2012 Full-year results: Presentation - Unibail-Rodamco

•For 2013, the Group remains positive in its expectations on rental income growth. In addition to the impact of new deliveries from extensions andbrownfield projects, this growth should be driven by on-going strong fundamentals, such as:• Outperforming tenant sales;• Low vacancy;• Sustainable occupancy cost ratios;• Good rental uplifts.•The cost of debt is also expected to be contained at low levels. In light of the strong fundamentals outlined above, the Group sets a recurringEPS growth target of at least 5% for 2013.•For the longer term, the Group expects to reach recurring earnings per share of €14 by 2017. This objective, based on the Group's current5-year plan, assumes:i. The successful execution of the projects in Unibail-Rodamco’s development pipeline;ii.iii.iv.No major evolution of the Group’s current capital structure;No significant change in the macro-economic conditions in Europe;No adverse tax law changes;v. Maintaining the Group’s current pay-out ratio;vi. The payment by the Group of the annual dividends in cash with respect to the fiscal years 2013 through 2016.(1) Pay-out ratio: dividend per share / recurring EPS