2012 Full-year results: Presentation - Unibail-Rodamco

•Unibail-Rodamco’s Spanish shopping centres continued to outperform despite a challenging macro-economic environment:• Tenant sales (1) outperformed the national sales index (2) by 530 bps as of November 2012 (year-on-year evolution) with a limited decline of -1.6%;• Footfall (3) grew +0.8% as of November 2012, outperforming the national index (2) by 280 bps.•The Group continues to upgrade its Spanish portfolio with on-going investments. These investments strengthen the appeal of the Group’s Spanishmalls and aim at gaining market share from competing schemes through renovations, extensions and deliveries of new assets. Investmentsnotably include the opening of the brand new El Faro shopping centre in September 2012 in Badajoz and the extensions and renovationsof La Maquinista, Splau, Vallsur, Los Arcos and Glories.(1) Tenant sales performance in Unibail-Rodamco’s Spanish shopping centres as of November 30, 2012 (year-on-year evolution) on portfolio of shopping centres inoperation including extensions of existing assets and excluding deliveries of new brownfield projects (El Faro), acquisition of new assets (Splau, Sant Cugat) andassets under heavy refurbishment (Equinoccio). Including Apple store sales estimated on the basis of available public information of Apple Inc. (2011 10-Kpublished October 26, 2011, pages 20 and 30; 2012 10-K published October 31, 2012, pages 30 and 34)(2) Sources: Instituto Nacional de Estadistica - November 2012 (national sales index), Experian FootFall - November 2012 (national footfall index)(3) Footfall performance in Unibail-Rodamco’s Spanish shopping centres as of November 30, 2012 (year-on-year evolution) on portfolio of shopping centres inoperation including extensions of existing assets and excluding deliveries of new brownfield projects, acquisition of new assets and assets under heavyrefurbishment(4) EPRA vacancy rate = Estimated Rental Value (ERV) of vacant spaces divided by ERV of total surfaces(5) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields) and currency exchangerate differences in the periods analysed(6) In terms of gross market values as of December 31, 2012. Top 6 malls include La Maquinista, Splau, Glories, La Vaguada, Parquesur and Bonaire. All 6 are locatedin Spain’s three top cities: Madrid, Barcelona and Valencia(7) Tenant sales performance in Unibail-Rodamco’s top 6 malls as defined in (1), excluding Splau acquired in October 2011(8) MGR (Minimum Guaranteed Rent) uplift = Difference between new and old rent. This indicator is calculated only on renewals and re-lettings andnot on vacant unit re-lettings