its large malls. (1) Deals signed on standing assets (2) Minimum Guaranteed Rent uplift: difference between new and old rents. Indicator calculated on renewals and relettings (3) Rotation rate = (number of relettings + number of assignments + number of renewals with new concepts) / number of stores (4) In terms of number of deals signed on standing assets since 2010 17

10 TENANT SALES CONTINUE TO OUTPERFORM AGAIN 117 112 Tenant sales (1) growth in Unibail-Rodamco s shopping centres vs national indices (2) since 2006 (rebased to 100) +2.4% year-to-date to Nov. 2014 (1) 107 102 97 +0.5% year-to-date to Nov. 2014 (2) 92 2006 2007 2008 2009 2010 2011 2012 2013 2014 Tenant s sales growth in Unibail-Rodamco s shopping centres (base 100) (1) National indices (base 100) (2) Average outperformance of sales over national sales indices since 2007 is +188 bps

Through November 2014, tenant sales in the Group s shopping centres grew by +2.4% outperforming the national sales index (2) by +190 bps. The average outperformance of national sales index since 2007 is +188 bps. Through December 2014, tenant sales in the Group s shopping centres and footfall grew respectively by +2.7% (1) and +1.5%. FRANCE +2.4% vs +0.5% NSI (2) AUSTRIA (3) +0.9% vs +0.6% NSI (2) SPAIN (4) +4.6% vs +0.7% NSI (2) NORDICS -0.5% vs +1.4% NSI (2) CENTRAL EUROPE +4.0% vs -1.5% NSI (2) (1) Tenant sales performance in Unibail-Rodamco s shopping centres (data not available for the Netherlands) on portfolio of shopping centres in operation including extensions of existing assets and excluding deliveries of new brownfield projects, acquisition of new assets and assets under heavy refurbishment. Tenants sales including Apple store sales estimated on the basis of available public information of Apple Inc. (2013 10-K published October 30, 2013, pages 27 and 32; 2014 10- K published October 27, 2014, pages 27 and 32). Primark sales not available. National Sales Index (2) (NSI): Based on latest national indices available (year-on-year evolution) as at November 2014: France: Institut Français du Libre Service; Spain: Instituto Nacional de Estadistica; Central Europe: Česky statisticky urad (Czech Republic), Polska Rada Centrow Handlowych (Poland, as at October 2014); Austria: Eurostat (Austria and Slovakia); Nordic: HUI Research (Sweden), Denmark s Statistik (Denmark), Eurostat (Finland) (3) Excluding Slovakia, due to on-going refurbishment works in Aupark (4) Assets above 6 Mn visits per annum located in Spain s largest cities: Madrid, Barcelona and Valencia. Assets include La Maquinista, La Vaguada, Bonaire, Parquesur, Gloriès and Splau 19

11 OFFICES: EXCEPTIONAL 2014 LEASING ACTIVITY Net Rental Income in Mn FY-2014 FY-2013 % Growth % Like-for-like growth (1) France 148 134 +10.8% +5.2% Other 24 26-7.0% -2.9% Total 172 160 +8.0% +4.2% 49% let 80% prelet Nouvel Air - 12,000 m² let Majunga 30,077 m² let to AXA IM So Ouest Plaza 28,768 m² prelet to L Oréal SA CNIT - 9,500 m² let

Like-for-like NRI increased by + 6.3 Mn, a +4.2% increase, mainly due to a strong operating performance of the French offices, including relettings in Issy Guynemer/Nouvel Air and 70-80 Wilson (Paris Region). 48,537 m² were leased in standing assets, including 34,372 m² in France. A new lease was signed on Issy Guynemer/Nouvel Air (Paris Region) with Aldebaran Robotics for 12,009 m² and renewals and relettings were signed on Le Sextant in Paris and CNIT and Village 5 in La Défense. So Ouest tower is now 100% let, following the leasing of the last 2 floors to PRA International (a medical research institute) for a 7-year firm lease duration. Significant leases were signed on newly delivered assets in France. 30,077 m² were leased to Axa Investment Managers in Tour Majunga (La Défense). In addition, 28,768 m² were leased to L Oréal in So Ouest Plaza in Levallois (Paris Region), due to be delivered in H1-2015. (1) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields) and currency exchange rate differences in the periods analysed 21

12 DEVELOPING THE RIGHT PRODUCT AT THE RIGHT TIME ENSURES SUCCESS Immediate supply in the Paris Region (1) Total take-up Unibail-Rodamco France 2 1,8 1,6 1,4 1,2 1 0,8 3.5 26.9% 3.6 24.7% 3.7 23.3% 3.7 4.0 4.0 19.3% 18.2% 17.5% 4,10 3,90 3,70 3,50 3,30 3,10 31,375 m 2 +155% 80,123 m 2 +16% 93,217 m 2 0,6 2,90 0,4 2,70 0,2 2009 2010 2011 2012 2013 2014 2,50 2012 2013 2014 Immediate supply (in Mn) o/w New/refurbished buildings Second year of outperformance (take-up in Paris Region -25% in 2013, +13% in 2014 (1) ) Illustrates the rationale of the Group s offices strategy

With 4 million m² of vacant office space at the end of 2014, representing a vacancy rate of 7.2% (2), vacancy in the Paris Region market is at an all-time high, despite the good level of pre-letting recorded in 2013 and 2014 and the lowest annual level of project development since 2008. More than 82% (1) of this supply is composed of second-hand office buildings of medium quality with no environmental certifications and generally not considered appealing to tenants. (1) Source: BNP Paribas Real Estate - Le marché des bureaux 2014, December 2014 (2) Source: CBRE, December 2014 23

13 CONVENTION & EXHIBITION ON TRACK in Mn FY-2014 FY-2013 % Growth % Growth 2014/2013 FY-2012 2014/2012 Venues and Hotels Net Rental Income 100 96 +4.9% 100 +0.2% On site property services + share of the profit of associates 50 40 +25.9% 47 +6.7% Venues recurring Net Operating Income 150 135 +11.1% 147 +2.3% Depreciation -11-13 n.m. -13 n.m. Comexposium contribution 14 10 +46.4% 20-27.5% Recurring result of the division 154 133 +16.3% 154 +0.0% Stable performance despite challenging environment

25 Despite the global economic crisis, 24 new exhibitions were launched in 2014 in Viparis venues and new concepts are still being developed: following the success of the Tutankhamun show in 2012 and of the Titanic exhibition in 2013, two new exhibitions were held at Porte de Versailles in 2014: From the era of dinosaur to the era of ice and Videogame story. 2014 was characterized by the following shows: Annual shows: The International Agriculture show ( SIA ), attracting 703,400 visits (compared to 693,800 in 2013), one of the best editions of the past ten years; The 2014 edition of the Foire de Paris confirmed its leading position and its commercial attractiveness with 575,000 visitors from 50 different countries and 3,500 exhibitors and brands. Biennial shows: The Motor show was very successful with more than 1.2 million visits; SIAL, the world s largest food innovation marketplace, celebrated its 50 th anniversary with more than 150,000 visits; Eurosatory, the Land and Air-land Defense and Security Exhibition attracted 55,770 visitors and 1,504 exhibitors from 58 different countries. The show is the international leader in this sector and is the major event for new products and innovations. Congress activity picked up in 2014 compared to 2013. In addition to other recurring national and international congresses, the Palais des Congrès de Paris hosted 14,220 delegates during the EULAR (European League Against Rheumatism) congress (the previous edition of this congress in Paris was in 2008). In total, 810 events were held in Viparis venues, of which 277 shows, 123 congresses and 410 corporate events.

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

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

Following the completion of the sale of Nicétoile in January 2015, the Group, in less than one year, has exceeded its objective to dispose of between 1.5 and 2.0 Bn of retail assets over a five-year period. (1) Net disposal price, including Nicétoile under sale agreement as at December 31, 2014 (2) Gross market value of the retail portfolio as at December 31, 2009, 2013 and 2014. Based on scope of consolidation including transfer taxes and transaction costs. Including market values of Unibail-Rodamco s equity consolidated investments (3) In terms of gross market value as at December 31, 2009, 2013 and 2014 (4) Large shopping centres: assets above 6 Mn visits per annum 28

16 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 322 Mn 61,700 m² 5.1% 10.0 Mn 13.7% 2013 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 portfolio quality upgrade

Starting in 2009, Unibail-Rodamco has worked on reshaping its portfolio to focus on large shopping centres, located in the wealthy and densely populated catchment areas of major European cities, which receive at least 6 million visits per year and which offer visitors a unique experience thanks to an unparalleled brand offer, a critical mass of international premium retailers, a high quality design, unique and premium services as well as innovative marketing. The execution of this strategy has led to the creation of a pan-european super prime and homogenous portfolio. (1) Gross market value, footfall and gross lettable area as at December 31, 2009, 2013 and 2014, respectively, and including assets consolidated under equity method at 100% share (2) Annualised contracted rent (including latest indexation) net of expenses, divided by the value of the portfolio net of estimated transfer taxes and transaction costs. Shopping centres under development or held by companies consolidated under equity method are not included in the calculation (3) Occupancy Cost Ratio = (rental charges + service charges including marketing costs for tenants) / (tenants sales); VAT included and for all the occupiers of the shopping centre. As tenant turnover is not known for all tenants for The Netherlands, no reliable OCR can be calculated for this country 30

17 RETAILERS FOCUS ON LARGEST AND MOST DYNAMIC CITIES IN EUROPE The Group is present in Major cities continue to demonstrate impressive resilience to cyclical and structural change... London #1 Amsterdam Brussels #9 #14 Paris #14 Hamburg #10 Düsseldorf #7 Berlin Warsaw #12 12 OF TOP 15 EUROPEAN CITIES (1) International retailers continue to selectively expand accross Europe; as a general rule, in the last two years, for every two stores opened, one store has closed down... #2 Munich #6 Milan #3 #11 Prague #13 Vienna 70% OF PORTFOLIO IN TOP 15 CITIES (1)(2) JLL (1) Rome 65% #8 Barcelona #4 Madrid #5 OF RETAIL PIPELINE IN TOP 15 CITIES (1)

(1) Source: JLL, Destination Europe 2015, Novembre 2014 (JLL Cross Border Retailer Attractivness Index 2015 excluding Russia, Ukraine and Turkey). Brussels and Hamburg pursuant to development projects to be delivered by 2021 (2) In terms of gross market value as at December 31, 2014 32

18 BEST SHOPPING CENTRE PORTFOLIO IN FRANCE 25 SHOPPING CENTRES O/W Rennes-Alma Extension 2013 Les 4 Temps So Ouest 2012 Parly 2 Refurbishment 2011 Aéroville 2013 Euralille Refurbishment 2015 Villeneuve 2 Rosny 2 PORTFOLIO 13 Bn 11 >10 MN VISITS Toison d Or Extension 2013 PIPELINE 2.4 Bn (1) Iconic Assets Les 4 Temps Forum des Halles La Part-Dieu Parly 2 Carré Sénart... Forum des Halles Refurbishment 2015 Carré Sénart Extension 2018 La Part-Dieu Confluence 2012 Polygone Riviera 2015 85% IN PARIS AND LYON (2) 7 OF THE TOP 10 FRENCH SHOPPING CENTRES (3) Not all assets displayed on the map Val Tolosa 2017 Concentrated portfolio of prime quality large malls in France

(1) Including NEO project. Pipeline Retail France excluding Neo project amounts to 1.9 Bn (2) In terms of gross market value as at December 31, 2014 (3) Source: Sites Commerciaux, June 2014 34

GROWING QUICKLY IN GERMANY... H1-2015 Opening of Minto September 2014 Opening of Palais Vest September 2012 Delivery of Höfe am Brühl May 2014 Acquisition of stake in CentrO H2-2015 August 2012 Acquisition of stake in mfi AG and Ruhr Park February 2013 Delivery of Pasing 2 July 2014 Acquisition of partner s share in mfi AG December 2014 Announcement of Überseequartier, Hamburg Opening of Ruhr Park redevelopment 19

36 In 2012, the Group made its first meaningful investment in Germany by acquiring a stake in mfi and Ruhr Park (Bochum) through companies jointly owned with PWREF. In addition, in 2014 the Group acquired from Stadium Group, the original developer of CentrO, its stake in this asset. Unibail-Rodamco thus entered into a partnership with Canada Pension Plan and Investment Board (CPPIB). In July 2014, PWREF exercised its put on the Group for its remaining stake in mfi. To date, the Group s total investment in Germany represents 2,476 Mn (in GMV-group share). In December 2014, Unibail-Rodamco signed an agreement with the City of Hamburg for the urban planning and acquisition of land in Überseequartier. The development project is located approximately one km south of the city centre of Hamburg, in the heart of the HafenCity area, Europe s biggest inner city development project (157 ha). The project will include retail, restaurants, a multi-screen cinema, a cruise terminal, offices, housing and a hotel, covering a total of 184,000 m² of which 50% will be dedicated to leisure and retail. The project will represent a total investment of 860 Mn.

20 BUILDING AN OUTSTANDING FOOTPRINT 8 SHOPPING CENTRES (1) ALL >6 MN VISITS Palais Vest Ruhr Park Osnabrück 2018 Überseequartier >2019 Hamburg Berlin Gropius Passagen 18 SHOPPING CENTRES MANAGED FOR THIRD PARTIES PORTFOLIO (2) 4.3 Bn vs 1.8 Bn in 2012 (3) PIPELINE (2) 1.3 Bn vs 0.6 Bn in 2012 (3) CentrO Minto 2015 Dusseldorf Köln Paunsdorf Center Höfe Am Brühl Gera Arcaden GLA 748k m² GLA 743k m² vs 462k m² in June 2012 (3) Munich Pasing Arcaden The Group now manages 1.5 Mn m² GLA (1) in Germany

38 The Group now owns (or partially owns) and operate a German portfolio totalling 4.3 Bn GMV (2). Following the acquisition of the full control of mfi in July 2014, mfi s development projects are now included in the pipeline for a total investment cost of 326 Mn (included previously in the development projects consolidated under equity method). These projects include: Minto, a 41,931 m² shopping centre in Mönchengladbach, for a total investment cost of 206 Mn; Oskar, a 24,426 m² shopping centre in Osnabrück, for a total investment cost of 120 Mn. (1) Excluding Ring-Center, not managed (2) Gross market value and assets at costs at 100% share (3) As at June 12, 2012, announcement of the acquisition of shares in mfi AG and Ruhr Park

21 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)

40 Under IFRS, the performance of the Group s German portfolio is reported partly in the consolidated net rental income line and partly in the line Contribution of affiliates. To provide a better understanding of the operational performance of the Group s German assets in 2014, the following paragraph describes on a pro-forma and 100% basis, a number of key performance indicators (1) : NRI amounted to 140.5 Mn in 2014, an increase of + 55.1 Mn compared to 2013, mainly explained by the acquisition of CentrO in May 2014 and the opening of Palais Vest in September 2014. On a like-for-like basis, NRI grew by 8.9%; 209 leases were signed in 2014 on standing assets (compared to 94 in 2013), with an average MGR uplift of +14.9%, and 128 leases were signed on pipeline assets; Vacancy rate as at December 2014 stood at 3.3% (compared to 6.7% as at December 2013), including 0.2% of strategic vacancy; OCR for tenants in 2014 was 16.5%, stable compared to 2013. (1) These operating data are for 100% of the assets for the full years 2013 and 2014 except for CentrO which data have been included prorata temporis and therefore cannot be reconciled with the Group s financial statements and key performance indicators. Includes Office assets, representing 1.7% of total GMV-group share. Excludes mfi fee business and Ring-Center

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

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

With a strong focus on differentiating and exclusive retail concepts, generating traffic and customer preference, 182 leases were signed with international premium retailers in 2014 compared to 165 in 2013 (+10%). Unibail-Rodamco s teams negotiated many aspirational brands and achieved a number of outstanding firsts, including the openings of the first Tesla and Abercrombie & Fitch stores in shopping centres in Continental Europe respectively in Täby Centrum (Stockholm) and CentrO (Oberhausen). (1) In terms of number of signings including lease signed in CentrO (2) 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 43

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

Many differentiating brands chose Unibail-Rodamco malls to enter new European markets such as: the 1 st Rituals in France in the Forum des Halles (Paris), the 1 st Disney store in Sweden in Mall of Scandinavia (Stockholm) and the 1 st Kusmi Tea in Sweden in Täby Centrum (Stockholm). The Group s outstanding portfolio also enabled international premium retailers to develop their first store in a shopping centre in a number of countries such as: Starbucks in Sweden in Täby Centrum (Stockholm), Le Pain Quotidien stores in France in Forum des Halles (Paris) and Polygone Riviera (Cagnes-sur-Mer), COS and & Other Stories in France in Polygone Riviera (Cagnes-sur-Mer). In addition, the Group accelerated the expansion of differentiating retailers such as: Nespresso in Poland, the Czech Republic and Austria with 4 new stores, Costa Coffee in France and Poland with 5 new stores, Forever 21 in France and Germany with 6 new stores, JD Sports in Germany with 8 new stores, and Kiko in France, Germany, The Netherlands and Poland with 12 new stores. Lastly, the major developments Mall of Scandinavia (Stockholm) and Polygone Riviera (Cagnes-sur-Mer) scheduled to be delivered in 2015 attracted many exclusive new tenants, including: River Island, Victoria s Secret, Vapiano, O Learys, the IC Group brands including Peak Performance, Tiger of Sweden and Saint Tropez, and the Inditex brands including Zara, Massimo Dutti, Pull&Bear and Zara Home in the Mall of Scandinavia (Stockholm) and Polygone Riviera attracted Forever 21, H&M, Superdry, Mauboussin and Zadig & Voltaire. (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 45

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

On top of bringing differentiation and driving traffic in the Group s malls, International Premium Retailers (1) also strengthen the retailers appeal for these assets, increasing the waiting lists to enter them. (1) Retailer that has strong and international brand recognition, with a differentiating store design and product approach, which the Group believes will increase the appeal of the shopping centres 47

26 SUCCESSFUL EXECUTION OF THE LEASING STRATEGY Growth in number of deals 2014 vs 2013 (1) Renewals +68% Parly 2, Paris Region 4 Iconic assets La Maquinista, Barcelona Proactive leasing strategy leads to accelerated refreshing of the customer experience New concepts at renewal +57% Relettings +33% Shopping City Süd, Vienna Arkadia, Warsaw Rotation rate: 22% MGR uplift: 42%

Group s operations and leasing teams are taking advantage of the strong appetite from the retailers to accelerate the refreshing of the customer experience. (1) Blended indicators for the considered panel of 4 assets: La Maquinista (Madrid), Shopping City Süd (Vienna), Parly 2 (Paris Region), Arkadia (Warsaw) 49

27 - UPGRADING THE CUSTOMER EXPERIENCE assets certified New quality services introduced Developing a new concept: focus on the individual - point referential externally audited Rest area adjacent to the toilets Car and bicycle pump facilities - point referential externally audited Introducing 4-Star label: setting ambitious targets for welcome quality service Smart parking system Virtual shopping centre visit assets certified Raising the bar to exceed customers expectations

Introduced in 2012, the Group s quality label has been awarded to 19 shopping centres. In 2014, The CNIT (Paris Region), Pasing Arcaden (Munich), Fisketorvet (Copenhagen) and Täby Centrum (Stockholm) were added to the list, following a comprehensive quality audit performed by SGS. Pasing Arcaden and Fisketorvet are the first shopping centres in Germany and Denmark to be granted the demanding label. These 19 shopping centres will continue to undergo annual audits to ensure they continue to meet the Group s demanding quality standards. 51

28 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 - warm white High quality lighting concept Alma, Rennes

RETAIL IS DETAIL! Improvement of Rest Area FUNCTIONALITY CONNECTED BENCHES DURABILITY INNOVATION FREE WIFI ELECTRICAL SOCKETS ADAPTABLE ELECTRICAL OUTLET MODULARITY COMFORT & CONVIVIALITY Custom-designed furniture to match the needs of our customers

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

UR-Lab and the Group Concept Studio teams are constantly working on the design guidelines to deliver more and more qualitative toilets, rest areas, furniture and services. 55

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

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 vision, with respect to the individuality and positioning of each of the malls involved, and showcases the variety of the retail mix and the unique experiences offered to customers: fashion, beauty, restaurants, culture, leisure and events. 57

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

(1) TNS SOFRES methodology 59

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

61 The Group expanded its drive to connect more closely with its shopping centres visitors. Year-on-year: iphone and Android app downloads increased by +42% (to 3.4 Mn); Website visits and mobile site visits grew by 18% (to 46.8 Mn); The number of Facebook fans grew by 30% (to 5.6 Mn); The number of loyalty card holders increased by +33% (to 1.6 Mn). In addition, the Group signed a short-term partnership agreement with Niantic Labs, a division of Google. This initiative enabled Ingress gamers (Google s near-real time augmented reality game) to expand their playground to shopping centres for the first time in Continental Europe. More than 176,000 Games Actions were registered while the initiative was active. (1) Cumulative numbers as at December 2014 and December 2013 respectively. Year-on-year evolution (2) Number of website and mobile site visits in 2014 and 2013 respectively

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

The new iphone application Meet Me will be launched by the Group in Spring 2015 in Les 4 Temps. 63

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

This UR Lab innovation is inspired by the best downtown markets and aims to create an exceptional food hall for the most demanding gourmets offering a high quality, diversified and regularly renewed food offer. El Mercat de Glòries in Glòries (Barcelona), opened its door in September 2014 on more than 3,200 m², and offers innovative restaurant concepts, fresh food markets, tasting and fantastic food displays combined with professional craftsmanship. The ambience is further strengthened through La Cuina ( The Kitchen ), a dedicated area for food related events, hosting more than 90 events since its inception. 48,000 weekly visitors on average enjoy El Mercat de Glòries since its opening. 65

35 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 Concept: creating a personalized pop-up store MEERO Concept: social network of photographers

67 In June 2014, the Group launched Pitch and Deal a new event dedicated to young companies willing to showcase their product, their service, idea or concept. After meeting with 100 start-ups, 14 were selected to develop their concept in Unibail-Rodamco ecosystem. Among them: Retail box: enable retailers to open rapidly pop-up stores in shopping centres and personalize their concept; Meero: social network of photographers dedicated to Real Estate offering a high standard of service for an attractive price.

36 SUSTAINABILITY LEADERSHIP Standing Assets: BREEAM In-Use Breakdown of BREEAM In-Use by rating (1) Outstanding 35% Very Good 27% 1 st Outstanding Poland 1 st Outstanding Spain 1 st Outstanding Czech Rep Best score across Unibail-Rodamco 1 st Excellent Slovakia 1 st Excellent Sweden 68% of the Portfolio rated (1) Projects: BREEAM (Design stage) Excellent 38% 1 st Excellent in the Nordics 73% Excellent 25 additional shopping centres certified o/w 18 Outstanding in 2014 vs 15 shopping centres in 2013 o/w 6 Outstanding Post-disposals: 40 shopping centres BREEAM In-Use certified o/w 14 Outstanding

In 2014, the Group accelerated the progress towards environmental certifications for its entire portfolio and development projects. For its development projects, the Group obtained five additional environmental certifications under the BREEAM scheme (2 extensions and 1 new shopping centre development; 2 office building restructurings), including the first Excellent score obtained in Sweden for a brownfield development, Mall of Scandinavia (Stockholm), and an Excellent score for the newly restructured and extended office building, 2-8 Ancelle in Neuilly (Paris Region). Continuing its certification policy for the standing asset portfolio, 25 additional shopping centres obtained a BREEAM In-Use certificate in 2014, 18 of them Outstanding for their Management part. With 40 shopping centres certified as at December 31, 2014, 68% (1) of the Group s standing shopping centre portfolio is now BREEAM In-Use certified corresponding to over 1.97 million m² of consolidated GLA. 73% of certifications obtained reached an Excellent or Outstanding level, which is the highest certification profile for a portfolio in the retail real estate market. In addition, four additional Office buildings were BREEAM-In-Use certified in 2014, all of which with an Excellent score for the Management part. With best scores in the industry obtained in five of the countries where it operates, Unibail-Rodamco demonstrated the superior environmental performance of the Group s assets and of its property management policy, despite the diversity of its portfolio in terms of size, age and location. (1) In terms of gross market value, as at December 31, 2014 69

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

In November, Viparis, after an 18-months process, was the first events business ever to obtain ISO 20121 certification for all of its 10 venues and operations. ISO 20121 is the new international standard for sustainable events certification aiming to implement a robust Sustainability Management System. 71

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

39 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 NIY 5.0% TAC (1) 348 Mn NIY 5.8% Returns drive decisions, not just footfall

74 During 2014, the Group disposed 1.8 Bn total net disposal proceeds of retail assets which mainly includes: Six French shopping centres sold to Carmila in November; Six French shopping centres sold to Wereldhave in December; The shopping centre Vier Meren in The Netherlands; And two non-core shopping centres in Spain. Following the completion of the sale of Nicétoile in January 2015, the Group, in less than one year, has exceeded its objective to dispose of between 1.5 and 2.0 Bn of retail assets over a five-year period. (1) TAC: Total Acquisition Cost at 100% of the assets involved (2) Nicétoile closed on January 15, 2015 - under sale agreement as at December 31, 2014 (3) Includes the disposals of several assets in France, in Spain and in the Netherlands

40 GENERATES SUPERIOR RETURNS Asset Net proceeds (1) Premium over last ( 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 assets allows focus on core assets More disposals likely this year

76 Retail: During 2014, the Group disposed of the shopping centre Vier Meren in The Netherlands and disposed of 2 non-core assets in Spain. In France, six shopping centres were sold to Carmila in November and six shopping centres were sold to Wereldhave in December; The total net disposal proceeds of these transactions amounted to 1.8 Bn, reflecting a premium of +5.5% over the last unaffected appraisal value; Following the completion of the sale of Nicétoile in January 2015, the Group, in less than one year, has exceeded its objective to dispose of between 1.5 and 2.0 Bn of retail assets over a five-year period; The Group expects to dispose of further assets during the year and will continue its disciplined approach to acquisitions. Offices: The Group divested 34-36 Louvre (Paris) and eight assets in The Netherlands for a total net disposal price of 142.7 Mn, reflecting a premium of +13.1% over the last unaffected appraisal value. In May 2014, the Group also sold its 7.25% stake in SFL for a total amount of 136.9 Mn, representing an +8.3% premium to the share price at the time of the transaction; The Group expects to dispose between 1.5 Bn and 2.0 Bn worth of office assets by December 2018. (1) Net disposal proceeds to Unibail-Rodamco: excluding transfer taxes and transaction costs based on implied asset values in case of disposal through share deals (2) Last externally appraised value before price agreement (3) Net initial yield including rental guarantees amounts to 5.5% (4) Includes the sale of the stake in SFL, for 137 Mn (5) Includes estimated disposal proceeds for Arkady Pankrac

41 AS DO TARGETED ACQUISITIONS IN 2014 Acquisitions Total Acquisition Cost (1) (in Mn) Shopping centres 177 Bolt-on acquisitions of plots and small units to strengthen standing assets Offices 3 mfi 317 Put exercised by partner Total 497 Partnerships Net investment (in Mn) CentrO (2) 471 Total 471 Long-term value creation in partnerships Capitalising on Unibail-Rodamco s core competencies Opportunistic acquisitions strengthen the portfolio

78 On February 13, 2014, Unibail-Rodamco announced that it had signed an agreement to acquire from Stadium Group, the original developer of CentrO, its stake in the asset. Unibail-Rodamco thus entered into a partnership agreement with Canada Pension Plan Investment Board (CPPIB). In consideration for the acquisition of the stake in CentrO, Unibail-Rodamco will pay the vendor up to 535 Mn, of which 471 Mn was paid at closing on May 14, 2014. The transaction represented a net initial yield of 4.4% and an average price of 7,800/m². The acquisition of CentrO represented a unique opportunity for Unibail-Rodamco to strengthen its presence in Germany and further accelerate the Group s expansion in the country, following the 2012 acquisitions of stakes in mfi and Ruhr Park, one of Germany s largest malls. On July 25, 2014, Unibail-Rodamco increased its stake in mfi AG (Germany) to 91.15%, following the exercise of the put by PWREF for a total amount of 317 Mn. In total, the Group paid 858 Mn primarily for the transactions described above, as well as the last installment to PWREF owed on the initial acquisition of a stake in mfi in 2012. In addition, Unibail-Rodamco invested in new acquisitions amounting to 177 Mn: In The Netherlands, a number of retail units and other minor assets were acquired during 2014, mainly in Leidsenhage (Leidschendam-Voorburg), for a total acquisition cost of 91 Mn; In France, additional plots were acquired in Forum des Halles (Paris), Ulis 2 and Vélizy 2 (Paris Region) and additional land was acquired for Polygone Riviera (Cagnes-sur-Mer). Land was acquired for the Val Tolosa project (Toulouse Region). These acquisitions represent a total amount of 71 Mn; In Spain, additional plots were acquired in Parquesur (Madrid), Los Arcos (Sevilla) and La Vaguada, for 15 Mn. (1) Including transfer taxes and transaction costs (2) Unibail-Rodamco will pay the vendor up to 535 Mn, of which 471 Mn was paid at closing on May 14, 2014

42 54 LARGE MALLS IN EUROPE Vélizy 2 15 Mn Carré Sénart 15 Mn Rosny 2 14 Mn Alma 7 Mn Le Forum des Halles 37 Mn Carrousel du Louvre 14 Mn So Ouest 8 Mn Les 4 Temps 46 Mn Parly 2 12 Mn Aéroville 7 Mn Villeneuve 2 11 Mn Euralille 13 Mn Rennes Barcelona Stadshart Amstelveen 10 Mn Citymall Almere 10 Mn Amsterdam Paris Lille Dijon Lyon Oberhausen Bochum Fisketorvet 8 Mn Copenhagen Munich Leipzig Täby Centrum 13 Mn Stockholm Berlin Prague Vienna Solna Centrum 7 Mn Jumbo 10 Mn Helsinki Warsaw Bratislava CentrO >15 Mn Ruhr-Park 12 Mn Gropius Passagen 12 Mn Paunsdorf Center 8 Mn Centrum Cerny Most 10 Mn Aupark 10 Mn Arkadia 20 Mn Złote Tarasy 19 Mn Wilenska 16 Mn Galeria Mokotow 13 Mn Centrum Chodov 13 Mn La Vaguada 22 Mn Parquesur 20 Mn Madrid Bonaire 10 Mn Valencia La Maquinista 16 Mn Splau 13 Mn Glòries 12 Mn Confluence 8 Mn La Part-Dieu 33 Mn Toison d Or 8 Mn Pasing Arcaden 12 Mn Donau Zentrum 18 Mn Shopping City Süd 25 Mn

As at December 31, 2014, the Group owned 90 retail assets, of which 73 shopping centres. 54 of these host 6 million or more visits per annum and now represent 95% of the Group s retail portfolio (1) in Gross Market Value. (1) On standing assets, including assets consolidated under the equity method

43 VALUATION La Maquinista, Barcelona 2014 FULL-YEAR RESULTS

NAV VALUE CREATION: 23.98 PER SHARE * EPRA Going Concern Net Asset Value (1) (in per share) 166.30 + 10.92 Recurring EPS 159.60 ( 8.90) ( 8.38) + 23.98 + 4.45 Non like-for-like revaluation and intangible assets (2) 142.32 + 11.87 Asset revaluation + 1.38 Rental effect (3) + 6.04 Yield effect (3) Other (4) + 1.19 December 2013 2014 Distribution Mark-to-market of debt and financial instruments December 2013 Proforma December 2014 Gross Market Value (5) of the portfolio: 34.6 Bn on December 31, 2014 (vs 32.1 Bn on December 31, 2013) EPRA NNNAV (6) stands at 151.20 vs 146.20 in December 2013 *Excluding mark-to-market of debt and financial instruments 44

83 Unibail-Rodamco s EPRA triple Net Asset Value (NNNAV) amounted to 151.20 per share as at December 31, 2014, an increase of 3.4% or + 5.00 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 166.30 per share as at December 31, 2014, up by +4.2%, or + 6.70, compared to 159.60 as at December 31, 2013. This decrease is the result of: The value creation of 23.98 per share representing the sum of: (a) The 2014 Recurring Earnings Per Share of 10.92; (b) The revaluation of property and intangible assets and capital gain on disposals of 11.87 per share; (c) The capital gains on disposals of + 0.6 per share; (d) The dilutive effect of the stock-options granted in 2014 of - 0.17 per share; (e) The change of transfer taxes and deferred tax adjustments of 1.40 per share; (f) Other items for - 0.64 per share. Minus the payment of - 8.90 per share in May of 2014; Minus the negative impact of the mark-to-market of debt and financial instruments of - 8.38 per share. (1) The Going Concern NAV per share corresponds to the amount of equity needed to replicate the Group s portfolio with its current financial structure - on the basis of 100,177,029 fully diluted number of shares as at December 31, 2014 including outstanding ORAs and stock options in the money as at December 31, 2014 (vs 100,116,416 as at December 31, 2013) (2) Including revaluation of non like-for-like standing assets valued at fair value (assets delivered or acquired in 2014 and assets undergoing extension/renovation), investment properties under construction valued at fair value, intangible assets and of shares in assets consolidated under equity method (3) Yield and rental effects calculated on the like-for-like portfolio revaluation (4) Other notably includes variation in transfer taxes and deferred taxes adjustments and variation in number of shares (5) Based on scope of consolidation including transfer taxes and transaction costs. Includes market values of Unibail-Rodamco s equity consolidated investments (including mainly Comexposium, Paunsdorf Center, Gropius Passagen, Ruhr-Park, Ring-Center and CentrO in Germany, the Zlote Tarasy complex in Poland, Arkady Pankrac in Czech Republic and part of Rosny 2) (6) The EPRA NNNAV (triple net asset value) per share corresponds to the Going Concern NAV per share less the estimated transfer taxes and capital gain taxes - on the basis of 100,177,029 fully diluted number of shares as at December 31, 2014 (vs 100,116,416 as at December 31, 2013) Figures may not add up due to rounding

45 NAV EVOLUTION IN EUROS PER SHARE VALUE CREATION Revaluation of assets and other (1) Recurring results +21.92 +23.98 +15.95 12.32 13.06 5.72 9.60 10.22 10.92-2012 2013 2014 DISTRIBUTION Dividend payment -8.00-8.40-8.90 - EXTERNAL FACTORS Mark-to-market of the debt and financial instruments -5.92 0.95-8.38 EPRA Going Concern NAV evolution +8.00 +8.50 +6.70

85 While the Group is showing good fundamentals and increasing distribution, the significant value creation in 2014 is offset by the mark to market of the debt and financial instruments. Recurring Earnings per Share (2) (recurring EPS) increased by +6.8% to 10.92 in 2014, up from 10.22 in 2013. Recurring net result of the Group increased by +8.3% from 2013 driven by: Strong like-for-like rental growth of offices and shopping centres; CentrO acquisition in May 2014; Full year impact of the 2013 deliveries; A decreasing average cost of debt (3) to 2.6%. The Going Concern NAV (4) increased by 6.70 per share, up 4.2% reflecting: Positive value creation of + 23.98 per share; offset by The payment of a - 8.90 dividend per share in May 2014; and The negative mark-to-market of the debt and derivatives of - 8.38 per share. (1) Other notably includes variation in transfer taxes and deferred taxes adjustments and variation in number of shares (2) Average number of shares used for recurring EPS calculation: 97,824,119 for 2014; 96,468,709 for 2013 number of shares as at December 31, 2014 (vs 100,116,416 as at December 31, 2013) (3) Average cost of debt of 2.6% for FY-2014 vs 2.9% for FY-2013 (4) The Going Concern NAV per share corresponds to the amount of equity needed to replicate the Group s portfolio with its current financial structure - on the basis of 100,177,029 fully diluted number of shares as at December 31, 2014 including outstanding ORAs and stock options in the money as at December 31, 2014 (vs 100,116,416 as at December 31, 2013) Figures may not add up due to rounding

46 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% +1.3% 2012 2013 2014-3.3% -6.4% 2012 2013 2014 Group portfolio + 1,160 Mn (+4.9%) of like-for-like revaluation (vs 1.6% in 2013)

With like-for-like NRI growth up by 3.8%, footfall up by +1.5% and tenant sales by +2.7% in 2014, the Group s malls saw their Gross Market value (GMV) increase by +5.2% on a like-for-like basis. The GMV of the Group s large malls increased by +5.8% on a like-for-like basis. The GMV of the smaller malls declined by -2.6% during the period. Unibail-Rodamco s French malls performed well with like-for-like NRI growth of +4.2% and a MGR uplift of +24.3% for the year. French portfolio GMV grew by +4.8% on a like-for-like basis thanks to the Group s active leasing and to yield compression. In Spain, the Group s portfolio value increased by +10.2% on a like-for-like basis as a result of yield compression on the back of a number of benchmark transactions (2014 investment volumes to 8.4 Bn, +181% vs 2013 (1) ). The Group s French office portfolio saw its GMV grow by +1.3% on a like-for-like basis. It is the first time since 2010 that the Group s appraisers have revalued its office portfolio positively. This revaluation was the result of a strong like-for-like NRI growth of +5.2% and a compression in yields. The valuation of the Convention & Exhibition portfolio increased by +7.9% on a like-for-like basis, mainly due to the yield effect. (1) DTZ Research

47 RISK PREMIUM AT HISTORICAL HIGHS French Unibail-Rodamco s shopping centre portfolio net initial yield (1) spreads (2) 4.3% 4.2% 4.4% 2.1% 380 bps 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 French real rate Risk premium vs French 5-year OAT at historical highs, 380 bps vs average of 270 bps (3) from 2007 to 2014

The French shopping centre portfolio s net initial yield (1) as at December 31, 2014 decreased to 4.4% from 4.7% in December 31, 2013, while the Group s shopping centre portfolio s net initial yield (1) as at December 31, 2014 decreased to 4.8% vs 5.1% at year-end 2013. A change of +25 bps in net initial yield would result in a downward adjustment of - 1,203 Mn (or -4.9%) of the total shopping centre portfolio (4) value (including transfer taxes and transaction costs). Risk premium vs French 5-year real rates (2) at historical highs, 380 bps vs average of 270 bps (3) from 2007 to 2014, even though the average portfolio asset has improved significantly during the period. (1) Annualised contracted rent (including latest indexation) net of expenses, divided by the value of the portfolio net of estimated transfer taxes and transaction costs. Shopping centres under development or held by companies consolidated under equity method are not included in the calculation (2) Risk premium vs Average annual French 5-year OAT interest rate and 5-year real interest defined as: Average annual French 5-year OAT interest rate - Average annual French inflation 5-year swap (excl. tabacco) (3) Average annual risk premium between French Unibail-Rodamco s shopping centre net initial yield and long-term interest rate (4) Excluding assets under development or consolidated under equity method

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

49 INNOVATED AND DIVERSIFIED FUNDING SOURCES 1 st Green bond For a Real Estate company in EURO market 10-year 750 Mn 2.5% February 2014 Debt sources as at December 31, 2014 Convertible bonds 9% Short term paper 2% 1 st SEK Green bond For a non-swedish corporate in SEK market 5-year SEK1,500 Mn Stibor 3M+78 bps June 2014 Bank loans & overdrafts 16% 1 st ORNANE 0% coupon For a Real Estate company in EURO market 7-year 500 Mn 0% June 2014 Bonds (1) 73% 1 st 12-year bond Longest public bond for the Group 12-year 600 Mn 2.5% June 2014 82% funded in capital markets Undrawn credit lines: 4.9 Bn

In 2014, the Group further diversified its sources of funding at attractive conditions: 1 st Green bond issued by a real-estate company in the Euro market; 1 st Green bond issued by a foreign corporate in the SEK market; 1 st ORNANE with a 0% coupon for a real-estate company in the Euro market; 1 st private EMTN placement in USD for the Group. In addition, the Group issued its longest public bond with a 12-year maturity and completed its first bond tender offer transaction for an amount of 1 Bn. In total, medium-to long-term financing transactions completed in 2014 amounted to 6,461 Mn and mainly include: The signing of 3,470 Mn medium- to long-term credit facilities or bank loans with an average maturity of 4.9 years and an average margin of 67 bps including: 1,105 Mn of new or refinanced credit facilities and bank loans with maturities up to December 2020; and 2,365 Mn of credit facilities renegotiated and extended up to December 2019. The issue of 4 public EMTN bonds for a total amount of 2,266 Mn with the following features: In February 2014: 1 st Green bond issued by a real-estate company in the Euro market for an amount of 750 Mn with a 2.50% coupon and a 10-year maturity; In June 2014: longest public bond issued by the Group for an amount of 600 Mn with a 2.50% coupon and a 12-year maturity; In June 2014: 1 st Green Bond issued by a foreign corporate in the SEK market, for an amount of SEK1,500 Mn (equivalent to 166 Mn), with a margin of 78 bps over Stibor 3-month and a 5-year maturity; In October 2014: 750 Mn bond issued with a 8-year maturity and the lowest coupon achieved by the Group for a public bond with a 1.375% coupon. In total 2,491 Mn were raised on the bond markets in 2014 at an average margin (2) of 67 bps over mid-swaps for an average duration of 9 years, vs 79 bps on average for an average duration of 8 years in 2013. The issue of a 500 Mn ORNANE in June 2014 with a 0% coupon, a term of 7 years and an exercise price of 288.06 at issuance corresponding to a 37.5% issue premium on the VWAP (3). (1) Includes (i) public bonds and private placements issued in CHF, HKD and USD swapped back to Euro and (ii) public bonds issued and kept in SEK to match assets and liabilities (2) Taking into account current rating and based on current utilization of these lines (3) Volume Weighted Average Price of Unibail-Rodamco share price, at the time of the issue. The ORNANE includes a 2 dividend adjustment provision (dividend paid being adjusted for their portion above 2) and a put at the investors hand exercisable on July 1, 2019

50 MORE INNOVATION: SUCCESSFUL TENDER OFFER 1 st ALM exercise for the Group 1 Bn Tender offer for a total amount of 3.1 Bn of 5 outstanding bonds: Maturities: April 2016 - March 2019 Hit ratio: 34% Tendered: 1 Bn 8-year 750 Mn 1.375% ca. 3x oversubscribed October 2014 Manages debt maturity profile and extends average debt maturity: Average remaining maturity of debt bought-back: 2.9 years Average coupon of debt bought-back: 3.4% Proactive management of the balance sheet yields results

The Group completed its first tender offer in October 2014 for 1 Bn Encompassing 5 bonds maturing between 2016 and 2019 with coupons ranging between 2.25% and 4.625%; and A corresponding hit ratio of 34%.

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

Unibail-Rodamco s average cost of debt decreased to 2.6% for 2014 compared to 2.9% for 2013. This record low average cost of debt results from low coupon levels the Group achieved during the last 3 years on its fixed rate debt, the level of margins on existing borrowings, the Group s hedging policy, the cost of carry of the undrawn credit lines and, to a lesser extent, the low interest rate environment and the tender offer transaction realised in October 2014. The average maturity of the Group s debt as at December 31, 2014, taking into account the unused credit lines, improved to 5.9 years (vs 5.4 as at December 2013 and 4.9 years as at December 2012).

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

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 decreased to 37% (vs 38% as at December 31, 2013). This evolution is due mainly to significant disposals completed in 2014, partly offset by the acquisition of stakes in CentrO (consolidated under the equity method) and mfi (for 471 Mn and 1,059 Mn, respectively, including 742 Mn of mfi debt now fully consolidated while previously consolidated under the equity method) and capital expenditures on projects delivered or to be delivered in the coming years. Unibail-Rodamco is rated by the rating agencies Standard & Poor s and Fitch Ratings: Standard & Poor s confirmed its long-term rating A and its short-term rating A1 on May 14, 2014 and maintained its stable outlook; On June 10, 2014, Fitch confirmed the A long term rating of the Group with a stable outlook. Fitch also rates the short-term issuances of the Group as F1. (1) Interest Cover Ratio (ICR) = Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest); Recurring EBITDA is calculated as total recurring operating results and other income less general expenses, excluding depreciation and amortisation (2) Loan-to-Value (LTV) = Net financial debt / Total portfolio valuation including transfer taxes. Total Portfolio valuation includes consolidated portfolio valuation ( 34,576 Mn as at December 31, 2014 vs 32,134 Mn as at December 31, 2013) + a 60 Mn bond issued by the owner of a shopping centre in France. 2013 portfolio valuation also included value of SFL shares sold in H1-2014

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

54 ACTIVE REFUELING OF THE PIPELINE Unibail-Rodamco s Development Portfolio (1) Total Investment Cost ( Bn) New Projects + 2.5 Bn 8.0 Bn 6.9 Bn Secured exclusivity (2) 1.0-1.5 Bn Deliveries Removed New Projects and others (5) Secured exclusivity (2) 1.5 Neo Überseequartier Controlled (3) 3.4 Controlled (3) 3.8 Projects delivered Committed (4) 1.0 To spend Committed (4) 0.7 1.5 Money spent 1.9 Majunga Projects removed Ancelle December 31, 2013 December 31, 2014 Oceania Triangle Significant increase in value creation potential +1.2 Mn m² (+36%) of retail GLA vs +0.8 Mn m² in 2013

The 8.0 Bn development pipeline compares with the 6.9 Bn as at December 31, 2013. The change in TIC results from: New projects added to the pipeline in 2014 ( 1.5 Bn); The change of consolidation method of mfi projects and of the Val Tolosa project (6) ( 0.7 Bn); Some modifications in the programme of existing projects ( 0.3 Bn); Delivered projects (mainly Majunga for a total investment cost of 425 Mn and Palais Vest for a total investment cost of 193 Mn); The removal of Oceania and Triangle projects. Consolidated development pipeline by phase 27% Committed Projects 2,150 Mn Committed Pipeline 10% Redevelopment / Refurbishment 220 Mn Controlled Projects 4,338 Mn 54% Greenfield 7,983 Mn / Brownfield 58% 2,150 Mn 1,256 Mn 19% Secured exclusivity Projects 1,495 Mn 31% Extension / Renovation 674 Mn (1) This amount does not include the projects by companies consolidated under equity method that amount to circa 0.3 Bn (Unibail-Rodamco s share) (2) Secured exclusivity projects: projects for which Unibail-Rodamco has the exclusivity but where negotiations for building rights or project definition are still underway (3) Controlled projects: projects in an advanced stage of studies, for which Unibail-Rodamco controls the land or building rights, but where not all administrative authorisations have been obtained yet (4) Committed projects: projects currently under construction, for which Unibail-Rodamco owns the land or building rights and has obtained all necessary administrative authorisations and permits (5) Other: includes currency effect, change in TIC for the existing projects, change in consolidation method (6) Following a change in control, the Val Tolosa development project is now fully consolidated, instead of consolidated under equity method as at December 31, 2013 Figures may not add up due to rounding

ACTIVE REFUELING OF THE PIPELINE - NEO NEO, BRUSSELS TIC (1) : 547 Mn GLA: 120,098 m 2 Delivered post-2019 55

In April, the City of Brussels selected Unibail-Rodamco as the co-developer, with its partners BESIX and CFE, of the NEO 1 project. This mixed-use project consists of a redevelopment of the Heysel Plateau in Brussels, including 114,000 m² dedicated to leisure, restaurants and retail, 2,000 m² of outdoor leisure and 4,000 m² of offices: Mall of Europe. Unibail-Rodamco will develop and operate the Mall of Europe, representing a 547 Mn investment, while BESIX / CFE will develop the residential program. The Group will use its skillset and innovations on this 230-unit shopping centre which will feature the complete set of 4 Star services, iconic shopfronts, a 9,000 m² Dining Experience with 30 restaurants, the largest cinema in Belgium with 4,000 seats and the 1 st indoor Spirouland in the world, created by Compagnie des Alpes, Europe s largest theme park operator, at the heart of a 15,000 m² leisure centre. The Mall of Europe will be the Group s 1 st shopping centre in Belgium. (1) Total Investment Cost (TIC)

ACTIVE REFUELING OF THE PIPELINE - ÜBERSEEQUARTIER Hamburg City Centre Überseequartier ÜBERSEEQUARTIER, HAMBURG TIC (1) : 860 Mn GLA: 184,362 m 2 Delivered post-2019 56

In December 2014, Unibail-Rodamco signed an agreement with the City of Hamburg for the urban planning and acquisition of land in Überseequartier. The development project is located approximately 1 km south of the city centre of Hamburg, in the heart of the HafenCity area, Europe s biggest inner city development project (157 ha). (1) Total Investment Cost (TIC)

ACTIVE REFUELING OF THE PIPELINE - ÜBERSEEQUARTIER ÜBERSEEQUARTIER, HAMBURG TIC: 860 Mn GLA: 184,362 m 2 Delivered post-2019 57

ACTIVE REFUELING OF THE PIPELINE - ÜBERSEEQUARTIER ÜBERSEEQUARTIER, HAMBURG TIC (1) : 860 Mn GLA: 184,362 m 2 Delivered post-2019 57

The project will include retail, restaurants, a multi-screen cinema, a cruise terminal, offices, housing and a hotel, covering a total of 184,000 m² of which 50% will be dedicated to leisure and retail. The project will represent a total investment of 860 Mn. Überseequartier will offer customers an innovative retail experience with 190 shops, among which many new international premium retailers. Unibail-Rodamco will deploy its latest leading initiatives such as the 4 Star label, iconic shopfronts, The Designer Gallery, and the Dining Experience to create the new standards of shopping. Hamburg is Germany s second largest city with a growing population, currently at 1.7 million inhabitants. A low unemployment rate (5.4%) and a GDP per capita 64% above the German average make the region of Hamburg one of the wealthiest and most dynamic in Europe. The development agreement is subject to ratification by the State Parliament of Hamburg. (1) Total Investment Cost (TIC)

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

(1) Source: company disclosure as at September 30, 2014 Currency rate as at December 31, 2014 (2) Source: company disclosure as at June 30, 2014 Currency rate as at December 31, 2014 (3) Corio pipeline at 100% (Corio s share figures not disclosed)

EXCITING DELIVERIES IN 2015 - EXTENSIONS/RENOVATIONS - EURALILLE EURALILLE, LILLE Delivered in H1-2015 GLA at completion: 42,300 m 2 TIC: 67 Mn 59

EXCITING DELIVERIES IN 2015 - EXTENSIONS/RENOVATIONS - FORUM DES HALLES FORUM DES HALLES, PARIS TIC: 143 Mn Additional GLA: +15,049 m 2 Delivered in H2-2015 59

EXCITING DELIVERIES IN 2015 - EXTENSIONS/RENOVATIONS - RUHR PARK RUHR PARK, BOCHUM Delivered in H2-2015 GLA at completion: 108,300 m 2 TIC: 66 Mn 59

EXCITING DELIVERIES IN 2015 - NEW ASSETS - MINTO MINTO, MÖNCHENGLADBACH Delivered in H1-2015 GLA: 41,931 m 2 TIC : 206 Mn 59

EXCITING DELIVERIES IN 2015 - NEW ASSETS - SO OUEST PLAZA SO OUEST PLAZA, PARIS REGION Delivered in H1-2015 GLA : 40,798 m 2 TIC: 220 Mn 59

EXCITING DELIVERIES IN 2015 - NEW ASSETS - POLYGONE RIVIERA POLYGONE RIVIERA, NICE REGION Delivered in H2-2015 GLA: 71,015 m 2 TIC: 443 Mn 59

EXCITING DELIVERIES IN 2015 - NEW ASSETS - MALL OF SCANDINAVIA MALL OF SCANDINAVIA, STOCKHOLM Delivered in H2-2015 GLA : 101,506 m 2 TIC: 607 Mn 59

EXCITING DELIVERIES IN 2015 GLA: +26,940 m 2 TIC (1) : 320 Mn GLA: 42,300 m 2 TIC (1) : 67 Mn GLA: +15,049 m 2 TIC (1) : 143 Mn GLA: 108,300 m 2 TIC (1) : 66 Mn Täby Centrum Euralille Forum des Halles Ruhr Park Minto Extensions-Renovations H1-2015 New Assets H2-2015 So Ouest Plaza Polygone Riviera Mall of Scandinavia GLA: 41,931 m 2 TIC (1) : 206 Mn GLA: 40,798 m 2 TIC (1) : 220 Mn GLA: 71,015 m 2 TIC (1) : 443 Mn GLA: 101,506 m 2 TIC (1) : 607 Mn AGREGGATE KPIs New GLA TIC (1) Pre-letting (2) +298,000 m² 2,073 Mn 75% 59

2015 is expected to be a very active year in terms of project deliveries (mainly in H2-2015 for the largest projects). The most important of these projects are: Polygone Riviera, a shopping centre project with 71,015 m² in Cagnes-sur-Mer; The last phase of Täby Centrum (Stockholm) extension project; Forum des Halles extension/renovation project, in the centre of Paris; Mall of Scandinavia, a new shopping centre with 101,506 m² in Stockholm and an expected total investment cost of 607 Mn; The mixed-use project So Ouest Plaza (36,576 m² offices GLA and 4,222 m² of retail GLA) in Levallois (Paris Region) next to the existing So Ouest shopping centre; The restructuring and renovation of the shopping centre Euralille (Lille); Minto, a 41,931 m² GLA shopping centre in Mönchengladbach (Germany). The aggregate rental pre-letting of the projects (both in Shopping Centres and Offices segments) to be opened in the next 12 months is 75% (2) and provides income visibility. (1) Total Investment Cost (TIC) (2) Pre-letting in terms of minimum guaranteed rent signed, excluding Ruhr-Park consolidated under equity method

60 2015-2019: ON THE MOVE Carré Sénart Extension 2018 Rosny 2 14 Mn Alma 7 Mn Le Forum des Halles Renovation 2015 Carrousel du Louvre 14 Mn Les 4 Temps 46 Mn Parly 2 Extension 2017 Vélizy 2 15 Mn So Ouest 8 Mn Aéroville 7 Mn La Vaguada 22 Mn Parquesur 20 Mn Villeneuve 2 11 Mn Mall of Europe >2019 Val Tolosa 2017 Madrid Bonaire 10 Mn Euralille Renovation 2015 Benidorm 2018 Valencia Benidorm Spring 2017 Rennes Barcelona La Maquinista Extension 2018 Stadshart Amstelveen 10 Mn Splau 13 Mn Citymall Almere 10 Mn Palma Springs 2016 Mallorca Minto 2015 Amsterdam Lille Paris Brussels Dijon Lyon Glòries Extension/renovation 2016 Osnabrück 2018 Nice Osnabrück Confluence 8 Mn Fisketorvet 8 Mn Hamburg Oberhausen Bochum Mönchengladbach Copenhagen Leipzig Täby Centrum Extension/renovation 2015 Munich Stockholm Überseequartier >2019 Berlin Prague Polygone Riviera 2015 La Part-Dieu 33 Mn Wroclaw Vienna Toison d Or 8 Mn Solna Centrum 7 Mn Jumbo 10 Mn Helsinki Bubny >2019 Pasing Arcaden 12 Mn Donau Zentrum 18 Mn CentrO >15 Mn Mall of Scandinavia 2015 Warsaw Bratislava Wroclaw 2017 Ruhr-Park Extension/renovation 2015 Gropius Passagen 12 Mn Paunsdorf Center 8 Mn Centrum Cerny Most 10 Mn Aupark Renovation 2017 Shopping City Süd Extension 2018 Arkadia 20 Mn Złote Tarasy 19 Mn Wilenska 16 Mn Galeria Mokotow 13 Mn Centrum Chodov Extension 2017

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

62 OUTLOOK 2015 2014 disposals (1) -10.5% Evolution of 2015 Recurring EPS ( per share) 2015 expected disposals -2 to -3% 10.92 9.77 +6 to +8% 10.35-10.15-10.5% -2 to -3% Underlying growth +6 to +8% 2015 Recurring EPS 10.15-10.35 2014 Recurring EPS 2014 Disposals 2014 Rebased Recurring EPS 2015 Expected Disposals Underlying Growth 2015 Recurring EPS Portfolio streamlining has increased growth potential

The Group disposed of or agreed to dispose of an unprecedented 2.4 Bn of shopping centres, offices and financial participations (1) in 2014. With these disposals, Unibail-Rodamco has improved the medium- to long-term growth prospects of the Group. For 2015, the core business is therefore anticipated to be strong and the Group expects the underlying recurring earnings per share to grow by +6% to +8%. Rebased to account for the impact of the massive 2014 disposals and as a result of the further disposals the Group plans to make in 2015 (e.g., Arkady Pankrac and selected others), the recurring earnings are expected to reach 10.15-10.35 per share in 2015. (1) Net Disposal Price, group share, including 12 shopping centres in France, the 7.25% stake held in SFL, two non-core shopping centres in Spain, almost all of the Group s Netherlands offices and the disposal of Nicetoile (Nice) on January 15, 2015

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

For the 2016-2019 period, the combination of healthy like-for-like growth prospects, the streamlining of the Group s portfolio, deliveries from the development pipeline and the protected cost of borrowing, leads the Group to raise the outlook for the average growth rate of its recurring earnings per share, from between +5% to +7% previously, to between +6% and +8%. This medium-term outlook is derived from the Group s annual 5-year business plan exercise, key inputs in which are indexation, rental uplifts, disposals, timely delivery of pipeline projects, cost of debt and taxation, variations in which may cause growth rates to vary from year to year.

64 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 distribution in per share 20.00 9.60 (1) 8.90 8.40 8.00 8.00 8.00 7.50 7.00 2008 2009 2010 2011 2012 2013 2014 2015

Further to the Group s announcement in October 2014, Unibail-Rodamco will, from January 2015, pay its dividend in two instalments. Unibail-Rodamco believes that by adopting this policy it offers shareholders a regular flow of dividends which more closely matches the Group's cash flows. For the 2014 fiscal year dividend to be paid in 2015, the calendar will be as follows (2) : Payment of an interim dividend of 4.80 on March 26, 2015 (ex-dividend date March 24, 2015); and Payment of a final dividend, subject to approval of the Annual General Meeting (AGM), of 4.80 on July 6, 2015 (ex-dividend date July 2, 2015). Upon approval by the AGM of the proposal to declare a dividend of 9.60 per share in cash for the year 2014 and payment thereof by the Group, the total amount of dividends paid with respect to 2014 will be 941.4 Mn for 98,058,347 shares issued as at December 31, 2014. This represents an 88% pay-out ratio, in line with the Group's 85%-95% dividend pay-out policy. The statutory 2014 result of Unibail-Rodamco SE (parent company) was a profit of 1,209.2 Mn. The 2014 result of Unibail-Rodamco SE s SIIC sector amounted to 579.1 Mn with a dividend distribution obligation of 477.9 Mn. After payment of the proposed dividend, the SIIC distribution requirement will have been met. Assuming approval by the Annual General Meeting on April 16, 2015 (3) : 4.87 of the dividend will have been paid from Unibail-Rodamco s tax exempt real estate activities (the SIIC dividend ). Such dividend, which corresponds to the distribution obligation under the SIIC regime, will not be subject to the 3% tax payable by the company upon dividend distribution, but will bear French withholding tax for both French and foreign mutual funds (OPCVM), and will not benefit from the 40% rebate for French individual shareholders; The remaining 4.73 will have been paid from Unibail-Rodamco s non-tax exempt activities (the non-siic dividend"). This dividend will generate a 3% tax expense payable directly by Unibail-Rodamco upon distribution of this dividend. The non-siic dividend will not bear French withholding tax for OPCVM and may benefit from the 40% rebate for French individual shareholders. The calendar of payment dates in 2016 (for the 2015 fiscal year dividend) will be as follows: Payment of an interim dividend on March 25, 2016 (ex-dividend date March 23, 2016); and Payment of a final dividend, subject to approval of the AGM, on July 6, 2016 (ex-dividend date July 4, 2016). For 2015 and thereafter, the Group intends to continue an annual cash distribution of at least 9.60 per share. (1) Subject to AGM approval on April 16, 2015 (2) The ex-dividend dates indicated in this page take into account the modification of the settlement deadlines applicable since October 6, 2014 (3) The tax elements included in this section are not intended to constitute tax advice, and shareholders should consult their own tax advisers

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